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þ
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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13-4075851
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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200 Park Avenue, New York, N.Y.
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10166-0188
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(Address of principal
executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered
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Common Stock, par value $0.01
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New York Stock Exchange
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Floating Rate Non-Cumulative Preferred Stock, Series A, par value $0.01
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New York Stock Exchange
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6.50% Non-Cumulative Preferred Stock, Series B, par value $0.01
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New York Stock Exchange
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5.375% Senior Notes
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Irish Stock Exchange
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5.25% Senior Notes
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Irish Stock Exchange
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Page
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Part I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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Part II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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Part III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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Part IV
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Item 15.
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●
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Refocus the U.S. businesses
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–
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Shift product mix away from capital intensive products
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–
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Invest in growth initiatives for the voluntary/worksite, accident & health, and direct channels
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–
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Drive margin improvement
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●
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Build the Global Employee Benefits business
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–
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Accelerate our local employee benefits businesses in key markets outside the U.S.
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–
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Grow our global benefits businesses through multinational and expatriate solutions
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●
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Grow emerging markets presence
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–
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Accelerate earnings in emerging markets in which we already have a strong presence
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–
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Seek opportunistic mergers and acquisitions to complement our organic growth
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●
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Drive toward customer centricity and a global brand
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–
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Further institutionalize customer centric actions and culture at MetLife
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–
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Grow consideration and preference for MetLife’s brand in key markets
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•
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Employer sponsored captive programs: through these programs, employers buy a group life insurance policy with the condition that a portion of the risk is reinsured back to a captive insurer sponsored by the client.
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•
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Risk-sharing agreements: through these programs, clients require that we reinsure a portion of the risk back to third parties, such as minority-owned reinsurers.
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•
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Multinational pooling: through these agreements, employers buy many group insurance policies which are aggregated in a single insurer via reinsurance.
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Page
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•
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licensing companies and agents to transact business;
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•
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calculating the value of assets to determine compliance with statutory requirements;
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•
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mandating certain insurance benefits;
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•
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regulating certain premium rates;
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•
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reviewing and approving certain policy forms;
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•
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regulating unfair trade and claims practices, including through the imposition of restrictions on marketing and sales practices, distribution arrangements and payment of inducements, and identifying and paying to the states benefits and other property that is not claimed by the owners;
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•
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regulating advertising;
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protecting privacy;
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establishing statutory capital and reserve requirements and solvency standards;
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•
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specifying the conditions under which a ceding company can take credit for reinsurance in its statutory financial statements (i.e., reduce its reserves by the amount of reserves ceded to a reinsurer);
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fixing maximum interest rates on insurance policy loans and minimum rates for guaranteed crediting rates on life insurance policies and annuity contracts;
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adopting and enforcing suitability standards with respect to the sale of annuities and other insurance products;
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approving changes in control of insurance companies;
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restricting the payment of dividends and other transactions between affiliates; and
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•
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regulating the types, amounts and valuation of investments.
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2013 Schedule
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2014 Schedule
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Combined Schedule
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(In millions)
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||||
2013 Strengthening
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$300
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N/A
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$300
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2014 Strengthening
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$200
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$100
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$300
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2015 Strengthening
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$100
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$100
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$200*
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2016 Strengthening
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N/A
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$100
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$100*
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A.M. Best
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Fitch
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Moody's
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S&P
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Ratings Structure
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“A++ (superior)” to “S (suspended)”
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“AAA (exceptionally strong)” to “C (distressed)”
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“Aaa (highest quality)” to “C (lowest rated)”
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“AAA (extremely strong)” to “SD (Selective Default)” or “D (Default)”
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American Life Insurance Company
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NR
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NR
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A1
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AA-
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5th of 21
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4th of 22
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First MetLife Investors Insurance Company
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A+
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NR
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NR
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AA-
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2nd of 16
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4th of 22
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General American Life Insurance Company
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A+
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AA-
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Aa3
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AA-
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2nd of 16
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4th of 19
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4th of 21
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4th of 22
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MetLife Insurance Company USA*
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A+
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AA-
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Aa3
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AA-
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2nd of 16
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4th of 19
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4th of 21
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4th of 22
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Metropolitan Life Insurance Company
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A+
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AA-
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Aa3
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AA-
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2nd of 16
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4th of 19
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4th of 21
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4th of 22
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MetLife Insurance K.K. (MetLife Japan)**
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NR
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NR
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NR
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AA-
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4th of 22
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New England Life Insurance Company
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A+
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AA-
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Aa3
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AA-
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2nd of 16
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4th of 19
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4th of 21
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4th of 22
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*
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Formerly known as MetLife Insurance Company of Connecticut. Effective November 14, 2014, MetLife Investors Insurance Company and MetLife Investors USA Insurance Company merged into MetLife Insurance Company USA.
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**
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Negative outlook by S&P effective May 2, 2012, reflects S&P’s sovereign ratings on Japan.
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Name
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Age
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Position with MetLife and Business Experience
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Steven A. Kandarian
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62
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•
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Chairman of the Board of MetLife, Inc. (January 2012-present) (Director of MetLife, Inc. since 2011)
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•
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President and Chief Executive Officer (May 2011-present) of MetLife, Inc.
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•
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Executive Vice President and Chief Investment Officer of MetLife, Inc. (April 2005-April 2011)
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Ricardo A. Anzaldua
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61
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•
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Executive Vice President and General Counsel of MetLife, Inc. (December 2012-present)
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•
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The Hartford Financial Services Group, Inc., an insurance and financial services company (February 2007-December 2012)
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• Associate general counsel and senior vice president, director of commercial and consumer markets law (October 2010-December 2012)
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• Associate general counsel and senior vice president, director of corporate law (February 2007-October 2010); corporate secretary (February 2008-October 2010)
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Steven J. Goulart
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56
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•
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Executive Vice President and Chief Investment Officer of MetLife, Inc. (May 2011-present)
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•
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Head of the Portfolio Management Unit as Senior Managing Director of MLIC (January 2011-April 2011)
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•
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Senior Vice President and Treasurer, MetLife, Inc. (July 2009-April 2011)
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John C.R. Hele
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56
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•
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Executive Vice President and Chief Financial Officer of MetLife, Inc. (September 2012-present)
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•
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Executive vice president, chief financial officer and treasurer, Arch Capital Group Ltd., an insurance and reinsurance company (April 2009-August 2012)
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Frans Hijkoop
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54
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•
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Executive Vice President and Chief Human Resources Officer of MetLife, Inc. (August 2011-present)
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•
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Chief personnel officer and senior vice president of human resources, American Foods division of PepsiCo Inc., a food and beverage company (January 2008-August 2011)
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Michel Khalaf
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51
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•
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President, EMEA of MetLife, Inc. (November 2011-present)
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•
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Executive Vice President of MLIC (January 2011-November 2011)
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•
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Regional President, Middle East, Africa and South Asia, Alico (November 2008-November 2011) (Mr. Khalaf joined MetLife as a result of the acquisition of ALICO)
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Esther Lee
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51
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•
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Executive Vice President and Global Chief Marketing Officer of MetLife, Inc. (January 2015-present)
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•
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Senior Vice President, Brand Marketing, Advertising and Sponsorships of AT&T, Inc., a communications compan
y (August 2011-D
ecember 2014)
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•
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Senior Vice President, Brand Marketing and Advertising of AT&T, Inc., a communications company (June 2009-July 2011)
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Martin J. Lippert
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55
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•
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Executive Vice President and Head of Global Technology and Operations of MetLife, Inc. (November 2011-present)
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•
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Executive Vice President and Head of Global Technology of MetLife, Inc. (September 2011-November 2011)
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Maria R. Morris
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52
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•
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Executive Vice President and Head of Global Employee Benefits of MetLife, Inc. (November 2011-present)
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•
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Executive Vice President, Global Operations, Integration of MetLife, Inc. (September 2011-November 2011)
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•
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Executive Vice President, Technology and Operations of MetLife, Inc. (January 2008-September 2011)
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Christopher G. Townsend
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46
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•
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President, Asia of MetLife, Inc. (August 2012-present)
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•
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Chief executive officer of the Asia Pacific region, Chartis, a unit of AIG, an insurance and financial services company (January 2010-April 2012)
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•
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Chief executive officer, Chartis Australasia (February 2007-January 2010)
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William J. Wheeler
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53
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•
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President, Americas of MetLife, Inc. (November 2011-present)
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•
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Executive Vice President and Chief Financial Officer of MetLife, Inc. (December 2003-November 2011)
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•
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Loss of key personnel or higher than expected employee attrition rates could adversely affect the performance of the acquired business and our ability to integrate it successfully.
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•
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Customers of the acquired business may reduce, delay or defer decisions concerning their use of its products and services as a result of the acquisition or uncertainty related to the consummation of the acquisition, including, for example, potential unfamiliarity with the MetLife brand in regions where we did not have a market presence prior to the acquisition.
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•
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If the acquired business relies upon independent distributors to distribute its products, these distributors may not continue to generate the same volume of business for us after the acquisition. Independent distributors may reexamine the scope of their relationship with the acquired business or us as a result of the acquisition and decide to curtail or eliminate distribution of our products.
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•
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If the acquired business relies on continued distribution access with another party, we are also exposed to the risk of loss of exclusivity or change in access due to regulatory changes.
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•
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Integrating acquired operations with our existing operations may require us to coordinate geographically separated organizations, address possible differences in corporate culture and management philosophies, merge financial processes and risk and compliance procedures, combine separate information technology platforms and integrate operations that were previously closely tied to the former parent of the acquired business or other service providers.
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•
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In cases where we or an acquired business operates in certain markets through joint ventures, the acquisition may affect the continued success and prospects of the joint venture. Our ability to exercise management control or influence over these joint venture operations and our investment in them will depend on the continued cooperation between the joint venture participants and on the terms of the joint venture agreements, which allocate control among the joint venture participants. We may face financial or other exposure in the event that any of these joint venture partners fail to meet their respective obligations under the joint venture, encounter financial difficulty or elect to alter, modify or terminate the relationship.
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We may incur significant costs in connection with any acquisition and the related integration. The costs and liabilities actually incurred in connection with an acquisition and subsequent integration process may exceed those anticipated.
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•
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an election or removal of directors in which a stockholder has properly nominated one or more candidates in opposition to a nominee or nominees of MetLife, Inc.’s Board of Directors or a vote on a stockholder’s proposal to oppose a Board nominee for director, remove a director for cause or fill a vacancy caused by the removal of a director by stockholders, subject to certain conditions;
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•
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a merger or consolidation, a sale, lease or exchange of all or substantially all of the assets, or a recapitalization or dissolution, of MetLife, Inc., in each case requiring a vote of stockholders under applicable Delaware law;
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•
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any transaction that would result in an exchange or conversion of shares of common stock held by the Trust for cash, securities or other property; and
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•
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any proposal requiring MetLife, Inc.’s Board of Directors to amend or redeem the rights under MetLife, Inc.’s stockholder rights plan, other than a proposal with respect to which we have received advice of nationally-recognized legal counsel to the effect that the proposal is not a proper subject for stockholder action under Delaware law. MetLife, Inc. does not currently have a stockholder rights plan.
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•
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applicable state insurance laws and regulations may delay or impede a business combination involving us by prohibiting an entity from acquiring control (generally presumed to exist at direct or indirect ownership of 10% or more of voting stock) of an insurance company domiciled in the United States without the prior approval of the domestic insurance regulator. Many foreign jurisdictions in which we operate have similar regulatory approval requirements.
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•
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Dodd-Frank provisions that restrict or impede consolidations, mergers and acquisitions by systemically significant firms. See “Business — Regulation
—
U.S. Regulation — Regulation as a Non-Bank SIFI — Enhanced Prudential Standards for Non-Bank SIFIs.”
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•
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Provisions of the Investment Company Act that require approval by the contract owners of our variable contracts in order to effectuate a change of control of any affiliated investment adviser to a mutual fund underlying our variable contracts.
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•
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FINRA approval requirements for a change of control of any FINRA registered broker-dealer that is a direct or indirect subsidiary of MetLife, Inc.
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•
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Provisions of the Delaware General Corporation Law may affect the ability of an “interested stockholder” (the owner of 15% or more of the outstanding voting stock of a corporation) to engage in certain business combinations for a period of three years following the time that the stockholder becomes an “interested stockholder.”
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2014
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||||||||||||||
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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||||||||
Common Stock Price
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||||||||
High
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$
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54.55
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$
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56.55
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$
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57.22
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$
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56.36
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Low
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$
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47.06
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$
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49.19
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$
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51.08
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$
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47.71
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2013
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||||||||||||||
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1st Quarter
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2nd Quarter
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3rd Quarter
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4th Quarter
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||||||||
Common Stock Price
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||||||||
High
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$
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40.20
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$
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46.10
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$
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51.47
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$
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54.02
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Low
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$
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34.64
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$
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35.53
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$
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45.85
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$
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46.38
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Dividend
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||||||
Declaration Date
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Record Date
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Payment Date
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Per Share
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Aggregate
|
||||
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(In millions)
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||||
October 28, 2014
|
|
November 7, 2014
|
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December 12, 2014
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$
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0.350
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$
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398
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|
July 7, 2014
|
|
August 8, 2014
|
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September 12, 2014
|
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$
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0.350
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|
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$
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395
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April 22, 2014
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|
May 9, 2014
|
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June 13, 2014
|
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$
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0.350
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$
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395
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January 6, 2014
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February 6, 2014
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March 13, 2014
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$
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0.275
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$
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311
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$
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1,499
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October 22, 2013
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November 8, 2013
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December 13, 2013
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$
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0.275
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$
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311
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|
June 25, 2013
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|
August 9, 2013
|
|
September 13, 2013
|
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$
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0.275
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$
|
303
|
|
April 23, 2013
|
|
May 9, 2013
|
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June 13, 2013
|
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$
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0.275
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|
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$
|
302
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|
January 4, 2013
|
|
February 6, 2013
|
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March 13, 2013
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$
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0.185
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$
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203
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|
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$
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1,119
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|
Period
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(a) Total Number of Shares Purchased (1)
|
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(b) Average Price Paid per Share
|
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(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
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(d) Maximum Number(or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)
|
||
October 1 - October 31, 2014
|
|
6,058,834
|
|
|
$50.28
|
|
6,058,834
|
|
|
$513,303,009
|
November 1 - November 30, 2014
|
|
2,900,038
|
|
|
$54.35
|
|
2,900,038
|
|
|
$355,696,325
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December 1 - December 31, 2014
|
|
1,751,972
|
|
|
$54.29
|
|
1,749,173
|
|
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$1,260,735,176
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(1)
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During the periods October 1 through October 31,
2014
, November 1 through November 30,
2014
, and December 1 through December 31,
2014
, separate account index funds purchased 0 shares, 0 shares and 2,799 shares, respectively, of common stock on the open market in nondiscretionary transactions. Except for the foregoing, there were no shares of common stock which were repurchased by MetLife, Inc. other than through a publicly announced plan or program.
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(2)
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On January 15, 2008, MetLife, Inc. announced that its Board of Directors authorized $1.0 billion of common stock repurchases. On April 22, 2008, MetLife, Inc. announced that its Board of Directors authorized an additional $1.0 billion of common stock repurchases. MetLife, Inc. completed purchases under the January 2008 authorization in August 2014. MetLife, Inc. commenced purchases under the April 2008 authorization in August 2014 and, at December 31,
2014
, $261 million remained unutilized under this authorization. On December 12, 2014, MetLife, Inc. announced that its Board of Directors authorized an additional $1.0 billion of common stock repurchases. MetLife, Inc. made no purchases under that authorization in 2014 and, at December 31,
2014
, an aggregate of
$1.3 billion
remained unutilized under the April 2008 and December 2014 repurchase authorizations. MetLife, Inc. completed purchases under the April 2008 authorization in January 2015, and commenced purchases under the December 2014 authorization. In 2015, through February 23, 2015, MetLife, Inc. repurchased 15,081,322 shares of its common stock in the open market for $739 million under these authorizations and, at February 23, 2015, MetLife, Inc. had $522 million remaining under the December 2014 repurchase authorization. The April 2008 and December 2014 authorizations permit MetLife, Inc. to purchase its common stock from the MetLife Policyholder 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 our capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s 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. See “Business — Regulation — U.S. Regulation — Regulation as a Non-Bank SIFI,” “Risk Factors — Capital-Related Risks — Regulatory Restrictions and Uncertainty and Restrictions Under the Terms of Certain of Our Securities May Prevent Us from Repurchasing Our Stock and Paying Dividends at the Level We Wish” and Note
16
of the Notes to the Consolidated Financial Statements.
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
|
(In millions, except per share data)
|
||||||||||||||||||
Statement of Operations Data (1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premiums
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
|
$
|
37,975
|
|
|
$
|
36,361
|
|
|
$
|
27,071
|
|
Universal life and investment-type product policy fees
|
|
9,946
|
|
|
9,451
|
|
|
8,556
|
|
|
7,806
|
|
|
6,028
|
|
|||||
Net investment income
|
|
21,153
|
|
|
22,232
|
|
|
21,984
|
|
|
19,585
|
|
|
17,493
|
|
|||||
Other revenues
|
|
2,030
|
|
|
1,920
|
|
|
1,906
|
|
|
2,532
|
|
|
2,328
|
|
|||||
Net investment gains (losses)
|
|
(197
|
)
|
|
161
|
|
|
(352
|
)
|
|
(867
|
)
|
|
(408
|
)
|
|||||
Net derivative gains (losses)
|
|
1,317
|
|
|
(3,239
|
)
|
|
(1,919
|
)
|
|
4,824
|
|
|
(265
|
)
|
|||||
Total revenues
|
|
73,316
|
|
|
68,199
|
|
|
68,150
|
|
|
70,241
|
|
|
52,247
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Policyholder benefits and claims
|
|
39,102
|
|
|
38,107
|
|
|
37,987
|
|
|
35,471
|
|
|
29,187
|
|
|||||
Interest credited to policyholder account balances
|
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|
5,603
|
|
|
4,919
|
|
|||||
Policyholder dividends
|
|
1,376
|
|
|
1,259
|
|
|
1,369
|
|
|
1,446
|
|
|
1,485
|
|
|||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|
—
|
|
|
—
|
|
|||||
Other expenses
|
|
17,091
|
|
|
16,602
|
|
|
17,755
|
|
|
18,537
|
|
|
12,927
|
|
|||||
Total expenses
|
|
64,512
|
|
|
64,147
|
|
|
66,708
|
|
|
61,057
|
|
|
48,518
|
|
|||||
Income (loss) from continuing operations before provision for income tax
|
|
8,804
|
|
|
4,052
|
|
|
1,442
|
|
|
9,184
|
|
|
3,729
|
|
|||||
Provision for income tax expense (benefit)
|
|
2,465
|
|
|
661
|
|
|
128
|
|
|
2,793
|
|
|
1,110
|
|
|||||
Income (loss) from continuing operations, net of income tax
|
|
6,339
|
|
|
3,391
|
|
|
1,314
|
|
|
6,391
|
|
|
2,619
|
|
|||||
Income (loss) from discontinued operations, net of income tax
|
|
(3
|
)
|
|
2
|
|
|
48
|
|
|
24
|
|
|
44
|
|
|||||
Net income (loss)
|
|
6,336
|
|
|
3,393
|
|
|
1,362
|
|
|
6,415
|
|
|
2,663
|
|
|||||
Less: Net income (loss) attributable to noncontrolling interests
|
|
27
|
|
|
25
|
|
|
38
|
|
|
(8
|
)
|
|
(4
|
)
|
|||||
Net income (loss) attributable to MetLife, Inc.
|
|
6,309
|
|
|
3,368
|
|
|
1,324
|
|
|
6,423
|
|
|
2,667
|
|
|||||
Less: Preferred stock dividends
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|||||
Preferred stock redemption premium
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|
—
|
|
|||||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
|
$
|
6,155
|
|
|
$
|
2,545
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EPS Data (1), (2)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.08
|
|
|
$
|
5.79
|
|
|
$
|
2.83
|
|
Diluted
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.08
|
|
|
$
|
5.74
|
|
|
$
|
2.81
|
|
Income (loss) from discontinued operations, net of income tax, per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
$
|
0.05
|
|
Diluted
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
|
$
|
0.05
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.12
|
|
|
$
|
5.81
|
|
|
$
|
2.88
|
|
Diluted
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.12
|
|
|
$
|
5.76
|
|
|
$
|
2.86
|
|
Cash dividends declared per common share
|
|
$
|
1.33
|
|
|
$
|
1.01
|
|
|
$
|
0.74
|
|
|
$
|
0.74
|
|
|
$
|
0.74
|
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Balance Sheet Data (1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Separate account assets
|
$
|
316,994
|
|
|
$
|
317,201
|
|
|
$
|
235,393
|
|
|
$
|
203,023
|
|
|
$
|
183,138
|
|
Total assets
|
$
|
902,337
|
|
|
$
|
885,296
|
|
|
$
|
836,781
|
|
|
$
|
796,226
|
|
|
$
|
728,249
|
|
Policyholder liabilities and other policy-related balances (3)
|
$
|
417,141
|
|
|
$
|
418,487
|
|
|
$
|
438,191
|
|
|
$
|
421,267
|
|
|
$
|
399,135
|
|
Short-term debt
|
$
|
100
|
|
|
$
|
175
|
|
|
$
|
100
|
|
|
$
|
686
|
|
|
$
|
306
|
|
Long-term debt
|
$
|
16,286
|
|
|
$
|
18,653
|
|
|
$
|
19,062
|
|
|
$
|
23,692
|
|
|
$
|
27,586
|
|
Collateral financing arrangements
|
$
|
4,196
|
|
|
$
|
4,196
|
|
|
$
|
4,196
|
|
|
$
|
4,647
|
|
|
$
|
5,297
|
|
Junior subordinated debt securities
|
$
|
3,193
|
|
|
$
|
3,193
|
|
|
$
|
3,192
|
|
|
$
|
3,192
|
|
|
$
|
3,191
|
|
Separate account liabilities
|
$
|
316,994
|
|
|
$
|
317,201
|
|
|
$
|
235,393
|
|
|
$
|
203,023
|
|
|
$
|
183,138
|
|
Accumulated other comprehensive income (loss)
|
$
|
10,649
|
|
|
$
|
5,104
|
|
|
$
|
11,397
|
|
|
$
|
6,083
|
|
|
$
|
1,145
|
|
Total MetLife, Inc.’s stockholders’ equity
|
$
|
72,053
|
|
|
$
|
61,553
|
|
|
$
|
64,453
|
|
|
$
|
57,519
|
|
|
$
|
46,853
|
|
Noncontrolling interests
|
$
|
507
|
|
|
$
|
543
|
|
|
$
|
384
|
|
|
$
|
370
|
|
|
$
|
365
|
|
|
Years Ended December 31,
|
|||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||
Other Data (1), (4)
|
|
|
|
|
|
|
|
|
|
|||||
Return on MetLife, Inc.’s common stockholders’ equity
|
9.4
|
%
|
|
5.4
|
%
|
|
2.0
|
%
|
|
12.2
|
%
|
|
6.9
|
%
|
Return on MetLife, Inc.’s common stockholders’ equity, excluding accumulated other comprehensive income (loss)
|
10.9
|
%
|
|
6.2
|
%
|
|
2.4
|
%
|
|
13.2
|
%
|
|
7.0
|
%
|
(1)
|
On November 1, 2010, MetLife, Inc. acquired ALICO. Results of such acquisition are reflected in the selected financial data since the acquisition date.
|
(2)
|
For the years ended December 31, 2012 and 2010, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share, as these assumed shares are anti-dilutive.
|
(3)
|
Policyholder liabilities and other policy-related balances include future policy benefits, policyholder account balances (“PABs”), other policy-related balances, policyholder dividends payable and the policyholder dividend obligation.
|
(4)
|
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.
|
|
Page
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Income (loss) from continuing operations, net of income tax
|
$
|
6,339
|
|
|
$
|
3,391
|
|
|
$
|
1,314
|
|
Less: Net investment gains (losses)
|
(197
|
)
|
|
161
|
|
|
(352
|
)
|
|||
Less: Net derivative gains (losses)
|
1,317
|
|
|
(3,239
|
)
|
|
(1,919
|
)
|
|||
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
(1,868
|
)
|
|||
Less: Other adjustments to continuing operations (1)
|
(1,376
|
)
|
|
(1,597
|
)
|
|
(2,492
|
)
|
|||
Less: Provision for income tax (expense) benefit
|
(87
|
)
|
|
1,683
|
|
|
2,174
|
|
|||
Operating earnings
|
6,682
|
|
|
6,383
|
|
|
5,771
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Operating earnings available to common shareholders
|
$
|
6,560
|
|
|
$
|
6,261
|
|
|
$
|
5,649
|
|
(1)
|
See definitions of operating revenues and operating expenses under “— Non-GAAP and Other Financial Disclosures” for the components of such adjustments.
|
•
|
$104 million, net of income tax, of favorable reserve adjustments related to disability premium waivers in our retail life business;
|
•
|
a $32 million one-time tax benefit related to the filing of the Company’s U.S. federal tax return;
|
•
|
a $117 million, net of income tax, increase in our litigation reserve related to asbestos;
|
•
|
a $58 million non-tax deductible charge related to the Patient Protection and Affordable Care Act (“PPACA”), which, effective January 1, 2014, mandated that an annual fee be imposed on health insurers;
|
•
|
a charge of $57 million, net of income tax, related to
delayed settlement interest on unclaimed funds held by state governments in our retail life business
; and
|
•
|
charges totaling $57 million, net of income tax, related to a settlement with the Department of Financial Services and the District Attorney, New York County, regarding their respective inquiries into whether American Life and DelAm conducted business in New York without a license and whether representatives acting on behalf of the companies solicited, sold or negotiated insurance products in New York without a license.
|
•
|
a $101 million, net of income tax, increase in our litigation reserve related to asbestos; and
|
•
|
a $57 million, net of income tax, reserve strengthening in Australia.
|
•
|
Growth in premiums, fees and other revenues driven by:
|
-
|
Increases in our businesses outside of the U.S., notably accident & health, from continuing organic growth throughout our various geographic regions and leveraging of our multichannel distribution network.
|
•
|
Expanding our presence in emerging markets, including potential merger and acquisition activity. We expect that by 2016, 20% or more of our operating earnings will come from emerging markets, with the acquisition of ProVida contributing to this increase. However, we expect that the strengthening of the U.S. dollar and the increased earnings from the favorable U.S. equity markets could negatively impact this ratio.
|
•
|
Disciplined underwriting. We see no significant changes to the underlying trends that drive underwriting results; however, unanticipated catastrophes could result in a high volume of claims.
|
•
|
Expense management in the light of the low interest rate environment, and continued expense control throughout the Company.
|
•
|
Continued disciplined approach to investing and asset/liability management (“ALM”), through our enterprise risk and ALM governance process.
|
•
|
Revise our capital allocation methodology. We expect this to have an impact on net investment income at the segment level, as well as Corporate & Other;
|
•
|
Move certain tax benefits from Corporate & Other to the business segments. The impact will be almost entirely in the Retail segment;
|
•
|
Move our consumer direct business from Corporate & Other to the Latin America segment, which is where we report our sponsor direct business; and
|
•
|
Change our expense allocation. This will primarily impact Corporate & Other and the EMEA segment.
|
(i)
|
liabilities for future policy benefits and the accounting for reinsurance;
|
(ii)
|
capitalization and amortization of DAC and the establishment and amortization of VOBA;
|
(iii)
|
estimated fair values of investments in the absence of quoted market values;
|
(iv)
|
investment impairments;
|
(v)
|
estimated fair values of freestanding derivatives and the recognition and estimated fair value of embedded derivatives requiring bifurcation;
|
(vi)
|
measurement of goodwill and related impairment;
|
(vii)
|
measurement of employee benefit plan liabilities;
|
(viii)
|
measurement of income taxes and the valuation of deferred tax assets; and
|
(ix)
|
liabilities for litigation and regulatory matters.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Investment return
|
$
|
(45
|
)
|
|
$
|
(66
|
)
|
|
$
|
(161
|
)
|
Separate account balances
|
43
|
|
|
157
|
|
|
39
|
|
|||
Net investment gain (loss)
|
(42
|
)
|
|
195
|
|
|
(44
|
)
|
|||
Guaranteed minimum income benefits
|
(63
|
)
|
|
337
|
|
|
23
|
|
|||
Expense
|
24
|
|
|
36
|
|
|
10
|
|
|||
In-force/Persistency
|
94
|
|
|
72
|
|
|
368
|
|
|||
Policyholder dividends and other
|
(74
|
)
|
|
8
|
|
|
(4
|
)
|
|||
Total
|
$
|
(63
|
)
|
|
$
|
739
|
|
|
$
|
231
|
|
•
|
The increase in equity markets during the year increased separate account balances, which led to higher actual and expected future gross profits on variable universal life contracts and variable deferred annuity contracts resulting in a decrease of $43 million in DAC and VOBA amortization.
|
–
|
Actual gross profits decreased as a result of an increase in liabilities associated with guarantee obligations on variable annuities, resulting in a decrease of DAC and VOBA amortization of $118 million, excluding the impact from our nonperformance risk and risk margins, which are described below. This decrease in actual gross profits was more than offset by freestanding derivative gains associated with the hedging of such guarantee obligations, which resulted in an increase in DAC and VOBA amortization of $219 million
.
|
–
|
The widening of the Company’s nonperformance risk adjustment decreased the valuation of guaranteed liabilities, increased actual gross profits and increased DAC and VOBA amortization by $44 million. This was more than offset by the higher risk margins, which increased the guarantee liability valuations, decreased actual gross profits and decreased DAC and VOBA amortization by $53 million
.
|
–
|
The remainder of the impact of net investment gains (losses), which decreased DAC and VOBA amortization by $50 million, was primarily attributable to 2014 investment activities.
|
•
|
The change in current and future projected guaranteed minimum income benefits (“GMIBs”) liability resulted in an increase to DAC amortization of $63 million
.
|
•
|
Better than expected persistency and changes in assumptions regarding persistency caused an increase in actual and expected future gross profits resulting in a net decrease in DAC and VOBA amortization of $94 million.
|
•
|
The increase in equity markets during the year increased separate account balances, which led to higher actual and expected future gross profits on variable universal life contracts and variable deferred annuity contracts resulting in a decrease of $157 million in DAC and VOBA amortization.
|
•
|
Changes in net investment gains (losses) resulted in the following changes in DAC and VOBA amortization:
|
–
|
Actual gross profits increased as a result of a decrease in liabilities associated with guarantee obligations on variable annuities, resulting in an increase of DAC and VOBA amortization of $1.1 billion, excluding the impact from our nonperformance risk and risk margins, which are described below. This increase in actual gross profits was more than offset by freestanding derivative losses associated with the hedging of such guarantee obligations, which resulted in a decrease in DAC and VOBA amortization of $1.2 billion.
|
–
|
The tightening of our nonperformance risk adjustment increased the valuation of guarantee liabilities, decreased actual gross profits and decreased DAC and VOBA amortization by $94 million. This was partially offset by lower risk margins, which decreased the guarantee liability valuations, increased actual gross profits and increased DAC and VOBA amortization by $60 million.
|
–
|
The remainder of the impact of net investment gains (losses), which decreased DAC and VOBA amortization by $72 million, was primarily attributable to 2013 investment activities.
|
•
|
The hedging and reinsurance losses associated with the insurance liabilities of the GMIBs decreased actual gross profits and decreased DAC and VOBA amortization by $349 million.
|
•
|
The increase in actual, as well as changes in projected, investment returns resulted in an increase in actual and a reduction in expected future gross profits on variable universal life contracts and variable deferred annuity contracts resulting in an increase of $161 million in DAC and VOBA amortization.
|
•
|
Better than expected persistency and changes in assumptions regarding persistency, especially in the U.S. deferred variable annuity contracts, resulted in an increase in actual and expected future gross profits resulting in a decrease of $368 million in DAC and VOBA amortization.
|
|
Changes in Balance Sheet Carrying Value At December 31, 2014
|
||||||
|
Policyholder Account Balances
|
|
DAC and VOBA
|
||||
|
(In millions)
|
||||||
100% increase in our credit spread
|
$
|
(413
|
)
|
|
$
|
(593
|
)
|
As reported
|
$
|
(146
|
)
|
|
$
|
(557
|
)
|
50% decrease in our credit spread (1)
|
$
|
—
|
|
|
$
|
(537
|
)
|
(i)
|
the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;
|
(ii)
|
the jurisdiction in which the deferred tax asset was generated;
|
(iii)
|
the length of time that carryforwards can be utilized in the various taxing jurisdiction;
|
(iv)
|
future taxable income exclusive of reversing temporary differences and carryforwards;
|
(v)
|
future reversals of existing taxable temporary differences;
|
(vi)
|
taxable income in prior carryback years; and
|
(vii)
|
tax planning strategies.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
39,067
|
|
|
$
|
37,674
|
|
|
$
|
37,975
|
|
Universal life and investment-type product policy fees
|
9,946
|
|
|
9,451
|
|
|
8,556
|
|
|||
Net investment income
|
21,153
|
|
|
22,232
|
|
|
21,984
|
|
|||
Other revenues
|
2,030
|
|
|
1,920
|
|
|
1,906
|
|
|||
Net investment gains (losses)
|
(197
|
)
|
|
161
|
|
|
(352
|
)
|
|||
Net derivative gains (losses)
|
1,317
|
|
|
(3,239
|
)
|
|
(1,919
|
)
|
|||
Total revenues
|
73,316
|
|
|
68,199
|
|
|
68,150
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
40,478
|
|
|
39,366
|
|
|
39,356
|
|
|||
Interest credited to policyholder account balances
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
1,868
|
|
|||
Capitalization of DAC
|
(4,183
|
)
|
|
(4,786
|
)
|
|
(5,289
|
)
|
|||
Amortization of DAC and VOBA
|
4,132
|
|
|
3,550
|
|
|
4,199
|
|
|||
Amortization of negative VOBA
|
(442
|
)
|
|
(579
|
)
|
|
(622
|
)
|
|||
Interest expense on debt
|
1,216
|
|
|
1,282
|
|
|
1,356
|
|
|||
Other expenses
|
16,368
|
|
|
17,135
|
|
|
18,111
|
|
|||
Total expenses
|
64,512
|
|
|
64,147
|
|
|
66,708
|
|
|||
Income (loss) from continuing operations before provision for income tax
|
8,804
|
|
|
4,052
|
|
|
1,442
|
|
|||
Provision for income tax expense (benefit)
|
2,465
|
|
|
661
|
|
|
128
|
|
|||
Income (loss) from continuing operations, net of income tax
|
6,339
|
|
|
3,391
|
|
|
1,314
|
|
|||
Income (loss) from discontinued operations, net of income tax
|
(3
|
)
|
|
2
|
|
|
48
|
|
|||
Net income (loss)
|
6,336
|
|
|
3,393
|
|
|
1,362
|
|
|||
Less: Net income (loss) attributable to noncontrolling interests
|
27
|
|
|
25
|
|
|
38
|
|
|||
Net income (loss) attributable to MetLife, Inc.
|
6,309
|
|
|
3,368
|
|
|
1,324
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
|
Years Ended December 31,
|
|
||||||
|
2014
|
|
2013
|
|
||||
|
(In millions)
|
|||||||
Non-VA program derivatives
|
|
|
|
|
||||
Interest rate
|
$
|
927
|
|
|
$
|
(1,609
|
)
|
|
Foreign currency exchange rate
|
(25
|
)
|
|
(1,225
|
)
|
|
||
Credit
|
89
|
|
|
187
|
|
|
||
Equity
|
(62
|
)
|
|
(61
|
)
|
|
||
Non-VA embedded derivatives
|
(99
|
)
|
|
123
|
|
|
||
Total non-VA program derivatives
|
830
|
|
|
(2,585
|
)
|
|
||
VA program derivatives
|
|
|
|
|
||||
Market risks in embedded derivatives
|
31
|
|
|
6,101
|
|
|
||
Nonperformance risk on embedded derivatives
|
13
|
|
|
(952
|
)
|
|
||
Other risks in embedded derivatives
|
(266
|
)
|
|
(169
|
)
|
|
||
Total embedded derivatives
|
(222
|
)
|
|
4,980
|
|
|
||
Freestanding derivatives hedging embedded derivatives
|
709
|
|
|
(5,634
|
)
|
|
||
Total VA program derivatives
|
487
|
|
|
(654
|
)
|
|
||
Net derivative gains (losses)
|
$
|
1,317
|
|
|
$
|
(3,239
|
)
|
|
•
|
Long-term interest rates decreased in 2014 and increased in 2013, contributing to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives. For example, the 30-year U.S. swap rate decreased by 31% in 2014 and increased by 40% in 2013.
|
•
|
Key equity index levels increased less in 2014 than in 2013, contributing to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives. For example, the S&P 500 increased by 11% in 2014 and increased by 30% in 2013.
|
•
|
Changes in foreign currency exchange rates contributed to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives. For example, the U.S. dollar strengthened against the Japanese yen by 14% in 2014 as compared with 22% in 2013.
|
•
|
Changes in economic assumptions resulted in a decrease in reserves, offset by unfavorable DAC, resulting in a net benefit of $229 million ($149 million, net of income tax).
|
•
|
Changes to policyholder behavior and mortality assumptions resulted in reserve increases, offset by favorable DAC, resulting in a net loss of $175 million ($114 million, net of income tax).
|
•
|
The remaining updates resulted in a decrease in reserves, coupled with favorable DAC, resulting in a benefit of $107 million ($70 million, net of income tax). The most notable update was related to our projection of closed block results.
|
|
Years Ended December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
Non-VA program derivatives
|
|
|
|
||||
Interest rate
|
$
|
(1,609
|
)
|
|
$
|
271
|
|
Foreign currency exchange rate
|
(1,225
|
)
|
|
(426
|
)
|
||
Credit
|
187
|
|
|
(105
|
)
|
||
Equity
|
(61
|
)
|
|
1
|
|
||
Non-VA embedded derivatives
|
123
|
|
|
(61
|
)
|
||
Total non-VA program derivatives
|
(2,585
|
)
|
|
(320
|
)
|
||
VA program derivatives
|
|
|
|
||||
Market risks in embedded derivatives
|
6,101
|
|
|
4,303
|
|
||
Nonperformance risk on embedded derivatives
|
(952
|
)
|
|
(1,659
|
)
|
||
Other risks in embedded derivatives
|
(169
|
)
|
|
(1,344
|
)
|
||
Total embedded derivatives
|
4,980
|
|
|
1,300
|
|
||
Freestanding derivatives hedging embedded derivatives
|
(5,634
|
)
|
|
(2,899
|
)
|
||
Total VA program derivatives
|
(654
|
)
|
|
(1,599
|
)
|
||
Net derivative gains (losses)
|
$
|
(3,239
|
)
|
|
$
|
(1,919
|
)
|
•
|
A decrease in the risk margin adjustment caused by lower policyholder behavior risks, which resulted in a favorable year over year change in the valuation of the embedded derivatives.
|
•
|
The mismatch of fund performance between actual and modeled funds and periodic updates to the mapping of policyholder funds into groups of representative indices, which resulted in a favorable year over year change in the valuation of the embedded derivatives.
|
•
|
A combination of other factors, such as in-force changes, resulted in an unfavorable year over year change in the valuation of the embedded derivatives.
|
•
|
Long-term interest rates increased more in 2013 than in 2012, contributing to an unfavorable change in our freestanding derivatives and a favorable change in our embedded derivatives.
|
•
|
Key equity index levels increased more in 2013 than in 2012 contributing to an unfavorable change in our freestanding derivatives and a favorable change in our embedded derivatives.
|
•
|
Key equity volatility measures decreased less in 2013 than in 2012, contributing to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives.
|
•
|
Changes in foreign currency exchange rates contributed to an unfavorable change in our freestanding derivatives and a favorable change in our embedded derivatives.
|
•
|
Changes to policyholder behavior and mortality assumptions resulted in reserve increases, offset by favorable DAC, for a net loss of $154 million ($103 million, net of income tax).
|
•
|
Changes in economic assumptions resulted in a decrease in reserves, offset by unfavorable DAC, for a net benefit of $53 million ($34 million, net of income tax).
|
|
Retail
|
|
Group,
Voluntary&
Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate & Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
$
|
2,574
|
|
|
$
|
1,073
|
|
|
$
|
1,371
|
|
|
$
|
457
|
|
|
$
|
1,181
|
|
|
$
|
407
|
|
|
$
|
(724
|
)
|
|
$
|
6,339
|
|
Less: Net investment gains (losses)
|
(7
|
)
|
|
(39
|
)
|
|
(432
|
)
|
|
30
|
|
|
512
|
|
|
(17
|
)
|
|
(244
|
)
|
|
(197
|
)
|
||||||||
Less: Net derivative gains (losses)
|
564
|
|
|
525
|
|
|
352
|
|
|
(60
|
)
|
|
(532
|
)
|
|
114
|
|
|
354
|
|
|
1,317
|
|
||||||||
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Less: Other adjustments to continuing operations (1)
|
(671
|
)
|
|
(167
|
)
|
|
(112
|
)
|
|
(243
|
)
|
|
(122
|
)
|
|
36
|
|
|
(97
|
)
|
|
(1,376
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
42
|
|
|
(111
|
)
|
|
52
|
|
|
48
|
|
|
35
|
|
|
(88
|
)
|
|
(65
|
)
|
|
(87
|
)
|
||||||||
Operating earnings
|
$
|
2,646
|
|
|
$
|
865
|
|
|
$
|
1,511
|
|
|
$
|
682
|
|
|
$
|
1,288
|
|
|
$
|
362
|
|
|
(672
|
)
|
|
6,682
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
122
|
|
|
122
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(794
|
)
|
|
$
|
6,560
|
|
|
Retail
|
|
Group,
Voluntary &
Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate & Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
$
|
1,498
|
|
|
$
|
397
|
|
|
$
|
1,192
|
|
|
$
|
666
|
|
|
$
|
582
|
|
|
$
|
349
|
|
|
$
|
(1,293
|
)
|
|
$
|
3,391
|
|
Less: Net investment gains (losses)
|
70
|
|
|
(21
|
)
|
|
(8
|
)
|
|
20
|
|
|
343
|
|
|
(16
|
)
|
|
(227
|
)
|
|
161
|
|
||||||||
Less: Net derivative gains (losses)
|
(724
|
)
|
|
(676
|
)
|
|
(235
|
)
|
|
(24
|
)
|
|
(1,057
|
)
|
|
(6
|
)
|
|
(517
|
)
|
|
(3,239
|
)
|
||||||||
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Less: Other adjustments to continuing operations (1)
|
(926
|
)
|
|
(172
|
)
|
|
87
|
|
|
167
|
|
|
(435
|
)
|
|
75
|
|
|
(393
|
)
|
|
(1,597
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
554
|
|
|
304
|
|
|
53
|
|
|
(71
|
)
|
|
487
|
|
|
(33
|
)
|
|
389
|
|
|
1,683
|
|
||||||||
Operating earnings
|
$
|
2,524
|
|
|
$
|
962
|
|
|
$
|
1,295
|
|
|
$
|
574
|
|
|
$
|
1,244
|
|
|
$
|
329
|
|
|
(545
|
)
|
|
6,383
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
122
|
|
|
122
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(667
|
)
|
|
$
|
6,261
|
|
|
Retail
|
|
Group,
Voluntary &
Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
$
|
(44
|
)
|
|
$
|
824
|
|
|
$
|
1,220
|
|
|
$
|
479
|
|
|
$
|
976
|
|
|
$
|
293
|
|
|
$
|
(2,434
|
)
|
|
$
|
1,314
|
|
Less: Net investment gains (losses)
|
212
|
|
|
(7
|
)
|
|
107
|
|
|
(2
|
)
|
|
(342
|
)
|
|
31
|
|
|
(351
|
)
|
|
(352
|
)
|
||||||||
Less: Net derivative gains (losses)
|
162
|
|
|
(63
|
)
|
|
(157
|
)
|
|
38
|
|
|
(170
|
)
|
|
61
|
|
|
(1,790
|
)
|
|
(1,919
|
)
|
||||||||
Less: Goodwill impairment
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
(1,868
|
)
|
||||||||
Less: Other adjustments to continuing operations (1)
|
(1,260
|
)
|
|
(141
|
)
|
|
77
|
|
|
(193
|
)
|
|
(32
|
)
|
|
(22
|
)
|
|
(921
|
)
|
|
(2,492
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
532
|
|
|
75
|
|
|
(10
|
)
|
|
53
|
|
|
483
|
|
|
(48
|
)
|
|
1,089
|
|
|
2,174
|
|
||||||||
Operating earnings
|
$
|
2,002
|
|
|
$
|
960
|
|
|
$
|
1,203
|
|
|
$
|
583
|
|
|
$
|
1,037
|
|
|
$
|
271
|
|
|
(285
|
)
|
|
5,771
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
122
|
|
|
122
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(407
|
)
|
|
$
|
5,649
|
|
(1)
|
See definitions of operating revenues and operating expenses under “— Non-GAAP and Other Financial Disclosures” for the components of such adjustments.
|
|
Retail
|
|
Group,
Voluntary&
Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total revenues
|
$
|
21,843
|
|
|
$
|
19,278
|
|
|
$
|
9,016
|
|
|
$
|
5,598
|
|
|
$
|
12,583
|
|
|
$
|
4,307
|
|
|
$
|
691
|
|
|
$
|
73,316
|
|
Less: Net investment gains (losses)
|
(7
|
)
|
|
(39
|
)
|
|
(432
|
)
|
|
30
|
|
|
512
|
|
|
(17
|
)
|
|
(244
|
)
|
|
(197
|
)
|
||||||||
Less: Net derivative gains (losses)
|
564
|
|
|
525
|
|
|
352
|
|
|
(60
|
)
|
|
(532
|
)
|
|
114
|
|
|
354
|
|
|
1,317
|
|
||||||||
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
10
|
|
|
—
|
|
|
20
|
|
||||||||
Less: Other adjustments to revenues (1)
|
(79
|
)
|
|
(167
|
)
|
|
17
|
|
|
41
|
|
|
371
|
|
|
857
|
|
|
56
|
|
|
1,096
|
|
||||||||
Total operating revenues
|
$
|
21,366
|
|
|
$
|
18,959
|
|
|
$
|
9,079
|
|
|
$
|
5,587
|
|
|
$
|
12,221
|
|
|
$
|
3,343
|
|
|
$
|
525
|
|
|
$
|
71,080
|
|
Total expenses
|
$
|
17,929
|
|
|
$
|
17,630
|
|
|
$
|
6,885
|
|
|
$
|
5,033
|
|
|
$
|
10,862
|
|
|
$
|
3,744
|
|
|
$
|
2,429
|
|
|
$
|
64,512
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
12
|
|
|
—
|
|
|
35
|
|
||||||||
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Less: Other adjustments to expenses (1)
|
565
|
|
|
—
|
|
|
129
|
|
|
284
|
|
|
507
|
|
|
819
|
|
|
153
|
|
|
2,457
|
|
||||||||
Total operating expenses
|
$
|
17,338
|
|
|
$
|
17,630
|
|
|
$
|
6,756
|
|
|
$
|
4,749
|
|
|
$
|
10,358
|
|
|
$
|
2,913
|
|
|
$
|
2,276
|
|
|
$
|
62,020
|
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate & Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total revenues
|
$
|
19,574
|
|
|
$
|
17,343
|
|
|
$
|
8,967
|
|
|
$
|
5,165
|
|
|
$
|
13,204
|
|
|
$
|
3,937
|
|
|
$
|
9
|
|
|
$
|
68,199
|
|
Less: Net investment gains (losses)
|
70
|
|
|
(21
|
)
|
|
(8
|
)
|
|
20
|
|
|
343
|
|
|
(16
|
)
|
|
(227
|
)
|
|
161
|
|
||||||||
Less: Net derivative gains (losses)
|
(724
|
)
|
|
(676
|
)
|
|
(235
|
)
|
|
(24
|
)
|
|
(1,057
|
)
|
|
(6
|
)
|
|
(517
|
)
|
|
(3,239
|
)
|
||||||||
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
14
|
|
|
—
|
|
|
7
|
|
||||||||
Less: Other adjustments to revenues (1)
|
(119
|
)
|
|
(172
|
)
|
|
297
|
|
|
85
|
|
|
1,386
|
|
|
667
|
|
|
110
|
|
|
2,254
|
|
||||||||
Total operating revenues
|
$
|
20,356
|
|
|
$
|
18,212
|
|
|
$
|
8,913
|
|
|
$
|
5,084
|
|
|
$
|
12,530
|
|
|
$
|
3,278
|
|
|
$
|
643
|
|
|
$
|
69,016
|
|
Total expenses
|
$
|
17,316
|
|
|
$
|
16,762
|
|
|
$
|
7,132
|
|
|
$
|
4,285
|
|
|
$
|
12,552
|
|
|
$
|
3,477
|
|
|
$
|
2,623
|
|
|
$
|
64,147
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
(197
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
16
|
|
|
—
|
|
|
(196
|
)
|
||||||||
Less: Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Less: Other adjustments to expenses (1)
|
995
|
|
|
—
|
|
|
210
|
|
|
(82
|
)
|
|
1,838
|
|
|
590
|
|
|
503
|
|
|
4,054
|
|
||||||||
Total operating expenses
|
$
|
16,518
|
|
|
$
|
16,762
|
|
|
$
|
6,922
|
|
|
$
|
4,367
|
|
|
$
|
10,729
|
|
|
$
|
2,871
|
|
|
$
|
2,120
|
|
|
$
|
60,289
|
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total revenues
|
$
|
19,939
|
|
|
$
|
17,436
|
|
|
$
|
9,460
|
|
|
$
|
4,845
|
|
|
$
|
12,793
|
|
|
$
|
4,279
|
|
|
$
|
(602
|
)
|
|
$
|
68,150
|
|
Less: Net investment gains (losses)
|
212
|
|
|
(7
|
)
|
|
107
|
|
|
(2
|
)
|
|
(342
|
)
|
|
31
|
|
|
(351
|
)
|
|
(352
|
)
|
||||||||
Less: Net derivative gains (losses)
|
162
|
|
|
(63
|
)
|
|
(157
|
)
|
|
38
|
|
|
(170
|
)
|
|
61
|
|
|
(1,790
|
)
|
|
(1,919
|
)
|
||||||||
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||||||
Less: Other adjustments to revenues (1)
|
(77
|
)
|
|
(140
|
)
|
|
803
|
|
|
232
|
|
|
549
|
|
|
813
|
|
|
616
|
|
|
2,796
|
|
||||||||
Total operating revenues
|
$
|
19,642
|
|
|
$
|
17,646
|
|
|
$
|
8,707
|
|
|
$
|
4,577
|
|
|
$
|
12,756
|
|
|
$
|
3,359
|
|
|
$
|
923
|
|
|
$
|
67,610
|
|
Total expenses
|
$
|
19,483
|
|
|
$
|
16,206
|
|
|
$
|
7,584
|
|
|
$
|
4,289
|
|
|
$
|
11,746
|
|
|
$
|
3,792
|
|
|
$
|
3,608
|
|
|
$
|
66,708
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
18
|
|
|
—
|
|
|
41
|
|
||||||||
Less: Goodwill impairment
|
1,692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
176
|
|
|
1,868
|
|
||||||||
Less: Other adjustments to expenses (1)
|
1,164
|
|
|
1
|
|
|
726
|
|
|
425
|
|
|
577
|
|
|
832
|
|
|
1,537
|
|
|
5,262
|
|
||||||||
Total operating expenses
|
$
|
16,608
|
|
|
$
|
16,205
|
|
|
$
|
6,858
|
|
|
$
|
3,864
|
|
|
$
|
11,165
|
|
|
$
|
2,942
|
|
|
$
|
1,895
|
|
|
$
|
59,537
|
|
(1)
|
See definitions of operating revenues and operating expenses under “— Non-GAAP and Other Financial Disclosures” for the components of such adjustments.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
39,022
|
|
|
$
|
37,583
|
|
|
$
|
37,355
|
|
Universal life and investment-type product policy fees
|
9,541
|
|
|
9,085
|
|
|
8,212
|
|
|||
Net investment income
|
20,484
|
|
|
20,394
|
|
|
20,287
|
|
|||
Other revenues
|
2,033
|
|
|
1,954
|
|
|
1,756
|
|
|||
Total operating revenues
|
71,080
|
|
|
69,016
|
|
|
67,610
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
39,478
|
|
|
37,746
|
|
|
37,105
|
|
|||
Interest credited to policyholder account balances
|
5,661
|
|
|
6,015
|
|
|
6,242
|
|
|||
Capitalization of DAC
|
(4,182
|
)
|
|
(4,786
|
)
|
|
(5,284
|
)
|
|||
Amortization of DAC and VOBA
|
4,027
|
|
|
4,083
|
|
|
4,177
|
|
|||
Amortization of negative VOBA
|
(396
|
)
|
|
(524
|
)
|
|
(555
|
)
|
|||
Interest expense on debt
|
1,178
|
|
|
1,159
|
|
|
1,190
|
|
|||
Other expenses
|
16,254
|
|
|
16,596
|
|
|
16,662
|
|
|||
Total operating expenses
|
62,020
|
|
|
60,289
|
|
|
59,537
|
|
|||
Provision for income tax expense (benefit)
|
2,378
|
|
|
2,344
|
|
|
2,302
|
|
|||
Operating earnings
|
6,682
|
|
|
6,383
|
|
|
5,771
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Operating earnings available to common shareholders
|
$
|
6,560
|
|
|
$
|
6,261
|
|
|
$
|
5,649
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
7,280
|
|
|
$
|
6,528
|
|
|
$
|
6,532
|
|
Universal life and investment-type product policy fees
|
5,074
|
|
|
4,912
|
|
|
4,561
|
|
|||
Net investment income
|
7,953
|
|
|
7,898
|
|
|
7,670
|
|
|||
Other revenues
|
1,059
|
|
|
1,018
|
|
|
879
|
|
|||
Total operating revenues
|
21,366
|
|
|
20,356
|
|
|
19,642
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
9,851
|
|
|
9,028
|
|
|
9,010
|
|
|||
Interest credited to policyholder account balances
|
2,245
|
|
|
2,331
|
|
|
2,375
|
|
|||
Capitalization of DAC
|
(969
|
)
|
|
(1,309
|
)
|
|
(1,753
|
)
|
|||
Amortization of DAC and VOBA
|
1,515
|
|
|
1,384
|
|
|
1,607
|
|
|||
Interest expense on debt
|
1
|
|
|
—
|
|
|
—
|
|
|||
Other expenses
|
4,695
|
|
|
5,084
|
|
|
5,369
|
|
|||
Total operating expenses
|
17,338
|
|
|
16,518
|
|
|
16,608
|
|
|||
Provision for income tax expense (benefit)
|
1,382
|
|
|
1,314
|
|
|
1,032
|
|
|||
Operating earnings
|
$
|
2,646
|
|
|
$
|
2,524
|
|
|
$
|
2,002
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
15,979
|
|
|
$
|
15,250
|
|
|
$
|
14,794
|
|
Universal life and investment-type product policy fees
|
716
|
|
|
688
|
|
|
662
|
|
|||
Net investment income
|
1,844
|
|
|
1,856
|
|
|
1,768
|
|
|||
Other revenues
|
420
|
|
|
418
|
|
|
422
|
|
|||
Total operating revenues
|
18,959
|
|
|
18,212
|
|
|
17,646
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
14,897
|
|
|
14,227
|
|
|
13,691
|
|
|||
Interest credited to policyholder account balances
|
156
|
|
|
155
|
|
|
167
|
|
|||
Capitalization of DAC
|
(143
|
)
|
|
(141
|
)
|
|
(138
|
)
|
|||
Amortization of DAC and VOBA
|
149
|
|
|
140
|
|
|
133
|
|
|||
Interest expense on debt
|
1
|
|
|
1
|
|
|
1
|
|
|||
Other expenses
|
2,570
|
|
|
2,380
|
|
|
2,351
|
|
|||
Total operating expenses
|
17,630
|
|
|
16,762
|
|
|
16,205
|
|
|||
Provision for income tax expense (benefit)
|
464
|
|
|
488
|
|
|
481
|
|
|||
Operating earnings
|
$
|
865
|
|
|
$
|
962
|
|
|
$
|
960
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
2,768
|
|
|
$
|
2,767
|
|
|
$
|
2,681
|
|
Universal life and investment-type product policy fees
|
226
|
|
|
247
|
|
|
225
|
|
|||
Net investment income
|
5,799
|
|
|
5,621
|
|
|
5,542
|
|
|||
Other revenues
|
286
|
|
|
278
|
|
|
259
|
|
|||
Total operating revenues
|
9,079
|
|
|
8,913
|
|
|
8,707
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
5,106
|
|
|
5,180
|
|
|
5,039
|
|
|||
Interest credited to policyholder account balances
|
1,140
|
|
|
1,233
|
|
|
1,358
|
|
|||
Capitalization of DAC
|
(31
|
)
|
|
(27
|
)
|
|
(29
|
)
|
|||
Amortization of DAC and VOBA
|
19
|
|
|
23
|
|
|
22
|
|
|||
Interest expense on debt
|
9
|
|
|
9
|
|
|
8
|
|
|||
Other expenses
|
513
|
|
|
504
|
|
|
460
|
|
|||
Total operating expenses
|
6,756
|
|
|
6,922
|
|
|
6,858
|
|
|||
Provision for income tax expense (benefit)
|
812
|
|
|
696
|
|
|
646
|
|
|||
Operating earnings
|
$
|
1,511
|
|
|
$
|
1,295
|
|
|
$
|
1,203
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
2,967
|
|
|
$
|
2,824
|
|
|
$
|
2,578
|
|
Universal life and investment-type product policy fees
|
1,239
|
|
|
991
|
|
|
785
|
|
|||
Net investment income
|
1,347
|
|
|
1,246
|
|
|
1,198
|
|
|||
Other revenues
|
34
|
|
|
23
|
|
|
16
|
|
|||
Total operating revenues
|
5,587
|
|
|
5,084
|
|
|
4,577
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
2,743
|
|
|
2,454
|
|
|
2,231
|
|
|||
Interest credited to policyholder account balances
|
394
|
|
|
417
|
|
|
393
|
|
|||
Capitalization of DAC
|
(385
|
)
|
|
(424
|
)
|
|
(353
|
)
|
|||
Amortization of DAC and VOBA
|
321
|
|
|
310
|
|
|
224
|
|
|||
Amortization of negative VOBA
|
(1
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|||
Interest expense on debt
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Other expenses
|
1,677
|
|
|
1,612
|
|
|
1,375
|
|
|||
Total operating expenses
|
4,749
|
|
|
4,367
|
|
|
3,864
|
|
|||
Provision for income tax expense (benefit)
|
156
|
|
|
143
|
|
|
130
|
|
|||
Operating earnings
|
$
|
682
|
|
|
$
|
574
|
|
|
$
|
583
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
7,566
|
|
|
$
|
7,801
|
|
|
$
|
8,344
|
|
Universal life and investment-type product policy fees
|
1,693
|
|
|
1,722
|
|
|
1,491
|
|
|||
Net investment income
|
2,856
|
|
|
2,915
|
|
|
2,895
|
|
|||
Other revenues
|
106
|
|
|
92
|
|
|
26
|
|
|||
Total operating revenues
|
12,221
|
|
|
12,530
|
|
|
12,756
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
5,724
|
|
|
5,755
|
|
|
5,819
|
|
|||
Interest credited to policyholder account balances
|
1,544
|
|
|
1,690
|
|
|
1,784
|
|
|||
Capitalization of DAC
|
(1,914
|
)
|
|
(2,143
|
)
|
|
(2,288
|
)
|
|||
Amortization of DAC and VOBA
|
1,397
|
|
|
1,542
|
|
|
1,563
|
|
|||
Amortization of negative VOBA
|
(364
|
)
|
|
(427
|
)
|
|
(456
|
)
|
|||
Interest expense on debt
|
—
|
|
|
—
|
|
|
5
|
|
|||
Other expenses
|
3,971
|
|
|
4,312
|
|
|
4,738
|
|
|||
Total operating expenses
|
10,358
|
|
|
10,729
|
|
|
11,165
|
|
|||
Provision for income tax expense (benefit)
|
575
|
|
|
557
|
|
|
554
|
|
|||
Operating earnings
|
$
|
1,288
|
|
|
$
|
1,244
|
|
|
$
|
1,037
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
2,309
|
|
|
$
|
2,297
|
|
|
$
|
2,370
|
|
Universal life and investment-type product policy fees
|
466
|
|
|
386
|
|
|
333
|
|
|||
Net investment income
|
508
|
|
|
498
|
|
|
535
|
|
|||
Other revenues
|
60
|
|
|
97
|
|
|
121
|
|
|||
Total operating revenues
|
3,343
|
|
|
3,278
|
|
|
3,359
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
1,053
|
|
|
1,039
|
|
|
1,196
|
|
|||
Interest credited to policyholder account balances
|
148
|
|
|
147
|
|
|
126
|
|
|||
Capitalization of DAC
|
(680
|
)
|
|
(714
|
)
|
|
(723
|
)
|
|||
Amortization of DAC and VOBA
|
613
|
|
|
683
|
|
|
626
|
|
|||
Amortization of negative VOBA
|
(31
|
)
|
|
(95
|
)
|
|
(94
|
)
|
|||
Interest expense on debt
|
—
|
|
|
1
|
|
|
1
|
|
|||
Other expenses
|
1,810
|
|
|
1,810
|
|
|
1,810
|
|
|||
Total operating expenses
|
2,913
|
|
|
2,871
|
|
|
2,942
|
|
|||
Provision for income tax expense (benefit)
|
68
|
|
|
78
|
|
|
146
|
|
|||
Operating earnings
|
$
|
362
|
|
|
$
|
329
|
|
|
$
|
271
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
153
|
|
|
$
|
116
|
|
|
$
|
56
|
|
Universal life and investment-type product policy fees
|
127
|
|
|
139
|
|
|
155
|
|
|||
Net investment income
|
177
|
|
|
360
|
|
|
679
|
|
|||
Other revenues
|
68
|
|
|
28
|
|
|
33
|
|
|||
Total operating revenues
|
525
|
|
|
643
|
|
|
923
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
104
|
|
|
63
|
|
|
119
|
|
|||
Interest credited to policyholder account balances
|
34
|
|
|
42
|
|
|
39
|
|
|||
Capitalization of DAC
|
(60
|
)
|
|
(28
|
)
|
|
—
|
|
|||
Amortization of DAC and VOBA
|
13
|
|
|
1
|
|
|
2
|
|
|||
Interest expense on debt
|
1,167
|
|
|
1,148
|
|
|
1,176
|
|
|||
Other expenses
|
1,018
|
|
|
894
|
|
|
559
|
|
|||
Total operating expenses
|
2,276
|
|
|
2,120
|
|
|
1,895
|
|
|||
Provision for income tax expense (benefit)
|
(1,079
|
)
|
|
(932
|
)
|
|
(687
|
)
|
|||
Operating earnings
|
(672
|
)
|
|
(545
|
)
|
|
(285
|
)
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Operating earnings available to common shareholders
|
$
|
(794
|
)
|
|
$
|
(667
|
)
|
|
$
|
(407
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Other business activities
|
$
|
47
|
|
|
$
|
62
|
|
|
$
|
46
|
|
Other net investment income
|
122
|
|
|
234
|
|
|
444
|
|
|||
Interest expense on debt
|
(759
|
)
|
|
(747
|
)
|
|
(764
|
)
|
|||
Preferred stock dividends
|
(122
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Acquisition costs
|
(5
|
)
|
|
(18
|
)
|
|
(37
|
)
|
|||
Corporate initiatives and projects
|
(183
|
)
|
|
(134
|
)
|
|
(114
|
)
|
|||
Incremental tax benefit
|
466
|
|
|
415
|
|
|
347
|
|
|||
Other (including asbestos litigation)
|
(360
|
)
|
|
(357
|
)
|
|
(207
|
)
|
|||
Operating earnings available to common shareholders
|
$
|
(794
|
)
|
|
$
|
(667
|
)
|
|
$
|
(407
|
)
|
•
|
credit risk, relating to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest;
|
•
|
interest rate risk, relating to the market price and cash flow variability associated with changes in market interest rates. Changes in market interest rates will impact the net unrealized gain or loss position of our fixed income investment portfolio and the rates of return we receive on both new funds invested and reinvestment of existing funds;
|
•
|
liquidity risk, relating to the diminished ability to sell certain investments, in times of strained market conditions;
|
•
|
market valuation risk, relating to the variability in the estimated fair value of investments associated with changes in market factors such as credit spreads. A widening of credit spreads will adversely impact the net unrealized gain (loss) position of the fixed income investment portfolio, will increase losses associated with credit-based non-qualifying derivatives where we assume credit exposure, and, if credit spreads widen significantly or for an extended period of time, will likely result in higher OTTI. Credit spread tightening will reduce net investment income associated with purchases of fixed maturity securities and will favorably impact the net unrealized gain (loss) position of the fixed income investment portfolio;
|
•
|
currency risk, relating to the variability in currency exchange rates for foreign denominated investments. This risk relates to potential decreases in estimated fair value and net investment income resulting from changes in currency exchange rates versus the U.S. dollar. In general, the weakening of foreign currencies versus the U.S. dollar will adversely affect the estimated fair value of our foreign denominated investments; and
|
•
|
real estate risk, relating to commercial, agricultural and residential real estate, and stemming from factors, which include, but are not limited to, market conditions, including the demand and supply of leasable commercial space, creditworthiness of tenants and partners, capital markets volatility and the inherent interest rate movement.
|
|
Selected Country Fixed Maturity Securities at December 31, 2014
|
||||||||||||||
|
Sovereign
|
|
Financial
Services |
|
Non-Financial
Services |
|
Total (1)
|
||||||||
|
(In millions)
|
||||||||||||||
Europe’s perimeter region:
|
|
|
|
|
|
|
|
||||||||
Italy
|
$
|
38
|
|
|
$
|
167
|
|
|
$
|
490
|
|
|
$
|
695
|
|
Ireland
|
—
|
|
|
10
|
|
|
47
|
|
|
57
|
|
||||
Spain
|
30
|
|
|
261
|
|
|
483
|
|
|
774
|
|
||||
Total Europe’s perimeter region
|
68
|
|
|
438
|
|
|
1,020
|
|
|
1,526
|
|
||||
Cyprus
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
||||
Ukraine
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||
Russia
|
292
|
|
|
10
|
|
|
36
|
|
|
338
|
|
||||
Argentina
|
403
|
|
|
6
|
|
|
147
|
|
|
556
|
|
||||
Total
|
$
|
825
|
|
|
$
|
454
|
|
|
$
|
1,203
|
|
|
$
|
2,482
|
|
Investment grade %
|
43
|
%
|
|
92
|
%
|
|
68
|
%
|
|
64
|
%
|
(1)
|
The par value and amortized cost of the fixed maturity securities were
$2.2 billion
and
$2.3 billion
, respectively, at December 31,
2014
.
|
|
For the Years Ended December 31,
|
|||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Yield% (1)
|
|
Amount
|
|
Yield% (1)
|
|
Amount
|
|
Yield% (1)
|
|
Amount
|
|||||||||
|
|
|
(In millions)
|
|
|
|
(In millions)
|
|
|
|
(In millions)
|
|||||||||
Fixed maturity securities (2) (3)
|
4.81
|
|
%
|
$
|
14,946
|
|
|
4.84
|
|
%
|
$
|
15,098
|
|
|
4.85
|
|
%
|
$
|
15,243
|
|
Mortgage loans (3)
|
5.15
|
|
%
|
2,928
|
|
|
5.58
|
|
%
|
3,020
|
|
|
5.64
|
|
%
|
3,190
|
|
|||
Real estate and real estate joint ventures
|
3.67
|
|
%
|
376
|
|
|
3.44
|
|
%
|
347
|
|
|
4.59
|
|
%
|
401
|
|
|||
Policy loans
|
5.36
|
|
%
|
629
|
|
|
5.26
|
|
%
|
620
|
|
|
5.25
|
|
%
|
626
|
|
|||
Equity securities
|
4.30
|
|
%
|
133
|
|
|
4.44
|
|
%
|
127
|
|
|
4.60
|
|
%
|
133
|
|
|||
Other limited partnership interests
|
13.01
|
|
%
|
1,033
|
|
|
13.35
|
|
%
|
955
|
|
|
12.76
|
|
%
|
845
|
|
|||
Cash and short-term investments
|
1.07
|
|
%
|
161
|
|
|
0.98
|
|
%
|
168
|
|
|
0.69
|
|
%
|
143
|
|
|||
Other invested assets
|
|
|
906
|
|
|
|
|
819
|
|
|
|
|
595
|
|
||||||
Total before investment fees and expenses
|
5.01
|
|
%
|
21,112
|
|
|
5.03
|
|
%
|
21,154
|
|
|
4.96
|
|
%
|
21,176
|
|
|||
Investment fees and expenses
|
(0.13
|
)
|
|
(556
|
)
|
|
(0.13
|
)
|
|
(563
|
)
|
|
(0.13
|
)
|
|
(554
|
)
|
|||
Net investment income including Divested Businesses (4), (5)
|
4.88
|
|
%
|
20,556
|
|
|
4.90
|
|
%
|
20,591
|
|
|
4.83
|
|
%
|
20,622
|
|
|||
Less: net investment income from Divested Businesses (4), (5)
|
|
|
(72
|
)
|
|
|
|
(197
|
)
|
|
|
|
(336
|
)
|
||||||
Net investment income (6)
|
|
|
$
|
20,484
|
|
|
|
|
$
|
20,394
|
|
|
|
|
$
|
20,286
|
|
(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 GAAP adjustments presented in footnote (6) below. 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 certain variable interest entities (“VIEs”) under GAAP that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets as it is not considered a meaningful measure of performance for this asset class.
|
(2)
|
Investment income (loss) includes amounts for FVO and trading securities of
$103 million
,
$65 million
and
$88 million
for the years ended December 31,
2014
,
2013
and
2012
, respectively.
|
(3)
|
Investment income from fixed maturity securities and mortgage loans includes prepayment fees.
|
(4)
|
Yield calculations include the net investment income and ending carrying values of the divested businesses. The net investment income adjustment for the divested businesses for the years ended December 31,
2014
,
2013
and
2012
was
$72 million
, $197 million and $336 million, respectively. The net investment income adjustment includes scheduled periodic settlement payments on derivatives not qualifying for hedge accounting adjustment that are excluded in the scheduled periodic settlement payments on derivatives not qualifying for hedge accounting line in the GAAP net investment income reconciliation presented below. The scheduled periodic settlement payments excluded were
$1 million
, $10 million and $16 million for the years ended December 31,
2014
,
2013
, and
2012
, respectively.
For the year ended December 31,
2012
, the net investment income adjustment for divested businesses of $336 million excluded $177 million of securitized reverse residential mortgage loans that were included in the divested businesses adjustment of $513 million presented below.
|
(5)
|
In the first quarter of 2014, MetLife, Inc. began reporting the operations of MAL as divested business. As a result, certain amounts in the prior periods have been reclassified to conform with the current period segment presentation. See “— Executive Summary.”
|
(6)
|
Net investment income presented in the yield table varies from the most directly comparable GAAP measure due to certain reclassifications and excludes the effects of consolidating certain VIEs under GAAP that are treated as CSEs and contractholder-directed unit-linked investments. Such reclassifications are presented in the table below.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Net investment income — in the above yield table
|
$
|
20,484
|
|
|
$
|
20,394
|
|
|
$
|
20,286
|
|
Real estate discontinued operations
|
(1
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|||
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting
|
(705
|
)
|
|
(643
|
)
|
|
(448
|
)
|
|||
Equity method operating joint ventures
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Contractholder-directed unit-linked investments
|
1,266
|
|
|
2,172
|
|
|
1,473
|
|
|||
Divested Businesses
|
72
|
|
|
197
|
|
|
513
|
|
|||
Incremental net investment income from CSEs
|
38
|
|
|
123
|
|
|
163
|
|
|||
Net investment income — GAAP consolidated statements of operations
|
$
|
21,153
|
|
|
$
|
22,232
|
|
|
$
|
21,984
|
|
|
December 31, 2014
|
||||||||||||
|
Fixed Maturity
Securities
|
|
Equity
Securities
|
||||||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Level 1:
|
|
|
|
|
|
|
|
||||||
Quoted prices in active markets for identical assets
|
$
|
36,879
|
|
|
10.1
|
%
|
|
$
|
1,558
|
|
|
42.9
|
%
|
Level 2:
|
|
|
|
|
|
|
|
||||||
Independent pricing source
|
269,667
|
|
|
73.8
|
|
|
768
|
|
|
21.2
|
|
||
Internal matrix pricing or discounted cash flow techniques
|
36,744
|
|
|
10.1
|
|
|
960
|
|
|
26.4
|
|
||
Significant other observable inputs
|
306,411
|
|
|
83.9
|
|
|
1,728
|
|
|
47.6
|
|
||
Level 3:
|
|
|
|
|
|
|
|
||||||
Independent pricing source
|
5,500
|
|
|
1.5
|
|
|
220
|
|
|
6.1
|
|
||
Internal matrix pricing or discounted cash flow techniques
|
14,070
|
|
|
3.8
|
|
|
103
|
|
|
2.8
|
|
||
Independent broker quotations
|
2,565
|
|
|
0.7
|
|
|
22
|
|
|
0.6
|
|
||
Significant unobservable inputs
|
22,135
|
|
|
6.0
|
|
|
345
|
|
|
9.5
|
|
||
Total estimated fair value
|
$
|
365,425
|
|
|
100.0
|
%
|
|
$
|
3,631
|
|
|
100.0
|
%
|
•
|
The majority of the Level 3 fixed maturity and equity securities AFS were concentrated in four sectors: U.S. and foreign corporate securities, residential mortgage-backed securities (“RMBS”), and asset-backed securities (“ABS”).
|
•
|
Level 3 fixed maturity securities are priced principally through market standard valuation methodologies, independent pricing services and, to a much lesser extent, independent non-binding broker quotations using inputs that are not market observable or cannot be derived principally from or corroborated by observable market data. Level 3 fixed maturity securities consist of less liquid securities with very limited trading activity or where less price transparency exists around the inputs to the valuation methodologies. Level 3 fixed maturity securities include: sub-prime RMBS; certain below investment grade private securities and less liquid investment grade corporate securities (included in U.S. and foreign corporate securities); less liquid ABS and foreign government securities.
|
•
|
During the year ended December 31,
2014
, Level 3 fixed maturity securities decreased by
$2.2 billion
or
9%
. The decrease was driven by net transfers out of Level 3, partially offset by purchases in excess of sales and an increase in estimated fair value recognized in other comprehensive income (loss) (“OCI”). The net transfers out of Level 3 of fixed maturity securities were concentrated in ABS, U.S. and foreign corporate securities, and foreign government securities. The purchases in excess of sales were concentrated in RMBS, U.S. and foreign corporate securities, and ABS, and the increase in estimated fair value recognized in OCI for fixed maturity securities was concentrated in U.S. corporate securities.
|
|
|
|
|
December 31,
|
|
|||||||||||||||||||||||||||
|
|
|
|
2014
|
|
|
2013
|
|
||||||||||||||||||||||||
NAIC
Designation
|
|
Rating Agency Rating
|
|
Amortized
Cost
|
|
Unrealized
Gain (Loss)
|
|
Estimated
Fair
Value
|
|
% of
Total
|
|
|
Amortized
Cost
|
|
Unrealized
Gain (Loss)
|
|
Estimated
Fair
Value
|
|
% of
Total
|
|
||||||||||||
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
||||||||||||
1
|
|
Aaa/Aa/A
|
|
$
|
233,246
|
|
|
$
|
23,837
|
|
|
$
|
257,083
|
|
|
70.4
|
%
|
|
$
|
230,429
|
|
|
$
|
11,640
|
|
|
$
|
242,069
|
|
|
69.1
|
%
|
2
|
|
Baa
|
|
76,754
|
|
|
6,654
|
|
|
83,408
|
|
|
22.8
|
|
|
79,732
|
|
|
4,382
|
|
|
84,114
|
|
|
24.0
|
|
||||||
|
|
Subtotal investment grade
|
|
310,000
|
|
|
30,491
|
|
|
340,491
|
|
|
93.2
|
|
|
310,161
|
|
|
16,022
|
|
|
326,183
|
|
|
93.1
|
|
||||||
3
|
|
Ba
|
|
14,967
|
|
|
178
|
|
|
15,145
|
|
|
4.1
|
|
|
13,239
|
|
|
358
|
|
|
13,597
|
|
|
3.9
|
|
||||||
4
|
|
B
|
|
8,481
|
|
|
(96
|
)
|
|
8,385
|
|
|
2.3
|
|
|
9,216
|
|
|
162
|
|
|
9,378
|
|
|
2.7
|
|
||||||
5
|
|
Caa and lower
|
|
1,296
|
|
|
44
|
|
|
1,340
|
|
|
0.4
|
|
|
932
|
|
|
23
|
|
|
955
|
|
|
0.3
|
|
||||||
6
|
|
In or near default
|
|
36
|
|
|
28
|
|
|
64
|
|
|
—
|
|
|
51
|
|
|
23
|
|
|
74
|
|
|
—
|
|
||||||
|
|
Subtotal below investment grade
|
|
24,780
|
|
|
154
|
|
|
24,934
|
|
|
6.8
|
|
|
23,438
|
|
|
566
|
|
|
24,004
|
|
|
6.9
|
|
||||||
|
|
Total fixed maturity securities
|
|
$
|
334,780
|
|
|
$
|
30,645
|
|
|
$
|
365,425
|
|
|
100.0
|
%
|
|
$
|
333,599
|
|
|
$
|
16,588
|
|
|
$
|
350,187
|
|
|
100.0
|
%
|
|
Fixed Maturity Securities — by Sector & Credit Quality Rating
|
||||||||||||||||||||||||||
NAIC Designation:
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
6
|
|
Total
Estimated
Fair Value
|
||||||||||||||
Rating Agency Rating:
|
Aaa/Aa/A
|
|
Baa
|
|
Ba
|
|
B
|
|
Caa and
Lower
|
|
In or Near
Default
|
|
|||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. corporate
|
$
|
46,043
|
|
|
$
|
44,174
|
|
|
$
|
9,627
|
|
|
$
|
5,602
|
|
|
$
|
497
|
|
|
$
|
11
|
|
|
$
|
105,954
|
|
Foreign corporate
|
25,368
|
|
|
31,084
|
|
|
3,775
|
|
|
1,358
|
|
|
89
|
|
|
1
|
|
|
61,675
|
|
|||||||
U.S. Treasury and agency
|
61,516
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,516
|
|
|||||||
Foreign government
|
44,837
|
|
|
5,763
|
|
|
744
|
|
|
863
|
|
|
418
|
|
|
41
|
|
|
52,666
|
|
|||||||
RMBS
|
37,156
|
|
|
1,049
|
|
|
766
|
|
|
551
|
|
|
318
|
|
|
6
|
|
|
39,846
|
|
|||||||
State and political subdivision
|
14,656
|
|
|
501
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,187
|
|
|||||||
CMBS
|
14,124
|
|
|
30
|
|
|
166
|
|
|
9
|
|
|
3
|
|
|
—
|
|
|
14,332
|
|
|||||||
ABS
|
13,383
|
|
|
807
|
|
|
37
|
|
|
2
|
|
|
15
|
|
|
5
|
|
|
14,249
|
|
|||||||
Total fixed maturity securities
|
$
|
257,083
|
|
|
$
|
83,408
|
|
|
$
|
15,145
|
|
|
$
|
8,385
|
|
|
$
|
1,340
|
|
|
$
|
64
|
|
|
$
|
365,425
|
|
Percentage of total
|
70.4
|
%
|
|
22.8
|
%
|
|
4.1
|
%
|
|
2.3
|
%
|
|
0.4
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. corporate
|
$
|
46,038
|
|
|
$
|
45,639
|
|
|
$
|
9,349
|
|
|
$
|
4,998
|
|
|
$
|
415
|
|
|
$
|
30
|
|
|
$
|
106,469
|
|
Foreign corporate
|
27,957
|
|
|
30,477
|
|
|
2,762
|
|
|
1,910
|
|
|
45
|
|
|
1
|
|
|
63,152
|
|
|||||||
U.S. Treasury and agency
|
45,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45,123
|
|
|||||||
Foreign government
|
47,767
|
|
|
4,481
|
|
|
648
|
|
|
1,363
|
|
|
178
|
|
|
—
|
|
|
54,437
|
|
|||||||
RMBS
|
31,385
|
|
|
1,657
|
|
|
753
|
|
|
974
|
|
|
248
|
|
|
38
|
|
|
35,055
|
|
|||||||
State and political subdivision
|
13,222
|
|
|
598
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,830
|
|
|||||||
CMBS
|
16,393
|
|
|
47
|
|
|
45
|
|
|
14
|
|
|
51
|
|
|
—
|
|
|
16,550
|
|
|||||||
ABS
|
14,184
|
|
|
1,215
|
|
|
30
|
|
|
119
|
|
|
18
|
|
|
5
|
|
|
15,571
|
|
|||||||
Total fixed maturity securities
|
$
|
242,069
|
|
|
$
|
84,114
|
|
|
$
|
13,597
|
|
|
$
|
9,378
|
|
|
$
|
955
|
|
|
$
|
74
|
|
|
$
|
350,187
|
|
Percentage of total
|
69.1
|
%
|
|
24.0
|
%
|
|
3.9
|
%
|
|
2.7
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Estimated
Fair
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Corporate fixed maturity securities — by sector:
|
|
|
|
|
|
|
|
||||||
Foreign corporate (1)
|
$
|
61,675
|
|
|
36.8
|
%
|
|
$
|
63,152
|
|
|
37.2
|
%
|
U.S. corporate fixed maturity securities — by industry:
|
|
|
|
|
|
|
|
||||||
Consumer
|
27,808
|
|
|
16.6
|
|
|
27,953
|
|
|
16.5
|
|
||
Industrial
|
27,221
|
|
|
16.2
|
|
|
27,462
|
|
|
16.2
|
|
||
Utility
|
20,029
|
|
|
12.0
|
|
|
19,066
|
|
|
11.2
|
|
||
Finance
|
18,688
|
|
|
11.1
|
|
|
20,135
|
|
|
11.9
|
|
||
Communications
|
8,071
|
|
|
4.8
|
|
|
8,074
|
|
|
4.8
|
|
||
Other
|
4,137
|
|
|
2.5
|
|
|
3,779
|
|
|
2.2
|
|
||
Total
|
$
|
167,629
|
|
|
100.0
|
%
|
|
$
|
169,621
|
|
|
100.0
|
%
|
(1)
|
Includes both U.S. dollar and foreign denominated securities.
|
|
December 31,
|
||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Net
Unrealized
Gains (Losses)
|
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Net
Unrealized
Gains (Losses)
|
||||||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
(In millions)
|
|
|
|
(In millions)
|
||||||||||
By security type:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Collateralized mortgage obligations
|
$
|
20,269
|
|
|
50.9
|
%
|
|
$
|
1,083
|
|
|
$
|
19,046
|
|
|
54.3
|
%
|
|
$
|
705
|
|
Pass-through securities
|
19,577
|
|
|
49.1
|
|
|
699
|
|
|
16,009
|
|
|
45.7
|
|
|
183
|
|
||||
Total RMBS
|
$
|
39,846
|
|
|
100.0
|
%
|
|
$
|
1,782
|
|
|
$
|
35,055
|
|
|
100.0
|
%
|
|
$
|
888
|
|
By risk profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency
|
$
|
26,818
|
|
|
67.3
|
%
|
|
$
|
1,469
|
|
|
$
|
23,686
|
|
|
67.6
|
%
|
|
$
|
762
|
|
Prime
|
2,648
|
|
|
6.6
|
|
|
68
|
|
|
2,935
|
|
|
8.4
|
|
|
71
|
|
||||
Alt-A
|
5,540
|
|
|
13.9
|
|
|
85
|
|
|
4,986
|
|
|
14.2
|
|
|
(25
|
)
|
||||
Sub-prime
|
4,840
|
|
|
12.2
|
|
|
160
|
|
|
3,448
|
|
|
9.8
|
|
|
80
|
|
||||
Total RMBS
|
$
|
39,846
|
|
|
100.0
|
%
|
|
$
|
1,782
|
|
|
$
|
35,055
|
|
|
100.0
|
%
|
|
$
|
888
|
|
Ratings profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rated Aaa/AAA
|
$
|
27,362
|
|
|
68.7
|
%
|
|
|
|
$
|
24,764
|
|
|
70.6
|
%
|
|
|
||||
Designated NAIC 1
|
$
|
37,156
|
|
|
93.2
|
%
|
|
|
|
$
|
31,385
|
|
|
89.5
|
%
|
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Aaa
|
|
Aa
|
|
A
|
|
Baa
|
|
Below
Investment
Grade
|
|
Total
|
||||||||||||||||||||||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
2003 - 2004
|
$
|
251
|
|
|
$
|
258
|
|
|
$
|
25
|
|
|
$
|
27
|
|
|
$
|
54
|
|
|
$
|
56
|
|
|
$
|
40
|
|
|
$
|
40
|
|
|
$
|
17
|
|
|
$
|
17
|
|
|
$
|
387
|
|
|
$
|
398
|
|
2005
|
2,278
|
|
|
2,300
|
|
|
412
|
|
|
426
|
|
|
243
|
|
|
253
|
|
|
111
|
|
|
115
|
|
|
9
|
|
|
13
|
|
|
3,053
|
|
|
3,107
|
|
||||||||||||
2006
|
1,983
|
|
|
2,056
|
|
|
103
|
|
|
106
|
|
|
107
|
|
|
110
|
|
|
66
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
2,259
|
|
|
2,345
|
|
||||||||||||
2007
|
694
|
|
|
720
|
|
|
64
|
|
|
67
|
|
|
195
|
|
|
205
|
|
|
41
|
|
|
43
|
|
|
129
|
|
|
131
|
|
|
1,123
|
|
|
1,166
|
|
||||||||||||
2008 - 2010
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
30
|
|
||||||||||||
2011
|
561
|
|
|
603
|
|
|
23
|
|
|
24
|
|
|
63
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
651
|
|
|
696
|
|
||||||||||||
2012
|
467
|
|
|
559
|
|
|
245
|
|
|
255
|
|
|
842
|
|
|
866
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
1,557
|
|
|
1,683
|
|
||||||||||||
2013
|
802
|
|
|
854
|
|
|
467
|
|
|
505
|
|
|
1,330
|
|
|
1,393
|
|
|
13
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
2,612
|
|
|
2,763
|
|
||||||||||||
2014
|
466
|
|
|
480
|
|
|
883
|
|
|
900
|
|
|
652
|
|
|
677
|
|
|
13
|
|
|
14
|
|
|
76
|
|
|
73
|
|
|
2,090
|
|
|
2,144
|
|
||||||||||||
Total
|
$
|
7,507
|
|
|
$
|
7,835
|
|
|
$
|
2,222
|
|
|
$
|
2,310
|
|
|
$
|
3,511
|
|
|
$
|
3,650
|
|
|
$
|
284
|
|
|
$
|
296
|
|
|
$
|
238
|
|
|
$
|
241
|
|
|
$
|
13,762
|
|
|
$
|
14,332
|
|
Ratings
Distribution
|
|
|
54.7
|
%
|
|
|
|
16.1
|
%
|
|
|
|
25.5
|
%
|
|
|
|
2.0
|
%
|
|
|
|
1.7
|
%
|
|
|
|
100.0
|
%
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Aaa
|
|
Aa
|
|
A
|
|
Baa
|
|
Below
Investment
Grade
|
|
Total
|
||||||||||||||||||||||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
2003 - 2004
|
$
|
2,483
|
|
|
$
|
2,522
|
|
|
$
|
227
|
|
|
$
|
236
|
|
|
$
|
118
|
|
|
$
|
124
|
|
|
$
|
92
|
|
|
$
|
95
|
|
|
$
|
22
|
|
|
$
|
21
|
|
|
$
|
2,942
|
|
|
$
|
2,998
|
|
2005
|
3,294
|
|
|
3,442
|
|
|
363
|
|
|
387
|
|
|
372
|
|
|
393
|
|
|
102
|
|
|
110
|
|
|
29
|
|
|
36
|
|
|
4,160
|
|
|
4,368
|
|
||||||||||||
2006
|
2,355
|
|
|
2,466
|
|
|
246
|
|
|
260
|
|
|
145
|
|
|
156
|
|
|
16
|
|
|
21
|
|
|
36
|
|
|
37
|
|
|
2,798
|
|
|
2,940
|
|
||||||||||||
2007
|
782
|
|
|
814
|
|
|
65
|
|
|
70
|
|
|
208
|
|
|
220
|
|
|
184
|
|
|
187
|
|
|
75
|
|
|
69
|
|
|
1,314
|
|
|
1,360
|
|
||||||||||||
2008 - 2010
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
52
|
|
|
1
|
|
|
1
|
|
|
8
|
|
|
9
|
|
|
64
|
|
|
62
|
|
||||||||||||
2011
|
587
|
|
|
613
|
|
|
25
|
|
|
24
|
|
|
87
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
4
|
|
|
704
|
|
|
728
|
|
||||||||||||
2012
|
439
|
|
|
477
|
|
|
271
|
|
|
264
|
|
|
937
|
|
|
892
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
51
|
|
|
1,664
|
|
|
1,684
|
|
||||||||||||
2013
|
$
|
719
|
|
|
$
|
715
|
|
|
$
|
396
|
|
|
$
|
384
|
|
|
$
|
1,354
|
|
|
$
|
1,311
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,469
|
|
|
$
|
2,410
|
|
Total
|
$
|
10,659
|
|
|
$
|
11,049
|
|
|
$
|
1,593
|
|
|
$
|
1,625
|
|
|
$
|
3,276
|
|
|
$
|
3,235
|
|
|
$
|
395
|
|
|
$
|
414
|
|
|
$
|
192
|
|
|
$
|
227
|
|
|
$
|
16,115
|
|
|
$
|
16,550
|
|
Ratings Distribution
|
|
|
66.8
|
%
|
|
|
|
9.8
|
%
|
|
|
|
19.5
|
%
|
|
|
|
2.5
|
%
|
|
|
|
1.4
|
%
|
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Net
Unrealized
Gains (Losses)
|
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Net
Unrealized
Gains (Losses)
|
||||||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
(In millions)
|
|
|
|
(In millions)
|
||||||||||
By collateral type:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Collateralized debt obligations
|
$
|
5,262
|
|
|
36.9
|
%
|
|
$
|
(46
|
)
|
|
$
|
2,960
|
|
|
19.0
|
%
|
|
$
|
(6
|
)
|
Foreign residential loans
|
2,146
|
|
|
15.1
|
|
|
63
|
|
|
3,415
|
|
|
21.9
|
|
|
80
|
|
||||
Student loans
|
1,997
|
|
|
14.0
|
|
|
42
|
|
|
2,332
|
|
|
15.0
|
|
|
17
|
|
||||
Automobile loans
|
1,625
|
|
|
11.4
|
|
|
10
|
|
|
2,635
|
|
|
16.9
|
|
|
12
|
|
||||
Credit card loans
|
1,195
|
|
|
8.4
|
|
|
44
|
|
|
2,187
|
|
|
14.1
|
|
|
20
|
|
||||
Other loans
|
2,024
|
|
|
14.2
|
|
|
15
|
|
|
2,042
|
|
|
13.1
|
|
|
(10
|
)
|
||||
Total
|
$
|
14,249
|
|
|
100.0
|
%
|
|
$
|
128
|
|
|
$
|
15,571
|
|
|
100.0
|
%
|
|
$
|
113
|
|
Ratings profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rated Aaa/AAA
|
$
|
7,950
|
|
|
55.8
|
%
|
|
|
|
$
|
9,616
|
|
|
61.8
|
%
|
|
|
||||
Designated NAIC 1
|
$
|
13,383
|
|
|
93.9
|
%
|
|
|
|
$
|
14,184
|
|
|
91.1
|
%
|
|
|
|
December 31,
|
||||||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||||||
|
Recorded
Investment |
|
% of
Total |
|
Valuation
Allowance |
|
% of
Recorded Investment |
|
Recorded
Investment |
|
% of
Total |
|
Valuation
Allowance |
|
% of
Recorded Investment |
||||||||||||
|
(Dollars in millions)
|
|
(Dollars in millions)
|
||||||||||||||||||||||||
Commercial
|
$
|
41,088
|
|
|
68.7
|
%
|
|
$
|
224
|
|
|
0.5
|
%
|
|
$
|
40,926
|
|
|
73.0
|
%
|
|
$
|
258
|
|
|
0.6
|
%
|
Agricultural
|
12,378
|
|
|
20.7
|
|
|
39
|
|
|
0.3
|
%
|
|
12,391
|
|
|
22.1
|
|
|
44
|
|
|
0.4
|
%
|
||||
Residential
|
6,369
|
|
|
10.6
|
|
|
42
|
|
|
0.7
|
%
|
|
2,772
|
|
|
4.9
|
|
|
20
|
|
|
0.7
|
%
|
||||
Total
|
$
|
59,835
|
|
|
100.0
|
%
|
|
$
|
305
|
|
|
0.5
|
%
|
|
$
|
56,089
|
|
|
100.0
|
%
|
|
$
|
322
|
|
|
0.6
|
%
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Region:
|
|
|
|
|
|
|
|
||||||
Pacific
|
$
|
8,620
|
|
|
21.0
|
%
|
|
$
|
8,961
|
|
|
21.9
|
%
|
Middle Atlantic
|
7,689
|
|
|
18.7
|
|
|
7,367
|
|
|
18.0
|
|
||
International
|
7,251
|
|
|
17.7
|
|
|
6,709
|
|
|
16.4
|
|
||
South Atlantic
|
6,384
|
|
|
15.5
|
|
|
6,977
|
|
|
17.1
|
|
||
West South Central
|
3,990
|
|
|
9.7
|
|
|
3,619
|
|
|
8.8
|
|
||
East North Central
|
2,430
|
|
|
5.9
|
|
|
2,717
|
|
|
6.6
|
|
||
New England
|
1,155
|
|
|
2.8
|
|
|
1,404
|
|
|
3.4
|
|
||
Mountain
|
932
|
|
|
2.3
|
|
|
834
|
|
|
2.0
|
|
||
East South Central
|
424
|
|
|
1.0
|
|
|
471
|
|
|
1.2
|
|
||
West North Central
|
140
|
|
|
0.3
|
|
|
148
|
|
|
0.4
|
|
||
Multi-Region and Other
|
2,073
|
|
|
5.1
|
|
|
1,719
|
|
|
4.2
|
|
||
Total recorded investment
|
41,088
|
|
|
100.0
|
%
|
|
40,926
|
|
|
100.0
|
%
|
||
Less: valuation allowances
|
224
|
|
|
|
|
258
|
|
|
|
||||
Carrying value, net of valuation allowances
|
$
|
40,864
|
|
|
|
|
$
|
40,668
|
|
|
|
||
Property Type:
|
|
|
|
|
|
|
|
||||||
Office
|
$
|
21,400
|
|
|
52.1
|
%
|
|
$
|
20,629
|
|
|
50.4
|
%
|
Retail
|
9,389
|
|
|
22.9
|
|
|
9,245
|
|
|
22.6
|
|
||
Hotel
|
4,196
|
|
|
10.2
|
|
|
4,219
|
|
|
10.3
|
|
||
Apartment
|
3,786
|
|
|
9.2
|
|
|
3,724
|
|
|
9.1
|
|
||
Industrial
|
2,133
|
|
|
5.2
|
|
|
2,897
|
|
|
7.1
|
|
||
Other
|
184
|
|
|
0.4
|
|
|
212
|
|
|
0.5
|
|
||
Total recorded investment
|
41,088
|
|
|
100.0
|
%
|
|
40,926
|
|
|
100.0
|
%
|
||
Less: valuation allowances
|
224
|
|
|
|
|
258
|
|
|
|
||||
Carrying value, net of valuation allowances
|
$
|
40,864
|
|
|
|
|
$
|
40,668
|
|
|
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Traditional
|
$
|
9,386
|
|
|
89.2
|
%
|
|
$
|
9,312
|
|
|
86.9
|
%
|
Real estate joint ventures and funds
|
647
|
|
|
6.2
|
|
|
769
|
|
|
7.2
|
|
||
Subtotal
|
10,033
|
|
|
95.4
|
|
|
10,081
|
|
|
94.1
|
|
||
Foreclosed (commercial, agricultural and residential)
|
320
|
|
|
3.0
|
|
|
445
|
|
|
4.2
|
|
||
Real estate held-for-investment
|
10,353
|
|
|
98.4
|
|
|
10,526
|
|
|
98.3
|
|
||
Real estate held-for-sale
|
172
|
|
|
1.6
|
|
|
186
|
|
|
1.7
|
|
||
Total real estate and real estate joint ventures
|
$
|
10,525
|
|
|
100.0
|
%
|
|
$
|
10,712
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Office
|
$
|
5,574
|
|
|
53.0
|
%
|
|
$
|
5,440
|
|
|
50.8
|
%
|
Apartment
|
1,684
|
|
|
16.0
|
|
|
2,176
|
|
|
20.3
|
|
||
Retail
|
782
|
|
|
7.4
|
|
|
684
|
|
|
6.4
|
|
||
Industrial
|
614
|
|
|
5.8
|
|
|
696
|
|
|
6.5
|
|
||
Hotel
|
554
|
|
|
5.3
|
|
|
429
|
|
|
4.0
|
|
||
Land
|
432
|
|
|
4.1
|
|
|
333
|
|
|
3.1
|
|
||
Real estate investment funds
|
351
|
|
|
3.3
|
|
|
394
|
|
|
3.7
|
|
||
Agriculture
|
37
|
|
|
0.4
|
|
|
35
|
|
|
0.3
|
|
||
Other
|
497
|
|
|
4.7
|
|
|
525
|
|
|
4.9
|
|
||
Total real estate and real estate joint ventures
|
$
|
10,525
|
|
|
100.0
|
%
|
|
$
|
10,712
|
|
|
100.0
|
%
|
|
December 31,
|
|||||||||||||
|
2014
|
|
2013
|
|||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
|||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
|||||||
Freestanding derivatives with positive estimated fair values
|
$
|
13,452
|
|
|
63.2
|
%
|
|
$
|
8,595
|
|
|
53.0
|
%
|
|
Tax credit and renewable energy partnerships
|
2,752
|
|
|
12.9
|
|
|
2,657
|
|
|
16.3
|
|
|||
Leveraged leases, net of non-recourse debt
|
1,785
|
|
|
8.4
|
|
|
1,946
|
|
|
12.0
|
|
|||
Direct financing leases
|
1,119
|
|
|
5.3
|
|
|
1,100
|
|
|
6.8
|
|
|||
Funds withheld
|
763
|
|
|
3.6
|
|
|
649
|
|
|
4.0
|
|
|||
Operating joint ventures
|
513
|
|
|
2.4
|
|
|
113
|
|
|
0.7
|
|
|||
Other
|
899
|
|
|
4.2
|
|
|
1,169
|
|
|
7.2
|
|
|||
Total
|
$
|
21,283
|
|
|
100.0
|
%
|
|
$
|
16,229
|
|
|
100.0
|
%
|
•
|
A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.
|
•
|
Information about the gross notional amount, estimated fair value, and primary underlying risk exposure of our derivatives by type of hedge designation, excluding embedded derivatives held at
December 31, 2014
and
2013
.
|
•
|
The statement of operations effects of derivatives in cash flow, fair value, or non-qualifying hedge relationships for the
years ended December 31, 2014
,
2013
and
2012
.
|
|
|
Year Ended December 31, 2014
|
Gain (loss) recognized in net income (loss)
|
|
($83) million
|
Percentage of gain (loss) attributable to observable inputs
|
|
189%
|
Primary drivers of observable gain (loss)
|
|
Strengthening of U.S. dollar versus foreign currencies on receive foreign, pay-U.S. dollar forwards and swaps; decreases in equity volatility; partially offset by decreases in equity index levels; and decreases in long-term interest rates.
|
Percentage of gain (loss) attributable to unobservable inputs
|
|
(89)%
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
Credit Default Swaps
|
|
Gross
Notional
Amount
|
|
Estimated
Fair Value
|
|
Gross
Notional
Amount
|
|
Estimated
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Purchased (1)
|
|
$
|
2,830
|
|
|
$
|
(26
|
)
|
|
$
|
3,725
|
|
|
$
|
(44
|
)
|
Written (2)
|
|
10,527
|
|
|
175
|
|
|
9,055
|
|
|
165
|
|
||||
Total
|
|
$
|
13,357
|
|
|
$
|
149
|
|
|
$
|
12,780
|
|
|
$
|
121
|
|
(1)
|
The gross notional amount and estimated fair value for purchased credit default swaps in the trading portfolio were $250 million and ($6) million, respectively, at
December 31, 2014
and $355 million and ($10) million, respectively, at
December 31, 2013
.
|
(2)
|
The gross notional amount and estimated fair value for written credit default swaps in the trading portfolio were $15 million and $1 million, respectively, at December 31, 2014 and $10 million and $0, respectively, at December 31,
2013
.
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
2014
|
|
2013
|
||||||||||||||||||||
Credit Default Swaps
|
|
Gross
Gains
(1)
|
|
Gross
Losses
(1)
|
|
Net
Gains
(Losses)
|
|
Gross
Gains
(1)
|
|
Gross
Losses
(1)
|
|
Net
Gains
(Losses)
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Purchased (2), (4)
|
|
$
|
30
|
|
|
$
|
(42
|
)
|
|
$
|
(12
|
)
|
|
$
|
13
|
|
|
$
|
(48
|
)
|
|
$
|
(35
|
)
|
Written (3), (4)
|
|
65
|
|
|
(44
|
)
|
|
21
|
|
|
157
|
|
|
(26
|
)
|
|
131
|
|
||||||
Total
|
|
$
|
95
|
|
|
$
|
(86
|
)
|
|
$
|
9
|
|
|
$
|
170
|
|
|
$
|
(74
|
)
|
|
$
|
96
|
|
(1)
|
Gains (losses) are reported in net derivative gains (losses), except for gains (losses) on the trading portfolio, which are reported in net investment income.
|
(2)
|
The gross gains and gross (losses) for purchased credit default swaps in the trading portfolio were $5 million and ($5) million, respectively, for the
year ended December 31, 2014
and $2 million and ($16) million, respectively, for the
year ended December 31, 2013
.
|
(3)
|
The gross gains and gross (losses) for written credit default swaps in the trading portfolio were not significant for the year ended December 31, 2014 and $1 million and $0, respectively, for the year ended December 31, 2013.
|
(4)
|
Gains (losses) do not include earned income (expense) on credit default swaps.
|
|
December 31, 2014
|
||||||
Guaranteed Minimum Crediting Rate
|
Account
Value (1)
|
|
Account Value at Guarantee (1)
|
||||
|
(In millions)
|
||||||
Life & Other
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
116
|
|
|
$
|
116
|
|
Equal to 2% but less than 4%
|
$
|
11,930
|
|
|
$
|
4,997
|
|
Equal to or greater than 4%
|
$
|
10,687
|
|
|
$
|
6,441
|
|
Annuities
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
3,252
|
|
|
$
|
2,799
|
|
Equal to 2% but less than 4%
|
$
|
32,003
|
|
|
$
|
26,525
|
|
Equal to or greater than 4%
|
$
|
2,527
|
|
|
$
|
2,483
|
|
(1)
|
These amounts are not adjusted for policy loans.
|
|
December 31, 2014
|
||||||
Guaranteed Minimum Crediting Rate
|
Account
Value (1)
|
|
Account
Value at Guarantee (1)
|
||||
|
(In millions)
|
||||||
Greater than 0% but less than 2%
|
$
|
5,043
|
|
|
$
|
5,043
|
|
Equal to 2% but less than 4%
|
$
|
2,271
|
|
|
$
|
2,253
|
|
Equal to or greater than 4%
|
$
|
627
|
|
|
$
|
600
|
|
(1)
|
These amounts are not adjusted for policy loans.
|
|
December 31, 2014
|
||||||
Guaranteed Minimum Crediting Rate (1)
|
Account
Value (2)
|
|
Account
Value at
Guarantee (2)
|
||||
|
(In millions)
|
||||||
Annuities
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
23,233
|
|
|
$
|
2,715
|
|
Equal to 2% but less than 4%
|
$
|
1,057
|
|
|
$
|
305
|
|
Equal to or greater than 4%
|
$
|
2
|
|
|
$
|
2
|
|
Life & Other
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
5,799
|
|
|
$
|
5,444
|
|
Equal to 2% but less than 4%
|
$
|
17,394
|
|
|
$
|
8,020
|
|
Equal to or greater than 4%
|
$
|
265
|
|
|
$
|
—
|
|
(1)
|
Excludes negative VOBA liabilities of $1.6 billion at December 31,
2014
, primarily held in Japan. These liabilities were established in instances where the estimated fair value of contract obligations exceeded the book value of assumed insurance policy liabilities associated with the acquisition of ALICO. These negative liabilities were established primarily for decreased market interest rates subsequent to the issuance of the policy contracts.
|
(2)
|
These amounts are not adjusted for policy loans.
|
|
|||||||||||||||
|
Future Policy
Benefits
|
|
Policyholder
Account Balances
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
(In millions)
|
||||||||||||||
Americas
|
|
|
|
|
|
|
|
||||||||
GMDB
|
$
|
710
|
|
|
$
|
495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
GMIB
|
1,993
|
|
|
1,608
|
|
|
(1,278
|
)
|
|
(1,904
|
)
|
||||
GMAB
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||
GMWB
|
104
|
|
|
62
|
|
|
38
|
|
|
(441
|
)
|
||||
Asia
|
|
|
|
|
|
|
|
||||||||
GMDB
|
29
|
|
|
33
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
22
|
|
|
3
|
|
||||
GMWB
|
91
|
|
|
204
|
|
|
129
|
|
|
129
|
|
||||
EMEA
|
|
|
|
|
|
|
|
||||||||
GMDB
|
2
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
23
|
|
|
11
|
|
||||
GMWB
|
26
|
|
|
19
|
|
|
(61
|
)
|
|
(102
|
)
|
||||
Corporate & Other
|
|
|
|
|
|
|
|
||||||||
GMDB
|
17
|
|
|
11
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
23
|
|
|
83
|
|
||||
GMWB
|
74
|
|
|
109
|
|
|
949
|
|
|
1,179
|
|
||||
Total
|
$
|
3,046
|
|
|
$
|
2,547
|
|
|
$
|
(153
|
)
|
|
$
|
(1,040
|
)
|
|
Total Contract Account Value (1)
|
||||||
|
Americas
|
|
Corporate
& Other
|
||||
|
(In millions)
|
||||||
Return of premium or five to seven year step-up
|
$
|
105,767
|
|
|
$
|
13,179
|
|
Annual step-up
|
31,011
|
|
|
—
|
|
||
Roll-up and step-up combination
|
39,681
|
|
|
—
|
|
||
Total
|
$
|
176,459
|
|
|
$
|
13,179
|
|
(1)
|
Total contract account value excludes $2.3 billion for contracts with no GMDBs and $11.2 billion of total contract account value in the EMEA and Asia segments.
|
|
Total Contract Account Value (1)
|
||||||
|
Americas
|
|
Corporate
& Other
|
||||
|
(In millions)
|
||||||
GMIB
|
$
|
98,436
|
|
|
$
|
—
|
|
GMWB - non-life contingent
|
6,553
|
|
|
3,274
|
|
||
GMWB - life-contingent
|
21,426
|
|
|
8,514
|
|
||
GMAB
|
226
|
|
|
1,391
|
|
||
|
$
|
126,641
|
|
|
$
|
13,179
|
|
(1)
|
Total contract account value excludes $52.1 billion for contracts with no living benefit guarantees and $9.2 billion of total contract account value in the EMEA and Asia segments.
|
|
Total Contract
Account Value
|
||
|
(In millions)
|
||
7-year setback, 2.5% interest rate
|
$
|
35,997
|
|
7-year setback, 1.5% interest rate
|
6,088
|
|
|
10-year setback, 1.5% interest rate
|
20,128
|
|
|
10-year mortality projection, 10-year setback, 1.0% interest rate
|
31,659
|
|
|
10-year mortality projection, 10-year setback, 0.5% interest rate
|
4,564
|
|
|
|
$
|
98,436
|
|
|
In-the-Moneyness
|
|
Total Contract
Account Value
|
|
% of Total
|
|||
|
|
|
(In millions)
|
|
|
|||
In-the-money
|
30% +
|
|
$
|
1,428
|
|
|
1.5
|
%
|
|
20% to 30%
|
|
1,154
|
|
|
1.2
|
%
|
|
|
10% to 20%
|
|
2,591
|
|
|
2.6
|
%
|
|
|
0% to 10%
|
|
5,216
|
|
|
5.3
|
%
|
|
|
|
|
10,389
|
|
|
|
||
Out-of-the-money
|
-10% to 0%
|
|
8,906
|
|
|
9
|
%
|
|
|
-20% to 10%
|
|
19,689
|
|
|
20
|
%
|
|
|
-20% +
|
|
59,452
|
|
|
60.4
|
%
|
|
|
|
|
88,047
|
|
|
|
||
Total GMIBs
|
|
|
$
|
98,436
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
|
|
2014
|
|
2013
|
||||||||||||||||||||
Primary Underlying Risk Exposure
|
|
|
|
Gross Notional
|
|
Estimated Fair Value
|
|
Gross Notional
|
|
Estimated Fair Value
|
||||||||||||||||
|
Instrument Type
|
|
Amount
|
|
Assets
|
|
Liabilities
|
|
Amount
|
|
Assets
|
|
Liabilities
|
|||||||||||||
|
|
|
|
(In millions)
|
||||||||||||||||||||||
Interest rate
|
|
Interest rate swaps
|
|
$
|
22,794
|
|
|
$
|
1,881
|
|
|
$
|
834
|
|
|
$
|
25,474
|
|
|
$
|
1,108
|
|
|
$
|
669
|
|
|
|
Interest rate futures
|
|
2,707
|
|
|
3
|
|
|
9
|
|
|
5,888
|
|
|
9
|
|
|
9
|
|
||||||
|
|
Interest rate options
|
|
36,510
|
|
|
908
|
|
|
26
|
|
|
17,690
|
|
|
131
|
|
|
236
|
|
||||||
Foreign currency exchange rate
|
|
Foreign currency forwards
|
|
2,241
|
|
|
1
|
|
|
137
|
|
|
2,324
|
|
|
1
|
|
|
171
|
|
||||||
|
|
Foreign currency futures
|
|
522
|
|
|
2
|
|
|
—
|
|
|
365
|
|
|
1
|
|
|
1
|
|
||||||
Equity market
|
|
Equity futures
|
|
6,065
|
|
|
65
|
|
|
2
|
|
|
5,144
|
|
|
1
|
|
|
43
|
|
||||||
|
|
Equity index options
|
|
37,427
|
|
|
1,422
|
|
|
1,035
|
|
|
35,445
|
|
|
1,344
|
|
|
1,068
|
|
||||||
|
|
Equity variance swaps
|
|
24,598
|
|
|
196
|
|
|
639
|
|
|
21,636
|
|
|
174
|
|
|
577
|
|
||||||
|
|
Total rate of return swaps
|
|
3,297
|
|
|
22
|
|
|
101
|
|
|
3,802
|
|
|
—
|
|
|
179
|
|
||||||
|
|
Total
|
|
$
|
136,161
|
|
|
$
|
4,500
|
|
|
$
|
2,783
|
|
|
$
|
117,768
|
|
|
$
|
2,769
|
|
|
$
|
2,953
|
|
•
|
reducing new sales of insurance products, annuities and investment products;
|
•
|
adversely affecting our relationships with our sales force and independent sales intermediaries;
|
•
|
materially increasing the number or amount of policy surrenders and withdrawals by contractholders and policyholders;
|
•
|
requiring us to post additional collateral under certain of our financing and derivative transactions;
|
•
|
requiring us to reduce prices for our products and services to remain competitive; and
|
•
|
adversely affecting our ability to obtain reinsurance at reasonable prices or at all.
|
•
|
impact our ability to generate cash flows from the sale of funding agreements and other capital market products offered by our Corporate Benefit Funding segment;
|
•
|
impact the cost and availability of financing for MetLife, Inc. and its subsidiaries; and
|
•
|
result in additional collateral requirements or other required payments under certain agreements, which are eligible to be satisfied in cash or by posting investments held by the subsidiaries subject to the agreements. See “— Liquidity and Capital Uses — Pledged Collateral.”
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Sources:
|
|
|
|
|
|
||||||
Operating activities, net
|
$
|
16,376
|
|
|
$
|
16,131
|
|
|
$
|
17,160
|
|
Changes in policyholder account balances, net
|
1,483
|
|
|
—
|
|
|
4,290
|
|
|||
Changes in payables for collateral under securities loaned and other transactions, net
|
5,031
|
|
|
—
|
|
|
—
|
|
|||
Changes in bank deposits, net
|
—
|
|
|
8
|
|
|
—
|
|
|||
Short-term debt issuances, net
|
—
|
|
|
75
|
|
|
—
|
|
|||
Long-term debt issued
|
1,000
|
|
|
1,372
|
|
|
750
|
|
|||
Net change in liability for securitized reverse residential mortgage loans
|
—
|
|
|
—
|
|
|
1,198
|
|
|||
Cash received in connection with redeemable noncontrolling interests
|
—
|
|
|
774
|
|
|
—
|
|
|||
Common stock issued, net of issuance costs
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
Other, net
|
—
|
|
|
—
|
|
|
609
|
|
|||
Effect of change in foreign currency exchange rates on cash and cash equivalents
|
—
|
|
|
—
|
|
|
11
|
|
|||
Total sources
|
24,890
|
|
|
19,360
|
|
|
25,018
|
|
|||
Uses:
|
|
|
|
|
|
||||||
Investing activities, net
|
15,055
|
|
|
15,165
|
|
|
11,929
|
|
|||
Changes in policyholder account balances, net
|
—
|
|
|
5,681
|
|
|
—
|
|
|||
Changes in payables for collateral under securities loaned and other transactions, net
|
—
|
|
|
3,276
|
|
|
29
|
|
|||
Changes in bank deposits, net
|
—
|
|
|
—
|
|
|
4,169
|
|
|||
Short-term debt repayments, net
|
75
|
|
|
—
|
|
|
586
|
|
|||
Long-term debt repaid
|
2,862
|
|
|
1,746
|
|
|
1,702
|
|
|||
Collateral financing arrangements repaid
|
—
|
|
|
—
|
|
|
349
|
|
|||
Cash paid in connection with collateral financing arrangements
|
—
|
|
|
—
|
|
|
44
|
|
|||
Treasury stock acquired in connection with share repurchases
|
1,000
|
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
122
|
|
|
122
|
|
|
122
|
|
|||
Dividends on common stock
|
1,499
|
|
|
1,119
|
|
|
811
|
|
|||
Other, net
|
700
|
|
|
192
|
|
|
—
|
|
|||
Effect of change in foreign currency exchange rates on cash and cash equivalents
|
354
|
|
|
212
|
|
|
—
|
|
|||
Total uses
|
21,667
|
|
|
27,513
|
|
|
19,741
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
3,223
|
|
|
$
|
(8,153
|
)
|
|
$
|
5,277
|
|
•
|
In April 2014, MetLife, Inc. issued $1.0 billion of senior notes for general corporate purposes, which included repayment of certain senior notes upon their maturity in 2014 and the redemption of certain senior notes due in 2033.
|
•
|
In November 2013, MetLife, Inc. issued $1.0 billion of senior notes for general corporate purposes, which included repayment of certain senior notes upon their maturity in 2014;
|
•
|
In August 2012, MetLife, Inc. issued $750 million of senior notes for general corporate purposes, which included repayment of certain senior notes upon their maturity in 2013;
|
•
|
During the year ended December 31,
2012
, MetLife Bank received advances related to short-term borrowings totaling $150 million from the FHLB of New York (“FHLB of NY”).
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Short-term debt
|
$
|
100
|
|
|
$
|
175
|
|
Long-term debt (1)
|
$
|
16,135
|
|
|
$
|
17,198
|
|
Collateral financing arrangements (2)
|
$
|
4,196
|
|
|
$
|
4,196
|
|
Junior subordinated debt securities (2)
|
$
|
3,193
|
|
|
$
|
3,193
|
|
(1)
|
Excludes $151 million and $1.5 billion at December 31,
2014
and
2013
, respectively, of long-term debt relating to CSEs — FVO (see Note
8
of the Notes to the Consolidated Financial Statements). For more information regarding long-term debt, see Note
12
of the Notes to the Consolidated Financial Statements.
|
(2)
|
For information regarding collateral financing arrangements and junior subordinated debt securities, see Notes
13
and
14
of the Notes to the Consolidated Financial Statements, respectively.
|
•
|
In June and February 2014, MetLife, Inc. repaid at maturity its $350 million and $1.0 billion senior notes, respectively.
|
•
|
In May 2014, MetLife, Inc. redeemed $200 million aggregate principal amount of its 5.875% senior notes due in November 2033 at par.
|
•
|
In November and August 2013, MetLife, Inc. repaid at maturity its $500 million and $250 million senior notes, respectively;
|
•
|
In December and June 2012, MetLife, Inc. repaid at maturity its $400 million and $397 million senior notes, respectively;
|
•
|
During the year ended December 31, 2012, MetLife Bank repaid to the FHLB of NY long-term debt of $374 million and short-term debt of $735 million; and
|
•
|
In June 2012, following regulatory approval, MetLife Reinsurance Company of Charleston (“MRC”), a wholly-owned subsidiary of MetLife, Inc., repurchased and canceled $451 million in aggregate principal amount of surplus notes.
|
|
Total
|
|
One Year
or Less
|
|
More than
One Year to
Three Years
|
|
More than
Three Years
to Five Years
|
|
More than Five Years
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Insurance liabilities
|
$
|
366,039
|
|
|
$
|
21,855
|
|
|
$
|
18,798
|
|
|
$
|
18,957
|
|
|
$
|
306,429
|
|
Policyholder account balances
|
299,597
|
|
|
36,960
|
|
|
34,405
|
|
|
24,911
|
|
|
203,321
|
|
|||||
Payables for collateral under securities loaned and other transactions
|
35,326
|
|
|
35,326
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
40,247
|
|
|
2,455
|
|
|
4,310
|
|
|
3,890
|
|
|
29,592
|
|
|||||
Investment commitments
|
9,323
|
|
|
8,022
|
|
|
1,299
|
|
|
2
|
|
|
—
|
|
|||||
Operating leases
|
1,771
|
|
|
308
|
|
|
437
|
|
|
295
|
|
|
731
|
|
|||||
Other
|
19,008
|
|
|
18,508
|
|
|
19
|
|
|
22
|
|
|
459
|
|
|||||
Total
|
$
|
771,311
|
|
|
$
|
123,434
|
|
|
$
|
59,268
|
|
|
$
|
48,077
|
|
|
$
|
540,532
|
|
|
Years Ended December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Sources:
|
|
|
|
||||
Dividends and returns of capital from subsidiaries (1)
|
$
|
2,388
|
|
|
$
|
3,301
|
|
Long-term debt issued
|
1,000
|
|
|
994
|
|
||
Common stock issued, net of issuance costs
|
1,000
|
|
|
1,000
|
|
||
Repayments on and issuances of loans to subsidiaries and related interest, net (2)
|
597
|
|
|
—
|
|
||
Proceeds from stock-based compensation and exercise of stock options
|
156
|
|
|
202
|
|
||
Other, net (3)
|
1,177
|
|
|
—
|
|
||
Total sources
|
6,318
|
|
|
5,497
|
|
||
Uses:
|
|
|
|
||||
Capital contributions to subsidiaries (4)
|
1,262
|
|
|
748
|
|
||
Long-term debt repaid - unaffiliated
|
1,550
|
|
|
750
|
|
||
Interest paid on debt and financing arrangements - unaffiliated
|
968
|
|
|
946
|
|
||
Dividends on common stock
|
1,499
|
|
|
1,119
|
|
||
Treasury stock acquired in connection with share repurchases
|
1,000
|
|
|
—
|
|
||
Dividends on preferred stock
|
122
|
|
|
122
|
|
||
Issuances of and repayments on loans to subsidiaries and related interest, net (2) (4)
|
—
|
|
|
1,223
|
|
||
Other, net (3)
|
—
|
|
|
79
|
|
||
Total uses
|
6,401
|
|
|
4,987
|
|
||
Net increase (decrease) in liquid assets
|
(83
|
)
|
|
510
|
|
||
Liquid assets, beginning of year
|
5,486
|
|
|
4,976
|
|
||
Liquid assets, end of year
|
$
|
5,403
|
|
|
$
|
5,486
|
|
(1)
|
All dividends and returns of capital to MetLife, Inc., were from operating subsidiaries and none were from other MetLife holding companies during the years ended December 31, 2014 and 2013.
|
(2)
|
See MetLife, Inc. (Parent Company Only) Condensed Statements of Cash Flows included in Schedule II of the Financial Statement Schedules for the source of liquid assets from receipts on loans to subsidiaries (excluding interest) and for the use of liquid assets for the issuances of loans to subsidiaries (excluding interest).
|
(3)
|
Other, net includes $862 million of net receipts and $69 million of net payments by MetLife, Inc. to and from subsidiaries under a tax sharing agreement and tax payments to tax agencies during the years ended December 31, 2014 and 2013, respectively.
|
(4)
|
Amounts to fund business acquisitions and strategic insurance partnerships were $251 million and $150 million (included in capital contributions to subsidiaries) and $0 and $1.5 billion (included in issuance of and repayments on loans to subsidiaries and related interest, net) during the years ended December 31, 2014 and 2013, respectively.
|
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||
Company
|
|
Permitted without Approval (1)
|
|
Paid (2)
|
|
|
Permitted without Approval (3)
|
|
Paid (2)
|
|
|
Permitted without Approval (3)
|
|
Paid (2)
|
|
|
Permitted without Approval (3)
|
||||||||||||||
|
|
(In millions)
|
|||||||||||||||||||||||||||||
Metropolitan Life Insurance Company
|
|
$
|
1,200
|
|
|
$
|
821
|
|
(4)
|
|
$
|
1,163
|
|
|
$
|
1,428
|
|
|
|
$
|
1,428
|
|
|
$
|
1,023
|
|
|
|
$
|
1,350
|
|
American Life Insurance Company
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
523
|
|
|
$
|
1,300
|
|
(5)
|
|
$
|
168
|
|
MetLife Insurance Company USA (6)
|
|
$
|
3,056
|
|
|
$
|
155
|
|
(7)
|
|
$
|
1,013
|
|
|
$
|
1,000
|
|
(8)
|
|
$
|
1,330
|
|
|
$
|
706
|
|
(9)
|
|
$
|
504
|
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
239
|
|
|
$
|
200
|
|
|
|
$
|
218
|
|
|
$
|
100
|
|
|
|
$
|
74
|
|
|
$
|
100
|
|
|
|
$
|
—
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
102
|
|
|
$
|
73
|
|
|
|
$
|
73
|
|
|
$
|
109
|
|
(10)
|
|
$
|
77
|
|
|
$
|
82
|
|
|
|
$
|
82
|
|
MetLife Investors Insurance Company (6)
|
|
N/A
|
|
|
N/A
|
|
|
|
$
|
120
|
|
|
$
|
129
|
|
|
|
$
|
129
|
|
|
$
|
18
|
|
|
|
$
|
18
|
|
(1)
|
Reflects dividend amounts that may be paid during
2015
without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2015, some or all of such dividends may require regulatory approval.
|
(2)
|
Reflects all amounts paid, including those requiring regulatory approval.
|
(3)
|
Reflects dividend amounts that could have been paid during the relevant year without prior regulatory approval.
|
(4)
|
During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $113 million.
|
(5)
|
During May 2012, American Life received regulatory approval to pay an extraordinary dividend for an amount up to the funds remitted in connection with the restructuring of American Life’s business in Japan. Subsequently, $1.5 billion was remitted to American Life. See Note 3 of the Notes to the Consolidated Financial Statements. Of this approved amount, $1.3 billion was paid to MetLife, Inc. as an extraordinary dividend.
|
(6)
|
See
Note
8
for a discussion of the Mergers.
|
(7)
|
Prior to the Mergers, Exeter paid dividends of $155 million on its preferred stock. See “— Debt Issuances and Other Borrowings — Issuances of Affiliated Long-term Debt.” In August 2014, MICC redeemed for $1.4 billion and retired 4,595,317 shares of its common stock owned by MetLife Investors Group, LLC (“MLIG”). Following the redemption, in August 2014, MLIG paid a dividend of $1.4 billion to MetLife, Inc. See “—Liquidity and Capital Uses — Affiliated Capital Transactions” for additional information. MetLife USA did not pay dividends in 2014.
|
(8)
|
During the year ended December 31, 2013, MICC paid dividends of $1.0 billion.
|
(9)
|
During June 2012, MICC distributed shares of an affiliate to its stockholders as an in-kind extraordinary dividend of $202 million, as calculated on a statutory basis. Regulatory approval for this extraordinary dividend was obtained due to the timing of payment. During December 2012, MICC paid a dividend to its stockholders in the amount of $504 million, which represented its ordinary dividend capacity at December 31, 2012. Due to the June 2012 in-kind dividend, a portion of this was extraordinary and regulatory approval was obtained.
|
(10)
|
During October 2013, Metropolitan Tower Life Insurance Company (“MTL”) distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $32 million. Also during October 2013, MTL paid a dividend to MetLife, Inc. in the amount of $77 million in cash, which represented its dividend capacity without regulatory approval at December 31, 2013. Regulatory approval for these dividends was obtained due to the amount and timing of the payments.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Long-term debt — unaffiliated
|
$
|
15,317
|
|
|
$
|
15,938
|
|
Long-term debt — affiliated
|
$
|
3,600
|
|
|
$
|
3,600
|
|
Collateral financing arrangements
|
$
|
2,797
|
|
|
$
|
2,797
|
|
Junior subordinated debt securities
|
$
|
1,748
|
|
|
$
|
1,748
|
|
Year of Maturity
|
|
Principal
|
|
Interest Rate
|
||
|
|
(In millions)
|
|
|
||
2015
|
|
$
|
1,000
|
|
|
5.00%
|
2016
|
|
$
|
1,250
|
|
|
6.75%
|
2016
|
|
$
|
250
|
|
|
7.44%
|
2017
|
|
$
|
500
|
|
|
1.76%
|
2017
|
|
$
|
500
|
|
|
1.90%
|
2018
|
|
$
|
1,035
|
|
|
6.82%
|
2019
|
|
$
|
1,035
|
|
|
7.72%
|
2019
|
|
$
|
500
|
|
|
3.54%
|
2019
|
|
$
|
250
|
|
|
3.57%
|
2020 - 2044
|
|
$
|
12,119
|
|
|
Ranging from 3.05% - 6.50%
|
•
|
Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity 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, (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 VIEs consolidated under GAAP; and
|
•
|
Other revenues are adjusted for settlements of foreign currency earnings hedges.
|
•
|
Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (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 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 PABs but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;
|
•
|
Amortization of DAC and VOBA excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (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; and
|
•
|
Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition and integration costs.
|
•
|
Operating ROE is defined as operating earnings available to common shareholders, divided by average GAAP common stockholders’ equity;
|
•
|
Operating ROE, excluding AOCI other than FCTA, is defined as operating earnings available to common shareholders divided by average GAAP common stockholders’ equity, excluding AOCI other than FCTA;
|
•
|
The impact of changes in our foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current year and is applied to each of the comparable years; and
|
•
|
Asymmetrical GAAP accounting treatment for insurance contracts refers to Inflation and Pass Through Adjustments as noted above within the definition of operating expenses.
|
•
|
implementing a corporate risk framework, which outlines our enterprise approach for managing risk;
|
•
|
developing policies and procedures for managing, measuring, monitoring and controlling those risks identified in the corporate risk framework;
|
•
|
establishing appropriate corporate risk tolerance levels;
|
•
|
deploying capital on an economic basis;
|
•
|
recommending capital allocations on an economic capital basis; and
|
•
|
reporting to (i) the Finance and Risk Committee of MetLife, Inc.’s Board of Directors; (ii) the Investment Committee of MetLife, Inc.’s Board of Directors; and (iii) the financial and non-financial senior management committees on various aspects of risk.
|
•
|
The GRM’s Foreign Exchange Committee, in coordination with the Treasury Department, is responsible for managing our exposure to investments in foreign subsidiaries. Exposure limits are established by the Treasury Department and monitored by GRM. The Investments Department manages such exposure.
|
•
|
The Investments Department is responsible for managing the exposure to foreign currency denominated investments. Exposure limits to unhedged foreign currency investments are incorporated into the standing authorizations granted to management by the Board of Directors and are reported to the Board of Directors on a periodic basis.
|
•
|
Management of each of the Company’s segments, with oversight from the Foreign Exchange Committee, is responsible for establishing limits and managing any foreign currency exchange rate exposure caused by the sale or issuance of insurance products.
|
•
|
Risks Related to Living Guarantee Benefits — We use a wide range of derivative contracts to mitigate the risk associated with variable annuity living guarantee benefits. These derivatives include equity and interest rate futures, interest rate swaps, currency futures/forwards, equity indexed options and interest rate option contracts and equity variance swaps.
|
•
|
Minimum Interest Rate Guarantees — For certain liability contracts, we provide the contractholder a guaranteed minimum interest rate. These contracts include certain fixed annuities and other insurance liabilities. We purchase interest rate floors to reduce risk associated with these liability guarantees.
|
•
|
Reinvestment Risk in Long Duration Liability Contracts — Derivatives are used to hedge interest rate risk related to certain long duration liability contracts. Hedges include interest rate swaps and swaptions.
|
•
|
Foreign Currency Exchange Rate Risk — We use currency swaps, forwards and options to hedge foreign currency exchange rate risk. These hedges primarily swap foreign currency denominated bonds, investments in foreign subsidiaries or equity market exposures to U.S. dollars.
|
•
|
General ALM Hedging Strategies — In the ordinary course of managing our asset/liability risks, we use interest rate futures, interest rate swaps, interest rate caps, interest rate floors and inflation swaps. These hedges are designed to reduce interest rate risk or inflation risk related to the existing assets or liabilities or related to expected future cash flows.
|
•
|
the net present values of our interest rate sensitive exposures resulting from a 10% change (increase or decrease) in interest rates;
|
•
|
the U.S. dollar equivalent estimated fair values of our foreign currency exposures due to a 10% change (increase or decrease) in foreign currency exchange rates; and
|
•
|
the estimated fair value of our equity positions due to a 10% change (increase or decrease) in equity market prices.
|
•
|
the market risk information is limited by the assumptions and parameters established in creating the related sensitivity analysis, including the impact of prepayment rates on mortgage loans;
|
•
|
for the derivatives that qualify as hedges, the impact on reported earnings may be materially different from the change in market values;
|
•
|
the analysis excludes liabilities pursuant to insurance contracts and real estate holdings; and
|
•
|
the model assumes that the composition of assets and liabilities remains unchanged throughout the period.
|
|
December 31, 2014
|
||
|
(In millions)
|
||
Non-trading:
|
|
||
Interest rate risk
|
$
|
5,231
|
|
Foreign currency exchange rate risk
|
$
|
5,756
|
|
Equity market risk
|
$
|
78
|
|
Trading:
|
|
||
Interest rate risk
|
$
|
3
|
|
Foreign currency exchange rate risk
|
$
|
—
|
|
|
December 31, 2014
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair
Value (1)
|
|
Assuming a
10% Increase
in the Yield
Curve
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Fixed maturity securities
|
|
|
$
|
365,425
|
|
|
$
|
(5,223
|
)
|
||
Equity securities
|
|
|
$
|
3,631
|
|
|
—
|
|
|||
Fair value option and trading securities:
|
|
|
|
|
|
||||||
Actively Traded Securities
|
|
|
$
|
654
|
|
|
(7
|
)
|
|||
Fair value option general account securities
|
|
|
704
|
|
|
(1
|
)
|
||||
Total fair value option and trading securities
|
|
|
$
|
1,358
|
|
|
(8
|
)
|
|||
Mortgage loans
|
|
|
$
|
62,554
|
|
|
(369
|
)
|
|||
Policy loans
|
|
|
$
|
13,934
|
|
|
(145
|
)
|
|||
Short-term investments
|
|
|
$
|
8,621
|
|
|
(1
|
)
|
|||
Other invested assets
|
|
|
$
|
826
|
|
|
—
|
|
|||
Cash and cash equivalents
|
|
|
$
|
10,808
|
|
|
—
|
|
|||
Accrued investment income
|
|
|
$
|
4,120
|
|
|
—
|
|
|||
Premiums, reinsurance and other receivables
|
|
|
$
|
3,157
|
|
|
(156
|
)
|
|||
Other assets
|
|
|
$
|
243
|
|
|
(4
|
)
|
|||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
377
|
|
|
(23
|
)
|
|||
Total assets
|
|
|
|
|
$
|
(5,929
|
)
|
||||
Liabilities (3)
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
133,387
|
|
|
$
|
587
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
|
$
|
35,326
|
|
|
—
|
|
|||
Short-term debt
|
|
|
$
|
100
|
|
|
—
|
|
|||
Long-term debt
|
|
|
$
|
18,357
|
|
|
316
|
|
|||
Collateral financing arrangements
|
|
|
$
|
3,961
|
|
|
—
|
|
|||
Junior subordinated debt securities
|
|
|
$
|
4,173
|
|
|
103
|
|
|||
Other liabilities:
|
|
|
|
|
|
||||||
Trading liabilities
|
|
|
$
|
239
|
|
|
4
|
|
|||
Other
|
|
|
$
|
2,546
|
|
|
127
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
(46
|
)
|
|
467
|
|
|||
Total liabilities
|
|
|
|
|
$
|
1,604
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
101,870
|
|
|
$
|
5,090
|
|
|
$
|
(615
|
)
|
Interest rate floors
|
$
|
55,645
|
|
|
$
|
241
|
|
|
(25
|
)
|
|
Interest rate caps
|
$
|
49,128
|
|
|
$
|
144
|
|
|
41
|
|
|
Interest rate futures
|
$
|
2,707
|
|
|
$
|
(5
|
)
|
|
4
|
|
|
Interest rate options
|
$
|
48,078
|
|
|
$
|
1,166
|
|
|
(217
|
)
|
|
Interest rate forwards
|
$
|
225
|
|
|
$
|
63
|
|
|
(15
|
)
|
|
Synthetic GICs
|
$
|
4,298
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
32,074
|
|
|
$
|
(340
|
)
|
|
(21
|
)
|
|
Foreign currency forwards
|
$
|
19,638
|
|
|
$
|
(671
|
)
|
|
(6
|
)
|
|
Currency futures
|
$
|
522
|
|
|
$
|
2
|
|
|
—
|
|
|
Currency options
|
$
|
14,743
|
|
|
$
|
660
|
|
|
(15
|
)
|
|
Credit default swaps
|
$
|
13,357
|
|
|
$
|
149
|
|
|
—
|
|
|
Equity futures
|
$
|
6,073
|
|
|
$
|
63
|
|
|
—
|
|
|
Equity index options
|
$
|
39,345
|
|
|
$
|
390
|
|
|
(43
|
)
|
|
Equity variance swaps
|
$
|
24,598
|
|
|
$
|
(443
|
)
|
|
3
|
|
|
Total rate of return swaps
|
$
|
3,297
|
|
|
$
|
(79
|
)
|
|
—
|
|
|
Total derivative instruments
|
|
|
|
|
$
|
(909
|
)
|
||||
Net Change
|
|
|
|
|
$
|
(5,234
|
)
|
(1)
|
Separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are interest rate sensitive, are not included herein as any interest rate risk is borne by the contractholder. Mortgage loans, FVO and trading securities and long-term debt exclude $280 million, $15 million and $151 million, respectively, related to CSEs. See Note
8
of the Notes to the Consolidated Financial Statements for information regarding CSEs.
|
(2)
|
Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.
|
(3)
|
Excludes $204.0 billion of liabilities, at carrying value, pursuant to insurance contracts reported within future policy benefits and other policy-related balances. These liabilities would economically offset a significant portion of the net change in fair value of our financial instruments resulting from a 10% increase in the yield curve.
|
|
December 31, 2014
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair
Value (1)
|
|
Assuming a
10% Increase in the Foreign Exchange Rate |
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Fixed maturity securities
|
|
|
$
|
365,425
|
|
|
$
|
(8,103
|
)
|
||
Equity securities
|
|
|
$
|
3,631
|
|
|
(98
|
)
|
|||
Fair value option and trading securities:
|
|
|
|
|
|
||||||
Actively Traded Securities
|
|
|
$
|
654
|
|
|
—
|
|
|||
Fair value option general account securities
|
|
|
704
|
|
|
(28
|
)
|
||||
Total fair value option and trading securities
|
|
|
$
|
1,358
|
|
|
(28
|
)
|
|||
Mortgage loans
|
|
|
$
|
62,554
|
|
|
(694
|
)
|
|||
Policy loans
|
|
|
$
|
13,934
|
|
|
(151
|
)
|
|||
Short-term investments
|
|
|
$
|
8,621
|
|
|
(176
|
)
|
|||
Other invested assets
|
|
|
$
|
826
|
|
|
(62
|
)
|
|||
Cash and cash equivalents
|
|
|
$
|
10,808
|
|
|
(380
|
)
|
|||
Accrued investment income
|
|
|
$
|
4,120
|
|
|
(75
|
)
|
|||
Premiums, reinsurance and other receivables
|
|
|
$
|
3,157
|
|
|
(61
|
)
|
|||
Other assets
|
|
|
$
|
243
|
|
|
(8
|
)
|
|||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
377
|
|
|
(12
|
)
|
|||
Total assets
|
|
|
|
|
$
|
(9,848
|
)
|
||||
Liabilities (3)
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
133,387
|
|
|
$
|
3,276
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
|
$
|
35,326
|
|
|
110
|
|
|||
Long-term debt
|
|
|
$
|
18,357
|
|
|
138
|
|
|||
Other liabilities
|
|
|
$
|
2,785
|
|
|
16
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
(46
|
)
|
|
109
|
|
|||
Total liabilities
|
|
|
|
|
$
|
3,649
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
101,870
|
|
|
$
|
5,090
|
|
|
$
|
(33
|
)
|
Interest rate floors
|
$
|
55,645
|
|
|
$
|
241
|
|
|
—
|
|
|
Interest rate caps
|
$
|
49,128
|
|
|
$
|
144
|
|
|
—
|
|
|
Interest rate futures
|
$
|
2,707
|
|
|
$
|
(5
|
)
|
|
1
|
|
|
Interest rate options
|
$
|
48,078
|
|
|
$
|
1,166
|
|
|
(40
|
)
|
|
Interest rate forwards
|
$
|
225
|
|
|
$
|
63
|
|
|
—
|
|
|
Synthetic GICs
|
$
|
4,298
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
32,074
|
|
|
$
|
(340
|
)
|
|
356
|
|
|
Foreign currency forwards
|
$
|
19,638
|
|
|
$
|
(671
|
)
|
|
(133
|
)
|
|
Currency futures
|
$
|
522
|
|
|
$
|
2
|
|
|
(117
|
)
|
|
Currency options
|
$
|
14,743
|
|
|
$
|
660
|
|
|
431
|
|
|
Credit default swaps
|
$
|
13,357
|
|
|
$
|
149
|
|
|
(2
|
)
|
|
Equity futures
|
$
|
6,073
|
|
|
$
|
63
|
|
|
(1
|
)
|
|
Equity index options
|
$
|
39,345
|
|
|
$
|
390
|
|
|
(20
|
)
|
|
Equity variance swaps
|
$
|
24,598
|
|
|
$
|
(443
|
)
|
|
1
|
|
|
Total rate of return swaps
|
$
|
3,297
|
|
|
$
|
(79
|
)
|
|
—
|
|
|
Total derivative instruments
|
|
|
|
|
$
|
443
|
|
||||
Net Change
|
|
|
|
|
$
|
(5,756
|
)
|
(1)
|
Does not necessarily represent those financial instruments solely subject to foreign currency exchange rate risk. Separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are foreign currency exchange rate sensitive, are not included herein as any foreign currency exchange rate risk is borne by the contractholder. Mortgage loans, FVO and trading securities and long-term debt exclude $280 million, $15 million and $151 million, respectively, related to CSEs. See Note
8
of the Notes to Consolidated Financial Statements for information regarding CSEs.
|
(2)
|
Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.
|
(3)
|
Excludes $204.0 billion of liabilities, at carrying value, pursuant to insurance contracts reported within future policy benefits and other policy-related balances. These liabilities would economically offset a significant portion of the net change in fair value of our financial instruments resulting from a 10% increase in foreign currency exchange rates.
|
|
December 31, 2014
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair Value (1) |
|
Assuming a
10% Increase
in Equity
Prices
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Equity securities
|
|
|
$
|
3,631
|
|
|
$
|
363
|
|
||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
377
|
|
|
(19
|
)
|
|||
Total assets
|
|
|
|
|
344
|
|
|||||
Liabilities
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
133,387
|
|
|
—
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
(46
|
)
|
|
741
|
|
|||
Total liabilities
|
|
|
|
|
$
|
741
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
101,870
|
|
|
$
|
5,090
|
|
|
$
|
—
|
|
Interest rate floors
|
$
|
55,645
|
|
|
$
|
241
|
|
|
—
|
|
|
Interest rate caps
|
$
|
49,128
|
|
|
$
|
144
|
|
|
—
|
|
|
Interest rate futures
|
$
|
2,707
|
|
|
$
|
(5
|
)
|
|
—
|
|
|
Interest rate options
|
$
|
48,078
|
|
|
$
|
1,166
|
|
|
—
|
|
|
Interest rate forwards
|
$
|
225
|
|
|
$
|
63
|
|
|
—
|
|
|
Synthetic GICs
|
$
|
4,298
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
32,074
|
|
|
$
|
(340
|
)
|
|
—
|
|
|
Foreign currency forwards
|
$
|
19,638
|
|
|
$
|
(671
|
)
|
|
—
|
|
|
Currency futures
|
$
|
522
|
|
|
$
|
2
|
|
|
—
|
|
|
Currency options
|
$
|
14,743
|
|
|
$
|
660
|
|
|
—
|
|
|
Credit default swaps
|
$
|
13,357
|
|
|
$
|
149
|
|
|
—
|
|
|
Equity futures
|
$
|
6,073
|
|
|
$
|
63
|
|
|
(577
|
)
|
|
Equity index options
|
$
|
39,345
|
|
|
$
|
390
|
|
|
(266
|
)
|
|
Equity variance swaps
|
$
|
24,598
|
|
|
$
|
(443
|
)
|
|
17
|
|
|
Total rate of return swaps
|
$
|
3,297
|
|
|
$
|
(79
|
)
|
|
(337
|
)
|
|
Total derivative instruments
|
|
|
|
|
$
|
(1,163
|
)
|
||||
Net Change
|
|
|
|
|
$
|
(78
|
)
|
(1)
|
Does not necessarily represent those financial instruments solely subject to equity price risk. Additionally, separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are equity market sensitive, are not included herein as any equity market risk is borne by the contractholder.
|
(2)
|
Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.
|
|
Page
|
Financial Statements at December 31, 2014 and 2013 and for the Years Ended December 31, 2014, 2013 and 2012:
|
|
Financial Statement Schedules at December 31, 2014 and 2013 and for the Years Ended December 31, 2014, 2013 and 2012:
|
|
|
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
|
||||
Investments:
|
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities)
|
|
$
|
365,425
|
|
|
$
|
350,187
|
|
Equity securities available-for-sale, at estimated fair value (cost: $3,076 and $3,012, respectively)
|
|
3,631
|
|
|
3,402
|
|
||
Fair value option and trading securities, at estimated fair value (includes $704 and $662, respectively, of actively traded securities; and $60 and $92, respectively, relating to variable interest entities)
|
|
16,689
|
|
|
17,423
|
|
||
Mortgage loans (net of valuation allowances of $305 and $322, respectively; includes $280 and $1,621, respectively, at estimated fair value, relating to variable interest entities; includes $308 and $338, respectively, under the fair value option)
|
|
60,118
|
|
|
57,706
|
|
||
Policy loans (includes $3 and $2, respectively, relating to variable interest entities)
|
|
11,618
|
|
|
11,764
|
|
||
Real estate and real estate joint ventures (includes $8 and $1,141, respectively, relating to variable interest entities; includes $172 and $186, respectively, of real estate held-for-sale)
|
|
10,525
|
|
|
10,712
|
|
||
Other limited partnership interests (includes $34 and $53, respectively, relating to variable interest entities)
|
|
8,085
|
|
|
7,401
|
|
||
Short-term investments, principally at estimated fair value (includes $20 and $8, respectively, relating to variable interest entities)
|
|
8,621
|
|
|
13,955
|
|
||
Other invested assets, principally at estimated fair value (includes $56 and $78, respectively, relating to variable interest entities)
|
|
21,283
|
|
|
16,229
|
|
||
Total investments
|
|
505,995
|
|
|
488,779
|
|
||
Cash and cash equivalents, principally at estimated fair value (includes $57 and $70, respectively, relating to variable interest entities)
|
|
10,808
|
|
|
7,585
|
|
||
Accrued investment income (includes $21 and $26, respectively, relating to variable interest entities)
|
|
4,120
|
|
|
4,255
|
|
||
Premiums, reinsurance and other receivables (includes $21 and $22, respectively, relating to variable interest entities)
|
|
22,244
|
|
|
21,859
|
|
||
Deferred policy acquisition costs and value of business acquired (includes $235 and $255, respectively, relating to variable interest entities)
|
|
24,442
|
|
|
26,706
|
|
||
Goodwill
|
|
9,872
|
|
|
10,542
|
|
||
Other assets (includes $134 and $152, respectively, relating to variable interest entities)
|
|
7,862
|
|
|
8,369
|
|
||
Separate account assets (includes $1,128 and $1,033, respectively, relating to variable interest entities)
|
|
316,994
|
|
|
317,201
|
|
||
Total assets
|
|
$
|
902,337
|
|
|
$
|
885,296
|
|
Liabilities and Equity
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities)
|
|
$
|
189,586
|
|
|
$
|
187,942
|
|
Policyholder account balances (includes $33 and $56, respectively, relating to variable interest entities)
|
|
209,294
|
|
|
212,885
|
|
||
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities)
|
|
14,422
|
|
|
15,214
|
|
||
Policyholder dividends payable
|
|
684
|
|
|
675
|
|
||
Policyholder dividend obligation
|
|
3,155
|
|
|
1,771
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
35,326
|
|
|
30,411
|
|
||
Short-term debt
|
|
100
|
|
|
175
|
|
||
Long-term debt (includes $151 and $1,868, respectively, at estimated fair value, relating to variable interest entities)
|
|
16,286
|
|
|
18,653
|
|
||
Collateral financing arrangements
|
|
4,196
|
|
|
4,196
|
|
||
Junior subordinated debt securities
|
|
3,193
|
|
|
3,193
|
|
||
Current income tax payable
|
|
184
|
|
|
186
|
|
||
Deferred income tax liability
|
|
11,821
|
|
|
6,643
|
|
||
Other liabilities (includes $80 and $88, respectively, relating to variable interest entities)
|
|
24,437
|
|
|
23,168
|
|
||
Separate account liabilities (includes $1,128 and $1,033, respectively, relating to variable interest entities)
|
|
316,994
|
|
|
317,201
|
|
||
Total liabilities
|
|
829,678
|
|
|
822,313
|
|
||
Contingencies, Commitments and Guarantees (Note 21)
|
|
|
|
|
||||
Redeemable noncontrolling interests
|
|
99
|
|
|
887
|
|
||
Equity
|
|
|
|
|
||||
MetLife, Inc.’s stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, par value $0.01 per share; 200,000,000 shares authorized: 84,000,000 shares issued and outstanding; $2,100 aggregate liquidation preference
|
|
1
|
|
|
1
|
|
||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,153,998,144 and 1,125,224,024 shares issued, respectively; 1,131,927,894 and 1,122,030,137 shares outstanding, respectively
|
|
12
|
|
|
11
|
|
||
Additional paid-in capital
|
|
30,543
|
|
|
29,277
|
|
||
Retained earnings
|
|
32,020
|
|
|
27,332
|
|
||
Treasury stock, at cost; 22,070,250 and 3,193,887 shares, respectively
|
|
(1,172
|
)
|
|
(172
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
10,649
|
|
|
5,104
|
|
||
Total MetLife, Inc.’s stockholders’ equity
|
|
72,053
|
|
|
61,553
|
|
||
Noncontrolling interests
|
|
507
|
|
|
543
|
|
||
Total equity
|
|
72,560
|
|
|
62,096
|
|
||
Total liabilities and equity
|
|
$
|
902,337
|
|
|
$
|
885,296
|
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Premiums
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
|
$
|
37,975
|
|
Universal life and investment-type product policy fees
|
|
9,946
|
|
|
9,451
|
|
|
8,556
|
|
|||
Net investment income
|
|
21,153
|
|
|
22,232
|
|
|
21,984
|
|
|||
Other revenues
|
|
2,030
|
|
|
1,920
|
|
|
1,906
|
|
|||
Net investment gains (losses):
|
|
|
|
|
|
|
||||||
Other-than-temporary impairments on fixed maturity securities
|
|
(43
|
)
|
|
(106
|
)
|
|
(346
|
)
|
|||
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)
|
|
(17
|
)
|
|
(60
|
)
|
|
29
|
|
|||
Other net investment gains (losses)
|
|
(137
|
)
|
|
327
|
|
|
(35
|
)
|
|||
Total net investment gains (losses)
|
|
(197
|
)
|
|
161
|
|
|
(352
|
)
|
|||
Net derivative gains (losses)
|
|
1,317
|
|
|
(3,239
|
)
|
|
(1,919
|
)
|
|||
Total revenues
|
|
73,316
|
|
|
68,199
|
|
|
68,150
|
|
|||
Expenses
|
|
|
|
|
|
|
||||||
Policyholder benefits and claims
|
|
39,102
|
|
|
38,107
|
|
|
37,987
|
|
|||
Interest credited to policyholder account balances
|
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|||
Policyholder dividends
|
|
1,376
|
|
|
1,259
|
|
|
1,369
|
|
|||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|||
Other expenses
|
|
17,091
|
|
|
16,602
|
|
|
17,755
|
|
|||
Total expenses
|
|
64,512
|
|
|
64,147
|
|
|
66,708
|
|
|||
Income (loss) from continuing operations before provision for income tax
|
|
8,804
|
|
|
4,052
|
|
|
1,442
|
|
|||
Provision for income tax expense (benefit)
|
|
2,465
|
|
|
661
|
|
|
128
|
|
|||
Income (loss) from continuing operations, net of income tax
|
|
6,339
|
|
|
3,391
|
|
|
1,314
|
|
|||
Income (loss) from discontinued operations, net of income tax
|
|
(3
|
)
|
|
2
|
|
|
48
|
|
|||
Net income (loss)
|
|
6,336
|
|
|
3,393
|
|
|
1,362
|
|
|||
Less: Net income (loss) attributable to noncontrolling interests
|
|
27
|
|
|
25
|
|
|
38
|
|
|||
Net income (loss) attributable to MetLife, Inc.
|
|
6,309
|
|
|
3,368
|
|
|
1,324
|
|
|||
Less: Preferred stock dividends
|
|
122
|
|
|
122
|
|
|
122
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.08
|
|
Diluted
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.08
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.12
|
|
Diluted
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.12
|
|
Cash dividends declared per common share
|
$
|
1.33
|
|
|
$
|
1.01
|
|
|
$
|
0.74
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income (loss) (1)
|
$
|
6,336
|
|
|
$
|
3,393
|
|
|
$
|
1,353
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Unrealized investment gains (losses), net of related offsets
|
10,103
|
|
|
(8,086
|
)
|
|
9,394
|
|
|||
Unrealized gains (losses) on derivatives
|
1,386
|
|
|
(899
|
)
|
|
(239
|
)
|
|||
Foreign currency translation adjustments
|
(1,444
|
)
|
|
(975
|
)
|
|
(139
|
)
|
|||
Defined benefit plans adjustment
|
(970
|
)
|
|
1,292
|
|
|
(842
|
)
|
|||
Other comprehensive income (loss), before income tax
|
9,075
|
|
|
(8,668
|
)
|
|
8,174
|
|
|||
Income tax (expense) benefit related to items of other comprehensive income (loss)
|
(3,528
|
)
|
|
2,329
|
|
|
(2,851
|
)
|
|||
Other comprehensive income (loss), net of income tax
|
5,547
|
|
|
(6,339
|
)
|
|
5,323
|
|
|||
Comprehensive income (loss)
|
11,883
|
|
|
(2,946
|
)
|
|
6,676
|
|
|||
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax
|
29
|
|
|
(21
|
)
|
|
38
|
|
|||
Comprehensive income (loss) attributable to MetLife, Inc.
|
$
|
11,854
|
|
|
$
|
(2,925
|
)
|
|
$
|
6,638
|
|
(1)
|
Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests of
less than
$1 million
for each of the years ended December 31,
2014
and
2013
, and
$9 million
for the year ended December 31,
2012
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Treasury
Stock
at Cost
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Total
MetLife, Inc.’s
Stockholders’
Equity
|
|
Noncontrolling
Interests (1)
|
|
Total
Equity
|
||||||||||||||||||
Balance at December 31, 2011
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
26,782
|
|
|
$
|
24,814
|
|
|
$
|
(172
|
)
|
|
$
|
6,083
|
|
|
$
|
57,519
|
|
|
$
|
370
|
|
|
$
|
57,889
|
|
Common stock issuance
|
|
|
|
|
|
1,000
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
|
1,000
|
|
|||||||||||||||
Stock-based compensation
|
|
|
|
|
|
229
|
|
|
|
|
|
|
|
|
229
|
|
|
|
|
229
|
|
|||||||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
|
(122
|
)
|
|
|
|
|
|
(122
|
)
|
|
|
|
(122
|
)
|
|||||||||||||||
Dividends on common stock
|
|
|
|
|
|
|
|
(811
|
)
|
|
|
|
|
|
(811
|
)
|
|
|
|
(811
|
)
|
|||||||||||||||
Change in equity of noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(24
|
)
|
|
(24
|
)
|
|||||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
1,324
|
|
|
|
|
|
|
1,324
|
|
|
29
|
|
|
1,353
|
|
||||||||||||||
Other comprehensive income (loss), net of income tax
|
|
|
|
|
|
|
|
|
|
|
|
5,314
|
|
|
5,314
|
|
|
9
|
|
|
5,323
|
|
||||||||||||||
Balance at December 31, 2012
|
|
1
|
|
|
11
|
|
|
28,011
|
|
|
25,205
|
|
|
(172
|
)
|
|
11,397
|
|
|
64,453
|
|
|
384
|
|
|
64,837
|
|
|||||||||
Common stock issuance
|
|
|
|
|
|
1,000
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
|
1,000
|
|
|||||||||||||||
Stock-based compensation
|
|
|
|
|
|
305
|
|
|
|
|
|
|
|
|
305
|
|
|
|
|
305
|
|
|||||||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
|
(122
|
)
|
|
|
|
|
|
(122
|
)
|
|
|
|
(122
|
)
|
|||||||||||||||
Dividends on common stock
|
|
|
|
|
|
|
|
(1,119
|
)
|
|
|
|
|
|
(1,119
|
)
|
|
|
|
(1,119
|
)
|
|||||||||||||||
Change in equity of noncontrolling interests
|
|
|
|
|
|
(39
|
)
|
|
|
|
|
|
|
|
(39
|
)
|
|
180
|
|
|
141
|
|
||||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
3,368
|
|
|
|
|
|
|
3,368
|
|
|
25
|
|
|
3,393
|
|
||||||||||||||
Other comprehensive income (loss), net of income tax
|
|
|
|
|
|
|
|
|
|
|
|
(6,293
|
)
|
|
(6,293
|
)
|
|
(46
|
)
|
|
(6,339
|
)
|
||||||||||||||
Balance at December 31, 2013
|
|
1
|
|
|
11
|
|
|
29,277
|
|
|
27,332
|
|
|
(172
|
)
|
|
5,104
|
|
|
61,553
|
|
|
543
|
|
|
62,096
|
|
|||||||||
Treasury stock acquired in connection with share repurchases
|
|
|
|
|
|
|
|
|
|
(1,000
|
)
|
|
|
|
(1,000
|
)
|
|
|
|
(1,000
|
)
|
|||||||||||||||
Common stock issuance
|
|
|
|
1
|
|
|
999
|
|
|
|
|
|
|
|
|
1,000
|
|
|
|
|
1,000
|
|
||||||||||||||
Stock-based compensation
|
|
|
|
|
|
267
|
|
|
|
|
|
|
|
|
267
|
|
|
|
|
267
|
|
|||||||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
|
(122
|
)
|
|
|
|
|
|
(122
|
)
|
|
|
|
(122
|
)
|
|||||||||||||||
Dividends on common stock
|
|
|
|
|
|
|
|
(1,499
|
)
|
|
|
|
|
|
(1,499
|
)
|
|
|
|
(1,499
|
)
|
|||||||||||||||
Change in equity of noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
|||||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
6,309
|
|
|
|
|
|
|
6,309
|
|
|
27
|
|
|
6,336
|
|
||||||||||||||
Other comprehensive income (loss), net of income tax
|
|
|
|
|
|
|
|
|
|
|
|
5,545
|
|
|
5,545
|
|
|
2
|
|
|
5,547
|
|
||||||||||||||
Balance at December 31, 2014
|
|
$
|
1
|
|
|
$
|
12
|
|
|
$
|
30,543
|
|
|
$
|
32,020
|
|
|
$
|
(1,172
|
)
|
|
$
|
10,649
|
|
|
$
|
72,053
|
|
|
$
|
507
|
|
|
$
|
72,560
|
|
(1)
|
Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests of less than
$1 million
for each of the years ended December 31, 2014 and 2013, and
$9 million
for the year ended December 31, 2012.
|
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
6,336
|
|
|
$
|
3,393
|
|
|
$
|
1,362
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization expenses
|
713
|
|
|
714
|
|
|
596
|
|
|||
Amortization of premiums and accretion of discounts associated with investments, net
|
(611
|
)
|
|
(167
|
)
|
|
(426
|
)
|
|||
(Gains) losses on investments and from sales of businesses, net
|
202
|
|
|
(155
|
)
|
|
332
|
|
|||
(Gains) losses on derivatives, net
|
(21
|
)
|
|
5,122
|
|
|
3,187
|
|
|||
(Income) loss from equity method investments, net of dividends or distributions
|
327
|
|
|
99
|
|
|
108
|
|
|||
Interest credited to policyholder account balances
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|||
Interest credited to bank deposits
|
—
|
|
|
2
|
|
|
78
|
|
|||
Universal life and investment-type product policy fees
|
(9,946
|
)
|
|
(9,451
|
)
|
|
(8,556
|
)
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
1,868
|
|
|||
Change in fair value option and trading securities
|
(739
|
)
|
|
(1,433
|
)
|
|
1,900
|
|
|||
Change in residential mortgage loans held-for-sale, net
|
—
|
|
|
373
|
|
|
3,370
|
|
|||
Change in mortgage servicing rights
|
—
|
|
|
—
|
|
|
153
|
|
|||
Change in accrued investment income
|
207
|
|
|
293
|
|
|
219
|
|
|||
Change in premiums, reinsurance and other receivables
|
(650
|
)
|
|
(582
|
)
|
|
(109
|
)
|
|||
Change in deferred policy acquisition costs and value of business acquired, net
|
1,134
|
|
|
(920
|
)
|
|
(1,139
|
)
|
|||
Change in income tax
|
2,075
|
|
|
871
|
|
|
(883
|
)
|
|||
Change in other assets
|
2,573
|
|
|
1,767
|
|
|
2,951
|
|
|||
Change in insurance-related liabilities and policy-related balances
|
5,847
|
|
|
6,897
|
|
|
5,918
|
|
|||
Change in other liabilities
|
1,885
|
|
|
1,008
|
|
|
(1,699
|
)
|
|||
Other, net
|
101
|
|
|
121
|
|
|
201
|
|
|||
Net cash provided by (used in) operating activities
|
16,376
|
|
|
16,131
|
|
|
17,160
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Sales, maturities and repayments of:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
118,526
|
|
|
117,523
|
|
|
103,823
|
|
|||
Equity securities
|
490
|
|
|
725
|
|
|
1,140
|
|
|||
Mortgage loans
|
14,128
|
|
|
12,881
|
|
|
14,673
|
|
|||
Real estate and real estate joint ventures
|
1,012
|
|
|
356
|
|
|
1,018
|
|
|||
Other limited partnership interests
|
823
|
|
|
807
|
|
|
974
|
|
|||
Purchases of:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
(130,197
|
)
|
|
(117,826
|
)
|
|
(115,793
|
)
|
|||
Equity securities
|
(530
|
)
|
|
(943
|
)
|
|
(627
|
)
|
|||
Mortgage loans
|
(17,464
|
)
|
|
(14,677
|
)
|
|
(11,442
|
)
|
|||
Real estate and real estate joint ventures
|
(2,282
|
)
|
|
(1,880
|
)
|
|
(1,942
|
)
|
|||
Other limited partnership interests
|
(1,764
|
)
|
|
(1,356
|
)
|
|
(1,323
|
)
|
|||
Cash received in connection with freestanding derivatives
|
1,760
|
|
|
1,567
|
|
|
1,933
|
|
|||
Cash paid in connection with freestanding derivatives
|
(4,003
|
)
|
|
(6,710
|
)
|
|
(3,258
|
)
|
|||
Net change in securitized reverse residential mortgage loans
|
—
|
|
|
—
|
|
|
(1,198
|
)
|
|||
Sales of businesses, net of cash and cash equivalents disposed of $323, $14 and $29, respectively
|
436
|
|
|
393
|
|
|
576
|
|
|||
Sale of bank deposits
|
—
|
|
|
(6,395
|
)
|
|
—
|
|
|||
Purchases of businesses, net of cash and cash equivalents acquired of $0, $20 and $33, respectively
|
—
|
|
|
(1,840
|
)
|
|
(16
|
)
|
|||
Purchases of investments in insurance joint ventures
|
(277
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in policy loans
|
(27
|
)
|
|
(112
|
)
|
|
(111
|
)
|
|||
Net change in short-term investments
|
5,167
|
|
|
2,955
|
|
|
593
|
|
|||
Net change in other invested assets
|
(512
|
)
|
|
(547
|
)
|
|
(791
|
)
|
|||
Other, net
|
(341
|
)
|
|
(86
|
)
|
|
(158
|
)
|
|||
Net cash provided by (used in) investing activities
|
$
|
(15,055
|
)
|
|
$
|
(15,165
|
)
|
|
$
|
(11,929
|
)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Policyholder account balances:
|
|
|
|
|
|
||||||
Deposits
|
$
|
89,520
|
|
|
$
|
79,193
|
|
|
$
|
91,284
|
|
Withdrawals
|
(88,037
|
)
|
|
(84,874
|
)
|
|
(86,994
|
)
|
|||
Net change in payables for collateral under securities loaned and other transactions
|
5,031
|
|
|
(3,276
|
)
|
|
(29
|
)
|
|||
Net change in bank deposits
|
—
|
|
|
8
|
|
|
(4,169
|
)
|
|||
Net change in short-term debt
|
(75
|
)
|
|
75
|
|
|
(586
|
)
|
|||
Long-term debt issued
|
1,000
|
|
|
1,372
|
|
|
750
|
|
|||
Long-term debt repaid
|
(2,862
|
)
|
|
(1,746
|
)
|
|
(1,702
|
)
|
|||
Collateral financing arrangements repaid
|
—
|
|
|
—
|
|
|
(349
|
)
|
|||
Cash received (paid) in connection with collateral financing arrangements
|
—
|
|
|
—
|
|
|
(44
|
)
|
|||
Net change in liability for securitized reverse residential mortgage loans
|
—
|
|
|
—
|
|
|
1,198
|
|
|||
Cash received in connection with redeemable noncontrolling interests
|
—
|
|
|
774
|
|
|
—
|
|
|||
Common stock issued, net of issuance costs
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
Treasury stock acquired in connection with share repurchases
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
(122
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Dividends on common stock
|
(1,499
|
)
|
|
(1,119
|
)
|
|
(811
|
)
|
|||
Other, net
|
(700
|
)
|
|
(192
|
)
|
|
609
|
|
|||
Net cash provided by (used in) financing activities
|
2,256
|
|
|
(8,907
|
)
|
|
35
|
|
|||
Effect of change in foreign currency exchange rates on cash and cash equivalents balances
|
(354
|
)
|
|
(212
|
)
|
|
11
|
|
|||
Change in cash and cash equivalents
|
3,223
|
|
|
(8,153
|
)
|
|
5,277
|
|
|||
Cash and cash equivalents, beginning of year
|
7,585
|
|
|
15,738
|
|
|
10,461
|
|
|||
Cash and cash equivalents, end of year
|
$
|
10,808
|
|
|
$
|
7,585
|
|
|
$
|
15,738
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Net cash paid (received) for:
|
|
|
|
|
|
||||||
Interest
|
$
|
1,213
|
|
|
$
|
1,270
|
|
|
$
|
1,335
|
|
Income tax
|
$
|
748
|
|
|
$
|
677
|
|
|
$
|
554
|
|
Non-cash transactions:
|
|
|
|
|
|
||||||
Business acquisitions:
|
|
|
|
|
|
||||||
Assets acquired
|
$
|
—
|
|
|
$
|
2,988
|
|
|
$
|
595
|
|
Liabilities assumed
|
—
|
|
|
(972
|
)
|
|
(579
|
)
|
|||
Noncontrolling interests assumed
|
—
|
|
|
(176
|
)
|
|
—
|
|
|||
Cash paid, excluding transaction costs of $0, $17 and $0, respectively
|
$
|
—
|
|
|
$
|
1,840
|
|
|
$
|
16
|
|
Real estate and real estate joint ventures acquired in satisfaction of debt
|
$
|
3
|
|
|
$
|
59
|
|
|
$
|
553
|
|
Collateral financing arrangements repaid
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102
|
|
Redemption of advances agreements in long-term debt
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,806
|
|
Issuance of funding agreements in policyholder account balances
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,806
|
|
Deconsolidation of MetLife Core Property Fund (see Note 8):
|
|
|
|
|
|
||||||
Reduction of redeemable noncontrolling interests
|
$
|
774
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Reduction of long-term debt
|
$
|
413
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Reduction of real estate and real estate joint ventures
|
$
|
1,132
|
|
|
$
|
—
|
|
|
$
|
—
|
|
•
|
such separate accounts are legally recognized;
|
•
|
assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities;
|
•
|
investments are directed by the contractholder; and
|
•
|
all investment performance, net of contract fees and assessments, is passed through to the contractholder.
|
|
Years Ended December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In millions)
|
||||||
(Gains) losses on investments and sales of businesses, net
|
$
|
(4,166
|
)
|
|
$
|
(2,865
|
)
|
Other, net
|
$
|
(956
|
)
|
|
$
|
(322
|
)
|
(Gains) losses on derivatives, net
|
$
|
5,122
|
|
|
$
|
3,187
|
|
Accounting Policy
|
Note
|
Insurance
|
4
|
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles
|
5
|
Reinsurance
|
6
|
Investments
|
8
|
Derivatives
|
9
|
Fair Value
|
10
|
Goodwill
|
11
|
Employee Benefit Plans
|
18
|
Income Tax
|
19
|
Litigation Contingencies
|
21
|
•
|
incremental direct costs of contract acquisition, such as commissions;
|
•
|
the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed;
|
•
|
other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and
|
•
|
the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits.
|
Products:
|
In proportion to the following over estimated lives of the contracts:
|
||||
•
|
Nonparticipating and non-dividend-paying traditional contracts:
|
|
Historic actual and expected future gross premiums.
|
||
|
•
|
Term insurance
|
|
|
|
|
•
|
Nonparticipating whole life insurance
|
|
|
|
|
•
|
Traditional group life insurance
|
|
|
|
|
•
|
Non-medical health insurance
|
|
|
|
|
•
|
Accident & health insurance
|
|
|
|
•
|
Participating, dividend-paying traditional contracts
|
|
Actual and expected future gross margins.
|
||
•
|
Fixed and variable universal life contracts
|
|
Actual and expected future gross profits.
|
||
•
|
Fixed and variable deferred annuity contracts
|
|
|
||
•
|
Credit insurance contracts
|
|
Historic and future earned premiums.
|
||
•
|
Property and casualty insurance contracts
|
|
|
||
•
|
Other short-duration contracts
|
|
|
•
|
fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts (“FVO general account securities”); and
|
•
|
contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate account summary total assets and liabilities. These investments are primarily mutual funds and, to a lesser extent, fixed maturity and equity securities, short-term investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in PABs through interest credited to policyholder account balances (“FVO contractholder-directed unit-linked investments”).
|
•
|
Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below.
|
•
|
Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. Where tax credits are guaranteed by a creditworthy third party, the investment is accounted for under the effective yield method. Otherwise, the investment is accounted for under the equity method.
|
•
|
Leveraged leases which are recorded net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease. The Company regularly reviews residual values for impairment.
|
•
|
Direct financing leases gross investment is equal to the minimum lease payments plus the unguaranteed residual value. Income is recorded by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews lease receivables for impairment. Certain direct financing leases are linked to inflation.
|
•
|
Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments.
|
•
|
Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method.
|
Statement of Operations Presentation:
|
Derivative:
|
|
Policyholder benefits and claims
|
•
|
Economic hedges of variable annuity guarantees included in future policy benefits
|
Net investment income
|
•
|
Economic hedges of equity method investments in joint ventures
|
|
•
|
All derivatives held in relation to trading portfolios
|
|
•
|
Derivatives held within contractholder-directed unit-linked investments
|
Other revenues
|
•
|
Derivatives held in connection with the Company’s previous mortgage banking activities
|
•
|
Fair value hedge
(a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in fair value of the hedged item attributable to the designated risk being hedged.
|
•
|
Cash flow hedge
(a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses).
|
•
|
Net investment in a foreign operation hedge
- effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses).
|
•
|
the combined instrument is not accounted for in its entirety at fair value with changes in fair value recorded in earnings;
|
•
|
the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and
|
•
|
a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.
|
•
|
the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;
|
•
|
the jurisdiction in which the deferred tax asset was generated;
|
•
|
the length of time that carryforward can be utilized in the various taxing jurisdiction;
|
•
|
future taxable income exclusive of reversing temporary differences and carryforwards;
|
•
|
future reversals of existing taxable temporary differences;
|
•
|
taxable income in prior carryback years; and
|
•
|
tax planning strategies.
|
•
|
Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity 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, (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 VIEs consolidated under GAAP; and
|
•
|
Other revenues are adjusted for settlements of foreign currency earnings hedges.
|
•
|
Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (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”);
|
•
|
Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of PABs but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;
|
•
|
Amortization of DAC and VOBA excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (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; and
|
•
|
Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition and integration costs.
|
|
|
Operating Results
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2014
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Total
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
|
Adjustments
|
|
Total
Consolidated
|
||||||||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Premiums
|
|
$
|
7,280
|
|
|
$
|
15,979
|
|
|
$
|
2,768
|
|
|
$
|
2,967
|
|
|
$
|
28,994
|
|
|
$
|
7,566
|
|
|
$
|
2,309
|
|
|
$
|
153
|
|
|
$
|
39,022
|
|
|
$
|
45
|
|
|
$
|
39,067
|
|
Universal life and investment-type product policy fees
|
|
5,074
|
|
|
716
|
|
|
226
|
|
|
1,239
|
|
|
7,255
|
|
|
1,693
|
|
|
466
|
|
|
127
|
|
|
9,541
|
|
|
405
|
|
|
9,946
|
|
|||||||||||
Net investment income
|
|
7,953
|
|
|
1,844
|
|
|
5,799
|
|
|
1,347
|
|
|
16,943
|
|
|
2,856
|
|
|
508
|
|
|
177
|
|
|
20,484
|
|
|
669
|
|
|
21,153
|
|
|||||||||||
Other revenues
|
|
1,059
|
|
|
420
|
|
|
286
|
|
|
34
|
|
|
1,799
|
|
|
106
|
|
|
60
|
|
|
68
|
|
|
2,033
|
|
|
(3
|
)
|
|
2,030
|
|
|||||||||||
Net investment gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197
|
)
|
|
(197
|
)
|
|||||||||||
Net derivative gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,317
|
|
|
1,317
|
|
|||||||||||
Total revenues
|
|
21,366
|
|
|
18,959
|
|
|
9,079
|
|
|
5,587
|
|
|
54,991
|
|
|
12,221
|
|
|
3,343
|
|
|
525
|
|
|
71,080
|
|
|
2,236
|
|
|
73,316
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,851
|
|
|
14,897
|
|
|
5,106
|
|
|
2,743
|
|
|
32,597
|
|
|
5,724
|
|
|
1,053
|
|
|
104
|
|
|
39,478
|
|
|
1,000
|
|
|
40,478
|
|
|||||||||||
Interest credited to policyholder account balances
|
|
2,245
|
|
|
156
|
|
|
1,140
|
|
|
394
|
|
|
3,935
|
|
|
1,544
|
|
|
148
|
|
|
34
|
|
|
5,661
|
|
|
1,282
|
|
|
6,943
|
|
|||||||||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Capitalization of DAC
|
|
(969
|
)
|
|
(143
|
)
|
|
(31
|
)
|
|
(385
|
)
|
|
(1,528
|
)
|
|
(1,914
|
)
|
|
(680
|
)
|
|
(60
|
)
|
|
(4,182
|
)
|
|
(1
|
)
|
|
(4,183
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,515
|
|
|
149
|
|
|
19
|
|
|
321
|
|
|
2,004
|
|
|
1,397
|
|
|
613
|
|
|
13
|
|
|
4,027
|
|
|
105
|
|
|
4,132
|
|
|||||||||||
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(364
|
)
|
|
(31
|
)
|
|
—
|
|
|
(396
|
)
|
|
(46
|
)
|
|
(442
|
)
|
|||||||||||
Interest expense on debt
|
|
1
|
|
|
1
|
|
|
9
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
1,167
|
|
|
1,178
|
|
|
38
|
|
|
1,216
|
|
|||||||||||
Other expenses
|
|
4,695
|
|
|
2,570
|
|
|
513
|
|
|
1,677
|
|
|
9,455
|
|
|
3,971
|
|
|
1,810
|
|
|
1,018
|
|
|
16,254
|
|
|
114
|
|
|
16,368
|
|
|||||||||||
Total expenses
|
|
17,338
|
|
|
17,630
|
|
|
6,756
|
|
|
4,749
|
|
|
46,473
|
|
|
10,358
|
|
|
2,913
|
|
|
2,276
|
|
|
62,020
|
|
|
2,492
|
|
|
64,512
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
1,382
|
|
|
464
|
|
|
812
|
|
|
156
|
|
|
2,814
|
|
|
575
|
|
|
68
|
|
|
(1,079
|
)
|
|
2,378
|
|
|
87
|
|
|
2,465
|
|
|||||||||||
Operating earnings
|
|
$
|
2,646
|
|
|
$
|
865
|
|
|
$
|
1,511
|
|
|
$
|
682
|
|
|
$
|
5,704
|
|
|
$
|
1,288
|
|
|
$
|
362
|
|
|
$
|
(672
|
)
|
|
6,682
|
|
|
|
|
|
|||||
Adjustments to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total revenues
|
|
2,236
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses
|
|
(2,492
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit
|
|
(87
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
|
$
|
6,339
|
|
|
|
|
$
|
6,339
|
|
At December 31, 2014
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia (1)
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||
Total assets
|
|
$
|
359,173
|
|
|
$
|
45,434
|
|
|
$
|
230,124
|
|
|
$
|
71,419
|
|
|
$
|
116,915
|
|
|
$
|
27,698
|
|
|
$
|
51,574
|
|
|
$
|
902,337
|
|
Separate account assets
|
|
$
|
171,726
|
|
|
$
|
669
|
|
|
$
|
81,150
|
|
|
$
|
50,301
|
|
|
$
|
9,078
|
|
|
$
|
4,070
|
|
|
$
|
—
|
|
|
$
|
316,994
|
|
Separate account liabilities
|
|
$
|
171,726
|
|
|
$
|
669
|
|
|
$
|
81,150
|
|
|
$
|
50,301
|
|
|
$
|
9,078
|
|
|
$
|
4,070
|
|
|
$
|
—
|
|
|
$
|
316,994
|
|
(1)
|
Total assets includes
$93.8 billion
of assets from the Japan operations which represents
10%
of total consolidated assets. See Note 11 for information regarding goodwill.
|
|
|
Operating Results
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2013
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Total
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
|
Adjustments
|
|
Total
Consolidated
|
||||||||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Premiums
|
|
$
|
6,528
|
|
|
$
|
15,250
|
|
|
$
|
2,767
|
|
|
$
|
2,824
|
|
|
$
|
27,369
|
|
|
$
|
7,801
|
|
|
$
|
2,297
|
|
|
$
|
116
|
|
|
$
|
37,583
|
|
|
$
|
91
|
|
|
$
|
37,674
|
|
Universal life and investment-type product policy fees
|
|
4,912
|
|
|
688
|
|
|
247
|
|
|
991
|
|
|
6,838
|
|
|
1,722
|
|
|
386
|
|
|
139
|
|
|
9,085
|
|
|
366
|
|
|
9,451
|
|
|||||||||||
Net investment income
|
|
7,898
|
|
|
1,856
|
|
|
5,621
|
|
|
1,246
|
|
|
16,621
|
|
|
2,915
|
|
|
498
|
|
|
360
|
|
|
20,394
|
|
|
1,838
|
|
|
22,232
|
|
|||||||||||
Other revenues
|
|
1,018
|
|
|
418
|
|
|
278
|
|
|
23
|
|
|
1,737
|
|
|
92
|
|
|
97
|
|
|
28
|
|
|
1,954
|
|
|
(34
|
)
|
|
1,920
|
|
|||||||||||
Net investment gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161
|
|
|
161
|
|
|||||||||||
Net derivative gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,239
|
)
|
|
(3,239
|
)
|
|||||||||||
Total revenues
|
|
20,356
|
|
|
18,212
|
|
|
8,913
|
|
|
5,084
|
|
|
52,565
|
|
|
12,530
|
|
|
3,278
|
|
|
643
|
|
|
69,016
|
|
|
(817
|
)
|
|
68,199
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,028
|
|
|
14,227
|
|
|
5,180
|
|
|
2,454
|
|
|
30,889
|
|
|
5,755
|
|
|
1,039
|
|
|
63
|
|
|
37,746
|
|
|
1,620
|
|
|
39,366
|
|
|||||||||||
Interest credited to policyholder account balances
|
|
2,331
|
|
|
155
|
|
|
1,233
|
|
|
417
|
|
|
4,136
|
|
|
1,690
|
|
|
147
|
|
|
42
|
|
|
6,015
|
|
|
2,164
|
|
|
8,179
|
|
|||||||||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Capitalization of DAC
|
|
(1,309
|
)
|
|
(141
|
)
|
|
(27
|
)
|
|
(424
|
)
|
|
(1,901
|
)
|
|
(2,143
|
)
|
|
(714
|
)
|
|
(28
|
)
|
|
(4,786
|
)
|
|
—
|
|
|
(4,786
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,384
|
|
|
140
|
|
|
23
|
|
|
310
|
|
|
1,857
|
|
|
1,542
|
|
|
683
|
|
|
1
|
|
|
4,083
|
|
|
(533
|
)
|
|
3,550
|
|
|||||||||||
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(427
|
)
|
|
(95
|
)
|
|
—
|
|
|
(524
|
)
|
|
(55
|
)
|
|
(579
|
)
|
|||||||||||
Interest expense on debt
|
|
—
|
|
|
1
|
|
|
9
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
1
|
|
|
1,148
|
|
|
1,159
|
|
|
123
|
|
|
1,282
|
|
|||||||||||
Other expenses
|
|
5,084
|
|
|
2,380
|
|
|
504
|
|
|
1,612
|
|
|
9,580
|
|
|
4,312
|
|
|
1,810
|
|
|
894
|
|
|
16,596
|
|
|
539
|
|
|
17,135
|
|
|||||||||||
Total expenses
|
|
16,518
|
|
|
16,762
|
|
|
6,922
|
|
|
4,367
|
|
|
44,569
|
|
|
10,729
|
|
|
2,871
|
|
|
2,120
|
|
|
60,289
|
|
|
3,858
|
|
|
64,147
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
1,314
|
|
|
488
|
|
|
696
|
|
|
143
|
|
|
2,641
|
|
|
557
|
|
|
78
|
|
|
(932
|
)
|
|
2,344
|
|
|
(1,683
|
)
|
|
661
|
|
|||||||||||
Operating earnings
|
|
$
|
2,524
|
|
|
$
|
962
|
|
|
$
|
1,295
|
|
|
$
|
574
|
|
|
$
|
5,355
|
|
|
$
|
1,244
|
|
|
$
|
329
|
|
|
$
|
(545
|
)
|
|
6,383
|
|
|
|
|
|
|||||
Adjustments to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total revenues
|
|
(817
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses
|
|
(3,858
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit
|
|
1,683
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
|
$
|
3,391
|
|
|
|
|
$
|
3,391
|
|
At December 31, 2013
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia (1)
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||
Total assets
|
|
$
|
349,516
|
|
|
$
|
43,404
|
|
|
$
|
220,612
|
|
|
$
|
69,874
|
|
|
$
|
119,717
|
|
|
$
|
33,382
|
|
|
$
|
48,791
|
|
|
$
|
885,296
|
|
Separate account assets
|
|
$
|
172,382
|
|
|
$
|
644
|
|
|
$
|
77,023
|
|
|
$
|
49,660
|
|
|
$
|
8,996
|
|
|
$
|
8,496
|
|
|
$
|
—
|
|
|
$
|
317,201
|
|
Separate account liabilities
|
|
$
|
172,382
|
|
|
$
|
644
|
|
|
$
|
77,023
|
|
|
$
|
49,660
|
|
|
$
|
8,996
|
|
|
$
|
8,496
|
|
|
$
|
—
|
|
|
$
|
317,201
|
|
(1)
|
Total assets includes
$98.4 billion
of assets from the Japan operations which represents
11%
of total consolidated assets. See Note 11 for information regarding goodwill.
|
|
|
Operating Results
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||
|
|
Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2012
|
|
Retail
|
|
Group,
Voluntary
& Worksite Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Total
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
|
Adjustments
|
|
Total
Consolidated
|
||||||||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Premiums
|
|
$
|
6,532
|
|
|
$
|
14,794
|
|
|
$
|
2,681
|
|
|
$
|
2,578
|
|
|
$
|
26,585
|
|
|
$
|
8,344
|
|
|
$
|
2,370
|
|
|
$
|
56
|
|
|
$
|
37,355
|
|
|
$
|
620
|
|
|
$
|
37,975
|
|
Universal life and investment-type product policy fees
|
|
4,561
|
|
|
662
|
|
|
225
|
|
|
785
|
|
|
6,233
|
|
|
1,491
|
|
|
333
|
|
|
155
|
|
|
8,212
|
|
|
344
|
|
|
8,556
|
|
|||||||||||
Net investment income
|
|
7,670
|
|
|
1,768
|
|
|
5,542
|
|
|
1,198
|
|
|
16,178
|
|
|
2,895
|
|
|
535
|
|
|
679
|
|
|
20,287
|
|
|
1,697
|
|
|
21,984
|
|
|||||||||||
Other revenues
|
|
879
|
|
|
422
|
|
|
259
|
|
|
16
|
|
|
1,576
|
|
|
26
|
|
|
121
|
|
|
33
|
|
|
1,756
|
|
|
150
|
|
|
1,906
|
|
|||||||||||
Net investment gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(352
|
)
|
|
(352
|
)
|
|||||||||||
Net derivative gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,919
|
)
|
|
(1,919
|
)
|
|||||||||||
Total revenues
|
|
19,642
|
|
|
17,646
|
|
|
8,707
|
|
|
4,577
|
|
|
50,572
|
|
|
12,756
|
|
|
3,359
|
|
|
923
|
|
|
67,610
|
|
|
540
|
|
|
68,150
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,010
|
|
|
13,691
|
|
|
5,039
|
|
|
2,231
|
|
|
29,971
|
|
|
5,819
|
|
|
1,196
|
|
|
119
|
|
|
37,105
|
|
|
2,251
|
|
|
39,356
|
|
|||||||||||
Interest credited to policyholder account balances
|
|
2,375
|
|
|
167
|
|
|
1,358
|
|
|
393
|
|
|
4,293
|
|
|
1,784
|
|
|
126
|
|
|
39
|
|
|
6,242
|
|
|
1,487
|
|
|
7,729
|
|
|||||||||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|
1,868
|
|
|||||||||||
Capitalization of DAC
|
|
(1,753
|
)
|
|
(138
|
)
|
|
(29
|
)
|
|
(353
|
)
|
|
(2,273
|
)
|
|
(2,288
|
)
|
|
(723
|
)
|
|
—
|
|
|
(5,284
|
)
|
|
(5
|
)
|
|
(5,289
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,607
|
|
|
133
|
|
|
22
|
|
|
224
|
|
|
1,986
|
|
|
1,563
|
|
|
626
|
|
|
2
|
|
|
4,177
|
|
|
22
|
|
|
4,199
|
|
|||||||||||
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|
(456
|
)
|
|
(94
|
)
|
|
—
|
|
|
(555
|
)
|
|
(67
|
)
|
|
(622
|
)
|
|||||||||||
Interest expense on debt
|
|
—
|
|
|
1
|
|
|
8
|
|
|
(1
|
)
|
|
8
|
|
|
5
|
|
|
1
|
|
|
1,176
|
|
|
1,190
|
|
|
166
|
|
|
1,356
|
|
|||||||||||
Other expenses
|
|
5,369
|
|
|
2,351
|
|
|
460
|
|
|
1,375
|
|
|
9,555
|
|
|
4,738
|
|
|
1,810
|
|
|
559
|
|
|
16,662
|
|
|
1,449
|
|
|
18,111
|
|
|||||||||||
Total expenses
|
|
16,608
|
|
|
16,205
|
|
|
6,858
|
|
|
3,864
|
|
|
43,535
|
|
|
11,165
|
|
|
2,942
|
|
|
1,895
|
|
|
59,537
|
|
|
7,171
|
|
|
66,708
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
1,032
|
|
|
481
|
|
|
646
|
|
|
130
|
|
|
2,289
|
|
|
554
|
|
|
146
|
|
|
(687
|
)
|
|
2,302
|
|
|
(2,174
|
)
|
|
128
|
|
|||||||||||
Operating earnings
|
|
$
|
2,002
|
|
|
$
|
960
|
|
|
$
|
1,203
|
|
|
$
|
583
|
|
|
$
|
4,748
|
|
|
$
|
1,037
|
|
|
$
|
271
|
|
|
$
|
(285
|
)
|
|
5,771
|
|
|
|
|
|
|||||
Adjustments to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total revenues
|
|
540
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses
|
|
(7,171
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit
|
|
2,174
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
|
$
|
1,314
|
|
|
|
|
$
|
1,314
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Life insurance
|
$
|
23,483
|
|
|
$
|
23,189
|
|
|
$
|
22,832
|
|
Accident & health insurance
|
13,336
|
|
|
13,214
|
|
|
13,255
|
|
|||
Annuities
|
9,984
|
|
|
8,987
|
|
|
8,891
|
|
|||
Property and casualty insurance
|
3,524
|
|
|
3,270
|
|
|
3,117
|
|
|||
Non-insurance
|
716
|
|
|
385
|
|
|
342
|
|
|||
Total
|
$
|
51,043
|
|
|
$
|
49,045
|
|
|
$
|
48,437
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
U.S.
|
$
|
34,536
|
|
|
$
|
32,529
|
|
|
$
|
31,500
|
|
Foreign:
|
|
|
|
|
|
||||||
Japan
|
6,917
|
|
|
7,373
|
|
|
7,833
|
|
|||
Other
|
9,590
|
|
|
9,143
|
|
|
9,104
|
|
|||
Total
|
$
|
51,043
|
|
|
$
|
49,045
|
|
|
$
|
48,437
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Retail
|
$
|
136,812
|
|
|
$
|
134,915
|
|
Group, Voluntary & Worksite Benefits
|
30,328
|
|
|
29,521
|
|
||
Corporate Benefit Funding
|
115,440
|
|
|
112,591
|
|
||
Latin America
|
15,480
|
|
|
16,162
|
|
||
Asia
|
86,483
|
|
|
93,066
|
|
||
EMEA
|
20,520
|
|
|
21,657
|
|
||
Corporate & Other
|
8,239
|
|
|
8,129
|
|
||
Total
|
$
|
413,302
|
|
|
$
|
416,041
|
|
Product Type:
|
Measurement Assumptions:
|
Participating life
|
Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for domestic business and 1% to 11% for international business, and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for domestic business.
|
Nonparticipating life
|
Aggregate of the present value of expected future benefit payments and related expenses less the present value of expected future net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for domestic business and 1% to 13% for international business.
|
I
ndividual and group
traditional fixed annuities
after annuitization
|
Present value of expected future payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for domestic business and 1% to 12% for international business.
|
Non-medical health
insurance
|
The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 4% to 7% (primarily related to domestic business).
|
Disabled lives
|
Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 3% to 8% for domestic business and 1% to 9% for international business.
|
Property and casualty
insurance
|
The amount estimated for claims that have been reported but not settled and claims incurred but not reported are based upon the Company’s historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation.
|
Guarantee:
|
|
Measurement Assumptions:
|
|||
GMDBs
|
|
A return of purchase payment upon death even if the account value is reduced to zero.
|
|
|
Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments.
|
|
|
An enhanced death benefit may be available for an additional fee.
|
|
|
Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk.
|
|
|
|
|
|
Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index.
|
|
|
|
|
|
Benefit assumptions are based on the average benefits payable over a range of scenarios.
|
GMIBs
|
|
After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount.
|
|
|
Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments.
|
|
|
Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit.
|
|
|
Assumptions are consistent with those used for estimating GMDB liabilities.
|
|
|
|
|
|
Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder.
|
GMWBs
|
|
A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit.
|
|
|
Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities.
|
|
|
Certain contracts include guaranteed withdrawals that are life contingent.
|
|
|
|
|
Annuity Contracts
|
|
Universal and Variable
Life Contracts
|
|
|
||||||||||||||
|
GMDBs
|
|
GMIBs
|
|
Secondary
Guarantees
|
|
Paid-Up
Guarantees
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Direct and Assumed
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2012
|
$
|
432
|
|
|
$
|
882
|
|
|
$
|
4,463
|
|
|
$
|
221
|
|
|
$
|
5,998
|
|
Incurred guaranteed benefits (1)
|
252
|
|
|
771
|
|
|
348
|
|
|
25
|
|
|
1,396
|
|
|||||
Paid guaranteed benefits
|
(117
|
)
|
|
(18
|
)
|
|
(26
|
)
|
|
—
|
|
|
(161
|
)
|
|||||
Balance at December 31, 2012
|
567
|
|
|
1,635
|
|
|
4,785
|
|
|
246
|
|
|
7,233
|
|
|||||
Incurred guaranteed benefits (1)
|
200
|
|
|
229
|
|
|
(64
|
)
|
|
20
|
|
|
385
|
|
|||||
Paid guaranteed benefits
|
(82
|
)
|
|
(13
|
)
|
|
(23
|
)
|
|
—
|
|
|
(118
|
)
|
|||||
Balance at December 31, 2013
|
685
|
|
|
1,851
|
|
|
4,698
|
|
|
266
|
|
|
7,500
|
|
|||||
Incurred guaranteed benefits (1)
|
310
|
|
|
262
|
|
|
411
|
|
|
22
|
|
|
1,005
|
|
|||||
Paid guaranteed benefits
|
(59
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(76
|
)
|
|||||
Balance at December 31, 2014
|
$
|
936
|
|
|
$
|
2,113
|
|
|
$
|
5,092
|
|
|
$
|
288
|
|
|
$
|
8,429
|
|
Ceded
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2012
|
$
|
54
|
|
|
$
|
8
|
|
|
$
|
614
|
|
|
$
|
155
|
|
|
$
|
831
|
|
Incurred guaranteed benefits
|
22
|
|
|
1
|
|
|
139
|
|
|
18
|
|
|
180
|
|
|||||
Paid guaranteed benefits
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|||||
Balance at December 31, 2012
|
56
|
|
|
9
|
|
|
753
|
|
|
173
|
|
|
991
|
|
|||||
Incurred guaranteed benefits
|
(5
|
)
|
|
—
|
|
|
175
|
|
|
14
|
|
|
184
|
|
|||||
Paid guaranteed benefits
|
(10
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|||||
Balance at December 31, 2013
|
41
|
|
|
7
|
|
|
928
|
|
|
187
|
|
|
1,163
|
|
|||||
Incurred guaranteed benefits
|
9
|
|
|
—
|
|
|
134
|
|
|
15
|
|
|
158
|
|
|||||
Paid guaranteed benefits
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|||||
Balance at December 31, 2014
|
$
|
38
|
|
|
$
|
7
|
|
|
$
|
1,062
|
|
|
$
|
202
|
|
|
$
|
1,309
|
|
Net
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2012
|
$
|
378
|
|
|
$
|
874
|
|
|
$
|
3,849
|
|
|
$
|
66
|
|
|
$
|
5,167
|
|
Incurred guaranteed benefits
|
230
|
|
|
770
|
|
|
209
|
|
|
7
|
|
|
1,216
|
|
|||||
Paid guaranteed benefits
|
(97
|
)
|
|
(18
|
)
|
|
(26
|
)
|
|
—
|
|
|
(141
|
)
|
|||||
Balance at December 31, 2012
|
511
|
|
|
1,626
|
|
|
4,032
|
|
|
73
|
|
|
6,242
|
|
|||||
Incurred guaranteed benefits
|
205
|
|
|
229
|
|
|
(239
|
)
|
|
6
|
|
|
201
|
|
|||||
Paid guaranteed benefits
|
(72
|
)
|
|
(11
|
)
|
|
(23
|
)
|
|
—
|
|
|
(106
|
)
|
|||||
Balance at December 31, 2013
|
644
|
|
|
1,844
|
|
|
3,770
|
|
|
79
|
|
|
6,337
|
|
|||||
Incurred guaranteed benefits
|
301
|
|
|
262
|
|
|
277
|
|
|
7
|
|
|
847
|
|
|||||
Paid guaranteed benefits
|
(47
|
)
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
(64
|
)
|
|||||
Balance at December 31, 2014
|
$
|
898
|
|
|
$
|
2,106
|
|
|
$
|
4,030
|
|
|
$
|
86
|
|
|
$
|
7,120
|
|
(1)
|
Secondary guarantees include the effects of foreign currency translation of
($343) million
,
($597) million
and
($39) million
at
December 31, 2014
,
2013
and
2012
, respectively.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Fund Groupings:
|
|
|
|
||||
Balanced
|
$
|
87,667
|
|
|
$
|
75,928
|
|
Equity
|
71,742
|
|
|
79,036
|
|
||
Bond
|
11,416
|
|
|
10,632
|
|
||
Money Market
|
1,024
|
|
|
1,157
|
|
||
Total
|
$
|
171,849
|
|
|
$
|
166,753
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
In the
Event of Death
|
|
At
Annuitization
|
|
In the
Event of Death
|
|
At
Annuitization
|
||||||||
|
(In millions)
|
||||||||||||||
Annuity Contracts (1)
|
|
|
|
|
|
|
|
||||||||
Variable Annuity Guarantees
|
|
|
|
|
|
|
|
||||||||
Total contract account value (2)
|
$
|
196,595
|
|
|
$
|
99,000
|
|
|
$
|
201,395
|
|
|
$
|
100,527
|
|
Separate account value
|
$
|
163,566
|
|
|
$
|
95,963
|
|
|
$
|
164,500
|
|
|
$
|
96,459
|
|
Net amount at risk (2)
|
$
|
4,230
|
|
|
$
|
1,770
|
|
|
$
|
4,203
|
|
|
$
|
1,219
|
|
Average attained age of contractholders
|
65 years
|
|
|
65 years
|
|
|
63 years
|
|
|
63 years
|
|
||||
Two Tier and Other Annuities
|
|
|
|
|
|
|
|
||||||||
Account value
|
N/A
|
|
|
$
|
1,040
|
|
|
N/A
|
|
|
$
|
880
|
|
||
Net amount at risk
|
N/A
|
|
|
$
|
340
|
|
|
N/A
|
|
|
$
|
234
|
|
||
Average attained age of contractholders
|
N/A
|
|
|
50 years
|
|
|
N/A
|
|
|
50 years
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Secondary
Guarantees
|
|
Paid-Up
Guarantees
|
|
Secondary
Guarantees
|
|
Paid-Up
Guarantees
|
||||||||
|
(In millions)
|
||||||||||||||
Universal and Variable Life Contracts (1)
|
|
|
|
|
|
|
|
||||||||
Account value (general and separate account)
|
$
|
16,875
|
|
|
$
|
3,587
|
|
|
$
|
16,048
|
|
|
$
|
3,700
|
|
Net amount at risk
|
$
|
180,069
|
|
|
$
|
20,344
|
|
|
$
|
185,920
|
|
|
$
|
21,737
|
|
Average attained age of policyholders
|
56 years
|
|
|
61 years
|
|
|
55 years
|
|
|
60 years
|
|
(1)
|
The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.
|
(2)
|
Includes amounts, which are not reported on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.
|
|
Liability
|
|
Collateral
|
|
|||||||||||||
|
December 31,
|
|
|||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
|
2013
|
|
||||||||
|
(In millions)
|
|
|||||||||||||||
FHLB of NY (1)
|
$
|
12,570
|
|
|
$
|
12,770
|
|
|
$
|
15,255
|
|
(2)
|
|
$
|
14,287
|
|
(2)
|
Farmer Mac (3)
|
$
|
2,750
|
|
|
$
|
2,750
|
|
|
$
|
3,162
|
|
|
|
$
|
3,159
|
|
|
FHLB of Des Moines (1)
|
$
|
1,405
|
|
|
$
|
1,405
|
|
|
$
|
1,688
|
|
(2)
|
|
$
|
1,596
|
|
(2)
|
FHLB of Boston (1)
|
$
|
575
|
|
|
$
|
450
|
|
|
$
|
666
|
|
(2)
|
|
$
|
808
|
|
(2)
|
FHLB of Pittsburgh (1)
|
$
|
435
|
|
|
$
|
375
|
|
|
$
|
1,637
|
|
(2)
|
|
$
|
976
|
|
(2)
|
(1)
|
Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank.
|
(2)
|
Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.
|
(3)
|
Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural real estate mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
10,630
|
|
|
$
|
10,436
|
|
|
$
|
10,117
|
|
Less: Reinsurance recoverables
|
1,661
|
|
|
1,581
|
|
|
1,436
|
|
|||
Net balance at January 1,
|
8,969
|
|
|
8,855
|
|
|
8,681
|
|
|||
Incurred related to:
|
|
|
|
|
|
||||||
Current year
|
9,358
|
|
|
8,660
|
|
|
8,399
|
|
|||
Prior years (1)
|
(70
|
)
|
|
(86
|
)
|
|
(69
|
)
|
|||
Total incurred
|
9,288
|
|
|
8,574
|
|
|
8,330
|
|
|||
Paid related to:
|
|
|
|
|
|
||||||
Current year
|
(6,714
|
)
|
|
(6,083
|
)
|
|
(5,689
|
)
|
|||
Prior years
|
(2,383
|
)
|
|
(2,377
|
)
|
|
(2,467
|
)
|
|||
Total paid
|
(9,097
|
)
|
|
(8,460
|
)
|
|
(8,156
|
)
|
|||
Net balance at December 31,
|
9,160
|
|
|
8,969
|
|
|
8,855
|
|
|||
Add: Reinsurance recoverables
|
1,876
|
|
|
1,661
|
|
|
1,581
|
|
|||
Balance at December 31,
|
$
|
11,036
|
|
|
$
|
10,630
|
|
|
$
|
10,436
|
|
(1)
|
During
2014
,
2013
and
2012
, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year automobile bodily injury and homeowners’ severity. In addition, 2013 and 2012 included improved loss ratios for non-medical health claim liabilities.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
DAC
|
|
|
|
|
|
||||||
Balance at January 1,
|
$
|
19,774
|
|
|
$
|
17,150
|
|
|
$
|
15,240
|
|
Capitalizations
|
4,183
|
|
|
4,786
|
|
|
5,289
|
|
|||
Amortization related to:
|
|
|
|
|
|
||||||
Net investment gains (losses) and net derivative gains (losses)
|
(39
|
)
|
|
192
|
|
|
(40
|
)
|
|||
Other expenses
|
(3,372
|
)
|
|
(2,812
|
)
|
|
(2,875
|
)
|
|||
Total amortization
|
(3,411
|
)
|
|
(2,620
|
)
|
|
(2,915
|
)
|
|||
Unrealized investment gains (losses)
|
(676
|
)
|
|
924
|
|
|
(516
|
)
|
|||
Effect of foreign currency translation and other
|
(886
|
)
|
|
(466
|
)
|
|
52
|
|
|||
Balance at December 31,
|
18,984
|
|
|
19,774
|
|
|
17,150
|
|
|||
VOBA
|
|
|
|
|
|
||||||
Balance at January 1,
|
6,932
|
|
|
7,611
|
|
|
9,379
|
|
|||
Acquisitions (1)
|
—
|
|
|
947
|
|
|
55
|
|
|||
Amortization related to:
|
|
|
|
|
|
||||||
Net investment gains (losses) and net derivative gains (losses)
|
(1
|
)
|
|
3
|
|
|
(1
|
)
|
|||
Other expenses
|
(720
|
)
|
|
(933
|
)
|
|
(1,283
|
)
|
|||
Total amortization
|
(721
|
)
|
|
(930
|
)
|
|
(1,284
|
)
|
|||
Unrealized investment gains (losses)
|
(26
|
)
|
|
358
|
|
|
(197
|
)
|
|||
Effect of foreign currency translation and other
|
(727
|
)
|
|
(1,054
|
)
|
|
(342
|
)
|
|||
Balance at December 31,
|
5,458
|
|
|
6,932
|
|
|
7,611
|
|
|||
Total DAC and VOBA
|
|
|
|
|
|
||||||
Balance at December 31,
|
$
|
24,442
|
|
|
$
|
26,706
|
|
|
$
|
24,761
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Retail
|
$
|
11,963
|
|
|
$
|
12,882
|
|
Group, Voluntary & Worksite Benefits
|
377
|
|
|
382
|
|
||
Corporate Benefit Funding
|
111
|
|
|
99
|
|
||
Latin America
|
1,991
|
|
|
2,201
|
|
||
Asia
|
8,217
|
|
|
9,077
|
|
||
EMEA
|
1,709
|
|
|
2,039
|
|
||
Corporate & Other
|
74
|
|
|
26
|
|
||
Total
|
$
|
24,442
|
|
|
$
|
26,706
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
DSI
|
|
|
|
|
|
||||||
Balance at January 1,
|
$
|
950
|
|
|
$
|
930
|
|
|
$
|
926
|
|
Capitalization
|
56
|
|
|
58
|
|
|
81
|
|
|||
Amortization
|
(130
|
)
|
|
(36
|
)
|
|
(77
|
)
|
|||
Unrealized investment gains (losses)
|
(64
|
)
|
|
—
|
|
|
—
|
|
|||
Effect of foreign currency translation
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Balance at December 31,
|
$
|
810
|
|
|
$
|
950
|
|
|
$
|
930
|
|
VODA and VOCRA
|
|
|
|
|
|
||||||
Balance at January 1,
|
$
|
975
|
|
|
$
|
1,108
|
|
|
$
|
1,264
|
|
Amortization (1)
|
(82
|
)
|
|
(84
|
)
|
|
(150
|
)
|
|||
Effect of foreign currency translation
|
(46
|
)
|
|
(49
|
)
|
|
(6
|
)
|
|||
Balance at December 31,
|
$
|
847
|
|
|
$
|
975
|
|
|
$
|
1,108
|
|
Accumulated amortization
|
$
|
500
|
|
|
$
|
418
|
|
|
$
|
334
|
|
Negative VOBA
|
|
|
|
|
|
||||||
Balance at January 1,
|
$
|
2,162
|
|
|
$
|
2,916
|
|
|
$
|
3,657
|
|
Acquisitions
|
—
|
|
|
—
|
|
|
10
|
|
|||
Amortization
|
(442
|
)
|
|
(579
|
)
|
|
(622
|
)
|
|||
Effect of foreign currency translation and other
|
(124
|
)
|
|
(175
|
)
|
|
(129
|
)
|
|||
Balance at December 31,
|
$
|
1,596
|
|
|
$
|
2,162
|
|
|
$
|
2,916
|
|
Accumulated amortization
|
$
|
2,404
|
|
|
$
|
1,962
|
|
|
$
|
1,383
|
|
(1)
|
In connection with the Company’s annual impairment testing of VOCRA, it was determined that the VOCRA included in the Group, Voluntary & Worksite Benefits segment, associated with a previously acquired dental business, was impaired as the undiscounted future cash flows associated with the asset were lower than its current carrying value. This shortfall in undiscounted future cash flows is primarily the result of actual persistency experience being less favorable than what was assumed when the asset was acquired. As a result of this impairment, the Company wrote the asset down to its estimated fair value, which was determined using the discounted cash flow valuation approach. The Company recorded a non-cash charge of
$77 million
(
$50 million
, net of income tax) for the impairment of the VOCRA balance to other expenses in the consolidated statement of operations for the year ended December 31, 2012.
|
|
VOBA
|
|
VODA and VOCRA
|
|
Negative VOBA
|
||||||
|
(In millions)
|
||||||||||
2015
|
$
|
633
|
|
|
$
|
75
|
|
|
$
|
(342
|
)
|
2016
|
$
|
532
|
|
|
$
|
70
|
|
|
$
|
(262
|
)
|
2017
|
$
|
455
|
|
|
$
|
67
|
|
|
$
|
(146
|
)
|
2018
|
$
|
403
|
|
|
$
|
62
|
|
|
$
|
(61
|
)
|
2019
|
$
|
353
|
|
|
$
|
58
|
|
|
$
|
(40
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Premiums
|
|
|
|
|
|
||||||
Direct premiums
|
$
|
40,049
|
|
|
$
|
38,476
|
|
|
$
|
38,719
|
|
Reinsurance assumed
|
1,472
|
|
|
1,472
|
|
|
1,488
|
|
|||
Reinsurance ceded
|
(2,454
|
)
|
|
(2,274
|
)
|
|
(2,232
|
)
|
|||
Net premiums
|
$
|
39,067
|
|
|
$
|
37,674
|
|
|
$
|
37,975
|
|
Universal life and investment-type product policy fees
|
|
|
|
|
|
||||||
Direct universal life and investment-type product policy fees
|
$
|
10,768
|
|
|
$
|
10,197
|
|
|
$
|
9,216
|
|
Reinsurance assumed
|
126
|
|
|
139
|
|
|
155
|
|
|||
Reinsurance ceded
|
(948
|
)
|
|
(885
|
)
|
|
(815
|
)
|
|||
Net universal life and investment-type product policy fees
|
$
|
9,946
|
|
|
$
|
9,451
|
|
|
$
|
8,556
|
|
Policyholder benefits and claims
|
|
|
|
|
|
||||||
Direct policyholder benefits and claims
|
$
|
41,573
|
|
|
$
|
40,211
|
|
|
$
|
39,262
|
|
Reinsurance assumed
|
962
|
|
|
1,047
|
|
|
1,167
|
|
|||
Reinsurance ceded
|
(3,433
|
)
|
|
(3,151
|
)
|
|
(2,442
|
)
|
|||
Net policyholder benefits and claims
|
$
|
39,102
|
|
|
$
|
38,107
|
|
|
$
|
37,987
|
|
Other expenses
|
|
|
|
|
|
||||||
Direct other expenses
|
$
|
17,334
|
|
|
$
|
16,712
|
|
|
$
|
17,848
|
|
Reinsurance assumed
|
165
|
|
|
147
|
|
|
228
|
|
|||
Reinsurance ceded
|
(408
|
)
|
|
(257
|
)
|
|
(321
|
)
|
|||
Net other expenses
|
$
|
17,091
|
|
|
$
|
16,602
|
|
|
$
|
17,755
|
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||||||||||
|
Direct
|
|
Assumed
|
|
Ceded
|
|
Total
Balance
Sheet
|
|
Direct
|
|
Assumed
|
|
Ceded
|
|
Total
Balance
Sheet
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Premiums, reinsurance and other receivables
|
$
|
6,111
|
|
|
$
|
491
|
|
|
$
|
15,642
|
|
|
$
|
22,244
|
|
|
$
|
6,248
|
|
|
$
|
593
|
|
|
$
|
15,018
|
|
|
$
|
21,859
|
|
Deferred policy acquisition costs and value of business acquired
|
24,807
|
|
|
112
|
|
|
(477
|
)
|
|
24,442
|
|
|
26,954
|
|
|
104
|
|
|
(352
|
)
|
|
26,706
|
|
||||||||
Total assets
|
$
|
30,918
|
|
|
$
|
603
|
|
|
$
|
15,165
|
|
|
$
|
46,686
|
|
|
$
|
33,202
|
|
|
$
|
697
|
|
|
$
|
14,666
|
|
|
$
|
48,565
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Future policy benefits
|
$
|
187,562
|
|
|
$
|
2,024
|
|
|
$
|
—
|
|
|
$
|
189,586
|
|
|
$
|
185,908
|
|
|
$
|
2,034
|
|
|
$
|
—
|
|
|
$
|
187,942
|
|
Policyholder account balances
|
208,307
|
|
|
989
|
|
|
(2
|
)
|
|
209,294
|
|
|
211,610
|
|
|
1,277
|
|
|
(2
|
)
|
|
212,885
|
|
||||||||
Other policy-related balances
|
14,131
|
|
|
285
|
|
|
6
|
|
|
14,422
|
|
|
14,838
|
|
|
353
|
|
|
23
|
|
|
15,214
|
|
||||||||
Other liabilities
|
20,752
|
|
|
481
|
|
|
3,204
|
|
|
24,437
|
|
|
19,591
|
|
|
533
|
|
|
3,044
|
|
|
23,168
|
|
||||||||
Total liabilities
|
$
|
430,752
|
|
|
$
|
3,779
|
|
|
$
|
3,208
|
|
|
$
|
437,739
|
|
|
$
|
431,947
|
|
|
$
|
4,197
|
|
|
$
|
3,065
|
|
|
$
|
439,209
|
|
|
|
December 31,
|
||||||
|
|
2014
|
|
2013
|
||||
|
|
(In millions)
|
||||||
Closed Block Liabilities
|
|
|
|
|
||||
Future policy benefits
|
|
$
|
41,667
|
|
|
$
|
42,076
|
|
Other policy-related balances
|
|
265
|
|
|
298
|
|
||
Policyholder dividends payable
|
|
461
|
|
|
456
|
|
||
Policyholder dividend obligation
|
|
3,155
|
|
|
1,771
|
|
||
Current income tax payable
|
|
1
|
|
|
18
|
|
||
Other liabilities
|
|
646
|
|
|
582
|
|
||
Total closed block liabilities
|
|
46,195
|
|
|
45,201
|
|
||
Assets Designated to the Closed Block
|
|
|
|
|
||||
Investments:
|
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value
|
|
29,199
|
|
|
28,374
|
|
||
Equity securities available-for-sale, at estimated fair value
|
|
91
|
|
|
86
|
|
||
Mortgage loans
|
|
6,076
|
|
|
6,155
|
|
||
Policy loans
|
|
4,646
|
|
|
4,669
|
|
||
Real estate and real estate joint ventures
|
|
666
|
|
|
492
|
|
||
Other invested assets
|
|
1,065
|
|
|
814
|
|
||
Total investments
|
|
41,743
|
|
|
40,590
|
|
||
Cash and cash equivalents
|
|
227
|
|
|
238
|
|
||
Accrued investment income
|
|
477
|
|
|
477
|
|
||
Premiums, reinsurance and other receivables
|
|
67
|
|
|
98
|
|
||
Deferred income tax assets
|
|
289
|
|
|
293
|
|
||
Total assets designated to the closed block
|
|
42,803
|
|
|
41,696
|
|
||
Excess of closed block liabilities over assets designated to the closed block
|
|
3,392
|
|
|
3,505
|
|
||
Amounts included in AOCI:
|
|
|
|
|
||||
Unrealized investment gains (losses), net of income tax
|
|
2,291
|
|
|
1,502
|
|
||
Unrealized gains (losses) on derivatives, net of income tax
|
|
28
|
|
|
(3
|
)
|
||
Allocated to policyholder dividend obligation, net of income tax
|
|
(2,051
|
)
|
|
(1,151
|
)
|
||
Total amounts included in AOCI
|
|
268
|
|
|
348
|
|
||
Maximum future earnings to be recognized from closed block assets and liabilities
|
|
$
|
3,660
|
|
|
$
|
3,853
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
(In millions)
|
||||||||||
Balance at January 1,
|
|
$
|
1,771
|
|
|
$
|
3,828
|
|
|
$
|
2,919
|
|
Change in unrealized investment and derivative gains (losses)
|
|
1,384
|
|
|
(2,057
|
)
|
|
909
|
|
|||
Balance at December 31,
|
|
$
|
3,155
|
|
|
$
|
1,771
|
|
|
$
|
3,828
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
|
||||||
Premiums
|
|
$
|
1,918
|
|
|
$
|
1,987
|
|
|
$
|
2,139
|
|
Net investment income
|
|
2,093
|
|
|
2,130
|
|
|
2,188
|
|
|||
Net investment gains (losses)
|
|
7
|
|
|
25
|
|
|
61
|
|
|||
Net derivative gains (losses)
|
|
20
|
|
|
(6
|
)
|
|
(12
|
)
|
|||
Total revenues
|
|
4,038
|
|
|
4,136
|
|
|
4,376
|
|
|||
Expenses
|
|
|
|
|
|
|
||||||
Policyholder benefits and claims
|
|
2,598
|
|
|
2,702
|
|
|
2,783
|
|
|||
Policyholder dividends
|
|
988
|
|
|
979
|
|
|
1,072
|
|
|||
Other expenses
|
|
155
|
|
|
165
|
|
|
179
|
|
|||
Total expenses
|
|
3,741
|
|
|
3,846
|
|
|
4,034
|
|
|||
Revenues, net of expenses before provision for income tax expense (benefit)
|
|
297
|
|
|
290
|
|
|
342
|
|
|||
Provision for income tax expense (benefit)
|
|
104
|
|
|
101
|
|
|
120
|
|
|||
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations
|
|
193
|
|
|
189
|
|
|
222
|
|
|||
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations
|
|
—
|
|
|
—
|
|
|
10
|
|
|||
Revenues, net of expenses and provision for income tax expense (benefit)
|
|
$
|
193
|
|
|
$
|
189
|
|
|
$
|
232
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||||||||
|
Cost or
Amortized
Cost
|
|
Gross Unrealized
|
|
Estimated
Fair
Value
|
|
Cost or
Amortized
Cost
|
|
Gross Unrealized
|
|
Estimated
Fair
Value
|
||||||||||||||||||||||||||||
|
|
Gains
|
|
Temporary
Losses
|
|
OTTI
Losses
|
|
Gains
|
|
Temporary
Losses
|
|
OTTI
Losses
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
U.S. corporate
|
$
|
96,235
|
|
|
$
|
10,343
|
|
|
$
|
624
|
|
|
$
|
—
|
|
|
$
|
105,954
|
|
|
$
|
100,203
|
|
|
$
|
7,495
|
|
|
$
|
1,229
|
|
|
$
|
—
|
|
|
$
|
106,469
|
|
Foreign corporate
|
57,695
|
|
|
4,651
|
|
|
664
|
|
|
7
|
|
|
61,675
|
|
|
59,778
|
|
|
3,939
|
|
|
565
|
|
|
—
|
|
|
63,152
|
|
||||||||||
U.S. Treasury and agency
|
54,654
|
|
|
6,892
|
|
|
30
|
|
|
—
|
|
|
61,516
|
|
|
43,928
|
|
|
2,251
|
|
|
1,056
|
|
|
—
|
|
|
45,123
|
|
||||||||||
Foreign government
|
47,327
|
|
|
5,500
|
|
|
161
|
|
|
—
|
|
|
52,666
|
|
|
50,717
|
|
|
4,107
|
|
|
387
|
|
|
—
|
|
|
54,437
|
|
||||||||||
RMBS
|
38,064
|
|
|
2,102
|
|
|
214
|
|
|
106
|
|
|
39,846
|
|
|
34,167
|
|
|
1,584
|
|
|
490
|
|
|
206
|
|
|
35,055
|
|
||||||||||
State and political subdivision
|
12,922
|
|
|
2,291
|
|
|
26
|
|
|
—
|
|
|
15,187
|
|
|
13,233
|
|
|
903
|
|
|
306
|
|
|
—
|
|
|
13,830
|
|
||||||||||
CMBS (1)
|
13,762
|
|
|
615
|
|
|
46
|
|
|
(1
|
)
|
|
14,332
|
|
|
16,115
|
|
|
605
|
|
|
170
|
|
|
—
|
|
|
16,550
|
|
||||||||||
ABS
|
14,121
|
|
|
240
|
|
|
112
|
|
|
—
|
|
|
14,249
|
|
|
15,458
|
|
|
296
|
|
|
171
|
|
|
12
|
|
|
15,571
|
|
||||||||||
Total fixed maturity securities
|
$
|
334,780
|
|
|
$
|
32,634
|
|
|
$
|
1,877
|
|
|
$
|
112
|
|
|
$
|
365,425
|
|
|
$
|
333,599
|
|
|
$
|
21,180
|
|
|
$
|
4,374
|
|
|
$
|
218
|
|
|
$
|
350,187
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Common stock
|
$
|
1,990
|
|
|
$
|
554
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
2,516
|
|
|
$
|
1,927
|
|
|
$
|
431
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
2,353
|
|
Non-redeemable preferred stock
|
1,086
|
|
|
68
|
|
|
39
|
|
|
—
|
|
|
1,115
|
|
|
1,085
|
|
|
76
|
|
|
112
|
|
|
—
|
|
|
1,049
|
|
||||||||||
Total equity securities
|
$
|
3,076
|
|
|
$
|
622
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
3,631
|
|
|
$
|
3,012
|
|
|
$
|
507
|
|
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
3,402
|
|
(1)
|
The noncredit loss component of OTTI losses for CMBS was in an unrealized gain position of
$1 million
at December 31, 2014, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
||||||||
|
(In millions)
|
||||||||||||||
Due in one year or less
|
$
|
13,023
|
|
|
$
|
13,259
|
|
|
$
|
15,828
|
|
|
$
|
16,030
|
|
Due after one year through five years
|
74,303
|
|
|
77,704
|
|
|
70,467
|
|
|
74,229
|
|
||||
Due after five years through ten years
|
78,923
|
|
|
84,988
|
|
|
78,159
|
|
|
83,223
|
|
||||
Due after ten years
|
102,584
|
|
|
121,047
|
|
|
103,405
|
|
|
109,529
|
|
||||
Subtotal
|
268,833
|
|
|
296,998
|
|
|
267,859
|
|
|
283,011
|
|
||||
Structured securities (RMBS, CMBS and ABS)
|
65,947
|
|
|
68,427
|
|
|
65,740
|
|
|
67,176
|
|
||||
Total fixed maturity securities
|
$
|
334,780
|
|
|
$
|
365,425
|
|
|
$
|
333,599
|
|
|
$
|
350,187
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||||||
|
Less than 12 Months
|
|
Equal to or Greater than 12 Months
|
|
Less than 12 Months
|
|
Equal to or Greater than 12 Months
|
||||||||||||||||||||||||
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||||||
|
(In millions, except number of securities)
|
||||||||||||||||||||||||||||||
Fixed maturity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. corporate
|
$
|
11,389
|
|
|
$
|
331
|
|
|
$
|
4,658
|
|
|
$
|
293
|
|
|
$
|
13,889
|
|
|
$
|
808
|
|
|
$
|
3,807
|
|
|
$
|
421
|
|
Foreign corporate
|
9,410
|
|
|
505
|
|
|
2,074
|
|
|
166
|
|
|
9,019
|
|
|
402
|
|
|
2,320
|
|
|
163
|
|
||||||||
U.S. Treasury and agency
|
8,927
|
|
|
12
|
|
|
1,314
|
|
|
18
|
|
|
15,225
|
|
|
1,037
|
|
|
357
|
|
|
19
|
|
||||||||
Foreign government
|
1,085
|
|
|
80
|
|
|
630
|
|
|
81
|
|
|
5,052
|
|
|
336
|
|
|
1,846
|
|
|
51
|
|
||||||||
RMBS
|
4,180
|
|
|
92
|
|
|
2,534
|
|
|
228
|
|
|
10,754
|
|
|
363
|
|
|
2,302
|
|
|
333
|
|
||||||||
State and political subdivision
|
83
|
|
|
1
|
|
|
297
|
|
|
25
|
|
|
3,109
|
|
|
225
|
|
|
351
|
|
|
81
|
|
||||||||
CMBS
|
1,268
|
|
|
23
|
|
|
934
|
|
|
22
|
|
|
3,696
|
|
|
142
|
|
|
631
|
|
|
28
|
|
||||||||
ABS
|
4,456
|
|
|
57
|
|
|
1,440
|
|
|
55
|
|
|
3,772
|
|
|
59
|
|
|
978
|
|
|
124
|
|
||||||||
Total fixed maturity securities
|
$
|
40,798
|
|
|
$
|
1,101
|
|
|
$
|
13,881
|
|
|
$
|
888
|
|
|
$
|
64,516
|
|
|
$
|
3,372
|
|
|
$
|
12,592
|
|
|
$
|
1,220
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock
|
$
|
111
|
|
|
$
|
28
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
4
|
|
|
$
|
16
|
|
|
$
|
1
|
|
Non-redeemable preferred stock
|
67
|
|
|
2
|
|
|
192
|
|
|
37
|
|
|
364
|
|
|
65
|
|
|
191
|
|
|
47
|
|
||||||||
Total equity securities
|
$
|
178
|
|
|
$
|
30
|
|
|
$
|
193
|
|
|
$
|
37
|
|
|
$
|
445
|
|
|
$
|
69
|
|
|
$
|
207
|
|
|
$
|
48
|
|
Total number of securities in an
unrealized loss position
|
3,153
|
|
|
|
|
1,435
|
|
|
|
|
4,480
|
|
|
|
|
1,571
|
|
|
|
•
|
The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security prior to impairment.
|
•
|
When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall impairment evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s best estimates of likely scenario-based outcomes after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.
|
•
|
Additional considerations are made when assessing the unique features that apply to certain structured securities including, but not limited to: the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, and the payment priority within the tranche structure of the security.
|
•
|
When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the estimated fair value is considered the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, management considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process as described above, as well as any private and public sector programs to restructure such securities.
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Mortgage loans held-for-investment:
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
41,088
|
|
|
68.3
|
%
|
|
$
|
40,926
|
|
|
70.9
|
%
|
Agricultural
|
12,378
|
|
|
20.6
|
|
|
12,391
|
|
|
21.5
|
|
||
Residential
|
6,369
|
|
|
10.6
|
|
|
2,772
|
|
|
4.8
|
|
||
Subtotal (1)
|
59,835
|
|
|
99.5
|
|
|
56,089
|
|
|
97.2
|
|
||
Valuation allowances
|
(305
|
)
|
|
(0.5
|
)
|
|
(322
|
)
|
|
(0.6
|
)
|
||
Subtotal mortgage loans held-for-investment, net
|
59,530
|
|
|
99.0
|
|
|
55,767
|
|
|
96.6
|
|
||
Residential — FVO
|
308
|
|
|
0.5
|
|
|
338
|
|
|
0.6
|
|
||
Commercial mortgage loans held by CSEs — FVO
|
280
|
|
|
0.5
|
|
|
1,598
|
|
|
2.8
|
|
||
Total mortgage loans held-for-investment, net
|
60,118
|
|
|
100.0
|
|
|
57,703
|
|
|
100.0
|
|
||
Mortgage loans held-for-sale
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||
Total mortgage loans, net
|
$
|
60,118
|
|
|
100.0
|
%
|
|
$
|
57,706
|
|
|
100.0
|
%
|
(1)
|
Purchases of mortgage loans were
$4.7 billion
and
$2.2 billion
for the years ended December 31,
2014
and
2013
, respectively.
|
|
Evaluated Individually for Credit Losses
|
|
Evaluated Collectively for Credit Losses
|
|
Impaired Loans
|
||||||||||||||||||||||||||||||
|
Impaired Loans with a Valuation Allowance
|
|
Impaired Loans without a Valuation Allowance
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
December 31,
|
Unpaid Principal Balance
|
|
Recorded Investment
|
|
Valuation
Allowances |
|
Unpaid Principal Balance
|
|
Recorded
Investment |
|
Recorded
Investment |
|
Valuation
Allowances |
|
Carrying
Value |
|
Average
Recorded Investment |
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
$
|
75
|
|
|
$
|
75
|
|
|
$
|
24
|
|
|
$
|
101
|
|
|
$
|
100
|
|
|
$
|
40,913
|
|
|
$
|
200
|
|
|
$
|
151
|
|
|
$
|
359
|
|
Agricultural
|
51
|
|
|
48
|
|
|
2
|
|
|
14
|
|
|
13
|
|
|
12,317
|
|
|
37
|
|
|
59
|
|
|
80
|
|
|||||||||
Residential
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
37
|
|
|
6,332
|
|
|
42
|
|
|
37
|
|
|
19
|
|
|||||||||
Total
|
$
|
126
|
|
|
$
|
123
|
|
|
$
|
26
|
|
|
$
|
155
|
|
|
$
|
150
|
|
|
$
|
59,562
|
|
|
$
|
279
|
|
|
$
|
247
|
|
|
$
|
458
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
$
|
214
|
|
|
$
|
210
|
|
|
$
|
58
|
|
|
$
|
299
|
|
|
$
|
296
|
|
|
$
|
40,420
|
|
|
$
|
200
|
|
|
$
|
448
|
|
|
$
|
526
|
|
Agricultural
|
68
|
|
|
66
|
|
|
7
|
|
|
35
|
|
|
34
|
|
|
12,291
|
|
|
37
|
|
|
93
|
|
|
153
|
|
|||||||||
Residential
|
12
|
|
|
12
|
|
|
1
|
|
|
5
|
|
|
4
|
|
|
2,756
|
|
|
19
|
|
|
15
|
|
|
14
|
|
|||||||||
Total
|
$
|
294
|
|
|
$
|
288
|
|
|
$
|
66
|
|
|
$
|
339
|
|
|
$
|
334
|
|
|
$
|
55,467
|
|
|
$
|
256
|
|
|
$
|
556
|
|
|
$
|
693
|
|
|
Commercial
|
|
Agricultural
|
|
Residential
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Balance at January 1, 2012
|
$
|
398
|
|
|
$
|
81
|
|
|
$
|
2
|
|
|
$
|
481
|
|
Provision (release)
|
(92
|
)
|
|
—
|
|
|
6
|
|
|
(86
|
)
|
||||
Charge-offs, net of recoveries
|
(13
|
)
|
|
(24
|
)
|
|
—
|
|
|
(37
|
)
|
||||
Transfers to held-for-sale (1)
|
—
|
|
|
(5
|
)
|
|
(6
|
)
|
|
(11
|
)
|
||||
Balance at December 31, 2012
|
293
|
|
|
52
|
|
|
2
|
|
|
347
|
|
||||
Provision (release)
|
(35
|
)
|
|
4
|
|
|
18
|
|
|
(13
|
)
|
||||
Charge-offs, net of recoveries
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
||||
Transfers to held-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2013
|
258
|
|
|
44
|
|
|
20
|
|
|
322
|
|
||||
Provision (release)
|
(11
|
)
|
|
(4
|
)
|
|
27
|
|
|
12
|
|
||||
Charge-offs, net of recoveries
|
(23
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(29
|
)
|
||||
Transfers to held-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31, 2014
|
$
|
224
|
|
|
$
|
39
|
|
|
$
|
42
|
|
|
$
|
305
|
|
(1)
|
The valuation allowance on and the related carrying value of certain residential mortgage loans held-for-investment were transferred to mortgage loans held-for-sale in connection with the MetLife Bank Divestiture. See Note
3
.
|
|
Recorded Investment
|
|
Estimated
Fair
Value
|
|
% of
Total
|
||||||||||||||||||||
|
Debt Service Coverage Ratios
|
|
Total
|
|
% of
Total
|
|
|||||||||||||||||||
|
> 1.20x
|
|
1.00x - 1.20x
|
|
< 1.00x
|
|
|||||||||||||||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan-to-value ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less than 65%
|
$
|
33,933
|
|
|
$
|
1,105
|
|
|
$
|
1,101
|
|
|
$
|
36,139
|
|
|
88.0
|
%
|
|
$
|
38,166
|
|
|
88.4
|
%
|
65% to 75%
|
3,306
|
|
|
405
|
|
|
87
|
|
|
3,798
|
|
|
9.2
|
|
|
3,873
|
|
|
9.0
|
|
|||||
76% to 80%
|
130
|
|
|
—
|
|
|
15
|
|
|
145
|
|
|
0.4
|
|
|
153
|
|
|
0.3
|
|
|||||
Greater than 80%
|
562
|
|
|
281
|
|
|
163
|
|
|
1,006
|
|
|
2.4
|
|
|
987
|
|
|
2.3
|
|
|||||
Total
|
$
|
37,931
|
|
|
$
|
1,791
|
|
|
$
|
1,366
|
|
|
$
|
41,088
|
|
|
100.0
|
%
|
|
$
|
43,179
|
|
|
100.0
|
%
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan-to-value ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less than 65%
|
$
|
30,552
|
|
|
$
|
614
|
|
|
$
|
841
|
|
|
$
|
32,007
|
|
|
78.2
|
%
|
|
$
|
33,519
|
|
|
78.9
|
%
|
65% to 75%
|
6,360
|
|
|
438
|
|
|
149
|
|
|
6,947
|
|
|
17.0
|
|
|
7,039
|
|
|
16.6
|
|
|||||
76% to 80%
|
525
|
|
|
192
|
|
|
189
|
|
|
906
|
|
|
2.2
|
|
|
892
|
|
|
2.1
|
|
|||||
Greater than 80%
|
661
|
|
|
242
|
|
|
163
|
|
|
1,066
|
|
|
2.6
|
|
|
1,006
|
|
|
2.4
|
|
|||||
Total
|
$
|
38,098
|
|
|
$
|
1,486
|
|
|
$
|
1,342
|
|
|
$
|
40,926
|
|
|
100.0
|
%
|
|
$
|
42,456
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Recorded
Investment
|
|
% of
Total
|
|
Recorded
Investment
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Loan-to-value ratios:
|
|
|
|
|
|
|
|
||||||
Less than 65%
|
$
|
11,743
|
|
|
94.9
|
%
|
|
$
|
11,461
|
|
|
92.5
|
%
|
65% to 75%
|
533
|
|
|
4.3
|
|
|
729
|
|
|
5.9
|
|
||
76% to 80%
|
17
|
|
|
0.1
|
|
|
84
|
|
|
0.7
|
|
||
Greater than 80%
|
85
|
|
|
0.7
|
|
|
117
|
|
|
0.9
|
|
||
Total
|
$
|
12,378
|
|
|
100.0
|
%
|
|
$
|
12,391
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Recorded
Investment
|
|
% of
Total
|
|
Recorded
Investment
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Performance indicators:
|
|
|
|
|
|
|
|
||||||
Performing
|
$
|
6,196
|
|
|
97.3
|
%
|
|
$
|
2,693
|
|
|
97.1
|
%
|
Nonperforming
|
173
|
|
|
2.7
|
|
|
79
|
|
|
2.9
|
|
||
Total
|
$
|
6,369
|
|
|
100.0
|
%
|
|
$
|
2,772
|
|
|
100.0
|
%
|
|
Past Due
|
|
Nonaccrual Status
|
||||||||||||
|
December 31, 2014
|
|
December 31, 2013
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||
|
(In millions)
|
||||||||||||||
Commercial
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
75
|
|
|
$
|
191
|
|
Agricultural
|
1
|
|
|
44
|
|
|
41
|
|
|
47
|
|
||||
Residential
|
173
|
|
|
79
|
|
|
163
|
|
|
65
|
|
||||
Total
|
$
|
184
|
|
|
$
|
135
|
|
|
$
|
279
|
|
|
$
|
303
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
||||||||
|
(In millions)
|
||||||||||||||
Rental receivables, net
|
$
|
1,414
|
|
|
$
|
1,750
|
|
|
$
|
1,491
|
|
|
$
|
1,806
|
|
Estimated residual values
|
1,148
|
|
|
145
|
|
|
1,325
|
|
|
90
|
|
||||
Subtotal
|
2,562
|
|
|
1,895
|
|
|
2,816
|
|
|
1,896
|
|
||||
Unearned income
|
(777
|
)
|
|
(776
|
)
|
|
(870
|
)
|
|
(796
|
)
|
||||
Investment in leases, net of non-recourse debt
|
$
|
1,785
|
|
|
$
|
1,119
|
|
|
$
|
1,946
|
|
|
$
|
1,100
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Income from investment in leases
|
$
|
66
|
|
|
$
|
72
|
|
|
$
|
82
|
|
|
$
|
75
|
|
|
$
|
57
|
|
|
$
|
67
|
|
Less: Income tax expense on leases
|
23
|
|
|
25
|
|
|
29
|
|
|
26
|
|
|
20
|
|
|
23
|
|
||||||
Investment income after income tax
|
$
|
43
|
|
|
$
|
47
|
|
|
$
|
53
|
|
|
$
|
49
|
|
|
$
|
37
|
|
|
$
|
44
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Fixed maturity securities
|
$
|
30,367
|
|
|
$
|
16,672
|
|
|
$
|
33,641
|
|
Fixed maturity securities with noncredit OTTI losses in AOCI
|
(112
|
)
|
|
(218
|
)
|
|
(361
|
)
|
|||
Total fixed maturity securities
|
30,255
|
|
|
16,454
|
|
|
33,280
|
|
|||
Equity securities
|
608
|
|
|
390
|
|
|
97
|
|
|||
Derivatives
|
1,761
|
|
|
375
|
|
|
1,274
|
|
|||
Other
|
149
|
|
|
(73
|
)
|
|
(30
|
)
|
|||
Subtotal
|
32,773
|
|
|
17,146
|
|
|
34,621
|
|
|||
Amounts allocated from:
|
|
|
|
|
|
||||||
Future policy benefits
|
(2,886
|
)
|
|
(898
|
)
|
|
(6,049
|
)
|
|||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
|
(4
|
)
|
|
6
|
|
|
19
|
|
|||
DAC, VOBA and DSI
|
(1,946
|
)
|
|
(1,190
|
)
|
|
(2,485
|
)
|
|||
Policyholder dividend obligation
|
(3,155
|
)
|
|
(1,771
|
)
|
|
(3,828
|
)
|
|||
Subtotal
|
(7,991
|
)
|
|
(3,853
|
)
|
|
(12,343
|
)
|
|||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
|
42
|
|
|
73
|
|
|
119
|
|
|||
Deferred income tax benefit (expense)
|
(8,556
|
)
|
|
(4,956
|
)
|
|
(7,973
|
)
|
|||
Net unrealized investment gains (losses)
|
16,268
|
|
|
8,410
|
|
|
14,424
|
|
|||
Net unrealized investment gains (losses) attributable to noncontrolling interests
|
(33
|
)
|
|
4
|
|
|
(5
|
)
|
|||
Net unrealized investment gains (losses) attributable to MetLife, Inc.
|
$
|
16,235
|
|
|
$
|
8,414
|
|
|
$
|
14,419
|
|
|
Years Ended December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Balance at January 1,
|
$
|
(218
|
)
|
|
$
|
(361
|
)
|
Noncredit OTTI losses and subsequent changes recognized
|
17
|
|
|
60
|
|
||
Securities sold with previous noncredit OTTI loss
|
53
|
|
|
149
|
|
||
Subsequent changes in estimated fair value
|
36
|
|
|
(66
|
)
|
||
Balance at December 31,
|
$
|
(112
|
)
|
|
$
|
(218
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
8,414
|
|
|
$
|
14,419
|
|
|
$
|
8,674
|
|
Fixed maturity securities on which noncredit OTTI losses have been recognized
|
106
|
|
|
143
|
|
|
363
|
|
|||
Unrealized investment gains (losses) during the year
|
15,521
|
|
|
(17,618
|
)
|
|
12,467
|
|
|||
Unrealized investment gains (losses) relating to:
|
|
|
|
|
|
||||||
Future policy benefits
|
(1,988
|
)
|
|
5,151
|
|
|
(2,053
|
)
|
|||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
|
(10
|
)
|
|
(13
|
)
|
|
(28
|
)
|
|||
DAC, VOBA and DSI
|
(756
|
)
|
|
1,295
|
|
|
(685
|
)
|
|||
Policyholder dividend obligation
|
(1,384
|
)
|
|
2,057
|
|
|
(909
|
)
|
|||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
|
(31
|
)
|
|
(46
|
)
|
|
(117
|
)
|
|||
Deferred income tax benefit (expense)
|
(3,600
|
)
|
|
3,017
|
|
|
(3,279
|
)
|
|||
Net unrealized investment gains (losses)
|
16,272
|
|
|
8,405
|
|
|
14,433
|
|
|||
Net unrealized investment gains (losses) attributable to noncontrolling interests
|
(37
|
)
|
|
9
|
|
|
(14
|
)
|
|||
Balance at December 31,
|
$
|
16,235
|
|
|
$
|
8,414
|
|
|
$
|
14,419
|
|
Change in net unrealized investment gains (losses)
|
$
|
7,858
|
|
|
$
|
(6,014
|
)
|
|
$
|
5,759
|
|
Change in net unrealized investment gains (losses) attributable to noncontrolling interests
|
(37
|
)
|
|
9
|
|
|
(14
|
)
|
|||
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
|
$
|
7,821
|
|
|
$
|
(6,005
|
)
|
|
$
|
5,745
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Securities on loan: (1)
|
|
|
|
||||
Amortized cost
|
$
|
26,989
|
|
|
$
|
27,094
|
|
Estimated fair value
|
$
|
30,269
|
|
|
$
|
27,595
|
|
Cash collateral on deposit from counterparties (2)
|
$
|
30,826
|
|
|
$
|
28,319
|
|
Security collateral on deposit from counterparties (3)
|
$
|
83
|
|
|
$
|
—
|
|
Reinvestment portfolio — estimated fair value
|
$
|
31,314
|
|
|
$
|
28,481
|
|
(1)
|
Included within fixed maturity securities, short-term investments, equity securities and cash and cash equivalents.
|
(2)
|
Included within payables for collateral under securities loaned and other transactions.
|
(3)
|
Security collateral on deposit from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Invested assets on deposit (regulatory deposits) (1)
|
$
|
9,437
|
|
|
$
|
2,153
|
|
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)
|
10,069
|
|
|
11,004
|
|
||
Invested assets pledged as collateral (2)
|
25,996
|
|
|
23,770
|
|
||
Total invested assets on deposit, held in trust and pledged as collateral
|
$
|
45,502
|
|
|
$
|
36,927
|
|
(1)
|
In November 2014, MetLife Insurance Company of Connecticut (“MICC”), a wholly-owned subsidiary of MetLife, Inc., re-domesticated from Connecticut to Delaware, changed its name to MetLife Insurance Company USA and merged with its subsidiary, MetLife Investors USA Insurance Company (“MLI-USA”), and its affiliate, MetLife Investors Insurance Company (“
MLIIC”)
, each a U.S. insurance company that issued variable annuity products in addition to other products, and Exeter Reassurance Company, Ltd. (“Exeter”), a former offshore reinsurance subsidiary of MetLife, Inc. and affiliate of MICC that mainly reinsured guarantees associated with variable annuity products (the “Mergers”). The surviving entity of the Mergers was MetLife Insurance Company USA (“MetLife USA”). Exeter, formerly a Cayman Islands company, was re-domesticated to Delaware in October 2013. In anticipation of the Mergers, effective January 1, 2014, following receipt of New York State Department of Financial Services (the “Department of Financial Services”) approval, MICC withdrew its license to issue insurance policies and annuity contracts in New York. Also effective January 1, 2014, MICC reinsured with an affiliate all existing New York insurance policies and annuity contracts that include a separate account feature and deposited investments with an estimated fair market value of
$6.3 billion
into a custodial account to secure MICC’s remaining New York policyholder liabilities not covered by such reinsurance.
|
(2)
|
The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes
4
and
12
), collateral financing arrangements (see Note
13
) and derivative transactions (see Note
9
).
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Outstanding principal and interest balance (1)
|
$
|
5,287
|
|
|
$
|
5,319
|
|
|
$
|
239
|
|
|
$
|
291
|
|
Carrying value (2)
|
$
|
4,170
|
|
|
$
|
4,109
|
|
|
$
|
132
|
|
|
$
|
138
|
|
(1)
|
Represents the contractually required payments, which is the sum of contractual principal, whether or not currently due, and accrued interest.
|
(2)
|
Estimated fair value plus accrued interest for fixed maturity securities and amortized cost, plus accrued interest, less any valuation allowances, for mortgage loans.
|
|
Years Ended December 31,
|
||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Contractually required payments (including interest)
|
$
|
947
|
|
|
$
|
1,872
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash flows expected to be collected (1)
|
$
|
745
|
|
|
$
|
1,446
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value of investments acquired
|
$
|
503
|
|
|
$
|
978
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Represents undiscounted principal and interest cash flow expectations, at the date of acquisition.
|
|
Years Ended December 31,
|
||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Accretable yield, January 1,
|
$
|
2,746
|
|
|
$
|
2,665
|
|
|
$
|
74
|
|
|
$
|
184
|
|
Investments purchased
|
242
|
|
|
468
|
|
|
—
|
|
|
—
|
|
||||
Accretion recognized in earnings
|
(244
|
)
|
|
(260
|
)
|
|
(22
|
)
|
|
(87
|
)
|
||||
Disposals
|
(60
|
)
|
|
(152
|
)
|
|
—
|
|
|
—
|
|
||||
Reclassification (to) from nonaccretable difference
|
(541
|
)
|
|
25
|
|
|
(4
|
)
|
|
(23
|
)
|
||||
Accretable yield, December 31,
|
$
|
2,143
|
|
|
$
|
2,746
|
|
|
$
|
48
|
|
|
$
|
74
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Total
Assets
|
|
Total
Liabilities
|
|
Total
Assets
|
|
Total
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
MRSC (collateral financing arrangement (primarily securities)) (1)
|
$
|
3,471
|
|
|
$
|
—
|
|
|
$
|
3,440
|
|
|
$
|
—
|
|
Operating joint ventures (2)
|
2,405
|
|
|
1,999
|
|
|
2,095
|
|
|
1,777
|
|
||||
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)
|
297
|
|
|
155
|
|
|
1,630
|
|
|
1,457
|
|
||||
Investments:
|
|
|
|
|
|
|
|
||||||||
Other invested assets
|
59
|
|
|
—
|
|
|
82
|
|
|
7
|
|
||||
FVO and trading securities
|
45
|
|
|
—
|
|
|
69
|
|
|
—
|
|
||||
Other limited partnership interests
|
37
|
|
|
—
|
|
|
61
|
|
|
—
|
|
||||
Real estate joint ventures (4)
|
9
|
|
|
15
|
|
|
1,181
|
|
|
443
|
|
||||
Total
|
$
|
6,323
|
|
|
$
|
2,169
|
|
|
$
|
8,558
|
|
|
$
|
3,684
|
|
(1)
|
See Note
13
for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement.
|
(2)
|
Assets of the operating joint venture are primarily fixed maturity securities and separate account assets. Liabilities of the operating joint venture are primarily future policy benefits, other policyholder funds and separate account liabilities.
|
(3)
|
The Company consolidates entities that are structured as CMBS and as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of
$123 million
and
$154 million
at estimated fair value at December 31,
2014
and
2013
, respectively. The long-term debt bears interest primarily at fixed rates ranging from
2.25%
to
5.57%
, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was
$38 million
,
$122 million
and
$163 million
for the years ended December 31,
2014
,
2013
and
2012
respectively.
|
(4)
|
At
December 31, 2013
, the Company consolidated an open ended core real estate fund formed in the fourth quarter of
2013
(the “MetLife Core Property Fund”), which represented the majority of the balances at
December 31, 2013
. As a result of the quarterly reassessment in the first quarter of 2014, the Company no longer consolidated the MetLife Core Property Fund, effective March 31, 2014, based on the terms of the revised partnership agreement. The Company accounts for its retained interest in the real estate fund under the equity method. Assets of the real estate fund are a real estate investment trust which holds primarily traditional core income-producing real estate which has associated liabilities that are primarily non-recourse debt secured by certain real estate assets of the fund. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its investment in the real estate fund of
$178 million
at carrying value at December 31,
2013
. The long-term debt bears interest primarily at fixed rates ranging from
1.39%
to
4.45%
, payable primarily on a monthly basis.
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Carrying
Amount
|
|
Maximum
Exposure
to Loss (1)
|
|
Carrying
Amount
|
|
Maximum
Exposure
to Loss (1)
|
||||||||
|
(In millions)
|
||||||||||||||
Fixed maturity securities AFS:
|
|
|
|
|
|
|
|
||||||||
Structured securities (RMBS, CMBS and ABS) (2)
|
$
|
68,427
|
|
|
$
|
68,427
|
|
|
$
|
67,176
|
|
|
$
|
67,176
|
|
U.S. and foreign corporate
|
3,829
|
|
|
3,829
|
|
|
3,966
|
|
|
3,966
|
|
||||
Other limited partnership interests
|
6,250
|
|
|
8,402
|
|
|
5,041
|
|
|
6,994
|
|
||||
Other invested assets
|
1,720
|
|
|
2,050
|
|
|
1,509
|
|
|
1,897
|
|
||||
FVO and trading securities
|
565
|
|
|
565
|
|
|
619
|
|
|
619
|
|
||||
Real estate joint ventures
|
100
|
|
|
125
|
|
|
70
|
|
|
71
|
|
||||
Mortgage loans
|
51
|
|
|
51
|
|
|
106
|
|
|
106
|
|
||||
Equity securities AFS:
|
|
|
|
|
|
|
|
||||||||
Non-redeemable preferred stock
|
41
|
|
|
41
|
|
|
35
|
|
|
35
|
|
||||
Total
|
$
|
80,983
|
|
|
$
|
83,490
|
|
|
$
|
78,522
|
|
|
$
|
80,864
|
|
(1)
|
The maximum exposure to loss relating to fixed maturity securities AFS, FVO and trading securities and equity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests, mortgage loans and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments of the Company. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of
$212 million
and
$257 million
at December 31,
2014
and
2013
, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.
|
(2)
|
For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Investment income:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
$
|
14,868
|
|
|
$
|
15,071
|
|
|
$
|
15,218
|
|
Equity securities
|
133
|
|
|
127
|
|
|
133
|
|
|||
FVO and trading securities — Actively Traded and FVO general account securities (1)
|
103
|
|
|
65
|
|
|
88
|
|
|||
Mortgage loans
|
2,928
|
|
|
3,020
|
|
|
3,191
|
|
|||
Policy loans
|
629
|
|
|
620
|
|
|
626
|
|
|||
Real estate and real estate joint ventures
|
951
|
|
|
909
|
|
|
834
|
|
|||
Other limited partnership interests
|
1,033
|
|
|
955
|
|
|
845
|
|
|||
Cash, cash equivalents and short-term investments
|
168
|
|
|
181
|
|
|
163
|
|
|||
Operating joint ventures
|
10
|
|
|
10
|
|
|
19
|
|
|||
Other
|
192
|
|
|
165
|
|
|
131
|
|
|||
Subtotal
|
21,015
|
|
|
21,123
|
|
|
21,248
|
|
|||
Less: Investment expenses
|
1,178
|
|
|
1,198
|
|
|
1,090
|
|
|||
Subtotal, net
|
19,837
|
|
|
19,925
|
|
|
20,158
|
|
|||
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)
|
1,266
|
|
|
2,172
|
|
|
1,473
|
|
|||
Securitized reverse residential mortgage loans
|
—
|
|
|
—
|
|
|
177
|
|
|||
FVO CSEs — interest income:
|
|
|
|
|
|
||||||
Commercial mortgage loans
|
49
|
|
|
132
|
|
|
172
|
|
|||
Securities
|
1
|
|
|
3
|
|
|
4
|
|
|||
Subtotal
|
1,316
|
|
|
2,307
|
|
|
1,826
|
|
|||
Net investment income
|
$
|
21,153
|
|
|
$
|
22,232
|
|
|
$
|
21,984
|
|
(1)
|
Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment income were as follows:
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Actively Traded and FVO general account securities
|
$
|
(3
|
)
|
|
$
|
18
|
|
|
$
|
51
|
|
FVO contractholder-directed unit-linked investments
|
$
|
645
|
|
|
$
|
1,579
|
|
|
$
|
1,170
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Total gains (losses) on fixed maturity securities:
|
|
|
|
|
|
||||||
Total OTTI losses recognized — by sector and industry:
|
|
|
|
|
|
||||||
U.S. and foreign corporate securities — by industry:
|
|
|
|
|
|
||||||
Consumer
|
$
|
(7
|
)
|
|
$
|
(11
|
)
|
|
$
|
(19
|
)
|
Transportation
|
(2
|
)
|
|
(3
|
)
|
|
(17
|
)
|
|||
Utility
|
—
|
|
|
(48
|
)
|
|
(61
|
)
|
|||
Finance
|
—
|
|
|
(10
|
)
|
|
(32
|
)
|
|||
Communications
|
—
|
|
|
(2
|
)
|
|
(19
|
)
|
|||
Technology
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||
Industrial
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||
Total U.S. and foreign corporate securities
|
(9
|
)
|
|
(74
|
)
|
|
(159
|
)
|
|||
RMBS
|
(31
|
)
|
|
(80
|
)
|
|
(97
|
)
|
|||
CMBS
|
(13
|
)
|
|
(12
|
)
|
|
(51
|
)
|
|||
ABS
|
(7
|
)
|
|
—
|
|
|
(9
|
)
|
|||
State and political subdivision
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
OTTI losses on fixed maturity securities recognized in earnings
|
(60
|
)
|
|
(166
|
)
|
|
(317
|
)
|
|||
Fixed maturity securities — net gains (losses) on sales and disposals
|
598
|
|
|
561
|
|
|
253
|
|
|||
Total gains (losses) on fixed maturity securities
|
538
|
|
|
395
|
|
|
(64
|
)
|
|||
Total gains (losses) on equity securities:
|
|
|
|
|
|
||||||
Total OTTI losses recognized — by sector:
|
|
|
|
|
|
||||||
Non-redeemable preferred stock
|
(23
|
)
|
|
(20
|
)
|
|
—
|
|
|||
Common stock
|
(13
|
)
|
|
(6
|
)
|
|
(34
|
)
|
|||
OTTI losses on equity securities recognized in earnings
|
(36
|
)
|
|
(26
|
)
|
|
(34
|
)
|
|||
Equity securities — net gains (losses) on sales and disposals
|
101
|
|
|
31
|
|
|
38
|
|
|||
Total gains (losses) on equity securities
|
65
|
|
|
5
|
|
|
4
|
|
|||
FVO and trading securities — FVO general account securities
|
9
|
|
|
15
|
|
|
17
|
|
|||
Mortgage loans
|
(36
|
)
|
|
22
|
|
|
57
|
|
|||
Real estate and real estate joint ventures
|
222
|
|
|
(19
|
)
|
|
(36
|
)
|
|||
Other limited partnership interests
|
(78
|
)
|
|
(48
|
)
|
|
(36
|
)
|
|||
Other investment portfolio gains (losses)
|
(110
|
)
|
|
22
|
|
|
(151
|
)
|
|||
Subtotal — investment portfolio gains (losses)
|
610
|
|
|
392
|
|
|
(209
|
)
|
|||
FVO CSEs:
|
|
|
|
|
|
||||||
Commercial mortgage loans
|
(13
|
)
|
|
(52
|
)
|
|
7
|
|
|||
Securities
|
—
|
|
|
2
|
|
|
—
|
|
|||
Long-term debt — related to commercial mortgage loans
|
19
|
|
|
85
|
|
|
25
|
|
|||
Long-term debt — related to securities
|
(1
|
)
|
|
(2
|
)
|
|
(7
|
)
|
|||
Non-investment portfolio gains (losses) (1)
|
(812
|
)
|
|
(264
|
)
|
|
(168
|
)
|
|||
Subtotal FVO CSEs and non-investment portfolio gains (losses)
|
(807
|
)
|
|
(231
|
)
|
|
(143
|
)
|
|||
Total net investment gains (losses)
|
$
|
(197
|
)
|
|
$
|
161
|
|
|
$
|
(352
|
)
|
(1)
|
Non-investment portfolio gains (losses) for the year ended December 31,
2014
includes a loss of
$633 million
related to the disposition of MAL as more fully described in Note 3.
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
|
Fixed Maturity Securities
|
|
Equity Securities
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Proceeds
|
$
|
82,075
|
|
|
$
|
76,070
|
|
|
$
|
59,219
|
|
|
$
|
544
|
|
|
$
|
746
|
|
|
$
|
1,648
|
|
Gross investment gains
|
$
|
1,165
|
|
|
$
|
1,326
|
|
|
$
|
944
|
|
|
$
|
112
|
|
|
$
|
56
|
|
|
$
|
73
|
|
Gross investment losses
|
(567
|
)
|
|
(765
|
)
|
|
(691
|
)
|
|
(11
|
)
|
|
(25
|
)
|
|
(35
|
)
|
||||||
OTTI losses (1)
|
(60
|
)
|
|
(166
|
)
|
|
(317
|
)
|
|
(36
|
)
|
|
(26
|
)
|
|
(34
|
)
|
||||||
Net investment gains (losses)
|
$
|
538
|
|
|
$
|
395
|
|
|
$
|
(64
|
)
|
|
$
|
65
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
Years Ended December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Balance at January 1,
|
$
|
378
|
|
|
$
|
392
|
|
Additions:
|
|
|
|
||||
Initial impairments — credit loss OTTI recognized on securities not previously impaired
|
2
|
|
|
6
|
|
||
Additional impairments — credit loss OTTI recognized on securities previously impaired
|
25
|
|
|
69
|
|
||
Reductions:
|
|
|
|
||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI
|
(40
|
)
|
|
(87
|
)
|
||
Securities impaired to net present value of expected future cash flows
|
(7
|
)
|
|
—
|
|
||
Increases in cash flows — accretion of previous credit loss OTTI
|
(1
|
)
|
|
(2
|
)
|
||
Balance at December 31,
|
$
|
357
|
|
|
$
|
378
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Derivatives and hedging gains (losses) (1)
|
$
|
1,638
|
|
|
$
|
(8,343
|
)
|
|
$
|
(3,158
|
)
|
Embedded derivatives
|
(321
|
)
|
|
5,104
|
|
|
1,239
|
|
|||
Total net derivative gains (losses)
|
$
|
1,317
|
|
|
$
|
(3,239
|
)
|
|
$
|
(1,919
|
)
|
(1)
|
Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Qualifying hedges:
|
|
|
|
|
|
||||||
Net investment income
|
$
|
158
|
|
|
$
|
135
|
|
|
$
|
111
|
|
Interest credited to policyholder account balances
|
101
|
|
|
150
|
|
|
164
|
|
|||
Other expenses
|
(3
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|||
Non-qualifying hedges:
|
|
|
|
|
|
||||||
Net investment income
|
(4
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|||
Other revenues
|
—
|
|
|
—
|
|
|
47
|
|
|||
Net derivative gains (losses)
|
828
|
|
|
328
|
|
|
476
|
|
|||
Policyholder benefits and claims
|
40
|
|
|
(292
|
)
|
|
(120
|
)
|
|||
Total
|
$
|
1,120
|
|
|
$
|
309
|
|
|
$
|
667
|
|
|
Net
Derivative
Gains (Losses)
|
|
Net
Investment
Income (1)
|
|
Policyholder
Benefits and
Claims (2)
|
|
Other
Revenues (3)
|
||||||||
|
(In millions)
|
||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives
|
$
|
1,545
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
—
|
|
Foreign currency exchange rate derivatives
|
(344
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — purchased
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — written
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity derivatives
|
(634
|
)
|
|
(18
|
)
|
|
(288
|
)
|
|
—
|
|
||||
Total
|
$
|
576
|
|
|
$
|
(18
|
)
|
|
$
|
(246
|
)
|
|
$
|
—
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives
|
$
|
(3,458
|
)
|
|
$
|
—
|
|
|
$
|
(27
|
)
|
|
$
|
—
|
|
Foreign currency exchange rate derivatives
|
(1,716
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — purchased
|
(21
|
)
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — written
|
130
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Equity derivatives
|
(3,663
|
)
|
|
(25
|
)
|
|
(727
|
)
|
|
—
|
|
||||
Total
|
$
|
(8,728
|
)
|
|
$
|
(38
|
)
|
|
$
|
(754
|
)
|
|
$
|
—
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Interest rate derivatives
|
$
|
(296
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28
|
|
Foreign currency exchange rate derivatives
|
(660
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — purchased
|
(298
|
)
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
||||
Credit derivatives — written
|
150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Equity derivatives
|
(2,556
|
)
|
|
(9
|
)
|
|
(419
|
)
|
|
—
|
|
||||
Total
|
$
|
(3,660
|
)
|
|
$
|
(23
|
)
|
|
$
|
(419
|
)
|
|
$
|
28
|
|
(1)
|
Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and derivatives held within contractholder-directed unit-linked investments.
|
(2)
|
Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.
|
(3)
|
Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities prior to the MetLife Bank Divestiture.
|
Derivatives in Fair Value
Hedging Relationships
|
|
Hedged Items in Fair Value
Hedging Relationships
|
|
Net Derivative
Gains (Losses)
Recognized
for Derivatives
|
|
Net Derivative
Gains (Losses)
Recognized for
Hedged Items
|
|
Ineffectiveness
Recognized in
Net Derivative
Gains (Losses)
|
||||||
|
|
|
|
(In millions)
|
||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
||||||||
Interest rate swaps:
|
|
Fixed maturity securities
|
|
$
|
5
|
|
|
$
|
(1
|
)
|
|
$
|
4
|
|
|
|
Policyholder liabilities (1)
|
|
681
|
|
|
(667
|
)
|
|
14
|
|
|||
Foreign currency swaps:
|
|
Foreign-denominated fixed maturity securities
|
|
13
|
|
|
(11
|
)
|
|
2
|
|
|||
|
|
Foreign-denominated PABs (2)
|
|
(283
|
)
|
|
270
|
|
|
(13
|
)
|
|||
Foreign currency forwards:
|
|
Foreign-denominated fixed maturity securities
|
|
(359
|
)
|
|
330
|
|
|
(29
|
)
|
|||
Total
|
|
$
|
57
|
|
|
$
|
(79
|
)
|
|
$
|
(22
|
)
|
||
Year Ended December 31, 2013
|
|
|
|
|
|
|
||||||||
Interest rate swaps:
|
|
Fixed maturity securities
|
|
$
|
42
|
|
|
$
|
(43
|
)
|
|
$
|
(1
|
)
|
|
|
Policyholder liabilities (1)
|
|
(830
|
)
|
|
835
|
|
|
5
|
|
|||
Foreign currency swaps:
|
|
Foreign-denominated fixed maturity securities
|
|
13
|
|
|
(12
|
)
|
|
1
|
|
|||
|
|
Foreign-denominated PABs (2)
|
|
(97
|
)
|
|
110
|
|
|
13
|
|
|||
Foreign currency forwards:
|
|
Foreign-denominated fixed maturity securities
|
|
(109
|
)
|
|
102
|
|
|
(7
|
)
|
|||
Total
|
|
$
|
(981
|
)
|
|
$
|
992
|
|
|
$
|
11
|
|
||
Year Ended December 31, 2012
|
|
|
|
|
|
|
||||||||
Interest rate swaps:
|
|
Fixed maturity securities
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
|
Policyholder liabilities (1)
|
|
(82
|
)
|
|
96
|
|
|
14
|
|
|||
Foreign currency swaps:
|
|
Foreign-denominated fixed maturity securities
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||
|
|
Foreign-denominated PABs (2)
|
|
3
|
|
|
(20
|
)
|
|
(17
|
)
|
|||
Foreign currency forwards:
|
|
Foreign-denominated fixed maturity securities
|
|
(51
|
)
|
|
50
|
|
|
(1
|
)
|
|||
Total
|
|
$
|
(135
|
)
|
|
$
|
127
|
|
|
$
|
(8
|
)
|
(1)
|
Fixed rate liabilities reported in PABs or future policy benefits.
|
(2)
|
Fixed rate or floating rate liabilities.
|
Derivatives in Cash Flow
Hedging Relationships
|
|
Amount of Gains
(Losses)Deferred in
AOCI on Derivatives
|
|
Amount and Location
of Gains (Losses)
Reclassified from
AOCI into Income (Loss)
|
|
Amount and Location
of Gains (Losses)Recognized in Income
(Loss) on Derivatives
|
||||||||||||||
|
|
(Effective Portion)
|
|
(Effective Portion)
|
|
(Ineffective Portion)
|
||||||||||||||
|
|
|
|
Net Derivative
Gains (Losses)
|
|
Net Investment
Income
|
|
Other
Expenses
|
|
Net Derivative
Gains (Losses)
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
722
|
|
|
$
|
42
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Interest rate forwards
|
|
86
|
|
|
(7
|
)
|
|
4
|
|
|
2
|
|
|
—
|
|
|||||
Foreign currency swaps
|
|
(139
|
)
|
|
(768
|
)
|
|
(2
|
)
|
|
2
|
|
|
1
|
|
|||||
Credit forwards
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
669
|
|
|
$
|
(733
|
)
|
|
$
|
12
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
(635
|
)
|
|
$
|
20
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
Interest rate forwards
|
|
(59
|
)
|
|
10
|
|
|
3
|
|
|
(1
|
)
|
|
1
|
|
|||||
Foreign currency swaps
|
|
(165
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
1
|
|
|
3
|
|
|||||
Credit forwards
|
|
(4
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
(863
|
)
|
|
$
|
27
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
1
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
(34
|
)
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
(3
|
)
|
|
$
|
2
|
|
Interest rate forwards
|
|
(17
|
)
|
|
1
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|||||
Foreign currency swaps
|
|
(164
|
)
|
|
23
|
|
|
(5
|
)
|
|
1
|
|
|
(6
|
)
|
|||||
Credit forwards
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
(215
|
)
|
|
$
|
25
|
|
|
$
|
2
|
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
Derivatives in Net Investment
Hedging Relationships (1), (2)
|
|
Amount of Gains (Losses) Deferred in
AOCI (Effective Portion)
|
||||||||||
|
Years Ended December 31,
|
|||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||
|
|
(In millions)
|
||||||||||
Foreign currency forwards
|
|
$
|
407
|
|
|
$
|
69
|
|
|
$
|
(50
|
)
|
Currency options
|
|
222
|
|
|
262
|
|
|
36
|
|
|||
Total
|
|
$
|
629
|
|
|
$
|
331
|
|
|
$
|
(14
|
)
|
(1)
|
In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. See Note 3. As a result, during the
year ended December 31, 2014
, the Company released losses of
$77 million
from AOCI into earnings upon the sale. During the years ended December 31,
2013
and
2012
, there were
no
sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.
|
(2)
|
There was
no
ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.
|
|
|
December 31,
|
||||||||||||||||||||
|
|
2014
|
|
2013
|
||||||||||||||||||
Rating Agency Designation of Referenced
Credit Obligations (1)
|
|
Estimated
Fair Value
of Credit
Default
Swaps
|
|
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
|
|
Weighted
Average
Years to
Maturity (3)
|
|
Estimated
Fair Value
of Credit
Default
Swaps
|
|
Maximum
Amount of Future
Payments under
Credit Default
Swaps (2)
|
|
Weighted
Average
Years to
Maturity (3)
|
||||||||||
|
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||||||||||
Aaa/Aa/A
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
$
|
10
|
|
|
$
|
677
|
|
|
2.4
|
|
|
$
|
10
|
|
|
$
|
545
|
|
|
2.6
|
|
Credit default swaps referencing indices
|
|
10
|
|
|
1,700
|
|
|
2.6
|
|
|
26
|
|
|
2,739
|
|
|
1.5
|
|
||||
Subtotal
|
|
20
|
|
|
2,377
|
|
|
2.6
|
|
|
36
|
|
|
3,284
|
|
|
1.6
|
|
||||
Baa
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
23
|
|
|
1,591
|
|
|
2.8
|
|
|
24
|
|
|
1,320
|
|
|
3.1
|
|
||||
Credit default swaps referencing indices
|
|
94
|
|
|
5,774
|
|
|
4.7
|
|
|
73
|
|
|
4,071
|
|
|
4.7
|
|
||||
Subtotal
|
|
117
|
|
|
7,365
|
|
|
4.3
|
|
|
97
|
|
|
5,391
|
|
|
4.3
|
|
||||
Ba
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
—
|
|
|
60
|
|
|
3.0
|
|
|
—
|
|
|
5
|
|
|
3.8
|
|
||||
Credit default swaps referencing indices
|
|
(1
|
)
|
|
100
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Subtotal
|
|
(1
|
)
|
|
160
|
|
|
2.4
|
|
|
—
|
|
|
5
|
|
|
3.8
|
|
||||
B
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit default swaps referencing indices
|
|
39
|
|
|
625
|
|
|
4.9
|
|
|
32
|
|
|
375
|
|
|
4.9
|
|
||||
Subtotal
|
|
39
|
|
|
625
|
|
|
4.9
|
|
|
32
|
|
|
375
|
|
|
4.9
|
|
||||
Total
|
|
$
|
175
|
|
|
$
|
10,527
|
|
|
3.9
|
|
|
$
|
165
|
|
|
$
|
9,055
|
|
|
3.4
|
|
(1)
|
The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), S&P and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.
|
(2)
|
Assumes the value of the referenced credit obligations is zero.
|
(3)
|
The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
|
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement
|
|
Assets
|
|
Liabilities
|
|
Assets
|
|
Liabilities
|
||||||||
|
|
(In millions)
|
||||||||||||||
Gross estimated fair value of derivatives:
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral (1)
|
|
$
|
12,256
|
|
|
$
|
6,017
|
|
|
$
|
8,537
|
|
|
$
|
6,367
|
|
OTC-cleared (1)
|
|
1,380
|
|
|
1,054
|
|
|
302
|
|
|
129
|
|
||||
Exchange-traded
|
|
71
|
|
|
11
|
|
|
11
|
|
|
53
|
|
||||
Total gross estimated fair value of derivatives (1)
|
|
13,707
|
|
|
7,082
|
|
|
8,850
|
|
|
6,549
|
|
||||
Amounts offset on the consolidated balance sheets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Estimated fair value of derivatives presented on the consolidated balance sheets (1)
|
|
13,707
|
|
|
7,082
|
|
|
8,850
|
|
|
6,549
|
|
||||
Gross amounts not offset on the consolidated balance sheets:
|
|
|
|
|
|
|
|
|
||||||||
Gross estimated fair value of derivatives: (2)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(4,082
|
)
|
|
(4,082
|
)
|
|
(4,631
|
)
|
|
(4,631
|
)
|
||||
OTC-cleared
|
|
(989
|
)
|
|
(989
|
)
|
|
(122
|
)
|
|
(122
|
)
|
||||
Exchange-traded
|
|
(5
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||
Cash collateral: (3), (4)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(4,153
|
)
|
|
(133
|
)
|
|
(1,679
|
)
|
|
(3
|
)
|
||||
OTC-cleared
|
|
(386
|
)
|
|
(62
|
)
|
|
(169
|
)
|
|
(7
|
)
|
||||
Exchange-traded
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(44
|
)
|
||||
Securities collateral: (5)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(3,768
|
)
|
|
(1,700
|
)
|
|
(2,105
|
)
|
|
(1,464
|
)
|
||||
OTC-cleared
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||
Exchange-traded
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Net amount after application of master netting agreements and collateral
|
|
$
|
324
|
|
|
$
|
102
|
|
|
$
|
139
|
|
|
$
|
269
|
|
(1)
|
At both
December 31, 2014
and
2013
, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of
$255 million
. At
December 31, 2014
and
2013
, derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of
$60 million
and
$28 million
, respectively.
|
(2)
|
Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.
|
(3)
|
Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was
$263 million
and
$0
at
December 31, 2014
and
2013
, respectively.
|
(4)
|
The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At
December 31, 2014
and
2013
, the Company received excess cash collateral of
$87 million
(including
$36 million
off-balance sheet cash collateral held in separate custodial accounts) and
$104 million
, respectively, and provided excess cash collateral of
$192 million
and
$236 million
, respectively, which is not included in the table above due to the foregoing limitation.
|
(5)
|
Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at
December 31, 2014
none
of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At
December 31, 2014
and
2013
, the Company received excess securities collateral with an estimated fair value of
$395 million
and
$238 million
, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At
December 31, 2014
and
2013
, the Company provided excess securities collateral with an estimated fair value of
$117 million
and
$66 million
, respectively, for its OTC-bilateral derivatives,
$199 million
and
$141 million
, respectively, for its OTC-cleared derivatives, and
$245 million
and
$81 million
, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
|
|
|
|
|
Estimated Fair Value of
Collateral Provided
|
|
Fair Value of Incremental
Collateral Provided Upon
|
||||||||||||||
|
|
Estimated
Fair Value of Derivatives in
Net Liability
Position (1)
|
|
Fixed Maturity
Securities
|
|
Cash
|
|
One Notch
Downgrade in
the Company’s
Credit Rating
|
|
Downgrade in the Company’s
Credit Rating to a Level
that Triggers Full Overnight
Collateralization or Termination
of the Derivative Position
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to credit-contingent provisions
|
|
$
|
1,832
|
|
|
$
|
1,750
|
|
|
$
|
131
|
|
|
$
|
5
|
|
|
$
|
7
|
|
Derivatives not subject to credit-contingent provisions
|
|
84
|
|
|
65
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
1,916
|
|
|
$
|
1,815
|
|
|
$
|
133
|
|
|
$
|
5
|
|
|
$
|
7
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to credit-contingent provisions
|
|
$
|
1,674
|
|
|
$
|
1,530
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
34
|
|
Derivatives not subject to credit-contingent provisions
|
|
20
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
1,694
|
|
|
$
|
1,530
|
|
|
$
|
3
|
|
|
$
|
27
|
|
|
$
|
34
|
|
(1)
|
After taking into consideration the existence of netting agreements.
|
|
|
|
December 31,
|
||||||
|
Balance Sheet Location
|
|
2014
|
|
2013
|
||||
|
|
|
(In millions)
|
||||||
Net embedded derivatives within asset host contracts:
|
|
|
|
|
|
||||
Ceded guaranteed minimum benefits
|
Premiums, reinsurance and other receivables
|
|
$
|
324
|
|
|
$
|
247
|
|
Funds withheld on assumed reinsurance
|
Other invested assets
|
|
53
|
|
|
38
|
|
||
Options embedded in debt or equity securities
|
Investments
|
|
(217
|
)
|
|
(145
|
)
|
||
Net embedded derivatives within asset host contracts
|
|
$
|
160
|
|
|
$
|
140
|
|
|
Net embedded derivatives within liability host contracts:
|
|
|
|
|
|||||
Direct guaranteed minimum benefits
|
PABs and Future policy benefits
|
|
$
|
(1,126
|
)
|
|
$
|
(2,296
|
)
|
Assumed guaranteed minimum benefits
|
PABs
|
|
973
|
|
|
1,262
|
|
||
Funds withheld on ceded reinsurance
|
Other liabilities
|
|
83
|
|
|
60
|
|
||
Other
|
PABs
|
|
24
|
|
|
5
|
|
||
Net embedded derivatives within liability host contracts
|
|
$
|
(46
|
)
|
|
$
|
(969
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Net derivative gains (losses) (1)
|
$
|
(321
|
)
|
|
$
|
5,104
|
|
|
$
|
1,239
|
|
Policyholder benefits and claims
|
$
|
87
|
|
|
$
|
(139
|
)
|
|
$
|
75
|
|
(1)
|
The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were
$13 million
,
($952) million
and
($1.7) billion
for the years ended December 31,
2014
,
2013
and
2012
, respectively.
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.
|
Level 2
|
Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability.
|
|
|
December 31, 2014
|
||||||||||||||
|
|
Fair Value Hierarchy
|
|
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Estimated
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. corporate
|
|
$
|
—
|
|
|
$
|
99,012
|
|
|
$
|
6,942
|
|
|
$
|
105,954
|
|
Foreign corporate
|
|
—
|
|
|
55,185
|
|
|
6,490
|
|
|
61,675
|
|
||||
U.S. Treasury and agency
|
|
36,879
|
|
|
24,637
|
|
|
—
|
|
|
61,516
|
|
||||
Foreign government
|
|
—
|
|
|
51,355
|
|
|
1,311
|
|
|
52,666
|
|
||||
RMBS
|
|
—
|
|
|
35,463
|
|
|
4,383
|
|
|
39,846
|
|
||||
State and political subdivision
|
|
—
|
|
|
15,187
|
|
|
—
|
|
|
15,187
|
|
||||
CMBS
|
|
—
|
|
|
13,567
|
|
|
765
|
|
|
14,332
|
|
||||
ABS
|
|
—
|
|
|
12,005
|
|
|
2,244
|
|
|
14,249
|
|
||||
Total fixed maturity securities
|
|
36,879
|
|
|
306,411
|
|
|
22,135
|
|
|
365,425
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Common stock
|
|
1,558
|
|
|
863
|
|
|
95
|
|
|
2,516
|
|
||||
Non-redeemable preferred stock
|
|
—
|
|
|
865
|
|
|
250
|
|
|
1,115
|
|
||||
Total equity securities
|
|
1,558
|
|
|
1,728
|
|
|
345
|
|
|
3,631
|
|
||||
FVO and trading securities:
|
|
|
|
|
|
|
|
|
||||||||
Actively Traded Securities
|
|
22
|
|
|
627
|
|
|
5
|
|
|
654
|
|
||||
FVO general account securities
|
|
552
|
|
|
57
|
|
|
95
|
|
|
704
|
|
||||
FVO contractholder-directed unit-linked investments
|
|
11,064
|
|
|
3,797
|
|
|
455
|
|
|
15,316
|
|
||||
FVO securities held by CSEs
|
|
—
|
|
|
3
|
|
|
12
|
|
|
15
|
|
||||
Total FVO and trading securities
|
|
11,638
|
|
|
4,484
|
|
|
567
|
|
|
16,689
|
|
||||
Short-term investments (1)
|
|
2,104
|
|
|
5,223
|
|
|
336
|
|
|
7,663
|
|
||||
Mortgage loans:
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage loans — FVO
|
|
—
|
|
|
—
|
|
|
308
|
|
|
308
|
|
||||
Commercial mortgage loans held by CSEs — FVO
|
|
—
|
|
|
280
|
|
|
—
|
|
|
280
|
|
||||
Total mortgage loans
|
|
—
|
|
|
280
|
|
|
308
|
|
|
588
|
|
||||
Other invested assets:
|
|
|
|
|
|
|
|
|
||||||||
Other investments
|
|
203
|
|
|
61
|
|
|
—
|
|
|
264
|
|
||||
Derivative assets: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
4
|
|
|
8,988
|
|
|
63
|
|
|
9,055
|
|
||||
Foreign currency exchange rate
|
|
2
|
|
|
2,472
|
|
|
25
|
|
|
2,499
|
|
||||
Credit
|
|
—
|
|
|
175
|
|
|
14
|
|
|
189
|
|
||||
Equity market
|
|
65
|
|
|
1,287
|
|
|
357
|
|
|
1,709
|
|
||||
Total derivative assets
|
|
71
|
|
|
12,922
|
|
|
459
|
|
|
13,452
|
|
||||
Total other invested assets
|
|
274
|
|
|
12,983
|
|
|
459
|
|
|
13,716
|
|
||||
Net embedded derivatives within asset host contracts (3)
|
|
—
|
|
|
—
|
|
|
377
|
|
|
377
|
|
||||
Separate account assets (4)
|
|
83,533
|
|
|
231,539
|
|
|
1,922
|
|
|
316,994
|
|
||||
Total assets
|
|
$
|
135,986
|
|
|
$
|
562,648
|
|
|
$
|
26,449
|
|
|
$
|
725,083
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
9
|
|
|
$
|
2,347
|
|
|
$
|
—
|
|
|
$
|
2,356
|
|
Foreign currency exchange rate
|
|
—
|
|
|
2,755
|
|
|
93
|
|
|
2,848
|
|
||||
Credit
|
|
—
|
|
|
38
|
|
|
2
|
|
|
40
|
|
||||
Equity market
|
|
2
|
|
|
1,112
|
|
|
664
|
|
|
1,778
|
|
||||
Total derivative liabilities
|
|
11
|
|
|
6,252
|
|
|
759
|
|
|
7,022
|
|
||||
Net embedded derivatives within liability host contracts (3)
|
|
—
|
|
|
7
|
|
|
(53
|
)
|
|
(46
|
)
|
||||
Long-term debt of CSEs — FVO
|
|
—
|
|
|
138
|
|
|
13
|
|
|
151
|
|
||||
Trading liabilities (5)
|
|
215
|
|
|
24
|
|
|
—
|
|
|
239
|
|
||||
Total liabilities
|
|
$
|
226
|
|
|
$
|
6,421
|
|
|
$
|
719
|
|
|
$
|
7,366
|
|
|
|
December 31, 2013
|
||||||||||||||
|
|
Fair Value Hierarchy
|
|
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Estimated
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. corporate
|
|
$
|
—
|
|
|
$
|
99,321
|
|
|
$
|
7,148
|
|
|
$
|
106,469
|
|
Foreign corporate
|
|
—
|
|
|
56,448
|
|
|
6,704
|
|
|
63,152
|
|
||||
U.S. Treasury and agency
|
|
25,061
|
|
|
20,000
|
|
|
62
|
|
|
45,123
|
|
||||
Foreign government
|
|
—
|
|
|
52,202
|
|
|
2,235
|
|
|
54,437
|
|
||||
RMBS
|
|
—
|
|
|
32,098
|
|
|
2,957
|
|
|
35,055
|
|
||||
State and political subdivision
|
|
—
|
|
|
13,820
|
|
|
10
|
|
|
13,830
|
|
||||
CMBS
|
|
—
|
|
|
15,578
|
|
|
972
|
|
|
16,550
|
|
||||
ABS
|
|
—
|
|
|
11,361
|
|
|
4,210
|
|
|
15,571
|
|
||||
Total fixed maturity securities
|
|
25,061
|
|
|
300,828
|
|
|
24,298
|
|
|
350,187
|
|
||||
Equity securities:
|
|
|
|
|
|
|
|
|
||||||||
Common stock
|
|
1,186
|
|
|
990
|
|
|
177
|
|
|
2,353
|
|
||||
Non-redeemable preferred stock
|
|
—
|
|
|
654
|
|
|
395
|
|
|
1,049
|
|
||||
Total equity securities
|
|
1,186
|
|
|
1,644
|
|
|
572
|
|
|
3,402
|
|
||||
FVO and trading securities:
|
|
|
|
|
|
|
|
|
||||||||
Actively Traded Securities
|
|
2
|
|
|
648
|
|
|
12
|
|
|
662
|
|
||||
FVO general account securities
|
|
518
|
|
|
80
|
|
|
29
|
|
|
627
|
|
||||
FVO contractholder-directed unit-linked investments
|
|
10,702
|
|
|
4,806
|
|
|
603
|
|
|
16,111
|
|
||||
FVO securities held by CSEs
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
||||
Total FVO and trading securities
|
|
11,222
|
|
|
5,557
|
|
|
644
|
|
|
17,423
|
|
||||
Short-term investments (1)
|
|
5,915
|
|
|
6,943
|
|
|
254
|
|
|
13,112
|
|
||||
Mortgage loans:
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage loans — FVO
|
|
—
|
|
|
—
|
|
|
338
|
|
|
338
|
|
||||
Commercial mortgage loans held by CSEs — FVO
|
|
—
|
|
|
1,598
|
|
|
—
|
|
|
1,598
|
|
||||
Total mortgage loans
|
|
—
|
|
|
1,598
|
|
|
338
|
|
|
1,936
|
|
||||
Other invested assets:
|
|
|
|
|
|
|
|
|
||||||||
Other investments
|
|
188
|
|
|
71
|
|
|
—
|
|
|
259
|
|
||||
Derivative assets: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
10
|
|
|
5,557
|
|
|
27
|
|
|
5,594
|
|
||||
Foreign currency exchange rate
|
|
1
|
|
|
1,280
|
|
|
28
|
|
|
1,309
|
|
||||
Credit
|
|
—
|
|
|
144
|
|
|
29
|
|
|
173
|
|
||||
Equity market
|
|
1
|
|
|
1,233
|
|
|
285
|
|
|
1,519
|
|
||||
Total derivative assets
|
|
12
|
|
|
8,214
|
|
|
369
|
|
|
8,595
|
|
||||
Total other invested assets
|
|
200
|
|
|
8,285
|
|
|
369
|
|
|
8,854
|
|
||||
Net embedded derivatives within asset host contracts (3)
|
|
—
|
|
|
—
|
|
|
285
|
|
|
285
|
|
||||
Separate account assets (4)
|
|
89,960
|
|
|
225,776
|
|
|
1,465
|
|
|
317,201
|
|
||||
Total assets
|
|
$
|
133,544
|
|
|
$
|
550,631
|
|
|
$
|
28,225
|
|
|
$
|
712,400
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
9
|
|
|
$
|
2,568
|
|
|
$
|
14
|
|
|
$
|
2,591
|
|
Foreign currency exchange rate
|
|
1
|
|
|
1,971
|
|
|
39
|
|
|
2,011
|
|
||||
Credit
|
|
—
|
|
|
52
|
|
|
—
|
|
|
52
|
|
||||
Equity market
|
|
43
|
|
|
1,222
|
|
|
602
|
|
|
1,867
|
|
||||
Total derivative liabilities
|
|
53
|
|
|
5,813
|
|
|
655
|
|
|
6,521
|
|
||||
Net embedded derivatives within liability host contracts (3)
|
|
—
|
|
|
4
|
|
|
(973
|
)
|
|
(969
|
)
|
||||
Long-term debt of CSEs — FVO
|
|
—
|
|
|
1,427
|
|
|
28
|
|
|
1,455
|
|
||||
Trading liabilities (5)
|
|
260
|
|
|
2
|
|
|
—
|
|
|
262
|
|
||||
Total liabilities
|
|
$
|
313
|
|
|
$
|
7,246
|
|
|
$
|
(290
|
)
|
|
$
|
7,269
|
|
(1)
|
Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.
|
(2)
|
Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.
|
(3)
|
Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within PABs, future policy benefits and other liabilities on the consolidated balance sheets. At
December 31, 2014
and
2013
, equity securities also included embedded derivatives of
($217) million
and
($145) million
, respectively.
|
(4)
|
Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.
|
(5)
|
Trading liabilities are presented within other liabilities on the consolidated balance sheets.
|
(1)
|
Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs — FVO and Trading Liabilities” and “— Derivatives — Freestanding Derivatives Valuation Techniques and Key Inputs.”
|
Instrument
|
|
Interest Rate
|
|
Foreign Currency
Exchange Rate
|
|
Credit
|
|
Equity market
|
Inputs common to Level 2 and Level 3 by instrument type
|
•
|
swap yield curve
|
•
|
swap yield curve
|
•
|
swap yield curve
|
•
|
swap yield curve
|
•
|
basis curves
|
•
|
basis curves
|
•
|
credit curves
|
•
|
spot equity index levels
|
|
•
|
interest rate volatility (2)
|
•
|
currency spot rates
|
•
|
recovery rates
|
•
|
dividend yield curves
|
|
|
|
|
•
|
cross currency basis curves
|
|
|
•
|
equity volatility
|
|
|
|
•
|
currency volatility (2)
|
|
|
|
|
Level 3
|
•
|
swap yield curve (1)
|
•
|
swap yield curve (1)
|
•
|
swap yield curve (1)
|
•
|
dividend yield curves (1)
|
|
•
|
basis curves (1)
|
•
|
basis curves (1)
|
•
|
credit curves (1)
|
•
|
equity volatility (1)
|
|
•
|
interest rate volatility (1), (2)
|
•
|
cross currency basis curves (1)
|
•
|
credit spreads
|
•
|
correlation between model inputs (2)
|
|
|
|
•
|
currency correlation
|
•
|
repurchase rates
|
|
|
|
|
|
•
|
currency volatility (2)
|
•
|
independent non-binding broker quotations
|
|
|
(1)
|
Extrapolation beyond the observable limits of the curve(s).
|
(2)
|
Option-based only.
|
|
|
|
|
|
|
|
December 31, 2014
|
|
December 31, 2013
|
|
Impact of
Increase in Input on Estimated Fair Value (2) |
||||||||
|
Valuation Techniques
|
|
Significant Unobservable Inputs
|
|
Range
|
|
Weighted
Average (1) |
|
Range
|
|
Weighted
Average (1) |
|
|||||||
Fixed maturity securities (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
U.S. corporate and foreign corporate
|
•
|
Matrix pricing
|
|
•
|
Delta spread adjustments (4)
|
|
(40)
|
-
|
240
|
|
46
|
|
(10)
|
-
|
240
|
|
46
|
|
Decrease
|
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
—
|
-
|
750
|
|
151
|
|
—
|
-
|
277
|
|
119
|
|
Increase
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (5)
|
|
31
|
-
|
126
|
|
99
|
|
33
|
-
|
145
|
|
95
|
|
Increase
|
Foreign government
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
92
|
-
|
189
|
|
106
|
|
64
|
-
|
156
|
|
100
|
|
Increase
|
RMBS
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
22
|
-
|
120
|
|
97
|
|
10
|
-
|
109
|
|
98
|
|
Increase (6)
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (5)
|
|
1
|
-
|
118
|
|
93
|
|
69
|
-
|
101
|
|
93
|
|
Increase (6)
|
ABS
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
15
|
-
|
110
|
|
100
|
|
—
|
-
|
110
|
|
101
|
|
Increase (6)
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (5)
|
|
56
|
-
|
106
|
|
102
|
|
56
|
-
|
106
|
|
98
|
|
Increase (6)
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
•
|
Present value techniques
|
|
•
|
Swap yield (7)
|
|
278
|
-
|
297
|
|
|
|
248
|
-
|
450
|
|
|
|
Increase (12)
|
Foreign currency exchange rate
|
•
|
Present value techniques
|
|
•
|
Swap yield (7)
|
|
62
|
-
|
2,430
|
|
|
|
97
|
-
|
767
|
|
|
|
Increase (12)
|
|
|
|
|
•
|
Correlation (8)
|
|
40%
|
-
|
55%
|
|
|
|
38%
|
-
|
47%
|
|
|
|
|
Credit
|
•
|
Present value techniques
|
|
•
|
Credit spreads (9)
|
|
98
|
-
|
100
|
|
|
|
98
|
-
|
101
|
|
|
|
Decrease (9)
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity market
|
•
|
Present value techniques or option pricing models
|
|
•
|
Volatility (11)
|
|
15%
|
-
|
27%
|
|
|
|
13%
|
-
|
28%
|
|
|
|
Increase (12)
|
|
|
|
|
•
|
Correlation (8)
|
|
70%
|
|
70%
|
|
|
|
60%
|
-
|
60%
|
|
|
|
|
Embedded derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Direct and assumed guaranteed minimum benefits
|
•
|
Option pricing techniques
|
|
•
|
Mortality rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ages 0 - 40
|
|
0%
|
-
|
0.28%
|
|
|
|
0%
|
-
|
0.14%
|
|
|
|
Decrease (13)
|
|
|
|
|
|
Ages 41 - 60
|
|
0.04%
|
-
|
0.88%
|
|
|
|
0.04%
|
-
|
0.88%
|
|
|
|
Decrease (13)
|
|
|
|
|
|
Ages 61 - 115
|
|
0.26%
|
-
|
100%
|
|
|
|
0.26%
|
-
|
100%
|
|
|
|
Decrease (13)
|
|
|
|
|
•
|
Lapse rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Durations 1 - 10
|
|
0.50%
|
-
|
100%
|
|
|
|
0.50%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
|
Durations 11 - 20
|
|
2%
|
-
|
100%
|
|
|
|
2%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
|
Durations 21 - 116
|
|
2%
|
-
|
100%
|
|
|
|
2%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
•
|
Utilization rates
|
|
20%
|
-
|
50%
|
|
|
|
20%
|
-
|
50%
|
|
|
|
Increase (15)
|
|
|
|
|
•
|
Withdrawal rates
|
|
0%
|
-
|
20%
|
|
|
|
0%
|
-
|
40%
|
|
|
|
(16)
|
|
|
|
|
•
|
Long-term equity volatilities
|
|
7.30%
|
-
|
33%
|
|
|
|
9.14%
|
-
|
40%
|
|
|
|
Increase (17)
|
|
|
|
|
•
|
Nonperformance risk spread
|
|
(0.35)%
|
-
|
0.81%
|
|
|
|
(1.08)%
|
-
|
0.83%
|
|
|
|
Decrease (18)
|
(1)
|
The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.
|
(2)
|
The impact of a decrease in input would have the opposite impact on the estimated fair value. For embedded derivatives, changes are based on liability positions.
|
(3)
|
Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.
|
(4)
|
Range and weighted average are presented in basis points.
|
(5)
|
Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.
|
(6)
|
Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.
|
(7)
|
Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
|
(8)
|
Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.
|
(9)
|
Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.
|
(10)
|
At both
December 31, 2014
and
2013
, independent non-binding broker quotations were used in the determination of less than
1%
of the total net derivative estimated fair value.
|
(11)
|
Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.
|
(12)
|
Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.
|
(13)
|
Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
|
(14)
|
Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
|
(15)
|
The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
|
(16)
|
The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.
|
(17)
|
Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.
|
(18)
|
Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||
|
Fixed Maturity Securities
|
||||||||||||||||||||||||||||||
|
U.S.
Corporate
|
|
Foreign
Corporate
|
|
U.S.
Treasury and Agency |
|
Foreign
Government
|
|
RMBS
|
|
State and
Political Subdivision |
|
CMBS
|
|
ABS
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at January 1,
|
$
|
7,148
|
|
|
$
|
6,704
|
|
|
$
|
62
|
|
|
$
|
2,235
|
|
|
$
|
2,957
|
|
|
$
|
10
|
|
|
$
|
972
|
|
|
$
|
4,210
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
10
|
|
|
17
|
|
|
—
|
|
|
111
|
|
|
48
|
|
|
—
|
|
|
2
|
|
|
6
|
|
||||||||
Net investment gains (losses)
|
(6
|
)
|
|
(8
|
)
|
|
—
|
|
|
(50
|
)
|
|
8
|
|
|
—
|
|
|
(12
|
)
|
|
(38
|
)
|
||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
OCI
|
358
|
|
|
(5
|
)
|
|
—
|
|
|
(110
|
)
|
|
81
|
|
|
—
|
|
|
(46
|
)
|
|
34
|
|
||||||||
Purchases (3)
|
1,490
|
|
|
1,438
|
|
|
—
|
|
|
363
|
|
|
1,884
|
|
|
—
|
|
|
269
|
|
|
1,551
|
|
||||||||
Sales (3)
|
(1,083
|
)
|
|
(725
|
)
|
|
—
|
|
|
(273
|
)
|
|
(612
|
)
|
|
—
|
|
|
(236
|
)
|
|
(1,168
|
)
|
||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers into Level 3 (4)
|
260
|
|
|
266
|
|
|
—
|
|
|
253
|
|
|
46
|
|
|
—
|
|
|
58
|
|
|
45
|
|
||||||||
Transfers out of Level 3 (4)
|
(1,235
|
)
|
|
(1,197
|
)
|
|
(62
|
)
|
|
(1,218
|
)
|
|
(29
|
)
|
|
(10
|
)
|
|
(242
|
)
|
|
(2,396
|
)
|
||||||||
Balance at December 31,
|
$
|
6,942
|
|
|
$
|
6,490
|
|
|
$
|
—
|
|
|
$
|
1,311
|
|
|
$
|
4,383
|
|
|
$
|
—
|
|
|
$
|
765
|
|
|
$
|
2,244
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
$
|
7
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
48
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Net investment gains (losses)
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Equity Securities
|
|
FVO and Trading Securities
|
|
|
|
|
|
Mortgage Loans
|
||||||||||||||||||||||||||
|
Common
Stock
|
|
Non-
redeemable
Preferred
Stock
|
|
Actively
Traded
Securities
|
|
FVO
General
Account
Securities
|
|
FVO
Contractholder-
directed
Unit-linked
Investments
|
|
FVO Securities Held by CSEs
|
|
Short-term
Investments
|
|
Residential
Mortgage
Loans - FVO
|
|
Mortgage
Loans Held-
for-sale
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
$
|
177
|
|
|
$
|
395
|
|
|
$
|
12
|
|
|
$
|
29
|
|
|
$
|
603
|
|
|
—
|
|
|
$
|
254
|
|
|
$
|
338
|
|
|
$
|
—
|
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
20
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
13
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
(83
|
)
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
30
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
297
|
|
|
—
|
|
|
335
|
|
|
124
|
|
|
—
|
|
|||||||||
Sales (3)
|
(43
|
)
|
|
(58
|
)
|
|
(7
|
)
|
|
(9
|
)
|
|
(467
|
)
|
|
(1
|
)
|
|
(236
|
)
|
|
(120
|
)
|
|
—
|
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(54
|
)
|
|
—
|
|
|||||||||
Transfers into Level 3 (4)
|
1
|
|
|
6
|
|
|
—
|
|
|
69
|
|
|
65
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers out of Level 3 (4)
|
—
|
|
|
(100
|
)
|
|
(5
|
)
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Balance at December 31,
|
$
|
95
|
|
|
$
|
250
|
|
|
$
|
5
|
|
|
$
|
95
|
|
|
$
|
455
|
|
|
$
|
12
|
|
|
$
|
336
|
|
|
$
|
308
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
(13
|
)
|
|
—
|
|
|
$
|
1
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
Net investment gains (losses)
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Net Derivatives (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Interest
Rate
|
|
Foreign
Currency
Exchange
Rate
|
|
Credit
|
|
Equity
Market
|
|
Net
Embedded
Derivatives (7)
|
|
Separate
Account
Assets (8)
|
|
Long-term
Debt of CSEs - FVO |
|
MSRs (9)
|
|
Liability Related
to Securitized
Reverse Mortgage
Loans (9)
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
$
|
13
|
|
|
$
|
(11
|
)
|
|
$
|
29
|
|
|
$
|
(317
|
)
|
|
$
|
1,258
|
|
|
$
|
1,465
|
|
|
$
|
(28
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Total realized/unrealized gains(losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
14
|
|
|
(76
|
)
|
|
(13
|
)
|
|
(12
|
)
|
|
(260
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
95
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
657
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Sales (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(459
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlements (3)
|
(59
|
)
|
|
16
|
|
|
—
|
|
|
8
|
|
|
(846
|
)
|
|
(28
|
)
|
|
16
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers into Level 3 (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers out of Level 3 (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Balance at December 31,
|
$
|
63
|
|
|
$
|
(68
|
)
|
|
$
|
12
|
|
|
$
|
(307
|
)
|
|
$
|
430
|
|
|
$
|
1,922
|
|
|
$
|
(13
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
(59
|
)
|
|
$
|
(1
|
)
|
|
$
|
(11
|
)
|
|
$
|
(260
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||
|
Fixed Maturity Securities
|
||||||||||||||||||||||||||||||
|
U.S.
Corporate
|
|
Foreign
Corporate
|
|
U.S
Treasury and Agency |
|
Foreign
Government
|
|
RMBS
|
|
State and
Political Subdivision |
|
CMBS
|
|
ABS
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at January 1,
|
$
|
7,433
|
|
|
$
|
6,208
|
|
|
$
|
71
|
|
|
$
|
1,814
|
|
|
$
|
2,037
|
|
|
$
|
54
|
|
|
$
|
1,147
|
|
|
$
|
3,656
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
10
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
31
|
|
|
—
|
|
|
5
|
|
|
8
|
|
||||||||
Net investment gains (losses)
|
(31
|
)
|
|
(33
|
)
|
|
—
|
|
|
8
|
|
|
(3
|
)
|
|
—
|
|
|
(14
|
)
|
|
5
|
|
||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
OCI
|
(94
|
)
|
|
(75
|
)
|
|
(3
|
)
|
|
(84
|
)
|
|
155
|
|
|
(1
|
)
|
|
(45
|
)
|
|
(70
|
)
|
||||||||
Purchases (3)
|
1,555
|
|
|
1,972
|
|
|
—
|
|
|
734
|
|
|
1,155
|
|
|
—
|
|
|
546
|
|
|
1,870
|
|
||||||||
Sales (3)
|
(1,178
|
)
|
|
(999
|
)
|
|
(6
|
)
|
|
(128
|
)
|
|
(399
|
)
|
|
(7
|
)
|
|
(450
|
)
|
|
(814
|
)
|
||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers into Level 3 (4)
|
1,092
|
|
|
310
|
|
|
—
|
|
|
81
|
|
|
56
|
|
|
—
|
|
|
114
|
|
|
33
|
|
||||||||
Transfers out of Level 3 (4)
|
(1,639
|
)
|
|
(688
|
)
|
|
—
|
|
|
(199
|
)
|
|
(75
|
)
|
|
(36
|
)
|
|
(331
|
)
|
|
(478
|
)
|
||||||||
Balance at December 31,
|
$
|
7,148
|
|
|
$
|
6,704
|
|
|
$
|
62
|
|
|
$
|
2,235
|
|
|
$
|
2,957
|
|
|
$
|
10
|
|
|
$
|
972
|
|
|
$
|
4,210
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
1
|
|
Net investment gains (losses)
|
$
|
(39
|
)
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
(12
|
)
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Equity Securities
|
|
FVO and Trading Securities
|
|
|
|
Mortgage Loans
|
||||||||||||||||||||||||||||
|
Common
Stock
|
|
Non-
redeemable
Preferred
Stock
|
|
Actively
Traded
Securities
|
|
FVO
General
Account
Securities
|
|
FVO
Contractholder-
directed
Unit-linked
Investments
|
|
FVO Securities held by CSEs
|
|
Short-term
Investments
|
|
Residential
Mortgage
Loans - FVO
|
|
Mortgage Loans Held-
for-sale
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
$
|
190
|
|
|
$
|
419
|
|
|
$
|
6
|
|
|
$
|
32
|
|
|
$
|
937
|
|
|
$
|
—
|
|
|
$
|
429
|
|
|
$
|
—
|
|
|
$
|
49
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
(8
|
)
|
|
—
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
26
|
|
|
(32
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
9
|
|
|
21
|
|
|
9
|
|
|
—
|
|
|
340
|
|
|
—
|
|
|
256
|
|
|
339
|
|
|
—
|
|
|||||||||
Sales (3)
|
(45
|
)
|
|
(113
|
)
|
|
—
|
|
|
(30
|
)
|
|
(608
|
)
|
|
—
|
|
|
(427
|
)
|
|
(2
|
)
|
|
(45
|
)
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|||||||||
Transfers into Level 3 (4)
|
1
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
235
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers out of Level 3 (4)
|
(4
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(293
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Balance at December 31,
|
$
|
177
|
|
|
$
|
395
|
|
|
$
|
12
|
|
|
$
|
29
|
|
|
$
|
603
|
|
|
$
|
—
|
|
|
$
|
254
|
|
|
$
|
338
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Net investment gains (losses)
|
$
|
(3
|
)
|
|
$
|
(20
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Net Derivatives (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Interest
Rate
|
|
Foreign
Currency
Exchange
Rate
|
|
Credit
|
|
Equity
Market
|
|
Net
Embedded
Derivatives (7)
|
|
Separate
Account
Assets (8)
|
|
Long-term
Debt of
CSEs - FVO
|
|
MSRs (9)
|
|
Liability Related
to Securitized
Reverse Mortgage
Loans (9)
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total realized/unrealized gains (losses) included in:
|
$
|
177
|
|
|
$
|
37
|
|
|
$
|
43
|
|
|
$
|
128
|
|
|
$
|
(3,162
|
)
|
|
$
|
1,205
|
|
|
$
|
(44
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
(16
|
)
|
|
(49
|
)
|
|
(12
|
)
|
|
(479
|
)
|
|
5,041
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
(139
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
(102
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
300
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
294
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Sales (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(319
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Settlements (3)
|
(31
|
)
|
|
2
|
|
|
(1
|
)
|
|
1
|
|
|
(782
|
)
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers into Level 3 (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
240
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers out of Level 3 (4)
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Balance at December 31,
|
$
|
13
|
|
|
$
|
(11
|
)
|
|
$
|
29
|
|
|
$
|
(317
|
)
|
|
$
|
1,258
|
|
|
$
|
1,465
|
|
|
$
|
(28
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
(8
|
)
|
|
$
|
(46
|
)
|
|
$
|
(10
|
)
|
|
$
|
(463
|
)
|
|
$
|
5,022
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
(135
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||
|
Fixed Maturity Securities
|
||||||||||||||||||||||||||||||
|
U.S.
Corporate
|
|
Foreign
Corporate
|
|
U.S.
Treasury and Agency |
|
Foreign
Government
|
|
RMBS
|
|
State and
Political Subdivision |
|
CMBS
|
|
ABS
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at January 1,
|
$
|
6,784
|
|
|
$
|
4,370
|
|
|
$
|
31
|
|
|
$
|
2,322
|
|
|
$
|
1,602
|
|
|
$
|
53
|
|
|
$
|
753
|
|
|
$
|
1,850
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
14
|
|
|
20
|
|
|
—
|
|
|
14
|
|
|
27
|
|
|
—
|
|
|
8
|
|
|
18
|
|
||||||||
Net investment gains (losses)
|
4
|
|
|
(78
|
)
|
|
—
|
|
|
(3
|
)
|
|
(7
|
)
|
|
—
|
|
|
(42
|
)
|
|
2
|
|
||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
OCI
|
328
|
|
|
294
|
|
|
—
|
|
|
45
|
|
|
275
|
|
|
3
|
|
|
(4
|
)
|
|
(2
|
)
|
||||||||
Purchases (3)
|
1,718
|
|
|
2,654
|
|
|
48
|
|
|
431
|
|
|
952
|
|
|
5
|
|
|
682
|
|
|
2,007
|
|
||||||||
Sales (3)
|
(1,207
|
)
|
|
(855
|
)
|
|
(8
|
)
|
|
(673
|
)
|
|
(704
|
)
|
|
(7
|
)
|
|
(397
|
)
|
|
(177
|
)
|
||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers into Level 3 (4)
|
661
|
|
|
186
|
|
|
—
|
|
|
28
|
|
|
161
|
|
|
—
|
|
|
177
|
|
|
6
|
|
||||||||
Transfers out of Level 3 (4)
|
(869
|
)
|
|
(383
|
)
|
|
—
|
|
|
(350
|
)
|
|
(269
|
)
|
|
—
|
|
|
(30
|
)
|
|
(48
|
)
|
||||||||
Balance at December 31,
|
$
|
7,433
|
|
|
$
|
6,208
|
|
|
$
|
71
|
|
|
$
|
1,814
|
|
|
$
|
2,037
|
|
|
$
|
54
|
|
|
$
|
1,147
|
|
|
$
|
3,656
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net investment income
|
$
|
12
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
18
|
|
Net investment gains (losses)
|
$
|
(4
|
)
|
|
$
|
(30
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(4
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Equity Securities
|
|
FVO and Trading Securities
|
|
|
|
Mortgage Loans
|
||||||||||||||||||||||||||||
|
Common
Stock
|
|
Non-
redeemable
Preferred
Stock
|
|
Actively
Traded
Securities
|
|
FVO
General
Account
Securities
|
|
FVO
Contractholder-
directed
Unit-linked
Investments
|
|
FVO Securities held by CSEs
|
|
Short-term
Investments
|
|
Residential
Mortgage
Loans - FVO
|
|
Mortgage
Loans Held-
for-sale
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
$
|
281
|
|
|
$
|
438
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
1,386
|
|
|
$
|
—
|
|
|
$
|
590
|
|
|
$
|
—
|
|
|
$
|
1,414
|
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
25
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
13
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
99
|
|
|
5
|
|
|
6
|
|
|
—
|
|
|
604
|
|
|
—
|
|
|
425
|
|
|
—
|
|
|
1
|
|
|||||||||
Sales (3)
|
(140
|
)
|
|
(66
|
)
|
|
—
|
|
|
(9
|
)
|
|
(1,040
|
)
|
|
—
|
|
|
(559
|
)
|
|
—
|
|
|
(1,348
|
)
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||||
Settlements (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(43
|
)
|
|||||||||
Transfers into Level 3 (4)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
56
|
|
|||||||||
Transfers out of Level 3 (4)
|
(65
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(3
|
)
|
|||||||||
Balance at December 31,
|
$
|
190
|
|
|
$
|
419
|
|
|
$
|
6
|
|
|
$
|
32
|
|
|
$
|
937
|
|
|
$
|
—
|
|
|
$
|
429
|
|
|
$
|
—
|
|
|
$
|
49
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment gains (losses)
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(29
|
)
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||||||||||||||
|
Net Derivatives (6)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Interest
Rate
|
|
Foreign
Currency
Exchange
Rate
|
|
Credit
|
|
Equity
Market
|
|
Net
Embedded
Derivatives (7)
|
|
Separate
Account
Assets (8)
|
|
Long-term
Debt of
CSEs - FVO
|
|
MSRs (9)
|
|
Liability Related
to Securitized
Reverse Mortgage
Loans (9)
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at January 1,
|
$
|
300
|
|
|
$
|
44
|
|
|
$
|
1
|
|
|
$
|
889
|
|
|
$
|
(4,203
|
)
|
|
$
|
1,325
|
|
|
$
|
(116
|
)
|
|
$
|
666
|
|
|
$
|
(1,175
|
)
|
Total realized/unrealized gains (losses) included in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss): (1), (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Net investment gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||||||||
Net derivative gains (losses)
|
15
|
|
|
10
|
|
|
48
|
|
|
(606
|
)
|
|
1,305
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Other revenues
|
(67
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
1
|
|
|||||||||
Policyholder benefits and claims
|
—
|
|
|
—
|
|
|
—
|
|
|
29
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
OCI
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
259
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Purchases (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Sales (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(443
|
)
|
|
—
|
|
|
(485
|
)
|
|
1,149
|
|
|||||||||
Issuances (3)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(44
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|||||||||
Settlements (3)
|
(71
|
)
|
|
(17
|
)
|
|
(3
|
)
|
|
(156
|
)
|
|
(598
|
)
|
|
(1
|
)
|
|
79
|
|
|
(141
|
)
|
|
23
|
|
|||||||||
Transfers into Level 3 (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Transfers out of Level 3 (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||
Balance at December 31,
|
$
|
177
|
|
|
$
|
37
|
|
|
$
|
43
|
|
|
$
|
128
|
|
|
$
|
(3,162
|
)
|
|
$
|
1,205
|
|
|
$
|
(44
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss): (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net investment income
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment gains (losses)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Net derivative gains (losses)
|
$
|
—
|
|
|
$
|
(12
|
)
|
|
$
|
47
|
|
|
$
|
(593
|
)
|
|
$
|
1,275
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other revenues
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Policyholder benefits and claims
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
78
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and mortgage loans held-for-sale are included in net investment gains (losses), changes in estimated fair value of mortgage loans -FVO are included in net investment income, and changes in the estimated fair value of mortgage loans held-for-sale and MSRs are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).
|
(2)
|
Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
|
(3)
|
Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.
|
(4)
|
Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.
|
(5)
|
Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.
|
(6)
|
Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
|
(7)
|
Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
|
(8)
|
Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).
|
(9)
|
See Note 3 for a discussion of the MetLife Bank Divestiture. Other revenues related to MSRs represent the changes in estimated fair value due to changes in valuation model inputs or assumptions.
|
|
|
Residential Mortgage
Loans — FVO
|
|
Certain Assets
and Liabilities
of CSEs (1)
|
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
(In millions)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Unpaid principal balance
|
|
$
|
436
|
|
|
$
|
508
|
|
|
$
|
223
|
|
|
$
|
1,528
|
|
Difference between estimated fair value and unpaid principal balance
|
|
(128
|
)
|
|
(170
|
)
|
|
57
|
|
|
70
|
|
||||
Carrying value at estimated fair value
|
|
$
|
308
|
|
|
$
|
338
|
|
|
$
|
280
|
|
|
$
|
1,598
|
|
Loans in non-accrual status
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Contractual principal balance
|
|
|
|
|
|
$
|
159
|
|
|
$
|
1,445
|
|
||||
Difference between estimated fair value and contractual principal balance
|
|
|
|
|
|
(8
|
)
|
|
10
|
|
||||||
Carrying value at estimated fair value
|
|
|
|
|
|
$
|
151
|
|
|
$
|
1,455
|
|
(1)
|
These assets and liabilities are comprised of commercial mortgage loans and long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO is recognized in other expenses.
|
|
At December 31,
|
|
Years Ended December 31,
|
||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
|
Carrying Value After Measurement
|
|
Gains (Losses)
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Mortgage loans: (1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Held-for-investment
|
$
|
97
|
|
|
$
|
211
|
|
|
$
|
428
|
|
|
$
|
2
|
|
|
$
|
20
|
|
|
$
|
(11
|
)
|
Held-for-sale
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
319
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(31
|
)
|
Other limited partnership interests (2)
|
$
|
147
|
|
|
$
|
77
|
|
|
$
|
54
|
|
|
$
|
(76
|
)
|
|
$
|
(46
|
)
|
|
$
|
(33
|
)
|
Goodwill (3)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1,868
|
)
|
Other assets (4)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(77
|
)
|
(1)
|
Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.
|
(2)
|
For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next
two
to
10 years
. Unfunded commitments for these investments at both
December 31, 2014
and
2013
were not significant.
|
(3)
|
As discussed in
Note 11
, in 2012, the Company recorded an impairment of goodwill associated with the Retail Annuities reporting unit.
|
(4)
|
As discussed in
Note 5
, in 2012, the Company recorded an impairment of VOCRA, which is included in other assets.
|
|
|
December 31, 2014
|
||||||||||||||||||
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||
|
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage loans
|
|
$
|
59,530
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62,554
|
|
|
$
|
62,554
|
|
Policy loans
|
|
$
|
11,618
|
|
|
$
|
—
|
|
|
$
|
1,647
|
|
|
$
|
12,287
|
|
|
$
|
13,934
|
|
Real estate joint ventures
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139
|
|
|
$
|
139
|
|
Other limited partnership interests
|
|
$
|
704
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
906
|
|
|
$
|
906
|
|
Other invested assets
|
|
$
|
562
|
|
|
$
|
172
|
|
|
$
|
70
|
|
|
$
|
320
|
|
|
$
|
562
|
|
Premiums, reinsurance and other receivables
|
|
$
|
3,070
|
|
|
$
|
—
|
|
|
$
|
713
|
|
|
$
|
2,444
|
|
|
$
|
3,157
|
|
Other assets
|
|
$
|
251
|
|
|
$
|
—
|
|
|
$
|
175
|
|
|
$
|
68
|
|
|
$
|
243
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PABs
|
|
$
|
134,219
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
139,359
|
|
|
$
|
139,359
|
|
Long-term debt
|
|
$
|
16,128
|
|
|
$
|
—
|
|
|
$
|
18,357
|
|
|
$
|
—
|
|
|
$
|
18,357
|
|
Collateral financing arrangements
|
|
$
|
4,196
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,961
|
|
|
$
|
3,961
|
|
Junior subordinated debt securities
|
|
$
|
3,193
|
|
|
$
|
—
|
|
|
$
|
4,173
|
|
|
$
|
—
|
|
|
$
|
4,173
|
|
Other liabilities
|
|
$
|
2,544
|
|
|
$
|
—
|
|
|
$
|
1,223
|
|
|
$
|
1,323
|
|
|
$
|
2,546
|
|
Separate account liabilities
|
|
$
|
116,665
|
|
|
$
|
—
|
|
|
$
|
116,665
|
|
|
$
|
—
|
|
|
$
|
116,665
|
|
|
|
December 31, 2013
|
||||||||||||||||||
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||
|
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage loans
|
|
$
|
55,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57,924
|
|
|
$
|
57,924
|
|
Policy loans
|
|
$
|
11,764
|
|
|
$
|
—
|
|
|
$
|
1,694
|
|
|
$
|
11,512
|
|
|
$
|
13,206
|
|
Real estate joint ventures
|
|
$
|
102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
169
|
|
|
$
|
169
|
|
Other limited partnership interests
|
|
$
|
950
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,109
|
|
|
$
|
1,109
|
|
Other invested assets
|
|
$
|
844
|
|
|
$
|
322
|
|
|
$
|
163
|
|
|
$
|
359
|
|
|
$
|
844
|
|
Premiums, reinsurance and other receivables
|
|
$
|
3,116
|
|
|
$
|
—
|
|
|
$
|
728
|
|
|
$
|
2,382
|
|
|
$
|
3,110
|
|
Other assets
|
|
$
|
324
|
|
|
$
|
—
|
|
|
$
|
210
|
|
|
$
|
142
|
|
|
$
|
352
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PABs
|
|
$
|
139,735
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
144,631
|
|
|
$
|
144,631
|
|
Long-term debt
|
|
$
|
17,170
|
|
|
$
|
—
|
|
|
$
|
18,564
|
|
|
$
|
—
|
|
|
$
|
18,564
|
|
Collateral financing arrangements
|
|
$
|
4,196
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,984
|
|
|
$
|
3,984
|
|
Junior subordinated debt securities
|
|
$
|
3,193
|
|
|
$
|
—
|
|
|
$
|
3,789
|
|
|
$
|
—
|
|
|
$
|
3,789
|
|
Other liabilities
|
|
$
|
2,239
|
|
|
$
|
—
|
|
|
$
|
948
|
|
|
$
|
1,292
|
|
|
$
|
2,240
|
|
Separate account liabilities
|
|
$
|
117,562
|
|
|
$
|
—
|
|
|
$
|
117,562
|
|
|
$
|
—
|
|
|
$
|
117,562
|
|
|
Retail
|
|
Group,
Voluntary &
Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia (1)
|
|
EMEA
|
|
Corporate
& Other (2)
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
$
|
3,125
|
|
|
$
|
138
|
|
|
$
|
900
|
|
|
$
|
501
|
|
|
$
|
5,533
|
|
|
$
|
1,333
|
|
|
$
|
470
|
|
|
$
|
12,000
|
|
Accumulated impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
||||||||
Total goodwill, net
|
3,125
|
|
|
138
|
|
|
900
|
|
|
501
|
|
|
5,533
|
|
|
1,333
|
|
|
405
|
|
|
11,935
|
|
||||||||
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Impairments (3)
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
(1,868
|
)
|
||||||||
Effect of foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
(146
|
)
|
|
5
|
|
|
—
|
|
|
(115
|
)
|
||||||||
Balance at December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
3,125
|
|
|
138
|
|
|
900
|
|
|
527
|
|
|
5,387
|
|
|
1,339
|
|
|
470
|
|
|
11,886
|
|
||||||||
Accumulated impairment
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(241
|
)
|
|
(1,933
|
)
|
||||||||
Total goodwill, net
|
1,433
|
|
|
138
|
|
|
900
|
|
|
527
|
|
|
5,387
|
|
|
1,339
|
|
|
229
|
|
|
9,953
|
|
||||||||
Acquisitions (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,140
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1,141
|
|
||||||||
Dispositions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||||
Reduction of goodwill (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
||||||||
Reduction of accumulated impairment (5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
65
|
|
||||||||
Effect of foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(79
|
)
|
|
(489
|
)
|
|
24
|
|
|
—
|
|
|
(544
|
)
|
||||||||
Balance at December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
3,125
|
|
|
138
|
|
|
900
|
|
|
1,588
|
|
|
4,898
|
|
|
1,356
|
|
|
405
|
|
|
12,410
|
|
||||||||
Accumulated impairment
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
(1,868
|
)
|
||||||||
Total goodwill, net
|
1,433
|
|
|
138
|
|
|
900
|
|
|
1,588
|
|
|
4,898
|
|
|
1,356
|
|
|
229
|
|
|
10,542
|
|
||||||||
Dispositions (6)
|
—
|
|
|
—
|
|
|
(60
|
)
|
|
—
|
|
|
(3
|
)
|
|
(7
|
)
|
|
—
|
|
|
(70
|
)
|
||||||||
Effect of foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(203
|
)
|
|
(280
|
)
|
|
(117
|
)
|
|
—
|
|
|
(600
|
)
|
||||||||
Balance at December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
3,125
|
|
|
138
|
|
|
840
|
|
|
1,385
|
|
|
4,615
|
|
|
1,232
|
|
|
405
|
|
|
11,740
|
|
||||||||
Accumulated impairment
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
(1,868
|
)
|
||||||||
Total goodwill, net
|
$
|
1,433
|
|
|
$
|
138
|
|
|
$
|
840
|
|
|
$
|
1,385
|
|
|
$
|
4,615
|
|
|
$
|
1,232
|
|
|
$
|
229
|
|
|
$
|
9,872
|
|
(1)
|
Includes goodwill of
$4.4 billion
,
$4.7 billion
and
$5.2 billion
from the Japan operations at December 31, 2014, 2013 and 2012, respectively.
|
(2)
|
For purposes of goodwill impairment testing in 2014, the balance of
$229 million
, of net goodwill in Corporate & Other at December 31, 2013 did not change. This balance resulted from goodwill acquired as part of the 2005 Travelers acquisition and was allocated to business units of the Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding segments in the amounts of
$34 million
,
$9 million
and
$186 million
, respectively.
|
(3)
|
In connection with the Company’s annual goodwill impairment testing in 2012, the market multiple and discounted cash flow valuation approaches indicated that the fair value of the Retail Annuities reporting unit was below its carrying value. As a result, an actuarial appraisal, which estimates the net worth of the reporting unit, the value of existing business and the value of new business, was performed. This appraisal resulted in a fair value of the Retail Annuities reporting unit that was less than the carrying value, indicating a potential for goodwill impairment. A further comparison of the implied fair value of its goodwill with the reporting unit’s carrying amount indicated that the entire amount of goodwill associated with the Retail Annuities reporting unit was impaired. Therefore, the Company recorded a non-cash charge of
$1.9 billion
(
$1.6 billion
, net of income tax) for the impairment of the entire goodwill balance in the consolidated statements of operations for the year ended December 31, 2012. Of this amount,
$1.4 billion
was impaired at MetLife, Inc. There was no impact on income taxes.
|
(4)
|
See
Note 3
for a discussion of the acquisition of ProVida, which is included in the Latin America segment.
|
(5)
|
In connection with the MetLife Bank Divestiture, goodwill and the related accumulated impairment were reduced by
$65 million
for the year ended December 31,
2013
. See
Note 3
.
|
(6)
|
In connection with the sale of MAL, goodwill in the Corporate Benefit Funding reporting unit was reduced by
$60 million
during the year ended December 31, 2014. See Note 3. This goodwill was allocated to MAL based on the relative fair values of MAL and the remaining portion of the Corporate Benefit Funding reporting unit.
|
|
Interest Rates (1)
|
|
Maturity
|
|
December 31,
|
||||||||
|
Range
|
|
Weighted
Average |
2014
|
|
2013
|
|||||||
|
|
|
|
|
|
|
(In millions)
|
||||||
Senior notes
|
1.76% - 7.72%
|
|
5.23%
|
|
2015 - 2044
|
|
$
|
15,317
|
|
|
$
|
15,938
|
|
Surplus notes
|
7.63% - 7.88%
|
|
7.83%
|
|
2015 - 2025
|
|
701
|
|
|
701
|
|
||
Other notes
|
1.34% - 8.00%
|
|
4.41%
|
|
2015 - 2030
|
|
110
|
|
|
531
|
|
||
Capital lease obligations
|
|
|
|
|
|
|
7
|
|
|
28
|
|
||
Total long-term debt (2)
|
|
|
|
|
|
|
16,135
|
|
|
17,198
|
|
||
Total short-term debt
|
|
|
|
|
|
|
100
|
|
|
175
|
|
||
Total
|
|
|
|
|
|
|
$
|
16,235
|
|
|
$
|
17,373
|
|
(1)
|
Range of interest rates and weighted average interest rates are for the year ended December 31,
2014
.
|
(2)
|
Excludes
$151 million
and
$1.5 billion
of long-term debt relating to CSEs — FVO at December 31,
2014
and
2013
, respectively. See Note
8
.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Commercial paper
|
$
|
100
|
|
|
$
|
175
|
|
Average daily balance
|
$
|
109
|
|
|
$
|
103
|
|
Average days outstanding
|
69 days
|
|
|
55 days
|
|
Borrower(s)
|
|
Expiration
|
|
Maximum Capacity
|
|
Letters of
Credit
Issued
|
|
Drawdowns
|
|
Unused Commitments
|
||||||||
|
|
|
|
(In millions)
|
||||||||||||||
MetLife, Inc. and MetLife Funding, Inc.
|
|
May 2019
|
|
$
|
4,000
|
|
|
$
|
684
|
|
|
$
|
—
|
|
|
$
|
3,316
|
|
Account Party/Borrower(s)
|
|
Expiration
|
|
Maximum Capacity
|
|
Letters of
Credit
Issued
|
|
Drawdowns
|
|
Unused
Commitments
|
||||||||
|
|
|
|
(In millions)
|
||||||||||||||
MetLife, Inc. and Missouri Reinsurance, Inc.
|
|
June 2016 (1)
|
|
$
|
490
|
|
|
$
|
490
|
|
|
$
|
—
|
|
|
$
|
—
|
|
MetLife, Inc.
|
|
June 2018 (2)
|
|
520
|
|
|
470
|
|
|
—
|
|
|
50
|
|
||||
MetLife Reinsurance Company of Vermont and MetLife, Inc.
|
|
December 2024 (3),(4)
|
|
575
|
|
|
350
|
|
|
—
|
|
|
225
|
|
||||
MetLife Reinsurance Company of South Carolina and MetLife, Inc.
|
|
June 2037 (5)
|
|
3,500
|
|
|
—
|
|
|
2,797
|
|
|
703
|
|
||||
MetLife Reinsurance Company of Vermont and MetLife, Inc.
|
|
December 2037 (3), (6)
|
|
2,896
|
|
|
2,049
|
|
|
—
|
|
|
847
|
|
||||
MetLife Reinsurance Company of Vermont and MetLife, Inc.
|
|
September 2038 (7)
|
|
4,250
|
|
|
3,207
|
|
|
—
|
|
|
1,043
|
|
||||
Total
|
|
|
|
$
|
12,231
|
|
|
$
|
6,566
|
|
|
$
|
2,797
|
|
|
$
|
2,868
|
|
(1)
|
Commencing in December 2015 and extending through March 2016, the capacity will grade down from
$490 million
to
$200 million
.
|
(2)
|
Commencing in March 2015 and extending through June 2018, the capacity will grade down from
$520 million
to
$200 million
.
|
(3)
|
MetLife, Inc. is a guarantor under this agreement.
|
(4)
|
Commencing in December 2022 and extending through December 2024, the capacity will grade down from
$575 million
to
$515 million
.
|
(5)
|
The drawdown on this facility is associated with a collateral financing arrangement described more fully in Note
13
.
|
(6)
|
Capacity at December 31, 2014 was
$2.2 billion
. Capacity grades up to a maximum capacity of
$2.9 billion
in 2024.
Commencing in January 2025 and extending through December 2037, the capacity will grade down from
$2.9 billion
to
$2.0 billion
.
Unused commitment of
$847 million
is based on maximum capacity.
|
(7)
|
Commencing in April 2028 and extending through September 2038, the capacity will grade down from
$4.3 billion
to
$3.1 billion
. MetLife, Inc. is a guarantor of certain letters of credit issued as of
December 31, 2014
under this agreement.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Surplus notes outstanding (1)
|
$
|
1,399
|
|
|
$
|
1,399
|
|
Receivable from unaffiliated financial institution (1)
|
$
|
182
|
|
|
$
|
182
|
|
Pledged collateral (2)
|
$
|
53
|
|
|
$
|
23
|
|
Assets held in trust (2)
|
$
|
1,214
|
|
|
$
|
1,662
|
|
(1)
|
Carrying value.
|
(2)
|
Estimated fair value.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Liability outstanding (1)
|
$
|
2,797
|
|
|
$
|
2,797
|
|
Assets held in trust (2)
|
$
|
3,471
|
|
|
$
|
3,440
|
|
(1)
|
Carrying value.
|
(2)
|
Estimated fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value at December 31,
|
|||||||||
Issuer
|
|
Issue Date
|
|
Face Value
|
|
Interest Rate (2)
|
|
Scheduled
Redemption
Date
|
|
Interest Rate
Subsequent to
Scheduled
Redemption
Date (3)
|
|
Final
Maturity
|
|
2014
|
|
2013
|
|||||||
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
(In millions)
|
|||||||||||
MetLife, Inc.
|
|
July 2009
|
|
$
|
500
|
|
|
10.750
|
%
|
|
August 2039
|
|
LIBOR + 7.548%
|
|
August 2069
|
|
$
|
500
|
|
|
$
|
500
|
|
MetLife Capital Trust X (1)
|
|
April 2008
|
|
$
|
750
|
|
|
9.250
|
%
|
|
April 2038
|
|
LIBOR + 5.540%
|
|
April 2068
|
|
750
|
|
|
750
|
|
||
MetLife Capital Trust IV (1)
|
|
December 2007
|
|
$
|
700
|
|
|
7.875
|
%
|
|
December 2037
|
|
LIBOR + 3.960%
|
|
December 2067
|
|
695
|
|
|
695
|
|
||
MetLife, Inc.
|
|
December 2006
|
|
$
|
1,250
|
|
|
6.400
|
%
|
|
December 2036
|
|
LIBOR + 2.205%
|
|
December 2066
|
|
1,248
|
|
|
1,248
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,193
|
|
|
$
|
3,193
|
|
(1)
|
MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities.
|
(2)
|
Prior to the scheduled redemption date, interest is payable semiannually in arrears.
|
(3)
|
In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears.
|
|
|
|
|
|
|
Dividend
|
||||||||||||||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Series A
Per Share
|
|
Series A
Aggregate
|
|
Series B
Per Share
|
|
Series B
Aggregate
|
||||||||
|
|
|
|
|
|
(In millions, except per share data)
|
||||||||||||||
November 17, 2014
|
|
November 30, 2014
|
|
December 15, 2014
|
|
$
|
0.253
|
|
|
$
|
7
|
|
|
$
|
0.406
|
|
|
$
|
24
|
|
August 15, 2014
|
|
August 31, 2014
|
|
September 15, 2014
|
|
$
|
0.256
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
May 15, 2014
|
|
May 31, 2014
|
|
June 16, 2014
|
|
$
|
0.256
|
|
|
7
|
|
|
$
|
0.406
|
|
|
24
|
|
||
March 5, 2014
|
|
February 28, 2014
|
|
March 17, 2014
|
|
$
|
0.250
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
|
|
|
|
|
|
|
|
$
|
26
|
|
|
|
|
$
|
96
|
|
||||
November 15, 2013
|
|
November 30, 2013
|
|
December 16, 2013
|
|
$
|
0.253
|
|
|
$
|
7
|
|
|
$
|
0.406
|
|
|
$
|
24
|
|
August 15, 2013
|
|
August 31, 2013
|
|
September 16, 2013
|
|
$
|
0.256
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
May 15, 2013
|
|
May 31, 2013
|
|
June 17, 2013
|
|
$
|
0.256
|
|
|
7
|
|
|
$
|
0.406
|
|
|
24
|
|
||
March 5, 2013
|
|
February 28, 2013
|
|
March 15, 2013
|
|
$
|
0.250
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
|
|
|
|
|
|
|
|
$
|
26
|
|
|
|
|
$
|
96
|
|
||||
November 15, 2012
|
|
November 30, 2012
|
|
December 17, 2012
|
|
$
|
0.253
|
|
|
$
|
7
|
|
|
$
|
0.406
|
|
|
$
|
24
|
|
August 15, 2012
|
|
August 31, 2012
|
|
September 17, 2012
|
|
$
|
0.256
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
May 15, 2012
|
|
May 31, 2012
|
|
June 15, 2012
|
|
$
|
0.256
|
|
|
7
|
|
|
$
|
0.406
|
|
|
24
|
|
||
March 5, 2012
|
|
February 29, 2012
|
|
March 15, 2012
|
|
$
|
0.253
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
||
|
|
|
|
|
|
|
|
$
|
26
|
|
|
|
|
$
|
96
|
|
|
|
|
|
|
|
Dividend
|
||||||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Per Share
|
|
Aggregate
|
||||
|
|
|
|
|
|
(In millions, except per share data)
|
||||||
October 28, 2014
|
|
November 7, 2014
|
|
December 12, 2014
|
|
$
|
0.350
|
|
|
$
|
398
|
|
July 7, 2014
|
|
August 8, 2014
|
|
September 12, 2014
|
|
$
|
0.350
|
|
|
395
|
|
|
April 22, 2014
|
|
May 9, 2014
|
|
June 13, 2014
|
|
$
|
0.350
|
|
|
395
|
|
|
January 6, 2014
|
|
February 6, 2014
|
|
March 13, 2014
|
|
$
|
0.275
|
|
|
311
|
|
|
|
|
|
|
|
|
|
|
$
|
1,499
|
|
||
|
|
|
|
|
|
|
|
|
||||
October 22, 2013
|
|
November 8, 2013
|
|
December 13, 2013
|
|
$
|
0.275
|
|
|
$
|
311
|
|
June 25, 2013
|
|
August 9, 2013
|
|
September 13, 2013
|
|
$
|
0.275
|
|
|
303
|
|
|
April 23, 2013
|
|
May 9, 2013
|
|
June 13, 2013
|
|
$
|
0.275
|
|
|
302
|
|
|
January 4, 2013
|
|
February 6, 2013
|
|
March 13, 2013
|
|
$
|
0.185
|
|
|
203
|
|
|
|
|
|
|
|
|
|
|
$
|
1,119
|
|
||
|
|
|
|
|
|
|
|
|
||||
October 23, 2012
|
|
November 9, 2012
|
|
December 14, 2012
|
|
$
|
0.740
|
|
|
$
|
811
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Stock Options and Unit Options
|
$
|
29
|
|
|
$
|
39
|
|
|
$
|
61
|
|
Performance Shares and Units (1)
|
111
|
|
|
91
|
|
|
80
|
|
|||
Restricted Stock Units and Restricted Units
|
52
|
|
|
45
|
|
|
27
|
|
|||
Total compensation expense
|
$
|
192
|
|
|
$
|
175
|
|
|
$
|
168
|
|
Income tax benefit
|
$
|
67
|
|
|
$
|
61
|
|
|
$
|
59
|
|
(1)
|
Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period.
|
|
December 31, 2014
|
||||
|
Expense
|
|
Weighted Average
Period
|
||
|
(In millions)
|
|
(Years)
|
||
Stock Options
|
$
|
12
|
|
|
1.54
|
Performance Shares
|
$
|
47
|
|
|
1.58
|
Restricted Stock Units
|
$
|
56
|
|
|
1.70
|
|
Shares
Under
Option
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value (1)
|
|||||
|
|
|
|
|
|
(Years)
|
|
(In millions)
|
||||
Outstanding at January 1, 2014
|
29,751,376
|
|
|
$
|
42.56
|
|
|
5.19
|
|
$
|
379
|
|
Granted
|
824,323
|
|
|
$
|
50.53
|
|
|
|
|
|
||
Exercised
|
(4,197,329
|
)
|
|
$
|
37.12
|
|
|
|
|
|
||
Expired
|
(136,031
|
)
|
|
$
|
57.22
|
|
|
|
|
|
||
Forfeited
|
(163,412
|
)
|
|
$
|
40.25
|
|
|
|
|
|
||
Outstanding at December 31, 2014
|
26,078,927
|
|
|
$
|
43.63
|
|
|
4.67
|
|
$
|
312
|
|
Vested and expected to vest at December 31, 2014
|
25,973,890
|
|
|
$
|
43.65
|
|
|
4.59
|
|
$
|
311
|
|
Exercisable at December 31, 2014
|
22,564,811
|
|
|
$
|
44.15
|
|
|
4.17
|
|
$
|
264
|
|
(1)
|
The aggregate intrinsic value was computed using the closing Share price on December 31,
2014
of
$54.09
and December 31,
2013
of
$53.92
, as applicable.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Dividend yield
|
2.18%
|
|
2.13%
|
|
1.95%
|
||||||
Risk-free rate of return
|
0.12%-5.07%
|
|
0.16%-3.89%
|
|
0.21%-4.17%
|
||||||
Expected volatility
|
33.26%
|
|
32.98%
|
|
35.59%
|
||||||
Exercise multiple
|
1.45
|
|
1.51
|
|
1.58
|
||||||
Post-vesting termination rate
|
2.93%
|
|
3.16%
|
|
3.14%
|
||||||
Contractual term (years)
|
10
|
|
10
|
|
10
|
||||||
Expected life (years)
|
6
|
|
7
|
|
7
|
||||||
Weighted average exercise price of stock options granted
|
$
|
50.53
|
|
|
$
|
35.96
|
|
|
$
|
37.91
|
|
Weighted average fair value of stock options granted
|
$
|
13.84
|
|
|
$
|
9.88
|
|
|
$
|
11.33
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Total intrinsic value of stock options exercised
|
$
|
67
|
|
|
$
|
79
|
|
|
$
|
29
|
|
Cash received from exercise of stock options
|
$
|
156
|
|
|
$
|
202
|
|
|
$
|
109
|
|
Income tax benefit realized from stock options exercised
|
$
|
24
|
|
|
$
|
28
|
|
|
$
|
10
|
|
|
Performance Shares
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding at January 1, 2014
|
5,074,140
|
|
|
$
|
42.86
|
|
|
3,328,516
|
|
|
$
|
33.35
|
|
Granted
|
1,183,207
|
|
|
$
|
50.58
|
|
|
1,432,389
|
|
|
$
|
46.20
|
|
Forfeited
|
(194,263
|
)
|
|
$
|
45.19
|
|
|
7,795
|
|
|
$
|
35.13
|
|
Payable (1)
|
(1,551,570
|
)
|
|
$
|
42.79
|
|
|
(1,264,470
|
)
|
|
$
|
36.68
|
|
Outstanding at December 31, 2014
|
4,511,514
|
|
|
$
|
44.85
|
|
|
3,504,230
|
|
|
$
|
38.48
|
|
Vested and expected to vest at December 31, 2014
|
4,477,097
|
|
|
$
|
44.54
|
|
|
3,153,807
|
|
|
$
|
38.49
|
|
(1)
|
Includes both Shares paid and Shares deferred for later payment.
|
|
Unit
Options
|
|
Restricted
Units
|
|
Performance
Units
|
|||
Outstanding at January 1, 2014
|
1,221,626
|
|
|
979,522
|
|
|
531,888
|
|
Granted
|
40,181
|
|
|
307,873
|
|
|
209,646
|
|
Exercised
|
(123,293
|
)
|
|
—
|
|
|
—
|
|
Forfeited
|
(31,518
|
)
|
|
(83,537
|
)
|
|
(20,517
|
)
|
Paid
|
—
|
|
|
(403,818
|
)
|
|
(127,094
|
)
|
Outstanding at December 31, 2014
|
1,106,996
|
|
|
800,040
|
|
|
593,923
|
|
Vested and expected to vest at December 31, 2014
|
996,296
|
|
|
720,036
|
|
|
534,531
|
|
|
2013 Schedule
|
|
2014 Schedule
|
|
Combined Schedule
|
|
(In millions)
|
||||
2013 Strengthening
|
$300
|
|
N/A
|
|
$300
|
2014 Strengthening
|
$200
|
|
$100
|
|
$300
|
2015 Strengthening (1)
|
$100
|
|
$100
|
|
$200
|
2016 Strengthening (1)
|
N/A
|
|
$100
|
|
$100
|
(1)
|
The actual 2015 and 2016 amounts may differ from those originally estimated in 2013 and 2014 due to changes in economic conditions, regulations, or policyholder behavior.
|
|
|
|
|
Years Ended December 31,
|
||||||||||
Company
|
|
State of Domicile
|
|
2014
|
|
2013
|
|
2012
|
||||||
|
|
|
|
(In millions)
|
||||||||||
Metropolitan Life Insurance Company
|
|
New York
|
|
$
|
1,487
|
|
|
$
|
369
|
|
|
$
|
1,320
|
|
American Life Insurance Company
|
|
Delaware
|
|
$
|
(36
|
)
|
|
$
|
631
|
|
|
$
|
317
|
|
MetLife Insurance Company USA (1)
|
|
Delaware
|
|
$
|
1,543
|
|
|
$
|
3,358
|
|
|
$
|
848
|
|
Metropolitan Property and Casualty Insurance Company
|
|
Rhode Island
|
|
$
|
291
|
|
|
$
|
282
|
|
|
$
|
235
|
|
Metropolitan Tower Life Insurance Company
|
|
Delaware
|
|
$
|
51
|
|
|
$
|
52
|
|
|
$
|
61
|
|
(1)
|
Statutory net income (loss) for the year ended December 31, 2012 is as filed with the Connecticut Insurance Department by MICC and does not reflect the results of the Mergers. See
Note 8
for a discussion on the Mergers.
|
|
|
December 31,
|
||||||
Company
|
|
2014
|
|
2013
|
||||
|
|
(In millions)
|
||||||
Metropolitan Life Insurance Company
|
|
$
|
12,008
|
|
|
$
|
12,428
|
|
American Life Insurance Company
|
|
$
|
3,362
|
|
|
$
|
2,711
|
|
MetLife Insurance Company USA (1)
|
|
$
|
6,042
|
|
|
$
|
3,566
|
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
2,388
|
|
|
$
|
2,225
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
767
|
|
|
$
|
735
|
|
(1)
|
See
Note 8
for a discussion on the Mergers.
|
|
|
2015
|
|
2014
|
|
2013
|
||||||||
Company
|
|
Permitted Without
Approval (1)
|
|
Paid (2)
|
|
Paid (2)
|
||||||||
|
|
(In millions)
|
||||||||||||
Metropolitan Life Insurance Company
|
|
$
|
1,200
|
|
|
$
|
821
|
|
(3)
|
|
$
|
1,428
|
|
|
American Life Insurance Company
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
MetLife Insurance Company USA (4)
|
|
$
|
3,056
|
|
|
$
|
155
|
|
(5)
|
|
$
|
1,000
|
|
(6)
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
239
|
|
|
$
|
200
|
|
|
|
$
|
100
|
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
102
|
|
|
$
|
73
|
|
|
|
$
|
109
|
|
(7)
|
MetLife Investors Insurance Company (4)
|
|
N/A
|
|
|
N/A
|
|
|
|
$
|
129
|
|
|
(1)
|
Reflects dividend amounts that may be paid during 2015 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2015, some or all of such dividends may require regulatory approval.
|
(2)
|
Reflects all amounts paid, including those requiring regulatory approval.
|
(3)
|
During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of
$113 million
.
|
(4)
|
See
Note 8
for a discussion of the Mergers.
|
(5)
|
Prior to the Mergers, Exeter paid dividends of
$155 million
on its preferred stock. In August 2014, MICC redeemed for
$1.4 billion
and retired
4,595,317
shares of its common stock owned by MetLife Investors Group LLC (“MLIG”). Following the redemption, in August 2014, MLIG paid a dividend of
$1.4 billion
to MetLife, Inc. MetLife USA did not pay dividends in 2014.
|
(6)
|
During the year ended December 31, 2013, MICC paid dividends of
$1.0 billion
.
|
(7)
|
During October 2013, Metropolitan Tower Life Insurance Company (“MTL”) distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of
$32 million
. Also during October 2013, MTL paid a dividend to MetLife, Inc. in the amount of
$77 million
in cash, which represented its dividend capacity without regulatory approval at December 31, 2013. Regulatory approval for these dividends was obtained due to the amount and timing of the payments.
|
|
Unrealized
Investment Gains
(Losses), Net of
Related Offsets (1)
|
|
Unrealized Gains (Losses) on Derivatives
|
|
Foreign Currency Translation Adjustments
|
|
Defined
Benefit
Plans
Adjustment
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Balance at December 31, 2011
|
$
|
7,689
|
|
|
$
|
985
|
|
|
$
|
(648
|
)
|
|
$
|
(1,943
|
)
|
|
$
|
6,083
|
|
OCI before reclassifications
|
9,321
|
|
|
(262
|
)
|
|
(134
|
)
|
|
(996
|
)
|
|
7,929
|
|
|||||
Deferred income tax benefit (expense)
|
(3,457
|
)
|
|
92
|
|
|
249
|
|
|
350
|
|
|
(2,766
|
)
|
|||||
OCI before reclassifications, net of income tax
|
13,553
|
|
|
815
|
|
|
(533
|
)
|
|
(2,589
|
)
|
|
11,246
|
|
|||||
Amounts reclassified from AOCI
|
58
|
|
|
24
|
|
|
—
|
|
|
154
|
|
|
236
|
|
|||||
Deferred income tax benefit (expense)
|
(23
|
)
|
|
(8
|
)
|
|
—
|
|
|
(54
|
)
|
|
(85
|
)
|
|||||
Amounts reclassified from AOCI, net of income tax
|
35
|
|
|
16
|
|
|
—
|
|
|
100
|
|
|
151
|
|
|||||
Balance at December 31, 2012
|
13,588
|
|
|
831
|
|
|
(533
|
)
|
|
(2,489
|
)
|
|
11,397
|
|
|||||
OCI before reclassifications
|
(8,487
|
)
|
|
(937
|
)
|
|
(937
|
)
|
|
1,078
|
|
|
(9,283
|
)
|
|||||
Deferred income tax benefit (expense)
|
2,807
|
|
|
312
|
|
|
(189
|
)
|
|
(379
|
)
|
|
2,551
|
|
|||||
OCI before reclassifications, net of income tax
|
7,908
|
|
|
206
|
|
|
(1,659
|
)
|
|
(1,790
|
)
|
|
4,665
|
|
|||||
Amounts reclassified from AOCI
|
411
|
|
|
36
|
|
|
—
|
|
|
214
|
|
|
661
|
|
|||||
Deferred income tax benefit (expense)
|
(136
|
)
|
|
(11
|
)
|
|
—
|
|
|
(75
|
)
|
|
(222
|
)
|
|||||
Amounts reclassified from AOCI, net of income tax
|
275
|
|
|
25
|
|
|
—
|
|
|
139
|
|
|
439
|
|
|||||
Balance at December 31, 2013
|
8,183
|
|
|
231
|
|
|
(1,659
|
)
|
|
(1,651
|
)
|
|
5,104
|
|
|||||
OCI before reclassifications
|
11,197
|
|
|
669
|
|
|
(1,492
|
)
|
|
(1,150
|
)
|
|
9,224
|
|
|||||
Deferred income tax benefit (expense)
|
(3,419
|
)
|
|
(261
|
)
|
|
(208
|
)
|
|
401
|
|
|
(3,487
|
)
|
|||||
OCI before reclassifications, net of income tax
|
15,961
|
|
|
639
|
|
|
(3,359
|
)
|
|
(2,400
|
)
|
|
10,841
|
|
|||||
Amounts reclassified from AOCI
|
(811
|
)
|
|
717
|
|
|
77
|
|
|
180
|
|
|
163
|
|
|||||
Deferred income tax benefit (expense)
|
249
|
|
|
(280
|
)
|
|
(27
|
)
|
|
(63
|
)
|
|
(121
|
)
|
|||||
Amounts reclassified from AOCI, net of income tax
|
(562
|
)
|
|
437
|
|
|
50
|
|
|
117
|
|
|
42
|
|
|||||
Sale of subsidiary (2)
|
(320
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(314
|
)
|
|||||
Deferred income tax benefit (expense)
|
80
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|||||
Sale of subsidiary, net of income tax
|
(240
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(234
|
)
|
|||||
Balance at December 31, 2014
|
$
|
15,159
|
|
|
$
|
1,076
|
|
|
$
|
(3,303
|
)
|
|
$
|
(2,283
|
)
|
|
$
|
10,649
|
|
(1)
|
See
Note 8
for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation.
|
(2)
|
See Note 3.
|
AOCI Components
|
|
Amounts Reclassified from AOCI
|
|
Consolidated Statement of Operations and Comprehensive Income (Loss) Locations
|
||||||||||
|
|
Years Ended December 31,
|
|
|
||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
|
||||||
|
|
(In millions)
|
|
|
||||||||||
Net unrealized investment gains (losses):
|
|
|
|
|
|
|
|
|
||||||
Net unrealized investment gains (losses)
|
|
$
|
603
|
|
|
$
|
344
|
|
|
$
|
(5
|
)
|
|
Net investment gains (losses)
|
Net unrealized investment gains (losses)
|
|
67
|
|
|
93
|
|
|
73
|
|
|
Net investment income
|
|||
Net unrealized investment gains (losses)
|
|
141
|
|
|
(26
|
)
|
|
(10
|
)
|
|
Net derivative gains (losses)
|
|||
Net unrealized investment gains (losses), before income tax
|
|
811
|
|
|
411
|
|
|
58
|
|
|
|
|||
Income tax (expense) benefit
|
|
(249
|
)
|
|
(136
|
)
|
|
(23
|
)
|
|
|
|||
Net unrealized investment gains (losses), net of income tax
|
|
$
|
562
|
|
|
$
|
275
|
|
|
$
|
35
|
|
|
|
Unrealized gains (losses) on derivatives - cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
42
|
|
|
$
|
20
|
|
|
$
|
1
|
|
|
Net derivative gains (losses)
|
Interest rate swaps
|
|
9
|
|
|
8
|
|
|
4
|
|
|
Net investment income
|
|||
Interest rate swaps
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
Other expenses
|
|||
Interest rate forwards
|
|
(7
|
)
|
|
10
|
|
|
1
|
|
|
Net derivative gains (losses)
|
|||
Interest rate forwards
|
|
4
|
|
|
3
|
|
|
2
|
|
|
Net investment income
|
|||
Interest rate forwards
|
|
2
|
|
|
(1
|
)
|
|
(1
|
)
|
|
Other expenses
|
|||
Foreign currency swaps
|
|
(768
|
)
|
|
(3
|
)
|
|
23
|
|
|
Net derivative gains (losses)
|
|||
Foreign currency swaps
|
|
(2
|
)
|
|
(3
|
)
|
|
(5
|
)
|
|
Net investment income
|
|||
Foreign currency swaps
|
|
2
|
|
|
1
|
|
|
1
|
|
|
Other expenses
|
|||
Credit forwards
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Net investment income
|
|||
Gains (losses) on cash flow hedges, before income tax
|
|
(717
|
)
|
|
36
|
|
|
24
|
|
|
|
|||
Income tax (expense) benefit
|
|
280
|
|
|
(11
|
)
|
|
(8
|
)
|
|
|
|||
Gains (losses) on cash flow hedges, net of income tax
|
|
(437
|
)
|
|
25
|
|
|
16
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
(77
|
)
|
|
—
|
|
|
—
|
|
|
Net investment gain (losses)
|
|||
Income tax (expense) benefit
|
|
27
|
|
|
—
|
|
|
—
|
|
|
|
|||
Foreign translation adjustment, net of income tax
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
|
|||
Defined benefit plans adjustment: (1)
|
|
|
|
|
|
|
|
|
||||||
Amortization of net actuarial gains (losses)
|
|
$
|
(180
|
)
|
|
$
|
283
|
|
|
$
|
252
|
|
|
|
Amortization of prior service (costs) credit
|
|
—
|
|
|
(69
|
)
|
|
(98
|
)
|
|
|
|||
Amortization of defined benefit plan items, before
income tax
|
|
(180
|
)
|
|
214
|
|
|
154
|
|
|
|
|||
Income tax (expense) benefit
|
|
63
|
|
|
(75
|
)
|
|
(54
|
)
|
|
|
|||
Amortization of defined benefit plan items, net of income tax
|
|
$
|
(117
|
)
|
|
$
|
139
|
|
|
$
|
100
|
|
|
|
Total reclassifications, net of income tax
|
|
$
|
(42
|
)
|
|
$
|
439
|
|
|
$
|
151
|
|
|
|
(1)
|
These AOCI components are included in the computation of net periodic benefit costs. See Note 18.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Compensation
|
$
|
4,894
|
|
|
$
|
5,108
|
|
|
$
|
5,562
|
|
Pension, postretirement and postemployment benefit costs
|
473
|
|
|
488
|
|
|
428
|
|
|||
Commissions
|
5,153
|
|
|
5,428
|
|
|
5,909
|
|
|||
Volume-related costs
|
859
|
|
|
842
|
|
|
599
|
|
|||
Capitalization of DAC
|
(4,183
|
)
|
|
(4,786
|
)
|
|
(5,289
|
)
|
|||
Amortization of DAC and VOBA
|
4,132
|
|
|
3,550
|
|
|
4,199
|
|
|||
Amortization of negative VOBA
|
(442
|
)
|
|
(579
|
)
|
|
(622
|
)
|
|||
Interest expense on debt
|
1,216
|
|
|
1,282
|
|
|
1,356
|
|
|||
Premium taxes, licenses and fees
|
801
|
|
|
658
|
|
|
677
|
|
|||
Professional services
|
1,457
|
|
|
1,454
|
|
|
1,664
|
|
|||
Rent and related expenses, net of sublease income
|
361
|
|
|
376
|
|
|
422
|
|
|||
Other (1)
|
2,370
|
|
|
2,781
|
|
|
2,850
|
|
|||
Total other expenses
|
$
|
17,091
|
|
|
$
|
16,602
|
|
|
$
|
17,755
|
|
(1)
|
See
Note 19
for information on the Japan income tax refund included in other expenses for the year ended December 31, 2013.
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||||||||||||||
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Balance at January 1,
|
$
|
40
|
|
|
$
|
6
|
|
|
$
|
46
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restructuring charges
|
83
|
|
|
8
|
|
|
91
|
|
|
99
|
|
|
16
|
|
|
115
|
|
|
141
|
|
|
18
|
|
|
159
|
|
|||||||||
Cash payments
|
(92
|
)
|
|
(8
|
)
|
|
(100
|
)
|
|
(82
|
)
|
|
(10
|
)
|
|
(92
|
)
|
|
(118
|
)
|
|
(18
|
)
|
|
(136
|
)
|
|||||||||
Balance at December 31,
|
$
|
31
|
|
|
$
|
6
|
|
|
$
|
37
|
|
|
$
|
40
|
|
|
$
|
6
|
|
|
$
|
46
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
23
|
|
Total restructuring charges incurred since inception of initiative
|
$
|
323
|
|
|
$
|
42
|
|
|
$
|
365
|
|
|
$
|
240
|
|
|
$
|
34
|
|
|
$
|
274
|
|
|
$
|
141
|
|
|
$
|
18
|
|
|
$
|
159
|
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
|
U.S. Plans (1)
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans (1)
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Change in benefit obligations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Benefit obligations at January 1,
|
$
|
8,591
|
|
|
$
|
744
|
|
|
$
|
1,834
|
|
|
$
|
41
|
|
|
$
|
9,480
|
|
|
$
|
823
|
|
|
$
|
2,375
|
|
|
$
|
43
|
|
Service costs
|
200
|
|
|
62
|
|
|
14
|
|
|
2
|
|
|
236
|
|
|
67
|
|
|
20
|
|
|
2
|
|
||||||||
Interest costs
|
437
|
|
|
19
|
|
|
92
|
|
|
2
|
|
|
389
|
|
|
14
|
|
|
92
|
|
|
2
|
|
||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
||||||||
Net actuarial (gains) losses
|
1,551
|
|
|
56
|
|
|
264
|
|
|
—
|
|
|
(1,050
|
)
|
|
34
|
|
|
(551
|
)
|
|
(1
|
)
|
||||||||
Acquisition, divestitures, settlements and curtailments
|
(13
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
1
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Change in benefits
|
(4
|
)
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Benefits paid
|
(500
|
)
|
|
(36
|
)
|
|
(109
|
)
|
|
(7
|
)
|
|
(464
|
)
|
|
(41
|
)
|
|
(132
|
)
|
|
(2
|
)
|
||||||||
Effect of foreign currency translation
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(134
|
)
|
|
—
|
|
|
—
|
|
||||||||
Benefit obligations at December 31,
|
10,262
|
|
|
739
|
|
|
2,110
|
|
|
35
|
|
|
8,591
|
|
|
744
|
|
|
1,834
|
|
|
41
|
|
||||||||
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fair value of plan assets at January 1,
|
7,776
|
|
|
248
|
|
|
1,352
|
|
|
14
|
|
|
7,879
|
|
|
224
|
|
|
1,320
|
|
|
15
|
|
||||||||
Actual return on plan assets
|
1,084
|
|
|
24
|
|
|
112
|
|
|
—
|
|
|
(22
|
)
|
|
34
|
|
|
58
|
|
|
(1
|
)
|
||||||||
Acquisition, divestitures and settlements
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(3
|
)
|
||||||||
Plan participants’ contributions
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
||||||||
Employer contributions
|
390
|
|
|
60
|
|
|
41
|
|
|
3
|
|
|
383
|
|
|
83
|
|
|
76
|
|
|
5
|
|
||||||||
Benefits paid
|
(500
|
)
|
|
(36
|
)
|
|
(109
|
)
|
|
(7
|
)
|
|
(464
|
)
|
|
(41
|
)
|
|
(132
|
)
|
|
(2
|
)
|
||||||||
Effect of foreign currency translation
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
||||||||
Fair value of plan assets at December 31,
|
8,750
|
|
|
253
|
|
|
1,426
|
|
|
10
|
|
|
7,776
|
|
|
248
|
|
|
1,352
|
|
|
14
|
|
||||||||
Over (under) funded status at December 31,
|
$
|
(1,512
|
)
|
|
$
|
(486
|
)
|
|
$
|
(684
|
)
|
|
$
|
(25
|
)
|
|
$
|
(815
|
)
|
|
$
|
(496
|
)
|
|
$
|
(482
|
)
|
|
$
|
(27
|
)
|
Amounts recognized in the consolidated balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Other assets
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
223
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Other liabilities
|
(1,512
|
)
|
|
(493
|
)
|
|
(684
|
)
|
|
(26
|
)
|
|
(1,038
|
)
|
|
(503
|
)
|
|
(482
|
)
|
|
(27
|
)
|
||||||||
Net amount recognized
|
$
|
(1,512
|
)
|
|
$
|
(486
|
)
|
|
$
|
(684
|
)
|
|
$
|
(25
|
)
|
|
$
|
(815
|
)
|
|
$
|
(496
|
)
|
|
$
|
(482
|
)
|
|
$
|
(27
|
)
|
AOCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net actuarial (gains) losses
|
$
|
3,034
|
|
|
$
|
59
|
|
|
$
|
422
|
|
|
$
|
3
|
|
|
$
|
2,274
|
|
|
$
|
28
|
|
|
$
|
211
|
|
|
$
|
2
|
|
Prior service costs (credit)
|
(2
|
)
|
|
1
|
|
|
(11
|
)
|
|
1
|
|
|
18
|
|
|
2
|
|
|
1
|
|
|
1
|
|
||||||||
AOCI, before income tax
|
$
|
3,032
|
|
|
$
|
60
|
|
|
$
|
411
|
|
|
$
|
4
|
|
|
$
|
2,292
|
|
|
$
|
30
|
|
|
$
|
212
|
|
|
$
|
3
|
|
Accumulated benefit obligation
|
$
|
9,729
|
|
|
$
|
626
|
|
|
N/A
|
|
|
N/A
|
|
|
$
|
8,104
|
|
|
$
|
636
|
|
|
N/A
|
|
|
N/A
|
|
(1)
|
Includes non-qualified unfunded plans, for which the aggregate PBO was
$1.3 billion
and
$1.0 billion
at
December 31, 2014
and
2013
, respectively.
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Pension Benefits
|
||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||
|
(In millions)
|
||||||||||||||
Projected benefit obligations
|
$
|
1,981
|
|
|
$
|
634
|
|
|
$
|
1,037
|
|
|
$
|
644
|
|
Accumulated benefit obligations
|
$
|
1,789
|
|
|
$
|
573
|
|
|
$
|
927
|
|
|
$
|
579
|
|
Fair value of plan assets
|
$
|
676
|
|
|
$
|
177
|
|
|
$
|
—
|
|
|
$
|
167
|
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Projected benefit obligations
|
$
|
10,241
|
|
|
$
|
703
|
|
|
$
|
2,110
|
|
|
$
|
35
|
|
|
$
|
1,170
|
|
|
$
|
701
|
|
|
$
|
1,834
|
|
|
$
|
41
|
|
Fair value of plan assets
|
$
|
8,719
|
|
|
$
|
212
|
|
|
$
|
1,426
|
|
|
$
|
10
|
|
|
$
|
133
|
|
|
$
|
199
|
|
|
$
|
1,352
|
|
|
$
|
14
|
|
•
|
Service Costs — Service costs are the increase in the projected (expected) PBO resulting from benefits payable to employees on service rendered during the current year.
|
•
|
Interest Costs — Interest costs are the time value adjustment on the projected (expected) PBO at the end of each year.
|
•
|
Settlement and Curtailment Costs — The aggregate amount of net (gains) losses recognized in net periodic benefit costs is due to settlements and curtailments. Settlements result from actions that relieve/eliminate the plan’s responsibility for benefit obligations or risks associated with the obligations or assets used for the settlement. Curtailments result from an event that significantly reduces/eliminates plan participants’ expected years of future services or benefit accruals.
|
•
|
Expected Return on Plan Assets — Expected return on plan assets is the assumed return earned by the accumulated pension and other postretirement fund assets in a particular year.
|
•
|
Amortization of Net Actuarial (Gains) Losses — Actuarial gains and losses result from differences between the actual experience and the expected experience on pension and other postretirement plan assets or projected (expected) PBO during a particular period. These gains and losses are accumulated and, to the extent they exceed
10%
of the greater of the PBO or the fair value of plan assets, the excess is amortized into pension and other postretirement benefit costs over the expected service years of the employees.
|
•
|
Amortization of Prior Service Costs (Credit) — These costs relate to the recognition of increases or decreases in pension and other postretirement benefit obligation due to amendments in plans or initiation of new plans. These increases or decreases in obligation are recognized in AOCI at the time of the amendment. These costs are then amortized to pension and other postretirement benefit costs over the expected service years of the employees affected by the change.
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Service costs
|
$
|
200
|
|
|
$
|
62
|
|
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
236
|
|
|
$
|
67
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
$
|
224
|
|
|
$
|
75
|
|
|
$
|
21
|
|
|
$
|
1
|
|
Interest costs
|
437
|
|
|
19
|
|
|
92
|
|
|
2
|
|
|
389
|
|
|
14
|
|
|
92
|
|
|
2
|
|
|
406
|
|
|
17
|
|
|
103
|
|
|
2
|
|
||||||||||||
Settlement and curtailment costs
|
14
|
|
|
5
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||||
Expected return on plan assets
|
(475
|
)
|
|
(7
|
)
|
|
(75
|
)
|
|
(1
|
)
|
|
(483
|
)
|
|
(6
|
)
|
|
(75
|
)
|
|
(1
|
)
|
|
(484
|
)
|
|
(6
|
)
|
|
(77
|
)
|
|
(1
|
)
|
||||||||||||
Amortization of net actuarial (gains) losses
|
169
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
195
|
|
|
—
|
|
|
57
|
|
|
—
|
|
||||||||||||
Amortization of prior service costs (credit)
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(75
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
(104
|
)
|
|
—
|
|
||||||||||||
Total net periodic benefit costs (credit)
|
346
|
|
|
79
|
|
|
43
|
|
|
5
|
|
|
376
|
|
|
73
|
|
|
17
|
|
|
4
|
|
|
347
|
|
|
86
|
|
|
—
|
|
|
3
|
|
||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Net actuarial (gains) losses
|
929
|
|
|
31
|
|
|
222
|
|
|
1
|
|
|
(545
|
)
|
|
1
|
|
|
(533
|
)
|
|
1
|
|
|
744
|
|
|
18
|
|
|
234
|
|
|
2
|
|
||||||||||||
Prior service costs (credit)
|
(19
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||||||||
Amortization of net actuarial (gains) losses
|
(169
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(228
|
)
|
|
—
|
|
|
(55
|
)
|
|
(2
|
)
|
|
(195
|
)
|
|
—
|
|
|
(57
|
)
|
|
—
|
|
||||||||||||
Amortization of prior service (costs) credit
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
75
|
|
|
—
|
|
|
(6
|
)
|
|
—
|
|
|
104
|
|
|
—
|
|
||||||||||||
Total recognized in OCI
|
740
|
|
|
30
|
|
|
199
|
|
|
1
|
|
|
(779
|
)
|
|
1
|
|
|
(513
|
)
|
|
(1
|
)
|
|
543
|
|
|
17
|
|
|
281
|
|
|
1
|
|
||||||||||||
Total recognized in net periodic benefit costs and OCI
|
$
|
1,086
|
|
|
$
|
109
|
|
|
$
|
242
|
|
|
$
|
6
|
|
|
$
|
(403
|
)
|
|
$
|
74
|
|
|
$
|
(496
|
)
|
|
$
|
3
|
|
|
$
|
890
|
|
|
$
|
103
|
|
|
$
|
281
|
|
|
$
|
4
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans (1)
|
|
U.S. Plans
|
|
Non-U.S. Plans (1)
|
||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average discount rate
|
4.10%
|
|
1.68%
|
|
4.10%
|
|
5.84%
|
||||||
Rate of compensation increase
|
2.25
|
%
|
-
|
8.50%
|
|
2.00
|
%
|
-
|
5.50%
|
|
N/A
|
|
N/A
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average discount rate
|
5.15%
|
|
1.94%
|
|
5.15%
|
|
6.47%
|
||||||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
2.00
|
%
|
-
|
5.50%
|
|
N/A
|
|
N/A
|
(1)
|
Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans (1)
|
|
U.S. Plans
|
|
Non-U.S. Plans (1)
|
||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average discount rate
|
5.15%
|
|
2.06%
|
|
5.15%
|
|
6.38%
|
||||||
Weighted average expected rate of return on plan assets
|
6.25%
|
|
3.24%
|
|
5.70%
|
|
7.25%
|
||||||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
2.00
|
%
|
-
|
5.50%
|
|
N/A
|
|
N/A
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average discount rate
|
4.20%
|
|
1.98%
|
|
4.20%
|
|
5.01%
|
||||||
Weighted average expected rate of return on plan assets
|
6.25%
|
|
2.07%
|
|
5.76%
|
|
7.25%
|
||||||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
1.50
|
%
|
-
|
5.50%
|
|
N/A
|
|
N/A
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted average discount rate
|
4.95%
|
|
2.35%
|
|
4.95%
|
|
5.78%
|
||||||
Weighted average expected rate of return on plan assets
|
7.00%
|
|
3.35%
|
|
6.26%
|
|
6.54%
|
||||||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
2.00
|
%
|
-
|
4.00%
|
|
N/A
|
|
N/A
|
(1)
|
Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits.
|
|
December 31,
|
||
|
2014
|
|
2013
|
Pre-and Post-Medicare eligible claims
|
6.4% for 2015, gradually decreasing each year for Pre-Medicare until 2094 reaching the ultimate rate of 4.4% and for Post-Medicare until 2089 reaching the ultimate rate of 4.7%
|
|
6.4% in 2014, gradually decreasing each year until 2094 reaching the ultimate rate of 4.4% for Pre-Medicare and 4.6% for Post-Medicare.
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
One Percent
Increase
|
|
One Percent
Decrease
|
|
One Percent
Increase
|
|
One Percent
Decrease
|
||||||||
|
(In millions)
|
||||||||||||||
Effect on total of service and interest costs components
|
$
|
14
|
|
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Effect of accumulated postretirement benefit obligations
|
$
|
302
|
|
|
$
|
(245
|
)
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
Level 1
|
|
This category includes separate accounts that are invested in fixed maturity securities, equity securities, derivative assets and short-term investments which have unadjusted quoted market prices in active markets for identical assets and liabilities.
|
|
|
|
Level 2
|
|
This category includes certain separate accounts that are primarily invested in liquid and readily marketable securities. The estimated fair value of such separate account is based upon reported NAV provided by fund managers and this value represents the amount at which transfers into and out of the respective separate account are effected. These separate accounts provide reasonable levels of price transparency and can be corroborated through observable market data.
|
|
|
|
|
|
Directly held investments are primarily invested in U.S. and foreign government and corporate securities.
|
|
|
|
Level 3
|
|
This category includes separate accounts that are invested in fixed maturity securities, equity securities, derivative assets and other investments that provide little or no price transparency due to the infrequency with which the underlying assets trade and generally require additional time to liquidate in an orderly manner. Accordingly, the values for separate accounts invested in these alternative asset classes are based on inputs that cannot be readily derived from or corroborated by observable market data.
|
|
|
|
|
|
Certain separate accounts are invested in investment partnerships designated as hedge funds. The values for these separate accounts is determined monthly based on the NAV of the underlying hedge fund investment. Additionally, such hedge funds generally contain lock out or other waiting period provisions for redemption requests to be filled. While the reporting and redemption restrictions may limit the frequency of trading activity in separate accounts invested in hedge funds, the reported NAV, and thus the referenced value of the separate account, provides a reasonable level of price transparency that can be corroborated through observable market data.
|
|
December 31,
|
|||||||||||||||||||||||||
|
2014
|
|
2013
|
|||||||||||||||||||||||
|
Pension
|
|
Postretirement Medical
|
|
Postretirement Life
|
|
Pension
|
|
Postretirement Medical
|
|
Postretirement Life
|
|||||||||||||||
|
Target
|
|
Actual
Allocation
|
|
Target
|
|
Actual
Allocation
|
|
Target
|
|
Actual
Allocation
|
|
Actual
Allocation
|
|
Actual
Allocation
|
|
Actual
Allocation
|
|||||||||
Asset Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fixed maturity securities (1)
|
75
|
%
|
|
69
|
%
|
|
70
|
%
|
|
71
|
%
|
|
—
|
%
|
|
—
|
%
|
|
64
|
%
|
|
67
|
%
|
|
—
|
%
|
Equity securities (2)
|
12
|
%
|
|
15
|
%
|
|
30
|
%
|
|
27
|
%
|
|
—
|
%
|
|
—
|
%
|
|
23
|
%
|
|
32
|
%
|
|
—
|
%
|
Alternative securities (3)
|
13
|
%
|
|
16
|
%
|
|
—
|
%
|
|
2
|
%
|
|
100
|
%
|
|
100
|
%
|
|
13
|
%
|
|
1
|
%
|
|
100
|
%
|
Total assets
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(1)
|
Fixed maturity securities include ABS, collateralized mortgage obligations, corporate, federal agency, foreign bonds, mortgage-backed securities, municipals, preferred stocks, U.S. government bonds and exchange traded funds. Certain prior year amounts have been reclassified from equity securities into fixed maturity securities to conform to the current year presentation.
|
(2)
|
Equity securities primarily include common stock of U.S. companies.
|
(3)
|
Alternative securities primarily include derivative assets, money market securities, short-term investments and other investments. Postretirement life’s target and actual allocation of plan assets are all in short-term investments.
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Fair Value Hierarchy
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate
|
$
|
—
|
|
|
$
|
2,638
|
|
|
$
|
80
|
|
|
$
|
2,718
|
|
|
$
|
42
|
|
|
$
|
244
|
|
|
$
|
3
|
|
|
$
|
289
|
|
U.S. government bonds
|
1,605
|
|
|
223
|
|
|
—
|
|
|
1,828
|
|
|
169
|
|
|
12
|
|
|
—
|
|
|
181
|
|
||||||||
Foreign bonds
|
—
|
|
|
718
|
|
|
17
|
|
|
735
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
68
|
|
||||||||
Federal agencies
|
—
|
|
|
254
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
||||||||
Municipals
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||||||
Other (1)
|
—
|
|
|
188
|
|
|
8
|
|
|
196
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
||||||||
Total fixed maturity securities
|
1,605
|
|
|
4,291
|
|
|
105
|
|
|
6,001
|
|
|
211
|
|
|
496
|
|
|
3
|
|
|
710
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - domestic
|
951
|
|
|
—
|
|
|
—
|
|
|
951
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
188
|
|
||||||||
Common stock - foreign
|
394
|
|
|
—
|
|
|
—
|
|
|
394
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
||||||||
Total equity securities
|
1,345
|
|
|
—
|
|
|
—
|
|
|
1,345
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
268
|
|
||||||||
Other investments
|
—
|
|
|
24
|
|
|
743
|
|
|
767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
189
|
|
|
273
|
|
|
—
|
|
|
462
|
|
|
14
|
|
|
433
|
|
|
—
|
|
|
447
|
|
||||||||
Money market securities
|
29
|
|
|
56
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Derivative assets
|
11
|
|
|
7
|
|
|
72
|
|
|
90
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Total assets
|
$
|
3,179
|
|
|
$
|
4,651
|
|
|
$
|
920
|
|
|
$
|
8,750
|
|
|
$
|
493
|
|
|
$
|
930
|
|
|
$
|
3
|
|
|
$
|
1,426
|
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Fair Value Hierarchy
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate
|
$
|
—
|
|
|
$
|
2,073
|
|
|
$
|
59
|
|
|
$
|
2,132
|
|
|
$
|
77
|
|
|
$
|
170
|
|
|
$
|
1
|
|
|
$
|
248
|
|
U.S. government bonds
|
924
|
|
|
166
|
|
|
—
|
|
|
1,090
|
|
|
135
|
|
|
5
|
|
|
—
|
|
|
140
|
|
||||||||
Foreign bonds
|
—
|
|
|
718
|
|
|
11
|
|
|
729
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
||||||||
Federal agencies
|
—
|
|
|
292
|
|
|
—
|
|
|
292
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
||||||||
Municipals
|
—
|
|
|
219
|
|
|
—
|
|
|
219
|
|
|
55
|
|
|
15
|
|
|
—
|
|
|
70
|
|
||||||||
Other (1)
|
—
|
|
|
490
|
|
|
19
|
|
|
509
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
54
|
|
||||||||
Total fixed maturity securities
|
924
|
|
|
3,958
|
|
|
89
|
|
|
4,971
|
|
|
267
|
|
|
340
|
|
|
1
|
|
|
608
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - domestic
|
1,133
|
|
|
22
|
|
|
148
|
|
|
1,303
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
196
|
|
||||||||
Common stock - foreign
|
460
|
|
|
—
|
|
|
—
|
|
|
460
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
102
|
|
||||||||
Total equity securities
|
1,593
|
|
|
22
|
|
|
148
|
|
|
1,763
|
|
|
298
|
|
|
—
|
|
|
—
|
|
|
298
|
|
||||||||
Other investments
|
—
|
|
|
—
|
|
|
600
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
53
|
|
|
309
|
|
|
—
|
|
|
362
|
|
|
—
|
|
|
439
|
|
|
—
|
|
|
439
|
|
||||||||
Money market securities
|
1
|
|
|
12
|
|
|
—
|
|
|
13
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||
Derivative assets
|
17
|
|
|
15
|
|
|
35
|
|
|
67
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||
Total assets
|
$
|
2,588
|
|
|
$
|
4,316
|
|
|
$
|
872
|
|
|
$
|
7,776
|
|
|
$
|
569
|
|
|
$
|
782
|
|
|
$
|
1
|
|
|
$
|
1,352
|
|
(1)
|
Other primarily includes mortgage-backed securities, collateralized mortgage obligations and ABS.
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||
|
Fixed Maturity
Securities
|
|
Equity
Securities
|
|
|
|
|
||||||||||||||||
|
Corporate
|
|
Foreign
Bonds
|
|
Other (1)
|
|
Common
Stock -
Domestic
|
|
Other
Investments
|
|
Derivative
Assets
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1,
|
$
|
59
|
|
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
148
|
|
|
$
|
600
|
|
|
$
|
35
|
|
Realized gains (losses)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(16
|
)
|
||||||
Unrealized gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112
|
|
|
19
|
|
||||||
Purchases, sales, issuances and settlements, net
|
11
|
|
|
6
|
|
|
(2
|
)
|
|
—
|
|
|
(104
|
)
|
|
34
|
|
||||||
Transfers into and/or out of Level 3
|
7
|
|
|
—
|
|
|
(9
|
)
|
|
(148
|
)
|
|
148
|
|
|
—
|
|
||||||
Balance at December 31,
|
$
|
80
|
|
|
$
|
17
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
743
|
|
|
$
|
72
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||
|
Other Postretirement Benefits
|
||||||||||||||
|
Fixed Maturity
Securities
|
|
|
||||||||||||
|
Corporate
|
|
Municipals
|
|
Other (1)
|
|
Derivative
Assets
|
||||||||
|
(In millions)
|
||||||||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Balance at January 1,
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Realized gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Unrealized gains (losses)
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Purchases, sales, issuances and settlements, net
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Transfers into and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31,
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||
|
Fixed Maturity
Securities
|
|
Equity
Securities
|
|
|
|
|
||||||||||||||||
|
Corporate
|
|
Foreign
Bonds
|
|
Other (1)
|
|
Common
Stock -
Domestic
|
|
Other
Investments
|
|
Derivative
Assets
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1,
|
$
|
19
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
137
|
|
|
$
|
447
|
|
|
$
|
1
|
|
Realized gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
||||||
Unrealized gains (losses)
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
9
|
|
|
59
|
|
|
(18
|
)
|
||||||
Purchases, sales, issuances and settlements, net
|
19
|
|
|
(3
|
)
|
|
11
|
|
|
3
|
|
|
(62
|
)
|
|
55
|
|
||||||
Transfers into and/or out of Level 3
|
23
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
156
|
|
|
—
|
|
||||||
Balance at December 31,
|
$
|
59
|
|
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
148
|
|
|
$
|
600
|
|
|
$
|
35
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||
|
Other Postretirement Benefits
|
||||||||||||||
|
Fixed Maturity
Securities
|
|
|
||||||||||||
|
Corporate
|
|
Municipals
|
|
Other (1)
|
|
Derivative
Assets
|
||||||||
|
(In millions)
|
||||||||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Balance at January 1,
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
Realized gains (losses)
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||
Unrealized gains (losses)
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Purchases, sales, issuances and settlements, net
|
(3
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
||||
Transfers into and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31,
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||
|
Fixed Maturity
Securities
|
|
Equity
Securities
|
|
|
|
|
||||||||||||||||
|
Corporate
|
|
Foreign
Bonds
|
|
Other (1)
|
|
Common
Stock -
Domestic
|
|
Other
Investments
|
|
Derivative
Assets
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1,
|
$
|
32
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
206
|
|
|
$
|
531
|
|
|
$
|
4
|
|
Realized gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
55
|
|
|
6
|
|
||||||
Unrealized gains (losses)
|
(1
|
)
|
|
8
|
|
|
—
|
|
|
10
|
|
|
(36
|
)
|
|
(7
|
)
|
||||||
Purchases, sales, issuances and settlements, net
|
(12
|
)
|
|
(5
|
)
|
|
5
|
|
|
(52
|
)
|
|
(103
|
)
|
|
(2
|
)
|
||||||
Transfers into and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance at December 31,
|
$
|
19
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
137
|
|
|
$
|
447
|
|
|
$
|
1
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||
|
Other Postretirement Benefits
|
||||||||||||||
|
Fixed Maturity
Securities
|
|
|
||||||||||||
|
Corporate
|
|
Municipals
|
|
Other (1)
|
|
Derivative
Assets
|
||||||||
|
(In millions)
|
||||||||||||||
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Balance at January 1,
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
1
|
|
Realized gains (losses)
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
2
|
|
||||
Unrealized gains (losses)
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
||||
Purchases, sales, issuances and settlements, net
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
||||
Transfers into and/or out of Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance at December 31,
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
(1)
|
Other includes ABS and collateralized mortgage obligations.
|
|
December 31,
|
||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||
|
Pension
|
|
Other Postretirement
|
|
Pension
|
|
Other Postretirement
|
||||||||||
|
Target
|
|
Actual Allocation
|
|
Target
|
|
Actual Allocation
|
|
Actual Allocation
|
|
Actual Allocation
|
||||||
Asset Class
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed maturity securities (1)
|
74
|
%
|
|
61
|
%
|
|
100
|
%
|
|
100
|
%
|
|
50
|
%
|
|
100
|
%
|
Equity securities (2)
|
19
|
%
|
|
23
|
%
|
|
—
|
%
|
|
—
|
%
|
|
33
|
%
|
|
—
|
%
|
Alternative securities (3)
|
7
|
%
|
|
16
|
%
|
|
—
|
%
|
|
—
|
%
|
|
17
|
%
|
|
—
|
%
|
Total assets
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(1)
|
Fixed maturity securities include corporate and foreign bonds.
|
(2)
|
Equity securities primarily include common stock of non-U.S. companies.
|
(3)
|
Alternative securities include derivative assets, real estate, short-term investments, and other investments.
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Fair Value Hierarchy
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign bonds
|
—
|
|
|
90
|
|
|
—
|
|
|
90
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||||||
Total fixed maturity securities
|
—
|
|
|
156
|
|
|
—
|
|
|
156
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
10
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - foreign
|
—
|
|
|
57
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other investments
|
34
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Derivative assets
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Real estate
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total assets
|
$
|
34
|
|
|
$
|
216
|
|
|
$
|
3
|
|
|
$
|
253
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||
|
Fair Value Hierarchy
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair
Value
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign bonds
|
—
|
|
|
96
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||||||
Total fixed maturity securities
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - foreign
|
—
|
|
|
83
|
|
|
—
|
|
|
83
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other investments
|
32
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Derivative assets
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Real estate
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total assets
|
$
|
32
|
|
|
$
|
212
|
|
|
$
|
4
|
|
|
$
|
248
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
$
|
—
|
|
|
$
|
14
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
|
Pension Benefits
|
||||||||||||||||||||||
|
|
Derivative
Assets
|
|
Real
Estate
|
|
Derivative
Assets
|
|
Real
Estate
|
|
Derivative
Assets
|
|
Real
Estate
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Balance at January 1,
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
13
|
|
|
$
|
7
|
|
|
$
|
13
|
|
|
$
|
8
|
|
Realized gains (losses)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Unrealized gains (losses)
|
|
(1
|
)
|
|
—
|
|
|
3
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||||
Purchases, sales, issuances, and settlements, net
|
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
||||||
Balance at December 31,
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
13
|
|
|
$
|
7
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
||||||||
|
(In millions)
|
||||||||||||||
2015
|
$
|
490
|
|
|
$
|
32
|
|
|
$
|
81
|
|
|
$
|
4
|
|
2016
|
$
|
507
|
|
|
$
|
36
|
|
|
$
|
81
|
|
|
$
|
3
|
|
2017
|
$
|
531
|
|
|
$
|
37
|
|
|
$
|
84
|
|
|
$
|
3
|
|
2018
|
$
|
544
|
|
|
$
|
40
|
|
|
$
|
87
|
|
|
$
|
3
|
|
2019
|
$
|
565
|
|
|
$
|
48
|
|
|
$
|
92
|
|
|
$
|
3
|
|
2020-2024
|
$
|
3,134
|
|
|
$
|
255
|
|
|
$
|
519
|
|
|
$
|
14
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(56
|
)
|
|
$
|
85
|
|
|
$
|
(29
|
)
|
State and local
|
9
|
|
|
2
|
|
|
6
|
|
|||
Foreign
|
779
|
|
|
422
|
|
|
846
|
|
|||
Subtotal
|
732
|
|
|
509
|
|
|
823
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
1,597
|
|
|
(250
|
)
|
|
(244
|
)
|
|||
State and local
|
(1
|
)
|
|
(11
|
)
|
|
(1
|
)
|
|||
Foreign
|
137
|
|
|
413
|
|
|
(450
|
)
|
|||
Subtotal
|
1,733
|
|
|
152
|
|
|
(695
|
)
|
|||
Provision for income tax expense (benefit)
|
$
|
2,465
|
|
|
$
|
661
|
|
|
$
|
128
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Income (loss) from continuing operations:
|
|
|
|
|
|
||||||
Domestic
|
$
|
6,043
|
|
|
$
|
1,186
|
|
|
$
|
(1,496
|
)
|
Foreign
|
2,761
|
|
|
2,866
|
|
|
2,938
|
|
|||
Total
|
$
|
8,804
|
|
|
$
|
4,052
|
|
|
$
|
1,442
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Tax provision at U.S. statutory rate
|
$
|
3,081
|
|
|
$
|
1,418
|
|
|
$
|
505
|
|
Tax effect of:
|
|
|
|
|
|
||||||
Dividend received deduction
|
(204
|
)
|
|
(166
|
)
|
|
(162
|
)
|
|||
Tax-exempt income
|
(92
|
)
|
|
(96
|
)
|
|
(94
|
)
|
|||
Prior year tax
|
21
|
|
|
75
|
|
|
23
|
|
|||
Low income housing tax credits
|
(209
|
)
|
|
(194
|
)
|
|
(150
|
)
|
|||
Other tax credits
|
(77
|
)
|
|
(54
|
)
|
|
(28
|
)
|
|||
Foreign tax rate differential (1),(2)
|
(118
|
)
|
|
(340
|
)
|
|
(45
|
)
|
|||
Change in valuation allowance
|
(3
|
)
|
|
30
|
|
|
15
|
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
408
|
|
|||
Deferred tax effects of branch conversions
|
—
|
|
|
4
|
|
|
(324
|
)
|
|||
Other, net
|
66
|
|
|
(16
|
)
|
|
(20
|
)
|
|||
Provision for income tax expense (benefit)
|
$
|
2,465
|
|
|
$
|
661
|
|
|
$
|
128
|
|
(1)
|
For the year ended December 31, 2014, foreign tax rate differential includes a one-time tax charge of
$54 million
related to tax reform in Chile
and
$45 million
related to the repatriation of earnings from Japan, partially offset by a one-time tax benefit of
$13 million
related to the change in repatriation assumption for foreign earnings of the United Arab Emirates (“UAE”).
|
(2)
|
For the year ended December 31, 2013, foreign tax rate differential includes one-time tax benefits of
$119 million
related to the receipt of a Japan tax refund,
$69 million
related to the estimated reversal of Japan temporary differences, and
$65 million
related to the change in repatriation assumptions for foreign earnings of certain European operations.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Deferred income tax assets:
|
|
|
|
||||
Policyholder liabilities and receivables
|
$
|
3,022
|
|
|
$
|
2,988
|
|
Net operating loss carryforwards
|
1,293
|
|
|
1,808
|
|
||
Employee benefits
|
1,068
|
|
|
737
|
|
||
Capital loss carryforwards
|
26
|
|
|
32
|
|
||
Tax credit carryforwards
|
1,733
|
|
|
1,653
|
|
||
Litigation-related and government mandated
|
315
|
|
|
232
|
|
||
Other
|
831
|
|
|
503
|
|
||
Total gross deferred income tax assets
|
8,288
|
|
|
7,953
|
|
||
Less: Valuation allowance
|
224
|
|
|
357
|
|
||
Total net deferred income tax assets
|
8,064
|
|
|
7,596
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Investments, including derivatives
|
4,554
|
|
|
2,476
|
|
||
Intangibles
|
1,877
|
|
|
1,997
|
|
||
Net unrealized investment gains
|
7,971
|
|
|
4,510
|
|
||
DAC
|
5,153
|
|
|
5,103
|
|
||
Other
|
330
|
|
|
153
|
|
||
Total deferred income tax liabilities
|
19,885
|
|
|
14,239
|
|
||
Net deferred income tax asset (liability)
|
$
|
(11,821
|
)
|
|
$
|
(6,643
|
)
|
|
Net Operating Loss Carryforwards
|
|
Capital Loss Carryforwards
|
||||||||||||
|
Domestic
|
|
State
|
|
Foreign
|
|
Domestic
|
||||||||
|
(In millions)
|
||||||||||||||
Expiration
|
|
|
|
|
|
|
|
||||||||
2015-2019
|
—
|
|
|
32
|
|
|
202
|
|
|
42
|
|
||||
2020-2024
|
1
|
|
|
46
|
|
|
10
|
|
|
—
|
|
||||
2025-2029
|
488
|
|
|
54
|
|
|
19
|
|
|
—
|
|
||||
2030-2034
|
2,777
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||
Indefinite
|
—
|
|
|
—
|
|
|
799
|
|
|
—
|
|
||||
|
$
|
3,266
|
|
|
$
|
139
|
|
|
$
|
1,030
|
|
|
$
|
42
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
774
|
|
|
$
|
708
|
|
|
$
|
679
|
|
Additions for tax positions of prior years
|
74
|
|
|
117
|
|
|
105
|
|
|||
Reductions for tax positions of prior years
|
(88
|
)
|
|
(37
|
)
|
|
(82
|
)
|
|||
Additions for tax positions of current year
|
23
|
|
|
39
|
|
|
32
|
|
|||
Reductions for tax positions of current year
|
—
|
|
|
(1
|
)
|
|
(9
|
)
|
|||
Settlements with tax authorities
|
(4
|
)
|
|
(52
|
)
|
|
(15
|
)
|
|||
Lapses of statutes of limitations
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Balance at December 31,
|
$
|
779
|
|
|
$
|
774
|
|
|
$
|
708
|
|
Unrecognized tax benefits that, if recognized would impact the effective rate
|
$
|
690
|
|
|
$
|
661
|
|
|
$
|
566
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Interest recognized in the consolidated statements of operations
|
$
|
26
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31,
|
||||||||
|
|
|
2014
|
|
2013
|
||||||
|
|
|
(In millions)
|
||||||||
Interest included in other liabilities in the consolidated balance sheets
|
|
|
$
|
283
|
|
|
$
|
257
|
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions, except share and per share data)
|
||||||||||
Weighted Average Shares
|
|
|
|
|
|
||||||
Weighted average common stock outstanding for basic earnings per common share
|
1,128,671,410
|
|
|
1,105,579,693
|
|
|
1,070,755,561
|
|
|||
Incremental common shares from assumed:
|
|
|
|
|
|
||||||
Stock purchase contracts underlying common equity units (1)
|
2,928,570
|
|
|
1,164,018
|
|
|
—
|
|
|||
Exercise or issuance of stock-based awards
|
10,863,468
|
|
|
9,458,999
|
|
|
6,084,078
|
|
|||
Weighted average common stock outstanding for diluted earnings per common share
|
1,142,463,448
|
|
|
1,116,202,710
|
|
|
1,076,839,639
|
|
|||
Income (Loss) from Continuing Operations
|
|
|
|
|
|
||||||
Income (loss) from continuing operations, net of income tax
|
$
|
6,339
|
|
|
$
|
3,391
|
|
|
$
|
1,314
|
|
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests
|
27
|
|
|
25
|
|
|
38
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
6,190
|
|
|
$
|
3,244
|
|
|
$
|
1,154
|
|
Basic
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.08
|
|
Diluted
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.08
|
|
Income (Loss) from Discontinued Operations
|
|
|
|
|
|
||||||
Income (loss) from discontinued operations, net of income tax
|
$
|
(3
|
)
|
|
$
|
2
|
|
|
$
|
48
|
|
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|||
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
(3
|
)
|
|
$
|
2
|
|
|
$
|
48
|
|
Basic
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
Diluted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
Net Income (Loss)
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
6,336
|
|
|
$
|
3,393
|
|
|
$
|
1,362
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
27
|
|
|
25
|
|
|
38
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
Basic
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.12
|
|
Diluted
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.12
|
|
(1)
|
See
Note 15
for a description of the Company’s common equity units. For the year ended
December 31, 2012
, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive.
|
|
December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions, except number of claims)
|
||||||||||
Asbestos personal injury claims at year end
|
68,460
|
|
|
67,983
|
|
|
65,812
|
|
|||
Number of new claims during the year
|
4,636
|
|
|
5,898
|
|
|
5,303
|
|
|||
Settlement payments during the year (1)
|
$
|
46.0
|
|
|
$
|
37.0
|
|
|
$
|
36.4
|
|
(1)
|
Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses and do not reflect amounts received from insurance carriers.
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In millions)
|
||||||
Other Assets:
|
|
|
|
||||
Premium tax offset for future undiscounted assessments
|
$
|
50
|
|
|
$
|
60
|
|
Premium tax offsets currently available for paid assessments
|
84
|
|
|
69
|
|
||
Receivable for reimbursement of paid assessments (1)
|
—
|
|
|
5
|
|
||
|
$
|
134
|
|
|
$
|
134
|
|
Other Liabilities:
|
|
|
|
||||
Insolvency assessments
|
$
|
73
|
|
|
$
|
93
|
|
(1)
|
The Company holds a receivable from the seller of a prior acquisition in accordance with the purchase agreement.
|
|
Amount
|
||
|
(In millions)
|
||
2015
|
$
|
308
|
|
2016
|
247
|
|
|
2017
|
190
|
|
|
2018
|
165
|
|
|
2019
|
130
|
|
|
Thereafter
|
731
|
|
|
Total
|
$
|
1,771
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
(In millions, except per share data)
|
||||||||||||||
2014
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
17,085
|
|
|
$
|
18,266
|
|
|
$
|
18,846
|
|
|
$
|
19,119
|
|
Total expenses
|
$
|
15,259
|
|
|
$
|
16,316
|
|
|
$
|
15,894
|
|
|
$
|
17,043
|
|
Income (loss) from continuing operations, net of income tax
|
$
|
1,342
|
|
|
$
|
1,376
|
|
|
$
|
2,094
|
|
|
$
|
1,527
|
|
Income (loss) from discontinued operations, net of income tax
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss)
|
$
|
1,339
|
|
|
$
|
1,376
|
|
|
$
|
2,094
|
|
|
$
|
1,527
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
6
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
1,328
|
|
|
$
|
1,366
|
|
|
$
|
2,094
|
|
|
$
|
1,521
|
|
Less: Preferred stock dividends
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
30
|
|
|
$
|
31
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
1,298
|
|
|
$
|
1,335
|
|
|
$
|
2,064
|
|
|
$
|
1,490
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
1.15
|
|
|
$
|
1.18
|
|
|
$
|
1.83
|
|
|
$
|
1.31
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
1.18
|
|
|
$
|
1.21
|
|
|
$
|
1.86
|
|
|
$
|
1.34
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
1.15
|
|
|
$
|
1.18
|
|
|
$
|
1.83
|
|
|
$
|
1.31
|
|
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
1.14
|
|
|
$
|
1.17
|
|
|
$
|
1.81
|
|
|
$
|
1.30
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
1.16
|
|
|
$
|
1.20
|
|
|
$
|
1.84
|
|
|
$
|
1.33
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
1.14
|
|
|
$
|
1.17
|
|
|
$
|
1.81
|
|
|
$
|
1.30
|
|
2013
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
17,683
|
|
|
$
|
15,721
|
|
|
$
|
16,337
|
|
|
$
|
18,458
|
|
Total expenses
|
$
|
16,436
|
|
|
$
|
15,160
|
|
|
$
|
15,361
|
|
|
$
|
17,190
|
|
Income (loss) from continuing operations, net of income tax
|
$
|
995
|
|
|
$
|
508
|
|
|
$
|
973
|
|
|
$
|
915
|
|
Income (loss) from discontinued operations, net of income tax
|
$
|
(3
|
)
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Net income (loss)
|
$
|
992
|
|
|
$
|
510
|
|
|
$
|
975
|
|
|
$
|
916
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
8
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
986
|
|
|
$
|
502
|
|
|
$
|
972
|
|
|
$
|
908
|
|
Less: Preferred stock dividends
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
30
|
|
|
$
|
31
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
956
|
|
|
$
|
471
|
|
|
$
|
942
|
|
|
$
|
877
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
0.87
|
|
|
$
|
0.43
|
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
0.90
|
|
|
$
|
0.46
|
|
|
$
|
0.88
|
|
|
$
|
0.81
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
0.87
|
|
|
$
|
0.43
|
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
0.87
|
|
|
$
|
0.43
|
|
|
$
|
0.84
|
|
|
$
|
0.77
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
0.89
|
|
|
$
|
0.45
|
|
|
$
|
0.87
|
|
|
$
|
0.80
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
0.87
|
|
|
$
|
0.43
|
|
|
$
|
0.84
|
|
|
$
|
0.77
|
|
Types of Investments
|
Cost or Amortized Cost (1)
|
|
Estimated Fair Value
|
|
Amount at Which Shown on Balance Sheet
|
||||||
Fixed maturity securities:
|
|
|
|
|
|
||||||
Bonds:
|
|
|
|
|
|
||||||
U.S. Treasury and agency securities
|
$
|
54,654
|
|
|
$
|
61,516
|
|
|
$
|
61,516
|
|
Foreign government securities
|
47,327
|
|
|
52,666
|
|
|
52,666
|
|
|||
Public utilities
|
26,229
|
|
|
29,640
|
|
|
29,640
|
|
|||
State and political subdivision securities
|
12,922
|
|
|
15,187
|
|
|
15,187
|
|
|||
All other corporate bonds
|
126,128
|
|
|
136,247
|
|
|
136,247
|
|
|||
Total bonds
|
267,260
|
|
|
295,256
|
|
|
295,256
|
|
|||
Mortgage-backed and asset-backed securities
|
65,947
|
|
|
68,427
|
|
|
68,427
|
|
|||
Redeemable preferred stock
|
1,573
|
|
|
1,742
|
|
|
1,742
|
|
|||
Total fixed maturity securities
|
334,780
|
|
|
365,425
|
|
|
365,425
|
|
|||
Fair value option and trading securities
|
15,355
|
|
|
16,689
|
|
|
16,689
|
|
|||
Equity securities:
|
|
|
|
|
|
||||||
Common stock:
|
|
|
|
|
|
||||||
Industrial, miscellaneous and all other
|
1,805
|
|
|
2,276
|
|
|
2,276
|
|
|||
Banks, trust and insurance companies
|
185
|
|
|
240
|
|
|
240
|
|
|||
Non-redeemable preferred stock
|
1,086
|
|
|
1,115
|
|
|
1,115
|
|
|||
Total equity securities
|
3,076
|
|
|
3,631
|
|
|
3,631
|
|
|||
Mortgage loans held-for-investment
|
60,118
|
|
|
|
|
60,118
|
|
||||
Policy loans
|
11,618
|
|
|
|
|
11,618
|
|
||||
Real estate and real estate joint ventures
|
10,205
|
|
|
|
|
10,205
|
|
||||
Real estate acquired in satisfaction of debt
|
320
|
|
|
|
|
320
|
|
||||
Other limited partnership interests
|
8,085
|
|
|
|
|
8,085
|
|
||||
Short-term investments
|
8,621
|
|
|
|
|
8,621
|
|
||||
Other invested assets
|
21,283
|
|
|
|
|
21,283
|
|
||||
Total investments
|
$
|
473,461
|
|
|
|
|
$
|
505,995
|
|
(1)
|
The Company’s FVO and trading securities portfolio is mainly comprised of fixed maturity and equity securities, including mutual funds and, to a lesser extent, short-term investments and cash and cash equivalents. Cost or amortized cost for fixed maturity securities and mortgage loans held-for-investment represents original cost reduced by repayments, valuation allowances and impairments from other-than-temporary declines in estimated fair value that are charged to earnings and adjusted for amortization of premiums or accretion of discounts; for equity securities, cost represents original cost reduced by impairments from other-than-temporary declines in estimated fair value; for real estate, cost represents original cost reduced by impairments and adjusted for valuation allowances and depreciation; for real estate joint ventures and other limited partnership interests, cost represents original cost reduced for impairments or original cost adjusted for equity in earnings and distributions.
|
|
2014
|
|
2013
|
||||
Condensed Balance Sheets
|
|
|
|
||||
Assets
|
|
|
|
||||
Investments:
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $5,037 and $4,497, respectively)
|
$
|
5,088
|
|
|
$
|
4,531
|
|
Short-term investments, principally at estimated fair value
|
378
|
|
|
560
|
|
||
Other invested assets, at estimated fair value
|
1,336
|
|
|
557
|
|
||
Total investments
|
6,802
|
|
|
5,648
|
|
||
Cash and cash equivalents
|
443
|
|
|
648
|
|
||
Accrued investment income
|
46
|
|
|
40
|
|
||
Investment in subsidiaries
|
88,152
|
|
|
76,871
|
|
||
Loans to subsidiaries
|
1,709
|
|
|
2,333
|
|
||
Other assets
|
1,406
|
|
|
1,677
|
|
||
Total assets
|
$
|
98,558
|
|
|
$
|
87,217
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Payables for collateral under securities loaned and other transactions
|
$
|
349
|
|
|
$
|
85
|
|
Long-term debt — unaffiliated
|
15,317
|
|
|
15,938
|
|
||
Long-term debt — affiliated
|
3,600
|
|
|
3,600
|
|
||
Collateral financing arrangements
|
2,797
|
|
|
2,797
|
|
||
Junior subordinated debt securities
|
1,748
|
|
|
1,748
|
|
||
Payables to subsidiaries
|
459
|
|
|
13
|
|
||
Other liabilities
|
2,235
|
|
|
1,483
|
|
||
Total liabilities
|
26,505
|
|
|
25,664
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock, par value $0.01 per share; 200,000,000 shares authorized: 84,000,000 shares issued and outstanding; $2,100 aggregate liquidation preference
|
1
|
|
|
1
|
|
||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,153,998,144 and 1,125,224,024 shares issued at December 31, 2014 and December 31, 2013 respectively; 1,131,927,894 and 1,122,030,137 shares outstanding at December 31, 2014 and December 31, 2013 respectively
|
12
|
|
|
11
|
|
||
Additional paid-in capital
|
30,543
|
|
|
29,277
|
|
||
Retained earnings
|
32,020
|
|
|
27,332
|
|
||
Treasury stock, at cost; 22,070,250 and 3,193,887 shares at December 31, 2014 and December 31, 2013 respectively
|
(1,172
|
)
|
|
(172
|
)
|
||
Accumulated other comprehensive income (loss)
|
10,649
|
|
|
5,104
|
|
||
Total stockholders’ equity
|
72,053
|
|
|
61,553
|
|
||
Total liabilities and stockholders’ equity
|
$
|
98,558
|
|
|
$
|
87,217
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Condensed Statements of Operations
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
||||||
Equity in earnings of subsidiaries
|
$
|
6,907
|
|
|
$
|
4,163
|
|
|
$
|
3,444
|
|
Net investment income
|
371
|
|
|
304
|
|
|
94
|
|
|||
Other revenues
|
128
|
|
|
155
|
|
|
159
|
|
|||
Net investment gains (losses)
|
(287
|
)
|
|
(80
|
)
|
|
29
|
|
|||
Net derivative gains (losses)
|
165
|
|
|
(99
|
)
|
|
(259
|
)
|
|||
Total revenues
|
7,284
|
|
|
4,443
|
|
|
3,467
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest expense
|
1,151
|
|
|
1,122
|
|
|
985
|
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
1,384
|
|
|||
Other expenses
|
197
|
|
|
373
|
|
|
167
|
|
|||
Total expenses
|
1,348
|
|
|
1,495
|
|
|
2,536
|
|
|||
Income (loss) before provision for income tax
|
5,936
|
|
|
2,948
|
|
|
931
|
|
|||
Provision for income tax expense (benefit)
|
(373
|
)
|
|
(420
|
)
|
|
(393
|
)
|
|||
Net income (loss)
|
6,309
|
|
|
3,368
|
|
|
1,324
|
|
|||
Less: Preferred stock dividends
|
122
|
|
|
122
|
|
|
122
|
|
|||
Net income (loss) available to common shareholders
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
Comprehensive income (loss)
|
$
|
11,854
|
|
|
$
|
(2,925
|
)
|
|
$
|
6,638
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Condensed Statements of Cash Flows
|
|
|
|
|
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
6,309
|
|
|
$
|
3,368
|
|
|
$
|
1,324
|
|
Earnings of subsidiaries
|
(6,907
|
)
|
|
(4,163
|
)
|
|
(3,444
|
)
|
|||
Dividends from subsidiaries
|
2,388
|
|
|
2,734
|
|
|
3,177
|
|
|||
Goodwill impairment
|
—
|
|
|
—
|
|
|
1,384
|
|
|||
Other, net
|
825
|
|
|
(74
|
)
|
|
177
|
|
|||
Net cash provided by (used in) operating activities
|
2,615
|
|
|
1,865
|
|
|
2,618
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Sales of fixed maturity securities
|
6,611
|
|
|
5,108
|
|
|
5,645
|
|
|||
Purchases of fixed maturity securities
|
(7,181
|
)
|
|
(4,795
|
)
|
|
(6,200
|
)
|
|||
Sales of equity securities
|
—
|
|
|
13
|
|
|
2
|
|
|||
Cash received in connection with freestanding derivatives
|
438
|
|
|
424
|
|
|
197
|
|
|||
Cash paid in connection with freestanding derivatives
|
(281
|
)
|
|
(465
|
)
|
|
(203
|
)
|
|||
Sales of businesses
|
7
|
|
|
17
|
|
|
—
|
|
|||
Expense paid on behalf of subsidiaries
|
(54
|
)
|
|
(85
|
)
|
|
(80
|
)
|
|||
Receipts on loans to subsidiaries
|
832
|
|
|
645
|
|
|
175
|
|
|||
Issuances of loans to subsidiaries
|
(370
|
)
|
|
(1,942
|
)
|
|
(175
|
)
|
|||
Redemption of preferred stock of subsidiary
|
—
|
|
|
300
|
|
|
—
|
|
|||
Returns of capital from subsidiaries
|
—
|
|
|
267
|
|
|
9
|
|
|||
Capital contributions to subsidiaries
|
(1,262
|
)
|
|
(748
|
)
|
|
(1,223
|
)
|
|||
Net change in short-term investments
|
182
|
|
|
(265
|
)
|
|
372
|
|
|||
Other, net
|
101
|
|
|
(49
|
)
|
|
(48
|
)
|
|||
Net cash provided by (used in) investing activities
|
(977
|
)
|
|
(1,575
|
)
|
|
(1,529
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Net change in payables for collateral under securities loaned and other transactions
|
264
|
|
|
85
|
|
|
(1,180
|
)
|
|||
Long-term debt issued
|
1,000
|
|
|
994
|
|
|
750
|
|
|||
Long-term debt repaid
|
(1,550
|
)
|
|
(750
|
)
|
|
(797
|
)
|
|||
Cash received (paid) in connection with collateral financing arrangements
|
—
|
|
|
—
|
|
|
(44
|
)
|
|||
Common stock issued, net of issuance costs
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|||
Treasury stock acquired in connection with share repurchases
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
(122
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Dividends on common stock
|
(1,499
|
)
|
|
(1,119
|
)
|
|
(811
|
)
|
|||
Other, net
|
64
|
|
|
82
|
|
|
(6
|
)
|
|||
Net cash provided by (used in) financing activities
|
(1,843
|
)
|
|
170
|
|
|
(1,210
|
)
|
|||
Change in cash and cash equivalents
|
(205
|
)
|
|
460
|
|
|
(121
|
)
|
|||
Cash and cash equivalents, beginning of year
|
648
|
|
|
188
|
|
|
309
|
|
|||
Cash and cash equivalents, end of year
|
$
|
443
|
|
|
$
|
648
|
|
|
$
|
188
|
|
|
2014
|
|
2013
|
|
2012
|
||||||
Supplemental disclosures of cash flow information
|
|
|
|
|
|
||||||
Net cash paid (received) for:
|
|
|
|
|
|
||||||
Interest
|
$
|
1,138
|
|
|
$
|
1,100
|
|
|
$
|
937
|
|
Income tax
|
|
|
|
|
|
||||||
Amounts paid to (received from) subsidiaries, net
|
$
|
(1,247
|
)
|
|
$
|
69
|
|
|
$
|
24
|
|
Income tax paid (received) by MetLife, Inc., net
|
385
|
|
|
—
|
|
|
—
|
|
|||
Total income tax, net
|
$
|
(862
|
)
|
|
$
|
69
|
|
|
$
|
24
|
|
Non-cash transactions:
|
|
|
|
|
|
||||||
Dividends from subsidiaries
|
$
|
81
|
|
|
$
|
32
|
|
|
$
|
203
|
|
Returns of capital from subsidiaries
|
$
|
6,308
|
|
|
$
|
—
|
|
|
$
|
356
|
|
Capital contributions to subsidiaries
|
$
|
6,388
|
|
|
$
|
121
|
|
|
$
|
559
|
|
Payables to subsidiaries for future capital contributions
|
$
|
445
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Assumption of long-term debt from subsidiary
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,000
|
|
Investment in preferred stock of subsidiary
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,000
|
|
Issuance of long-term debt to subsidiary
|
$
|
—
|
|
|
$
|
350
|
|
|
$
|
750
|
|
Issuance of loan to subsidiary
|
$
|
—
|
|
|
$
|
350
|
|
|
$
|
750
|
|
Allocation of interest expense to subsidiary
|
$
|
27
|
|
|
$
|
28
|
|
|
$
|
33
|
|
Allocation of interest income to subsidiary
|
$
|
65
|
|
|
$
|
68
|
|
|
$
|
76
|
|
|
Interest Rates (1)
|
|
|
|
December 31,
|
||||||||
|
Range
|
|
Weighted
Average |
|
Maturity
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
|
(In millions)
|
||||||
Senior notes — unaffiliated
|
1.76% - 7.72%
|
|
5.23%
|
|
2015 - 2044
|
|
$
|
15,317
|
|
|
$
|
15,938
|
|
Senior notes — affiliated
|
3.54% - 7.44%
|
|
5.16%
|
|
2016 - 2033
|
|
3,100
|
|
|
3,100
|
|
||
Other affiliated debt
|
0.93% - 0.95%
|
|
0.94%
|
|
2015 - 2016
|
|
500
|
|
|
500
|
|
||
Total
|
|
|
|
|
|
|
$
|
18,917
|
|
|
$
|
19,538
|
|
(1)
|
Range of interest rates and weighted average interest rates are for the year ended December 31,
2014
.
|
|
Years Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In millions)
|
||||||||||
Long-term debt — unaffiliated
|
$
|
809
|
|
|
$
|
790
|
|
|
$
|
779
|
|
Long-term debt — affiliated
|
173
|
|
|
163
|
|
|
28
|
|
|||
Collateral financing arrangements
|
35
|
|
|
35
|
|
|
42
|
|
|||
Junior subordinated debt securities
|
134
|
|
|
134
|
|
|
134
|
|
|||
Stock purchase contracts
|
—
|
|
|
—
|
|
|
2
|
|
|||
Total
|
$
|
1,151
|
|
|
$
|
1,122
|
|
|
$
|
985
|
|
Segment
|
|
DAC
and
VOBA
|
|
Future Policy Benefits,
Other Policy-Related
Balances and
Policyholder Dividend
Obligation
|
|
Policyholder
Account
Balances
|
|
Policyholder
Dividends
Payable
|
|
Unearned
Premiums (1), (2)
|
|
Unearned
Revenue (1)
|
||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
11,963
|
|
|
$
|
77,648
|
|
|
$
|
62,319
|
|
|
$
|
615
|
|
|
$
|
923
|
|
|
$
|
774
|
|
Group, Voluntary & Worksite Benefits
|
|
377
|
|
|
22,023
|
|
|
8,305
|
|
|
—
|
|
|
1,023
|
|
|
—
|
|
||||||
Corporate Benefit Funding
|
|
111
|
|
|
50,935
|
|
|
64,505
|
|
|
—
|
|
|
—
|
|
|
42
|
|
||||||
Latin America
|
|
1,991
|
|
|
9,055
|
|
|
6,425
|
|
|
—
|
|
|
551
|
|
|
651
|
|
||||||
Asia
|
|
8,217
|
|
|
33,711
|
|
|
52,772
|
|
|
61
|
|
|
1,711
|
|
|
924
|
|
||||||
EMEA
|
|
1,709
|
|
|
6,514
|
|
|
14,006
|
|
|
8
|
|
|
54
|
|
|
313
|
|
||||||
Corporate & Other
|
|
74
|
|
|
7,277
|
|
|
962
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||||
Total
|
|
$
|
24,442
|
|
|
$
|
207,163
|
|
|
$
|
209,294
|
|
|
$
|
684
|
|
|
$
|
4,272
|
|
|
$
|
2,704
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
12,882
|
|
|
$
|
73,953
|
|
|
$
|
62,733
|
|
|
$
|
601
|
|
|
$
|
918
|
|
|
$
|
860
|
|
Group, Voluntary & Worksite Benefits
|
|
382
|
|
|
20,946
|
|
|
8,575
|
|
|
—
|
|
|
886
|
|
|
—
|
|
||||||
Corporate Benefit Funding
|
|
99
|
|
|
50,548
|
|
|
62,043
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||
Latin America
|
|
2,201
|
|
|
8,985
|
|
|
7,177
|
|
|
—
|
|
|
499
|
|
|
678
|
|
||||||
Asia
|
|
9,077
|
|
|
35,863
|
|
|
57,203
|
|
|
65
|
|
|
1,895
|
|
|
1,035
|
|
||||||
EMEA
|
|
2,039
|
|
|
7,704
|
|
|
13,953
|
|
|
9
|
|
|
196
|
|
|
260
|
|
||||||
Corporate & Other
|
|
26
|
|
|
6,928
|
|
|
1,201
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||||
Total
|
|
$
|
26,706
|
|
|
$
|
204,927
|
|
|
$
|
212,885
|
|
|
$
|
675
|
|
|
$
|
4,403
|
|
|
$
|
2,865
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
11,500
|
|
|
$
|
74,887
|
|
|
$
|
67,023
|
|
|
$
|
610
|
|
|
$
|
873
|
|
|
$
|
911
|
|
Group, Voluntary & Worksite Benefits
|
|
382
|
|
|
21,078
|
|
|
8,918
|
|
|
—
|
|
|
852
|
|
|
—
|
|
||||||
Corporate Benefit Funding
|
|
96
|
|
|
53,542
|
|
|
63,523
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||||
Latin America
|
|
1,231
|
|
|
8,856
|
|
|
7,199
|
|
|
—
|
|
|
428
|
|
|
627
|
|
||||||
Asia
|
|
9,554
|
|
|
39,061
|
|
|
64,003
|
|
|
65
|
|
|
1,554
|
|
|
831
|
|
||||||
EMEA
|
|
1,998
|
|
|
7,521
|
|
|
12,679
|
|
|
53
|
|
|
215
|
|
|
270
|
|
||||||
Corporate & Other
|
|
—
|
|
|
6,697
|
|
|
2,476
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||||
Total
|
|
$
|
24,761
|
|
|
$
|
211,642
|
|
|
$
|
225,821
|
|
|
$
|
728
|
|
|
$
|
3,931
|
|
|
$
|
2,678
|
|
(1)
|
Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column.
|
(2)
|
Includes premiums received in advance.
|
Segment
|
|
Premiums and Universal Life
and Investment-Type
Product Policy Fees
|
|
Net
Investment
Income (1)
|
|
Policyholder
Benefits and
Claims and
Interest Credited
to Policyholder
Account Balances
|
|
Amortization of
DAC and
VOBA
Charged to
Other
Expenses
|
|
Other
Operating
Expenses (2)
|
||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
12,731
|
|
|
$
|
7,496
|
|
|
$
|
11,329
|
|
|
$
|
1,610
|
|
|
$
|
4,990
|
|
Group, Voluntary & Worksite Benefits
|
|
16,695
|
|
|
1,677
|
|
|
15,053
|
|
|
149
|
|
|
2,428
|
|
|||||
Corporate Benefit Funding
|
|
2,996
|
|
|
5,813
|
|
|
6,357
|
|
|
19
|
|
|
509
|
|
|||||
Latin America
|
|
4,209
|
|
|
1,385
|
|
|
3,439
|
|
|
321
|
|
|
1,273
|
|
|||||
Asia
|
|
9,270
|
|
|
3,249
|
|
|
7,748
|
|
|
1,394
|
|
|
1,720
|
|
|||||
EMEA
|
|
2,832
|
|
|
1,318
|
|
|
1,978
|
|
|
626
|
|
|
1,140
|
|
|||||
Corporate & Other
|
|
280
|
|
|
215
|
|
|
141
|
|
|
13
|
|
|
2,275
|
|
|||||
Total
|
|
$
|
49,013
|
|
|
$
|
21,153
|
|
|
$
|
46,045
|
|
|
$
|
4,132
|
|
|
$
|
14,335
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
11,783
|
|
|
$
|
7,427
|
|
|
$
|
11,460
|
|
|
$
|
850
|
|
|
$
|
5,006
|
|
Group, Voluntary & Worksite Benefits
|
|
15,938
|
|
|
1,684
|
|
|
14,381
|
|
|
140
|
|
|
2,241
|
|
|||||
Corporate Benefit Funding
|
|
3,106
|
|
|
5,826
|
|
|
6,604
|
|
|
23
|
|
|
505
|
|
|||||
Latin America
|
|
3,820
|
|
|
1,326
|
|
|
2,793
|
|
|
310
|
|
|
1,182
|
|
|||||
Asia
|
|
9,525
|
|
|
4,335
|
|
|
9,200
|
|
|
1,527
|
|
|
1,825
|
|
|||||
EMEA
|
|
2,698
|
|
|
1,164
|
|
|
1,743
|
|
|
699
|
|
|
1,035
|
|
|||||
Corporate & Other
|
|
255
|
|
|
470
|
|
|
105
|
|
|
1
|
|
|
2,517
|
|
|||||
Total
|
|
$
|
47,125
|
|
|
$
|
22,232
|
|
|
$
|
46,286
|
|
|
$
|
3,550
|
|
|
$
|
14,311
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
11,411
|
|
|
$
|
7,275
|
|
|
$
|
11,247
|
|
|
$
|
1,603
|
|
|
$
|
4,941
|
|
Group, Voluntary & Worksite Benefits
|
|
15,456
|
|
|
1,628
|
|
|
13,858
|
|
|
133
|
|
|
2,215
|
|
|||||
Corporate Benefit Funding
|
|
3,462
|
|
|
5,789
|
|
|
7,105
|
|
|
22
|
|
|
457
|
|
|||||
Latin America
|
|
3,438
|
|
|
1,354
|
|
|
3,014
|
|
|
228
|
|
|
1,047
|
|
|||||
Asia
|
|
9,835
|
|
|
3,421
|
|
|
8,246
|
|
|
1,567
|
|
|
1,933
|
|
|||||
EMEA
|
|
2,718
|
|
|
1,348
|
|
|
2,088
|
|
|
644
|
|
|
1,060
|
|
|||||
Corporate & Other
|
|
211
|
|
|
1,169
|
|
|
158
|
|
|
2
|
|
|
3,272
|
|
|||||
Total
|
|
$
|
46,531
|
|
|
$
|
21,984
|
|
|
$
|
45,716
|
|
|
$
|
4,199
|
|
|
$
|
14,925
|
|
(1)
|
See Note 2 of the Notes to the Consolidated Financial Statements for discussion of the MAL divestiture.
|
(2)
|
Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses.
|
|
|
Gross Amount
|
|
Ceded
|
|
Assumed
|
|
Net Amount
|
|
% Amount Assumed to Net
|
|||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance in-force
|
|
$
|
4,572,115
|
|
|
$
|
719,154
|
|
|
$
|
649,032
|
|
|
$
|
4,501,993
|
|
|
14.4
|
%
|
Insurance premium
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance (1)
|
|
$
|
23,575
|
|
|
$
|
2,034
|
|
|
$
|
1,224
|
|
|
$
|
22,765
|
|
|
5.4
|
%
|
Accident & health insurance
|
|
13,015
|
|
|
340
|
|
|
239
|
|
|
12,914
|
|
|
1.9
|
%
|
||||
Property and casualty insurance
|
|
3,459
|
|
|
80
|
|
|
9
|
|
|
3,388
|
|
|
0.3
|
%
|
||||
Total insurance premium
|
|
$
|
40,049
|
|
|
$
|
2,454
|
|
|
$
|
1,472
|
|
|
$
|
39,067
|
|
|
3.8
|
%
|
2013
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance in-force
|
|
$
|
4,517,797
|
|
|
$
|
763,754
|
|
|
$
|
607,591
|
|
|
$
|
4,361,634
|
|
|
13.9
|
%
|
Insurance premium
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance (1)
|
|
$
|
22,206
|
|
|
$
|
1,862
|
|
|
$
|
1,269
|
|
|
$
|
21,613
|
|
|
5.9
|
%
|
Accident & health insurance
|
|
12,957
|
|
|
333
|
|
|
196
|
|
|
12,820
|
|
|
1.5
|
%
|
||||
Property and casualty insurance
|
|
3,313
|
|
|
79
|
|
|
7
|
|
|
3,241
|
|
|
0.2
|
%
|
||||
Total insurance premium
|
|
$
|
38,476
|
|
|
$
|
2,274
|
|
|
$
|
1,472
|
|
|
$
|
37,674
|
|
|
3.9
|
%
|
2012
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance in-force
|
|
$
|
4,432,178
|
|
|
$
|
761,993
|
|
|
$
|
594,062
|
|
|
$
|
4,264,247
|
|
|
13.9
|
%
|
Insurance premium
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance (1)
|
|
$
|
22,006
|
|
|
$
|
1,550
|
|
|
$
|
1,268
|
|
|
$
|
21,724
|
|
|
5.8
|
%
|
Accident & health insurance
|
|
13,567
|
|
|
605
|
|
|
211
|
|
|
13,173
|
|
|
1.6
|
%
|
||||
Property and casualty insurance
|
|
3,146
|
|
|
77
|
|
|
9
|
|
|
3,078
|
|
|
0.3
|
%
|
||||
Total insurance premium
|
|
$
|
38,719
|
|
|
$
|
2,232
|
|
|
$
|
1,488
|
|
|
$
|
37,975
|
|
|
3.9
|
%
|
(1)
|
Includes annuities.
|
|
|
Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights (2)
|
|
Weighted-average Exercise Price of Outstanding Options, Warrants and Rights (3)
|
|
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))(4)
|
||||
Plan Category
|
|
(a)
|
|
(b)
|
|
(c)
|
||||
Equity compensation plans approved by security holders (1)
|
|
40,091,744
|
|
|
$
|
43.63
|
|
|
19,666,167
|
|
Equity compensation plans not approved by security holders
|
|
None
|
|
|
—
|
|
|
None
|
|
|
Total
|
|
40,091,744
|
|
|
$
|
43.63
|
|
|
19,666,167
|
|
(1)
|
Includes the MetLife, Inc. 2000 Stock Incentive Plan (the “2000 Stock Incentive Plan”) and the MetLife, Inc. 2000 Directors Stock Plan (“2000 Directors Stock Plan”), each of which was approved by MLIC, the sole shareholder of MetLife at the time of approval. The policyholders of MLIC entitled to vote on its plan of reorganization (the “Plan of Reorganization”) approved the Plan of Reorganization, which included both the 2000 Stock Incentive Plan and the 2000 Directors Stock Plan. The policyholders entitled to so vote received a summary description of each plan, including the applicable limits on the number of Shares available for issuance under each plan. Also includes the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “2005 Stock and Incentive Plan”) and the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan (the “2005 Director Stock Plan”), which were approved by MetLife, Inc. security holders.
|
(2)
|
Column (a) reflects the following items outstanding as of December 31, 2014:
|
Stock Options
|
26,078,927
|
|
Restricted Stock Units
|
3,504,230
|
|
Performance Shares (assuming future payout at maximum performance factor)
|
8,334,345
|
|
Deferred Shares
|
2,174,242
|
|
Shares that will or may be issued
|
40,091,744
|
|
(3)
|
Column (b) reflects the weighted average exercise price of all Stock Options under any plan that, as of December 31, 2014, had been granted but not forfeited, expired, or exercised. Performance Shares, Restricted Stock Units, and Deferred Shares are not included in determining the weighted average in column (b) because they have no exercise price.
|
(4)
|
Column (c) reflects the following items outstanding as of December 31, 2014:
|
Shares authorized under the 2000 Stock Incentive Plan that were either (i) not covered by awards or (ii) recovered by forfeiture of awards (note: Share awards to Directors under the 2000 Directors Stock Plan were made under a separate Share authorization that neither reduce the number of Shares available for awards under any other plan, nor are available for awards under any other plan)
|
13,379,774
|
|
Shares originally available for issuance under the 2005 Stock and Incentive Plan
|
68,000,000
|
|
Shares originally available for issuance under the 2005 Directors Stock Plan
|
2,000,000
|
|
Less: Shares issued under the 2005 Stock and Incentive Plan and the 2005 Director Stock Plan since their effective date (April 15, 2005) or from previously Deferred Shares, calculated using the Full-Value Share Award Factor, as explained below, as applicable
|
(21,113,569
|
)
|
Less: Shares that will or may be issued for outstanding Stock Options from column (a)
|
(26,078,927
|
)
|
Less: Shares that will or may be issued for outstanding Restricted Stock Units, Performance Shares (assuming future payout at maximum performance factor), or Deferred Shares from column (a), multiplied by Full-Value Share Award Factor, as explained below
|
(16,521,111
|
)
|
Shares remaining available for future issuance under the 2005 Stock and Incentive Plan and 2005 Director Stock Plan or a successor to either plan
|
19,666,167
|
|
METLIFE, INC.
|
||
|
|
|
By
|
|
/s/ Steven A. Kandarian
|
|
|
Name: Steven A. Kandarian
|
|
|
Title: Chairman of the Board, President
and Chief Executive Officer |
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/s/ Cheryl W. Grisé
|
|
Director
|
|
February 26, 2015
|
Cheryl W. Grisé
|
|
|
|
|
|
|
|
|
|
/s/ Carlos M. Gutierrez
|
|
Director
|
|
February 26, 2015
|
Carlos M. Gutierrez
|
|
|
|
|
|
|
|
|
|
/s/ R. Glenn Hubbard
|
|
Director
|
|
February 26, 2015
|
R. Glenn Hubbard
|
|
|
|
|
|
|
|
|
|
/s/ John M. Keane
|
|
Director
|
|
February 26, 2015
|
John M. Keane
|
|
|
|
|
|
|
|
|
|
/s/ Alfred F. Kelly, Jr.
|
|
Director
|
|
February 26, 2015
|
Alfred F. Kelly, Jr.
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
|
Edward J. Kelly, III
|
|
|
|
|
|
|
|
|
|
/s/ William E. Kennard
|
|
Director
|
|
February 26, 2015
|
William E. Kennard
|
|
|
|
|
|
|
|
|
|
/s/ James M. Kilts
|
|
Director
|
|
February 26, 2015
|
James M. Kilts
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
|
Catherine R. Kinney
|
|
|
|
|
|
|
|
|
|
/s/ Denise M. Morrison
|
|
Director
|
|
February 26, 2015
|
Denise M. Morrison
|
|
|
|
|
|
|
|
|
|
/s/ Kenton J. Sicchitano
|
|
Director
|
|
February 26, 2015
|
Kenton J. Sicchitano
|
|
|
|
|
|
|
|
|
|
/s/ Lulu C. Wang
|
|
Director
|
|
February 26, 2015
|
Lulu C. Wang
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Steven A. Kandarian
|
|
Chairman of the Board, President and
|
|
February 26, 2015
|
Steven A. Kandarian
|
|
Chief Executive Officer
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ John C. R. Hele
|
|
Executive Vice President and
|
|
February 26, 2015
|
John C. R. Hele
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Peter M. Carlson
|
|
Executive Vice President and
|
|
February 26, 2015
|
Peter M. Carlson
|
|
Chief Accounting Officer
(Principal Accounting Officer)
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
2.1
|
|
Plan of Reorganization. (Incorporated by reference to Exhibit 2.1 to MetLife, Inc.'s Registration Statement on Form S-1 (No. 333-91517) (the "S-1 Registration Statement")).
|
|
|
|
2.2
|
|
Amendment to Plan of Reorganization, dated as of March 9, 2000. (Incorporated by reference to Exhibit 2.2 to the S-1 Registration Statement).
|
|
|
|
2.3
|
|
Stock Purchase Agreement, dated as of March 7, 2010, among MetLife, Inc., AM Holdings LLC (formerly known as ALICO Holdings LLC) and American International Group, Inc. ("AIG") (the "Stock Purchase Agreement"). (Incorporated by reference to Exhibit 2.1 to MetLife, Inc.'s Current Report on Form 8-K dated March 11, 2010).
|
|
|
|
2.4
|
|
Amendment, dated October 28, 2010, among MetLife, Inc., AM Holdings LLC (formerly known as ALICO Holdings LLC) and AIG to the Stock Purchase Agreement. (Incorporated by reference to Exhibit 2.1 to MetLife, Inc.'s Current Report on Form 8-K dated November 2, 2010 (the "November 2, 2010 Form 8-K")).
|
|
|
|
2.5
|
|
Amendment, dated October 29, 2010, among MetLife, Inc., AM Holdings LLC (formerly known as ALICO Holdings LLC) and AIG to the Stock Purchase Agreement. (Incorporated by reference to Exhibit 2.2 to the November 2, 2010 Form 8-K).
|
|
|
|
3.1
|
|
Amended and Restated Certificate of Incorporation of MetLife, Inc. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2011 (the "2011 Annual Report")).
|
|
|
|
3.2
|
|
Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on April 7, 2000. (Incorporated by reference to Exhibit 3.2 to the 2011 Annual Report).
|
|
|
|
3.3
|
|
Certificate of Designations of Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc., filed with the Secretary of State of Delaware on June 10, 2005. (Incorporated by reference to Exhibit 3.3 to the 2011 Annual Report).
|
|
|
|
3.4
|
|
Certificate of Designations of 6.50% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on June 14, 2005. (Incorporated by reference to Exhibit 3.4 to the 2011 Annual Report).
|
|
|
|
3.5
|
|
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2011. (Incorporated by reference to Exhibit 3.6 to the 2011 Annual Report).
|
|
|
|
3.6
|
|
Certificate of Retirement of Series B Contingent Convertible Junior Participating Non-Cumulative Perpetual Preferred Stock of MetLife, Inc., filed with the Secretary of State of Delaware on November 5, 2013. (Incorporated by reference to Exhibit 3.6 to MetLife, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013).
|
|
|
|
3.7
|
|
Amended and Restated By-Laws of MetLife, Inc., effective February 27, 2013. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.'s Current Report on Form 8-K dated March 4, 2013).
|
4.1
|
|
Form of Certificate for Common Stock, par value $0.01 per share. (Incorporated by reference to Exhibit 4.1 to the S-1 Registration Statement).
|
|
|
|
4.2
|
|
Certificate of Designations of Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc., filed with the Secretary of State of Delaware on June 10, 2005. (See Exhibit 3.3 above).
|
|
|
|
4.3
|
|
Form of Stock Certificate, Floating Rate Non-Cumulative Preferred Stock, Series A, of MetLife, Inc. (Incorporated by reference to Exhibit 99.6 to MetLife, Inc.'s Registration Statement on Form 8-A filed on June 10, 2005).
|
|
|
|
4.4
|
|
Certificate of Designations of 6.50% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on June 14, 2005. (See Exhibit 3.4 above).
|
|
|
|
4.5
|
|
Form of Stock Certificate, 6.50% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc. (Incorporated by reference to Exhibit 99.6 to MetLife, Inc.'s Registration Statement on Form 8-A filed on June 15, 2005).
|
|
|
|
4.6
|
|
Stock Purchase Contract Agreement, dated as of November 1, 2010, among MetLife, Inc. and Deutsche Bank Trust Company Americas, as Stock Purchase Contract Agent. (Incorporated by reference to Exhibit 4.2 to the November 2, 2010 Form 8-K).
|
Exhibit No.
|
|
Description
|
|
|
|
4.7
|
|
Supplemental Agreement No. 1, dated as of June 26, 2013, between MetLife, Inc. and Deutsche Bank Trust Company Americas, as stock purchase contract agent, to the Stock Purchase Contract Agreement, dated as of November 1, 2010, between MetLife, Inc. and Deutsche Bank Trust Company Americas, as stock purchase contract agent. (Incorporated by reference to Exhibit 4.1 to MetLife, Inc.'s Current Report on Form 8-K dated June 26, 2013).
|
|
|
|
4.8
|
|
Pledge Agreement, dated as of November 1, 2010, among MetLife, Inc. and Deutsche Bank Trust Company Americas, as Collateral Agent, Custodial Agent, Securities Intermediary and Stock Purchase Contract Agent. (Incorporated by reference to Exhibit 4.4 to the November 2, 2010 Form 8-K).
|
|
|
|
|
|
Certain instruments defining the rights of holders of long-term debt of MetLife, Inc. and its consolidated subsidiaries are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. MetLife, Inc. hereby agrees to furnish to the Securities and Exchange Commission, upon request, copies of such instruments.
|
|
|
|
10.1
|
|
MetLife Executive Severance Plan (as amended and restated, effective June 14, 2010).*
|
|
|
|
10.2
|
|
Separation Agreement, Waiver and General Release, dated August 17, 2009, between Lisa M. Weber and MetLife Group, Inc.*
|
|
|
|
10.3
|
|
Agreement, effective as of May 9, 2011, by and between Kathleen A. Henkel and MetLife, Inc. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011).*
|
|
|
|
10.4
|
|
Offer Letter and Appendix, dated July 14, 2011, between MetLife, Inc. and Martin J. Lippert. (Incorporated by reference to Exhibit 10.2 to MetLife, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 (the "Third Quarter 2011 10-Q")).*
|
|
|
|
10.5
|
|
Offer Letter, dated July 27, 2011, between MetLife, Inc. and Frans Hijkoop. (Incorporated by reference to Exhibit 10.3 to the Third Quarter 2011 10-Q).*
|
|
|
|
10.6
|
|
Agreement between MetLife, Inc. and William J. Toppeta, which became final on December 20, 2011. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated December 23, 2011).*
|
|
|
|
10.7
|
|
Agreement between MetLife, Inc. and William J. Mullaney, which became final on December 24, 2011. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated December 29, 2011).*
|
|
|
|
10.8
|
|
Letter, dated March 24, 2011, from MetLife, Inc. to Michel Khalaf. (Incorporated by reference to Exhibit 10.10 to the 2011 Annual Report).*
|
|
|
|
10.9
|
|
Offer Letter, dated March 25, 2009, between American Life Insurance Company and Michel Khalaf. (Incorporated by reference to Exhibit 10.11 to the 2011 Annual Report).*
|
|
|
|
10.10
|
|
Adjustment of certain compensation items for Michel Khalaf, effective July 1, 2012. (Incorporated by reference to Exhibit 10.2 to MetLife, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012).*
|
|
|
|
10.11
|
|
Employment Agreement between Christopher G. Townsend and MetLife Asia Pacific Limited, dated May 11, 2012. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated May 16, 2012 (the "May 16, 2012 Form 8-K")).*
|
|
|
|
10.12
|
|
Offer letter, dated July 23, 2012, between MetLife, Inc. and John C.R. Hele. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated July 27, 2012).*
|
|
|
|
10.13
|
|
Letter from MetLife, Inc. to Nicholas D. Latrenta, dated December 11, 2012. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated December 14, 2012).*
|
|
|
|
10.14
|
|
Offer letter, dated December 10, 2012, between MetLife, Inc. and Ricardo Anzaldua. (Incorporated by reference to Exhibit 10.14 to the 2012 Annual Report).*
|
|
|
|
10.15
|
|
Letter from MetLife, Inc. to Michel Khalaf, dated February 22, 2013. (Incorporated by reference to Exhibit 10.15 to the 2012 Annual Report).*
|
|
|
|
10.16
|
|
Settlement Agreement and General Release, dated April 2, 2014, between MetLife Group, Inc. and Beth Hirschhorn. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014)*
|
|
|
|
10.17
|
|
Sign-On Letter, dated December 9, 2014, from MetLife, Inc. to Esther Lee.*
|
|
|
|
10.18
|
|
MetLife, Inc. 2000 Stock Incentive Plan, as amended and restated March 28, 2000. (Incorporated by reference to Exhibit 10.7 to the S-1 Registration Statement).*
|
|
|
|
10.19
|
|
MetLife, Inc. 2000 Stock Incentive Plan, as amended, effective February 8, 2002. (Incorporated by reference to Exhibit 10.17 to the 2012 Annual Report).*
|
|
|
|
10.20
|
|
Management Stock Option Agreement under the MetLife, Inc. 2000 Stock Incentive Plan. (Incorporated by reference to Exhibit 10.18 to MetLife, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “2013 Annual Report”))*
|
|
|
|
10.21
|
|
MetLife, Inc. 2000 Directors Stock Plan, as amended and restated March 28, 2000. (Incorporated by reference to Exhibit 10.8 to the S-1 Registration Statement).*
|
|
|
|
10.22
|
|
MetLife, Inc. 2000 Directors Stock Plan, as amended, effective February 8, 2002. (Incorporated by reference to Exhibit 10.20 to the 2012 Annual Report).*
|
|
|
|
10.23
|
|
Form of Director Stock Option Agreement under the MetLife, Inc. 2000 Directors Stock Plan. (Incorporated by reference to Exhibit 10.21 to the 2013 Annual Report).*
|
|
|
|
10.24
|
|
MetLife, Inc. 2005 Stock and Incentive Compensation Plan, effective April 15, 2005 (the "2005 SIC Plan").*
|
Exhibit No.
|
|
Description
|
10.25
|
|
MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan, effective April 15, 2005.*
|
|
|
|
10.26
|
|
Form of Management Stock Option Agreement under the 2005 SIC Plan (effective as of April 25, 2007). (Incorporated by reference to Exhibit 10.24 to the 2012 Annual Report). *
|
|
|
|
10.27
|
|
Amendment to Stock Option Agreements under the 2005 SIC Plan (effective as of April 25, 2007). (Incorporated by reference to Exhibit 10.25 to the 2012 Annual Report).*
|
|
|
|
10.28
|
|
Form of Management Stock Option Agreement under the 2005 SIC Plan (effective December 15, 2009).*
|
|
|
|
10.29
|
|
Form of Management Stock Option Agreement under the 2005 SIC Plan.*
|
|
|
|
10.30
|
|
Form of Stock Option Agreement under the 2005 SIC Plan (effective February 11, 2013). (Incorporated by reference to Exhibit 10.9 to MetLife, Inc.'s Current Report on Form 8-K dated February 15, 2013 (the "February 15, 2013 Form 8-K")).*
|
|
|
|
10.31
|
|
Form of Stock Option Agreement (Three-Year "Cliff" Exercisability) under the 2005 SIC Plan (effective February 11, 2013). (Incorporated by reference to Exhibit 10.10 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.32
|
|
Form of Management Restricted Stock Unit Agreement under the 2005 SIC Plan (effective December 11, 2007). (Incorporated by reference to Exhibit 10.30 to the 2012 Annual Report).*
|
|
|
|
10.33
|
|
Form of Management Restricted Stock Unit Agreement under the 2005 SIC Plan (effective December 15, 2009).*
|
|
|
|
10.34
|
|
Form of Restricted Stock Unit Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.4 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.35
|
|
Form of Restricted Stock Unit Agreement (Three-Year "Cliff" Period of Restriction; No Code 162(m) Goals) (effective February 11, 2013). (Incorporated by reference to Exhibit 10.5 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.36
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective December 31, 2005). (Incorporated by reference to Exhibit 10.31 to MetLife, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2010 (the "2010 Annual Report")).*
|
|
|
|
10.37
|
|
Clarification of Management Performance Share Agreement under the 2005 SIC Plan. (Incorporated by reference to Exhibit 10.29 to the 2010 Annual Report).*
|
|
|
|
10.38
|
|
Amendment to Management Performance Share Agreement under the 2005 SIC Plan (effective December 31, 2005). (Incorporated by reference to Exhibit 10.30 to the 2010 Annual Report).*
|
|
|
|
10.39
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective February 27, 2007). (Incorporated by reference to Exhibit 10.35 to the 2011 Annual Report).*
|
|
|
|
10.40
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective as of April 25, 2007). (Incorporated by reference to Exhibit 10.38 to the 2012 Annual Report).*
|
|
|
|
10.41
|
|
Amendment to Management Performance Share Agreements under the 2005 SIC Plan (effective as of April 25, 2007). (Incorporated by reference to Exhibit 10.39 to the 2012 Annual Report).*
|
|
|
|
10.42
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective December 11, 2007). (Incorporated by reference to Exhibit 10.40 to the 2012 Annual Report).*
|
|
|
|
10.43
|
|
Amendment to Management Performance Share Agreements under the 2005 SIC Plan (effective as of December 31, 2007). (Incorporated by reference to Exhibit 10.41 to the 2012 Annual Report).*
|
|
|
|
10.44
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective January 27, 2009). (Incorporated by reference to Exhibit 10.42 to the 2013 Annual Report).*
|
|
|
|
10.45
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective February 24, 2009).*
|
|
|
|
10.46
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective December 15, 2009).*
|
|
|
|
10.47
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective February 21, 2010).*
|
|
|
|
10.48
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective December 14, 2010). (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated December 17, 2010).*
|
|
|
|
10.49
|
|
Form of Performance Share Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.1 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.50
|
|
Amended and Restated 2010-2011 Long Term Incentive Plan for Employees of ALICO, including 2010-2011 Alico LTI Performance Measures and Goals (effective November 1, 2010). (Incorporated by reference to Exhibit 10.45 to the 2011 Annual Report).*
|
|
|
|
10.51
|
|
MetLife International Performance Unit Incentive Plan, dated July 21, 2011 (as amended and restated effective February 23, 2011). (Incorporated by reference to Exhibit 10.46 to the 2011 Annual Report).*
|
|
|
|
10.52
|
|
Form of Performance Unit Agreement under the MetLife International Performance Unit Incentive Plan (effective February 23, 2011). (Incorporated by reference to Exhibit 10.47 to the 2011 Annual Report).*
|
Exhibit No.
|
|
Description
|
|
|
|
10.53
|
|
MetLife International Performance Unit Incentive Plan (as amended and restated effective February 11, 2013). (Incorporated by reference to Exhibit 10.2 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.54
|
|
Form of Performance Unit Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.3 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.55
|
|
MetLife International Unit Option Incentive Plan, dated July 21, 2011 (as amended and restated effective February 23, 2011). (Incorporated by reference to Exhibit 10.48 to the 2011 Annual Report).*
|
|
|
|
10.56
|
|
Form of Unit Option Agreement under the MetLife International Unit Option Incentive Plan (effective February 23, 2011). (Incorporated by reference to Exhibit 10.49 to the 2011 Annual Report).*
|
|
|
|
10.57
|
|
MetLife International Unit Option Incentive Plan (as amended and restated December 3, 2012). (Incorporated by reference to Exhibit 10.11 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.58
|
|
Form of Unit Option Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.12 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.59
|
|
Form of Unit Option Agreement (Three-Year "Cliff" Exercisability) (effective February 11, 2013). (Incorporated by reference to Exhibit 10.13 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.60
|
|
MetLife International Restricted Unit Incentive Plan (as amended and restated effective February 11, 2013). (Incorporated by reference to Exhibit 10.6 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.61
|
|
Form of Restricted Unit Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.7 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.62
|
|
Form of Restricted Unit Agreement (Three-Year "Cliff" Period of Restriction; No Code 162(m) Goals) (effective February 11, 2013). (Incorporated by reference to Exhibit 10.8 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.63
|
|
MetLife Policyholder Trust Agreement. (Incorporated by reference to Exhibit 10.12 to the S-1 Registration Statement).
|
|
|
|
10.64
|
|
Amendment to MetLife Policyholder Trust Agreement. (Incorporated by reference to Exhibit 10.62 to the 2012 Annual Report).
|
|
|
|
10.65
|
|
Five-Year Credit Agreement, dated as of May 30, 2014, among MetLife, Inc. and MetLife Funding, Inc., as borrowers, and the other parties signatory thereto, amending and restating (i) the Five-Year Credit Agreement, dated as of August 12, 2011, among MetLife, Inc. and MetLife Funding, Inc., as borrowers, and the other parties signatory thereto and (ii) the Five-Year Credit Agreement dated as of September 13, 2012 among MetLife, Inc. and MetLife Funding, Inc., as borrowers, and the other parties signatory thereto. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Current Report on Form 8-K dated June 4, 2014).
|
|
|
|
10.66
|
|
MetLife Annual Variable Incentive Plan ("AVIP").*
|
|
|
|
10.67
|
|
Amendment Number One to the AVIP. (Incorporated by reference to Exhibit 10.48 to the 2010 Annual Report).*
|
|
|
|
10.68
|
|
Resolutions of the MetLife, Inc. Board of Directors (adopted December 14, 2010) regarding the selection of performance measures for 2011 awards under the AVIP. (Incorporated by reference to Exhibit 10.52 to the 2010 Annual Report).*
|
|
|
|
10.69
|
|
Resolutions of the MetLife, Inc. Board of Directors (adopted December 13, 2011) regarding the selection of performance measures for 2012 awards under the AVIP. (Incorporated by reference to Exhibit 10.58 to the 2011 Annual Report).*
|
|
|
|
10.70
|
|
Resolutions of the MetLife, Inc. Board of Directors (adopted February 11, 2013) regarding the selection of performance measures for 2013 awards under the AVIP. (Incorporated by reference to Exhibit 10.70 to the 2012 Annual Report).*
|
|
|
|
10.71
|
|
Resolutions of the MetLife, Inc. Board of Directors (adopted December 10, 2013) regarding the selection of performance measures for 2014 awards under the AVIP. (Incorporated by reference to Exhibit 10.71 to the 2013 Annual Report).*
|
|
|
|
10.72
|
|
Resolutions of the MetLife, Inc., Board of Directors (adopted September 13, 2011) regarding non-management director compensation. (Incorporated by reference to Exhibit 10.4 to the Third Quarter 2011 10-Q).*
|
|
|
|
10.73
|
|
Metropolitan Life Auxiliary Savings and Investment Plan (as amended and restated, effective January 1, 2008). (Incorporated by reference to Exhibit 10.72 to the 2012 Annual Report).*
|
|
|
|
10.74
|
|
Amendment 1 to the Metropolitan Life Auxiliary Savings and Investment Plan (as amended and restated, effective January 1, 2008).*
|
|
|
|
10.75
|
|
Amendment Number 2 to the Metropolitan Life Auxiliary Savings and Investment Plan (Amended and Restated Effective January 1, 2008). (Incorporated by reference to Exhibit 10.55 to the 2010 Annual Report).*
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.76
|
|
Amendment Number 3 to the Metropolitan Life Auxiliary Savings and Investment Plan (Amended and Restated Effective January 1, 2008). (Incorporated by reference to Exhibit 10.75 to the 2012 Annual Report).*
|
|
|
|
10.77
|
|
Amendment Number 4 to the Metropolitan Life Auxiliary Savings and Investment Plan (Amended and Restated Effective January 1, 2008). (Incorporated by reference to Exhibit 10.77 to the 2013 Annual Report).*
|
|
|
|
10.78
|
|
MetLife Deferred Compensation Plan for Officers, as amended and restated, effective November 1, 2003. (Incorporated by reference to Exhibit 10.78 to the 2013 Annual Report).*
|
|
|
|
10.79
|
|
Amendment Number One to the MetLife Deferred Compensation Plan for Officers (as amended and restated as of November 1, 2003), dated May 4, 2005. (Incorporated by reference to Exhibit 10.57 to the 2010 Annual Report).*
|
|
|
|
10.80
|
|
Amendment Number Two to the MetLife Deferred Compensation Plan for Officers (as amended and restated as of November 1, 2003, effective December 14, 2005). (Incorporated by reference to Exhibit 10.58 to the 2010 Annual Report).*
|
|
|
|
10.81
|
|
Amendment Number Three to the MetLife Deferred Compensation Plan for Officers (as amended and restated as of November 1, 2003, effective February 26, 2007). (Incorporated by reference to Exhibit 10.66 to the 2011 Annual Report).*
|
|
|
|
10.82
|
|
MetLife Leadership Deferred Compensation Plan, dated November 2, 2006 (as amended and restated, effective with respect to salary and cash incentive compensation, January 1, 2005, and with respect to stock compensation, April 15, 2005). (Incorporated by reference to Exhibit 10.67 to the 2011 Annual Report).*
|
|
|
|
10.83
|
|
Amendment Number One to the MetLife Leadership Deferred Compensation Plan, dated December 13, 2007 (effective as of December 31, 2007). (Incorporated by reference to Exhibit 10.81 to the 2012 Annual Report).*
|
|
|
|
10.84
|
|
Amendment Number Two to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2008 (effective December 31, 2008). (Incorporated by reference to Exhibit 10.84 to the 2013 Annual Report).*
|
|
|
|
10.85
|
|
Amendment Number Three to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective January 1, 2010).*
|
|
|
|
10.86
|
|
Amendment Number Four to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective December 31, 2009).*
|
|
|
|
10.87
|
|
Amendment Number Five to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective January 1, 2011). (Incorporated by reference to Exhibit 10.65 to the 2010 Annual Report).*
|
|
|
|
10.88
|
|
Amendment Number Nine to the MetLife Leadership Deferred Compensation Plan, dated December 30, 2014 (effective January 1, 2015).*
|
|
|
|
10.89
|
|
MetLife Deferred Compensation Plan for Outside Directors (effective December 9, 2003). (Incorporated by reference to Exhibit 10.88 to the 2013 Annual Report).*
|
|
|
|
10.90
|
|
Amendment Number One to the MetLife Deferred Compensation Plan for Outside Directors (as amended and restated as of December 9, 2003, effective February 26, 2007). (Incorporated by reference to Exhibit 10.74 to the 2011 Annual Report).*
|
|
|
|
10.91
|
|
MetLife Non-Management Director Deferred Compensation Plan, dated November 2, 2006 (as amended and restated, effective January 1, 2005). (Incorporated by reference to Exhibit 10.75 to the 2011 Annual Report).*
|
|
|
|
10.92
|
|
Amendment Number One to the MetLife Non-Management Director Deferred Compensation Plan (as amended and restated as of December 9, 2006, effective February 26, 2007). (Incorporated by reference to Exhibit 10.76 to the 2011 Annual Report).*
|
|
|
|
10.93
|
|
MetLife Non-Management Director Deferred Compensation Plan, dated December 5, 2007 (as amended and restated, effective January 1, 2005). (Incorporated by reference to Exhibit 10.90 to the 2012 Annual Report).*
|
|
|
|
10.94
|
|
The MetLife Non-Management Director Deferred Compensation Plan, dated December 9, 2008 (as amended and restated, effective January 1, 2005). (Incorporated by reference to Exhibit 10.93 to the 2013 Annual Report).*
|
|
|
|
10.95
|
|
MetLife, Inc. Director Indemnity Plan (dated and effective July 22, 2008). (Incorporated by reference to Exhibit 10.94 to the 2013 Annual Report).*
|
|
|
|
10.96
|
|
MetLife Auxiliary Pension Plan, dated August 7, 2006 (as amended and restated, effective June 30, 2006). (Incorporated by reference to Exhibit 10.80 to the 2011 Annual Report).*
|
|
|
|
10.97
|
|
MetLife Auxiliary Pension Plan, dated December 21, 2006 (amending and restating Part I thereof, effective January 1, 2007). (Incorporated by reference to Exhibit 10.81 to the 2011 Annual Report).*
|
|
|
|
10.98
|
|
MetLife Auxiliary Pension Plan, dated December 21, 2007 (amending and restating Part I thereof, effective January 1, 2008). (Incorporated by reference to Exhibit 10.95 to the 2012 Annual Report).*
|
|
|
|
10.99
|
|
Amendment #1 to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008), dated October 24, 2008 (effective October 1, 2008). (Incorporated by reference to Exhibit 10.98 to the 2013 Annual Report).*
|
|
|
|
10.100
|
|
Amendment Number Two to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008), dated December 12, 2008 (effective December 31, 2008). (Incorporated by reference to Exhibit 10.99 to the 2013 Annual Report).*
|
|
|
|
10.101
|
|
Amendment Number Three to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008) dated March 25, 2009 (effective January 1, 2009). (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated March 31, 2009).*
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.102
|
|
Amendment Number Four to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008), dated December 16, 2009 (effective January 1, 2010).*
|
|
|
|
10.103
|
|
Amendment Number Five to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008) dated December 21, 2010 (effective January 1, 2010). (Incorporated by reference to Exhibit 10.80 to the 2010 Annual Report).*
|
|
|
|
10.104
|
|
Amendment Number Six to the MetLife Auxiliary Pension Plan (as amended and restated, effective January 1, 2008) dated December 20, 2012 (effective January 1, 2012). (Incorporated by reference to Exhibit 10.101 to the 2012 Annual Report).*
|
|
|
|
10.105
|
|
Alico Overseas Pension Plan, dated January 2009. (Incorporated by reference to Exhibit 10.88 to the 2011 Annual Report).*
|
|
|
|
10.106
|
|
Amendment Number One to the Alico Overseas Pension Plan (effective November 1, 2010), dated December 20, 2010. (Incorporated by reference to Exhibit 10.89 to the 2011 Annual Report).*
|
|
|
|
10.107
|
|
Amendment Number Two to the Alico Overseas Pension Plan (effective as of November 1, 2010), dated December 13, 2011. (Incorporated by reference to Exhibit 10.90 to the 2011 Annual Report).*
|
|
|
|
10.108
|
|
Amendment Number Three to the Alico Overseas Pension Plan, dated May 1, 2012 (effective January 1, 2012). (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Current Report on Form 8-K dated May 4, 2012).*
|
|
|
|
10.109
|
|
Member's Explanatory Handbook for the Metropolitan Life Insurance Company of Hong Kong Limited Healthcare Plan (2011). (Incorporated by reference to Exhibit 10.2 to the May 16, 2012 Form 8-K).*
|
|
|
|
10.110
|
|
MetLife Plan for Transition Assistance for Officers, dated April 21, 2014 (as amended and restated, effective April 1, 2014 (the "MPTA")). (Incorporated by reference to Exhibit 10.2 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014).*
|
|
|
|
10.111
|
|
Amendment Number One to the MPTA, dated December 30, 2014 (effective January 1, 2015).*
|
|
|
|
10.112
|
|
MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan, effective January 1, 2015. (Incorporated by reference to Exhibit 4.1 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198141).*
|
|
|
|
10.113
|
|
MetLife, Inc. 2015 Stock and Incentive Plan, effective January 1, 2015 (the “2015 SIC Plan”). (Incorporated by reference to Exhibit 4.1 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198145)).*
|
|
|
|
10.114
|
|
Form of Performance Share Agreement under the 2015 SIC Plan. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Current Report on Form 8-K dated December 11, 2014 (the “December 11, 2014 Form 8-K”).*
|
|
|
|
10.115
|
|
Form of Performance Unit Agreement under the 2015 SIC Plan. (Incorporated by reference to Exhibit 10.2 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.116
|
|
Form of Restricted Stock Unit Agreement (Ratable Period of Restriction Ends in Thirds; Code Section 162(m) Goals) under the 2015 SIC Plan (Incorporated by reference to Exhibit 10.3 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.117
|
|
Form of Restricted Stock Unit Agreement (Three-Year “Cliff” Period of Restriction; No Code Section 162(m) Goals) (Incorporated by reference to Exhibit 10.4 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.118
|
|
Form of Restricted Unit Agreement (Ratable Period of Restriction Ends in Thirds; Code Section 162(m) Goals) (Incorporated by reference to Exhibit 10.5 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.119
|
|
Form of Restricted Unit Agreement (Three-Year “Cliff” Period of Restriction; No Code Section 162(m) Goals) (Incorporated by reference to Exhibit 10.6 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.120
|
|
Form of Stock Option Agreement (Ratable Exercisability in Thirds) (Incorporated by reference to Exhibit 10.7 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.121
|
|
Form of Stock Option Agreement (Three-Year “Cliff” Exercisability) (Incorporated by reference to Exhibit 10.8 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.122
|
|
Form of Unit Option Agreement (Ratable Exercisability in Thirds) (Incorporated by reference to Exhibit 10.9 to the December 11, 2014 Form 8-K).*
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.123
|
|
Form of Unit Option Agreement (Three-Year “Cliff” Exercisability) (Incorporated by reference to Exhibit 10.10 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.124
|
|
MetLife Annual Variable Incentive Plan (effective as amended and restated January 1, 2015) (Incorporated by reference to Exhibit 10.11 to the December 11, 2014 Form 8-K).*
|
|
|
|
12.1
|
|
Statement re: Computation of Ratios of Earnings to Fixed Charges.
|
|
|
|
21.1
|
|
Subsidiaries of the Registrant.
|
|
|
|
23.1
|
|
Consent of Deloitte & Touche LLP.
|
|
|
|
31.1
|
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document.
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
|
|
If to the Executive:
|
at the home address of the Executive noted on the records of the Company
|
If to the Company:
|
MetLife, Inc.
|
/s/ Lisa M.Weber
___________________________
|
August 17, 2009
___________________________
|
Signature
|
Date
|
James L. Lipscomb, Executive Vice President and General Counsel
|
August 4, 2009
_______
|
Name & Title
|
Date
|
•
|
Should you leave your current employer prior to the payment of your 2014 cash incentive, MetLife will make a one-time cash sign-on payment of up to $150,000 to you. MetLife will determine the amount of the payment based on its determination of the amount of your 2014 cash incentive that you forfeited. MetLife will make this payment to you in the first paycheck following thirty (30) calendar days of your start date with MetLife, subject to appropriate verification of loss/forfeiture. Please understand that if you voluntarily terminate your employment with us prior to the first anniversary of your start date with MetLife, you will be required to repay the full amount of this payment without regard to amounts withheld.
|
•
|
Should you leave your current employer prior to the vesting of your Restricted Stock Units that are scheduled to vest in January 2015, MetLife will make a one-time cash sign-on payment of up to $250,000 to you. MetLife will determine the amount of the payment based on its determination of the amount you forfeited. MetLife will make this payment to you in the first paycheck following thirty (30) calendar days of your start date with MetLife, subject to appropriate verification of loss/forfeiture. Please understand that if you voluntarily terminate your employment with us prior to the first anniversary of your start date with MetLife, you will be required to repay the full amount of this payment without regard to amounts withheld.
|
•
|
MetLife will make a one-time cash sign-on payment of $250,000 to you to help address the Restricted Stock Units that otherwise would have vested in 2016, paid to you within thirty
|
•
|
MetLife will make a one-time cash sign-on payment of $35,000 to you to further assist you with your transition to MetLife, paid to you within thirty (30) calendar days of your start date.
|
Sincerely,
|
I accept this offer.
|
|
|
MetLife, Inc.
|
|
|
|
By:
/s/ Steven A. Kandarian
|
By:
/s/ Esther Lee
|
Steven A. Kandarian
|
Esther Lee
|
Chairman, President &
|
|
Chief Executive Officer
|
|
MetLife, Inc.
|
Date:
12/9/2014
|
|
|
2.1
|
“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act, with reference to the Company, and shall also include any corporation, partnership, joint venture, limited liability company, or other entity in which the Company owns, directly or indirectly, at least fifty percent (50%) of the total combined Voting Power of such corporation or of the capital interest or profits interest of such partnership or other entity.
|
2.2
|
“Agency”
means the active relationship between an Agent and an insurance company for which the Agent is licensed.
|
2.3
|
“Agent”
means a natural person licensed or otherwise authorized under applicable law to represent the Company or an Affiliate in the sale of insurance or other financial products or services.
|
2.4
|
“Award”
means, individually or collectively, a grant under this Plan of NQSOs, ISOs, SARs, Restricted Stock, Restricted Stock Units, Performance Shares, Performance Units, Cash-Based Awards, or Stock-Based Awards, in each case subject to the terms of this Plan.
|
2.5
|
“Award Agreement”
means either (i) a written agreement entered into by the Company or an Affiliate and a Participant setting forth the terms and provisions applicable to Awards granted under this Plan; or (ii) a written statement issued by the Company or an Affiliate to a Participant describing the terms and provisions of such Award.
|
2.6
|
“Beneficial Owner” or “Beneficial Ownership”
shall have the meaning ascribed to such term in rule 13d-3 of the General Rules and Regulations under the Exchange Act.
|
2.7
|
“Board” or “Board of Directors”
means the Board of Directors of the Company.
|
2.8
|
“Cash-Based Award”
means an Award granted under Article 10 herein, the value of which is denominated in cash as determined by the Committee and which is not any other form of Award described in this Plan.
|
2.9
|
“Cause”
means (i) the willful failure by the Participant to perform substantially the Participant’s duties as an Employee or Agent (other than due to physical or mental illness) after reasonable notice to the Participant of such failure, (ii) the Participant's engaging in serious misconduct that is injurious to the Company or any Affiliate in any way, including, but not limited to, by way of damage to their respective reputations or standings in their respective industries, (iii) the Participant's having been convicted of, or
|
2.10
|
“Change of Control”
shall occur if any of the following events occur:
|
(i)
|
Any Person acquires Beneficial Ownership, directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined Voting Power of the Company’s securities;
|
(ii)
|
Within any twenty-four (24) month period, the individuals who were Directors of the Company at the beginning of such period (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board of Directors or the Board of Directors of any successor to the Company; provided, however, that any Director elected or nominated for election to the Board by a majority of the Incumbent Directors then still in office shall be deemed to be an Incumbent Director for purposes of this Section 2.10(ii);
|
(iii)
|
The shareholders of the Company approve a merger, consolidation, share exchange, division, sale or other disposition of all or substantially all of the assets of the Company which is consummated (a “Corporate Event”), and immediately following the consummation of which the shareholders of the Company immediately prior to such Corporate Event do not hold, directly or indirectly, a majority of the Voting Power of (i) in the case of a merger or consolidation, the surviving or resulting corporation, (ii) in the case of a share exchange, the acquiring corporation, or (iii) in the case of a division or a sale or other disposition of assets, each surviving, resulting or acquiring corporation which, immediately following the relevant Corporate Event, holds more than twenty-five percent (25%) of the consolidated assets of the Company immediately prior to such Corporate Event; or
|
(iv)
|
Any other event occurs which the Board declares to be a Change of Control.
|
2.11
|
“Change of Control Price”
means the highest price per share of Shares offered in conjunction with any transaction resulting in a Change of Control (as determined in good faith by the Committee if any part of the offered price is payable other than in cash) or, in the case of a Change of Control occurring solely by reason of a change in the composition of the Board, the highest Fair Market Value of the common stock on any of the thirty (30) trading days immediately preceding the date on which a Change of Control occurs.
|
2.12
|
“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
|
2.13
|
“Committee”
means the Compensation Committee of the Board of Directors, or any other duly authorized committee of the Board appointed by the Board to administer the Plan.
|
2.14
|
“Company”
means MetLife, Inc., a Delaware corporation, and any successor thereto as provided in Article 18 herein.
|
2.15
|
“Constructively Terminated”
means, unless otherwise specified by the Committee in the Award Agreement, a voluntary termination of employment by an Employee or of a relationship as an Agent by an Agent within ten (10) business days after any of the following actions by the Company, Affiliate, or person acting on behalf of either:
|
(i)
|
Requiring the Employee or Agent to be based as his/her regular or customary place of employment or Agency at any office or location more than fifty (50) miles from the location at which the Employee performed his/her duties immediately prior to the Change of Control, or in a state other than the one in which the Employee or Agent performed his/her duties immediately prior to the Change of Control, in each case except for travel reasonably required in the performance of the individual's responsibilities;
|
(ii)
|
In the case of an Employee, reducing the Employee's base salary below the rate in effect at the time of a Change of Control;
|
(iii)
|
In the case of an Employee, failing to pay the Employee's base salary, other wages, or employment-related benefits as required by law; or
|
(iv)
|
In the case of an Agent, failing to pay the Agent's compensation or benefits as required by law.
|
2.16
|
“Director”
means any individual who is a member of the Board of Directors of the Company.
|
2.17
|
“Employee”
means any employee of the Company or an Affiliate. Directors who are not otherwise employed by the Company or an Affiliate shall not be considered Employees under this Plan. For greater clarity, and without limiting the generality of the foregoing, individuals described in the first sentence of this definition who are foreign nationals or are employed outside of the United States, or both, are Employees and may be granted Awards on the terms and conditions set forth in the Plan, or on such other terms and conditions as may, in the judgment of the Committee, be necessary or desirable to further the purposes of the Plan.
|
2.18
|
“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.
|
2.19
|
“Fair Market Value”
or
“FMV”
means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share on the New York Stock Exchange
|
2.20
|
“Fiscal Year”
means the year commencing on January 1 and ending December 31 or other time period as approved by the Board.
|
2.21
|
“Freestanding SAR”
means an SAR that is not a Tandem SAR, as described in Article 7 herein.
|
2.22
|
“Grant Price”
means the price against which the amount payable is determined upon exercise of an SAR.
|
2.23
|
“Incentive Stock Option”
or
“ISO”
means an Option to purchase Shares granted under Article 6 herein and that is designated as an Incentive Stock Option and is intended to meet the requirements of Section 422 of the Code, or any successor provision.
|
2.24
|
“Insider”
shall mean an individual who is, on the relevant date, subject to the reporting requirements of Section 16 of the Exchange Act, as determined by the Board.
|
2.25
|
“Nonqualified Stock Option”
or
“NQSO”
means an Option to purchase Shares, granted under Article 6 herein, which is not intended to be an Incentive Stock Option or that otherwise does not meet such requirements.
|
2.26
|
“Option”
means the conditional right to purchase Shares at a stated Option Price for a specified period of time in the form of an Incentive Stock Option or a Nonqualified Stock Option subject to the terms of this Plan.
|
2.27
|
“Option Price”
means the price at which a Share may be purchased by a Participant pursuant to an Option, as determined by the Committee.
|
2.28
|
“Participant”
means an Employee or an Agent who has been selected to receive an Award, or who has an outstanding Award granted under the Plan.
|
2.29
|
“Performance-Based Compensation”
means compensation under an Award that is granted in order to provide remuneration solely on account of the attainment of one or more Performance Goals under circumstances that satisfy the requirements of Section 162(m) of the Code.
|
2.30
|
“Performance Goal”
means a performance criterion selected by the Committee for a given Award for purposes of Article 11 based on one or more of the Performance Measures.
|
2.31
|
“Performance Measures”
means measures as described in Article 11, the attainment of one or more of which shall, as determined by the Committee, determine the vesting, payability, or value of an Award to an Insider that are designated to qualify as Performance-Based Compensation.
|
2.32
|
“Performance Period”
means the period of time during which the assigned performance criteria must be met in order to determine the degree of payout and/or vesting with respect to an Award.
|
2.33
|
“Performance Share”
means an Award granted under Article 9 herein and subject to the terms of this Plan, denominated in Shares, the value of which at the time it is payable is determined as a function of the extent to which corresponding performance criteria have been achieved.
|
2.34
|
“Performance Unit”
means an Award granted under Article 9 herein and subject to the terms of this Plan, denominated in units, the value of which at the time it is payable is determined as a function of the extent to which corresponding performance criteria have been achieved.
|
2.35
|
“Period of Restriction”
means the period when an Award of Restricted Stock or Restricted Stock Unit is subject to forfeiture based on the passage of time, the achievement of performance criteria, and/or upon the occurrence of other events as determined by the Committee, in its discretion.
|
2.36
|
“Person”
shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof; provided, however, that “Person” shall not include
(i) the Company or any Affiliate, (ii) the MetLife Policyholder Trust (or any person(s) who would otherwise be described herein solely by reason of having the power to control the voting of the shares held by that trust), or (iii) any employee benefit plan (including an employee stock ownership plan) sponsored by the Company or any Affiliate. |
2.37
|
“Restricted Stock”
means an Award of Shares subject to a Period of Restriction, granted under Article 8 herein and subject to the terms of this Plan.
|
2.38
|
“Restricted Stock Unit”
means an Award denominated in units subject to a Period of Restriction, granted under Article 8 herein and subject to the terms of this Plan.
|
2.39
|
“Shares”
means the shares of common stock of the Company, $.01 par value per Share.
|
2.40
|
“Stock Appreciation Right”
or
“SAR”
means the conditional right to receive the difference between the FMV of a Share on the date of exercise over the Grant Price, pursuant to the terms of Article 7 herein and subject to the terms of this Plan.
|
2.41
|
“Stock-Based Award”
means an equity-based or equity-related Award granted under Article 10 herein and subject to the terms of this Plan, and not otherwise described by the terms of this Plan.
|
2.42
|
“Tandem SAR”
means an SAR that the Committee specifies is granted in connection with a related Option pursuant to Article 7 herein and subject to the terms of this Plan, the exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be cancelled) or an SAR that is granted in tandem with an Option but the exercise of such Option does not cancel the SAR, but rather results in the exercise of the related SAR. Regardless of whether an Option is granted coincident with an SAR, an SAR is not a Tandem SAR unless so specified by the Committee at time of grant.
|
2.43
|
“Voting Power”
shall mean such number of Voting Securities as shall enable the holders thereof to cast all the votes which could be cast in an annual election of directors of a company.
|
2.44
|
"Voting Securities"
shall mean all securities entitling the holders thereof to vote in an annual election of directors of a company.
|
(a)
|
Options and SARs
: The maximum aggregate number of Shares that may be granted in the form of Options or Stock Appreciation Rights, pursuant to any Award granted in any one Fiscal Year to any one Participant, shall be two million (2,000,000).
|
(b)
|
Restricted Stock/Restricted Stock Units
: The maximum aggregate grant with respect to Awards of Restricted Stock/Restricted Stock Units granted in any one Fiscal Year to any one Participant shall be one million (1,000,000).
|
(c)
|
Performance Shares/Performance Units
: The maximum aggregate Award of Performance Shares or Performance Units that a Participant may receive in any one Fiscal Year shall be one million (1,000,000) Shares, or equal to the value of one million (1,000,000) Shares determined as of the date of vesting or payout, as applicable.
|
(d)
|
Cash-Based Awards
: The maximum aggregate amount awarded or credited with respect to Cash-Based Awards to any one Participant in any one Fiscal Year may not exceed ten million dollars ($10,000,000) determined as of the date of vesting or payout, as applicable.
|
(e)
|
Stock Awards
:
The maximum aggregate grant with respect to Awards of
Stock-Based Awards in any one Fiscal Year to any one Participant shall be one million (1,000,000). |
6.9
|
Nontransferability of Options
.
|
(a)
|
Incentive Stock Options
. No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, all ISOs granted to a Participant under this Article 6 shall be exercisable during his or her lifetime only by such Participant.
|
(b)
|
Nonqualified Stock Options
. Except as otherwise provided in a Participant’s Award Agreement at the time of grant, or thereafter by the Committee, NQSO granted under this Article 6 may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement at the time of grant or thereafter by the Committee, all NQSOs granted to a Participant under this Article 6 shall be exercisable during the Participant's lifetime only by such Participant.
|
(a)
|
The difference between the FMV of a Share on the date of exercise over the Grant Price; by
|
(b)
|
The number of Shares with respect to which the SAR is exercised.
|
(a)
|
Net earnings or net income (before or after taxes);
|
(b)
|
Earnings per share;
|
(c)
|
Net sales growth;
|
(d)
|
Net operating profit;
|
(e)
|
Operating earnings;
|
(f)
|
Operating earnings per share;
|
(g)
|
Return measures (including, but not limited to, return on assets, capital, equity, or sales);
|
(h)
|
Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);
|
(i)
|
Earnings before or after taxes, interest, depreciation, and/or amortization and including/excluding capital gains and losses;
|
(j)
|
Gross or operating margins;
|
(k)
|
Productivity ratios;
|
(l)
|
Share price (including, but not limited to, growth measures and total shareholder return);
|
(m)
|
Expense targets;
|
(n)
|
Margins;
|
(o)
|
Operating efficiency;
|
(p)
|
Customer satisfaction;
|
(q)
|
Employee and/or Agent satisfaction;
|
(r)
|
Working capital targets; and
|
(s)
|
Economic Value Added;
|
(t)
|
Revenue growth;
|
(u)
|
Assets under management growth; and
|
(v)
|
Rating Agencies’ ratings.
|
(a)
|
Any and all Options and SARs granted hereunder shall become immediately exercisable; additionally, if a Participant’s employment or Agency is involuntarily terminated for any reason except Cause within twelve (12) months of such Change in Control, the Participant shall have until the earlier of (i) twelve (12) months
|
(b)
|
Any Period of Restriction and other restrictions imposed on Restricted Stock or Restricted Stock Units shall lapse, and Restricted Stock Units shall be immediately payable;
|
(c)
|
The target payout opportunities attainable under all outstanding Awards of performance-based Restricted Stock, performance-based Restricted Stock Units, Performance Units, and Performance Shares (including but not limited to Awards intended to be Performance-Based Compensation) shall be deemed to have been fully earned based on targeted performance being attained as of the effective date of the Change of Control:
|
(i)
|
The vesting of all Awards denominated in Shares shall be accelerated as of the effective date of the Change of Control, and shall be paid out to Participants within thirty (30) days following the effective date of the Change of Control; and
|
(ii)
|
Awards denominated in cash shall be paid to Participants in cash within thirty (30) days following the effective date of the Change of Control;
|
(d)
|
Upon a Change of Control, unless otherwise specifically provided in a written agreement entered into between the Participant and the Company or an Affiliate, the Committee shall immediately vest and pay out all Cash-Based Awards and Other Stock-Based Awards as determined by the Committee; and
|
(e)
|
The Committee shall have the ability to unilaterally determine that all outstanding Awards are cancelled upon a Change in Control, and the value of such Awards, as determined by the Committee in accordance with the terms of the Plan and the Award Agreement, be paid out in cash in an amount based on the Change of Control Price within a reasonable time subsequent to the Change in Control;
provided, however
, that no such payment shall be made on account of an ISO using a value higher than the FMV on the date of settlement.
|
(a)
|
Be based on stock which is traded on an established U.S. securities market, or that the Committee reasonably believes will be so traded within sixty (60) days after the Change of Control;
|
(b)
|
Provide such Participant with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an identical or better exercise or vesting schedule and identical or better timing and methods of payment;
|
(c)
|
Have substantially equivalent economic value to such Award (determined at the time of the Change of Control); and
|
(d)
|
Have terms and conditions which provide that in the event that the Participant’s employment or Agency is involuntarily terminated or Constructively Terminated, any conditions on a Participant’s rights under, or any restrictions on transfer or exercisability applicable to, each such Alternative Award shall be waived or shall lapse, as the case may be.
|
(a)
|
Without the prior approval of the Company’s shareholders, Options and SARs issued under the Plan will not be repriced, replaced, or regranted through cancellation or by lowering the exercise price of a previously granted Option.
|
(b)
|
To the extent necessary under any applicable law, regulation or exchange requirement, no amendment shall be effective unless approved by the shareholders of the Company in accordance with applicable law, regulation, or exchange requirement.
|
(a)
|
Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and
|
(b)
|
Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.
|
(a)
|
Determine which Affiliates shall be covered by the Plan;
|
(b)
|
Determine which Employees and Agents outside the United States are eligible to participate in the Plan;
|
(c)
|
Modify the terms and conditions of any Award granted to Employees or Agents outside the United States to comply with applicable foreign laws;
|
(d)
|
Establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable. Any
subplans and modifications to Plan terms and procedures established under this Section 19.5 by the Committee shall be attached to this Plan document as appendices; and |
(e)
|
Take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any necessary local government regulatory exemptions or approvals.
|
2.1
|
“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act, with reference to the Company, and shall also include any corporation, partnership, joint venture, limited liability company, or other entity in which the Company owns, directly or indirectly, at least fifty percent (50%) of the total combined Voting Power of such corporation or of the capital interest or profits interest of such partnership or other entity.
|
2.2
|
“Award”
means, individually or collectively, a grant of Options, Restricted Stock, Restricted Stock Units, or Stock-Based Awards, in each case under and subject to the terms of this Plan.
|
2.3
|
“Award Agreement”
means either (i) a written agreement entered into by the Company and a Participant setting forth the terms and provisions applicable to Awards granted under this Plan; or (ii) a written statement issued by the Company to a Participant describing the terms and provisions of such Award.
|
2.4
|
“Beneficial Owner” or “Beneficial Ownership”
shall have the meaning ascribed to such term in rule 13d-3 of the General Rules and Regulations under the Exchange Act.
|
2.5
|
“Board” or “Board of Directors”
means the Board of Directors of the Company.
|
2.6
|
“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
|
2.7
|
“Committee”
means the Governance Committee of the Board of Directors, or any other duly authorized committee of the Board appointed by the Board to administer the Plan.
|
2.8
|
“Company”
means MetLife, Inc., a Delaware corporation, and any successor thereto as provided in Article 14 herein.
|
2.9
|
“Director”
means any individual who is a member of the Board of Directors of the Company.
|
2.10
|
“Effective Date”
means April 15, 2005.
|
2.11
|
“Employee”
means any employee of the Company or an Affiliate.
|
2.12
|
“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.
|
2.13
|
“Fair Market Value”
or
“FMV”
means a price that is based on the opening, closing, actual, high, low, or average selling prices of a Share on the New York Stock Exchange (“NYSE”) or other established stock exchange (or exchanges) on the applicable date, the preceding trading day, the next succeeding trading day, or an average of trading days, as determined by the Committee in its discretion. Such definition(s) of FMV shall be specified in each Award Agreement and may differ depending on whether FMV is in reference to the grant, exercise, vesting, settlement, or payout of an Award. If, however, the accounting standards used to account for equity awards granted to Participants are substantially modified subsequent to the Effective Date of the Plan, the Committee shall have the ability to determine an Award’s FMV based on the relevant facts and circumstances. If Shares are not traded on an established stock exchange, FMV shall be determined by the Committee based on objective criteria.
|
2.14
|
“Freestanding SAR”
means an SAR that is not a Tandem SAR, as described in Article 7 herein.
|
2.15
|
“Grant Price”
means the price against which the amount payable is determined upon exercise of an SAR.
|
2.16
|
“Non-Management Director”
means a Director who is not an Employee.
|
2.17
|
“Option”
means the conditional right to purchase Shares at a stated Option Price for a specified period of time, subject to the terms of this Plan. Each Option shall be a Nonqualified Stock Option, in that no Option shall be an Incentive Stock Option intended to meet the requirements of Section 422 of the Code.
|
2.18
|
“Option Price”
means the price at which a Share may be purchased by a Participant pursuant to an Option, as determined by the Committee.
|
2.19
|
“Participant”
means an Non-Management Director who has received an Award, or who has an outstanding Award granted under the Plan.
|
2.20
|
“Period of Restriction”
means the period when an Award of Restricted Stock or Restricted Stock Unit is subject to forfeiture based on the passage of time, the achievement of performance goals, and/or upon the occurrence of other events as determined by the Committee, in its discretion.
|
2.21
|
“Restricted Stock”
means an Award of Shares subject to a Period of Restriction, granted under Article 8 herein and subject to the terms of this Plan.
|
2.22
|
“Restricted Stock Unit”
means an Award denominated in units subject to a Period of Restriction, granted under Article 8 herein and subject to the terms of this Plan.
|
2.23
|
“Shares”
means the shares of common stock of the Company, $.01 par value per Share.
|
2.24
|
“Stock Appreciation Right”
or
“SAR”
means the conditional right to receive the difference between the FMV of a Share on the date of exercise over the Grant Price, pursuant to the terms of Article 7 herein and subject to the terms of this Plan.
|
2.25
|
“Stock-Based Award”
means an equity-based or equity-related Award granted under Article 9 herein and subject to the terms of this Plan, and not otherwise described by the terms of this Plan.
|
2.26
|
“Tandem SAR”
means an SAR that the Committee specifies is granted in connection with a related Option pursuant to Article 7 herein and subject to the terms of this Plan, the exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be cancelled) or an SAR that is granted in tandem with an Option but the exercise of such Option does not cancel the SAR, but rather results in the exercise of the related SAR. Regardless of whether an Option is granted coincident with an SAR, an SAR is not a Tandem SAR unless so specified by the Committee at time of grant.
|
2.27
|
“Voting Power”
shall mean such number of Voting Securities as shall enable the holders thereof to cast all the votes which could be cast in an annual election of directors of a company.
|
2.28
|
"Voting Securities"
shall mean all securities entitling the holders thereof to vote in an annual election of directors of a company.
|
(a)
|
The difference between the FMV of a Share on the date of exercise over the Grant Price; by
|
(b)
|
The number of Shares with respect to which the SAR is exercised.
|
(a)
|
Obtaining any approvals from governmental agencies that the Company determines are necessary or advisable; and
|
(b)
|
Completion of any registration or other qualification of the Shares under any applicable national or foreign law or ruling of any governmental body that the Company determines to be necessary or advisable.
|
METLIFE, INC.
|
EMPLOYEE
|
By:
C. Robert Henrikson
|
[name]
|
Name
|
|
|
|
Chairman of the Board,
President and Chief Executive Officer |
|
Title
|
|
|
|
_______________________________
|
________________________________
|
Signature
|
Signature
|
|
Date: ___________________________
|
METLIFE, INC.
|
EMPLOYEE
|
By:
Robert H. Benmosche
|
[name]
|
Name
|
|
|
|
Chairman of the Board and CEO
|
|
Title
|
|
|
|
_______________________________
|
________________________________
|
Signature
|
Signature
|
|
Date: ___________________________
|
METLIFE, INC.
|
EMPLOYEE
|
By:
C. Robert Henrikson
|
[name]
|
Name
|
|
|
|
Chairman of the Board,
President and Chief Executive Officer |
|
Title
|
|
_______________________________
|
________________________________
|
Signature
|
Signature
|
|
Date: ___________________________
|
1.
|
Standard Performance Terms.
|
2.
|
Change of Status.
For purposes of this Section 2, your transfer between the Company and an Affiliate, or among Affiliates, will not be a termination of employment. In the event of a Change of Control, any applicable terms of Section 3 (Change of Control) will supersede the terms of this Section 2.
|
METLIFE, INC.
|
EMPLOYEE
|
By:
C. Robert Henrikson
|
|
Name
|
|
|
|
Chairman of the Board,
President, and Chief Executive Officer
|
|
Title
|
|
|
|
_______________________________
|
________________________________
|
Signature
|
Signature
|
|
Date: ___________________________
|
Table 1
|
Table 2
|
||
Company Change in Annual Net Operating Income Available to Common Shareholders Percentile
Relative to Other Companies in the Index
|
First Percentage (Averaged For Each Year of
Performance Period) For
Purposes of Determining Performance Factor*
|
Index Proportionate Total Shareholder Return subtracted from Company Proportionate Total Shareholder Return
|
Second Percentage For Purposes of Determining Performance Factor*
|
0-24
|
0
|
-26.0% or less
|
0
|
25
|
25
|
-25.0%
|
25
|
26
|
26
|
-24.0%
|
26
|
27
|
27
|
-23.0%
|
27
|
28
|
28
|
-22.0%
|
28
|
29
|
29
|
-21.0%
|
29
|
30
|
30
|
-20.0%
|
30
|
31
|
31
|
-19.0%
|
31
|
32
|
32
|
-18.0%
|
32
|
33
|
33
|
-17.0%
|
33
|
34
|
34
|
-16.0%
|
34
|
35
|
35
|
-15.0%
|
35
|
36
|
36
|
-14.0%
|
36
|
37
|
37
|
-13.0%
|
37
|
38
|
38
|
-12.0%
|
38
|
39
|
39
|
-11.0%
|
39
|
40
|
40
|
-10.0%
|
40
|
41
|
41
|
-9.0%
|
41
|
42
|
42
|
-8.0%
|
42
|
43
|
43
|
-7.0%
|
43
|
44
|
44
|
-6.0%
|
44
|
45
|
45
|
-5.0%
|
45
|
46
|
46
|
-4.0%
|
46
|
47
|
47
|
-3.0%
|
47
|
48
|
48
|
-2.0%
|
48
|
49
|
49
|
-1.0%
|
49
|
50
|
50
|
0.0%
|
50
|
51
|
52
|
1.2%
|
52
|
52
|
54
|
2.4%
|
54
|
53
|
56
|
3.6%
|
56
|
54
|
58
|
4.8%
|
58
|
55
|
60
|
6.0%
|
60
|
56
|
62
|
7.2%
|
62
|
57
|
64
|
8.4%
|
64
|
58
|
66
|
9.6%
|
66
|
59
|
68
|
10.8%
|
68
|
60
|
70
|
12.0%
|
70
|
61
|
72
|
13.2%
|
72
|
62
|
74
|
14.4%
|
74
|
63
|
76
|
15.6%
|
76
|
64
|
78
|
16.8%
|
78
|
65
|
80
|
18.0%
|
80
|
66
|
82
|
19.2%
|
82
|
67
|
84
|
20.4%
|
84
|
68
|
86
|
21.6%
|
86
|
Table 1
|
Table 2
|
||
Company Change in Annual Net Operating Income Available to Common Shareholders Percentile Relative to Other Companies in the Index
|
First Percentage (Averaged For Each Year of Performance Period) For Purposes of Determining Performance Factor*
|
Index Proportionate Total Shareholder Return subtracted from Company Proportionate Total Shareholder Return
|
Second Percentage For Purposes of Determining Performance Factor
*
|
0-24
|
0
|
-26.0% or less
|
0
|
25
|
25
|
-25.0%
|
25
|
26
|
26
|
-24.0%
|
26
|
27
|
27
|
-23.0%
|
27
|
28
|
28
|
-22.0%
|
28
|
29
|
29
|
-21.0%
|
29
|
30
|
30
|
-20.0%
|
30
|
31
|
31
|
-19.0%
|
31
|
32
|
32
|
-18.0%
|
32
|
33
|
33
|
-17.0%
|
33
|
34
|
34
|
-16.0%
|
34
|
35
|
35
|
-15.0%
|
35
|
36
|
36
|
-14.0%
|
36
|
37
|
37
|
-13.0%
|
37
|
38
|
38
|
-12.0%
|
38
|
39
|
39
|
-11.0%
|
39
|
40
|
40
|
-10.0%
|
40
|
41
|
41
|
-9.0%
|
41
|
42
|
42
|
-8.0%
|
42
|
43
|
43
|
-7.0%
|
43
|
44
|
44
|
-6.0%
|
44
|
45
|
45
|
-5.0%
|
45
|
46
|
46
|
-4.0%
|
46
|
47
|
47
|
-3.0%
|
47
|
48
|
48
|
-2.0%
|
48
|
49
|
49
|
-1.0%
|
49
|
50
|
50
|
0.0%
|
50
|
51
|
52
|
1.2%
|
52
|
52
|
54
|
2.4%
|
54
|
53
|
56
|
3.6%
|
56
|
54
|
58
|
4.8%
|
58
|
55
|
60
|
6.0%
|
60
|
56
|
62
|
7.2%
|
62
|
57
|
64
|
8.4%
|
64
|
58
|
66
|
9.6%
|
66
|
59
|
68
|
10.8%
|
68
|
60
|
70
|
12.0%
|
70
|
61
|
72
|
13.2%
|
72
|
62
|
74
|
14.4%
|
74
|
63
|
76
|
15.6%
|
76
|
64
|
78
|
16.8%
|
78
|
65
|
80
|
18.0%
|
80
|
66
|
82
|
19.2%
|
82
|
67
|
84
|
20.4%
|
84
|
68
|
86
|
21.6%
|
86
|
*
|
First percentage is determined for each calendar year of the Performance Period and averaged, and added to second percentage. The total is multiplied by 0.75 if the Total Shareholder Return of fhe Company is zero percent or less, and then multiplied by the number of Performance Shares granted to determine the number of Final Performance Shares. See
|
METLIFE, INC.
|
EMPLOYEE
|
By:
C. Robert Henrikson
|
[name]
|
Name
|
|
|
|
Chairman of the Board,
President, and Chief Executive Officer |
|
Title
|
|
|
|
_______________________________
|
________________________________
|
Signature
|
Signature
|
|
Date: ___________________________
|
Table 1
|
Table 2
|
||
Company Change in Annual Net Operating Income Available to Common Shareholders Percentile Relative to Other Companies in the Index
|
First Percentage (Averaged For Each Year of Performance Period) For Purposes of Determining Performance Factor
*
|
Index Proportionate Total Shareholder Return subtracted from Company Proportionate Total Shareholder Return
|
Second Percentage For Purposes of Determining Performance Factor*
|
0-24
|
0
|
-26.0% or less
|
0
|
25
|
25
|
-25.0%
|
25
|
26
|
26
|
-24.0%
|
26
|
27
|
27
|
-23.0%
|
27
|
28
|
28
|
-22.0%
|
28
|
29
|
29
|
-21.0%
|
29
|
30
|
30
|
-20.0%
|
30
|
31
|
31
|
-19.0%
|
31
|
32
|
32
|
-18.0%
|
32
|
33
|
33
|
-17.0%
|
33
|
34
|
34
|
-16.0%
|
34
|
35
|
35
|
-15.0%
|
35
|
36
|
36
|
-14.0%
|
36
|
37
|
37
|
-13.0%
|
37
|
38
|
38
|
-12.0%
|
38
|
39
|
39
|
-11.0%
|
39
|
40
|
40
|
-10.0%
|
40
|
41
|
41
|
-9.0%
|
41
|
42
|
42
|
-8.0%
|
42
|
43
|
43
|
-7.0%
|
43
|
44
|
44
|
-6.0%
|
44
|
45
|
45
|
-5.0%
|
45
|
46
|
46
|
-4.0%
|
46
|
47
|
47
|
-3.0%
|
47
|
48
|
48
|
-2.0%
|
48
|
49
|
49
|
-1.0%
|
49
|
50
|
50
|
0.0%
|
50
|
51
|
52
|
1.2%
|
52
|
52
|
54
|
2.4%
|
54
|
53
|
56
|
3.6%
|
56
|
54
|
58
|
4.8%
|
58
|
55
|
60
|
6.0%
|
60
|
56
|
62
|
7.2%
|
62
|
57
|
64
|
8.4%
|
64
|
58
|
66
|
9.6%
|
66
|
59
|
68
|
10.8%
|
68
|
60
|
70
|
12.0%
|
70
|
61
|
72
|
13.2%
|
72
|
62
|
74
|
14.4%
|
74
|
63
|
76
|
15.6%
|
76
|
64
|
78
|
16.8%
|
78
|
65
|
80
|
18.0%
|
80
|
66
|
82
|
19.2%
|
82
|
67
|
84
|
20.4%
|
84
|
2.1
|
“Affiliate”
shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act, with reference to the Company, and shall also include any corporation, partnership, joint venture, limited liability company, or other entity in which the Company owns, directly or indirectly, at least fifty percent (50%) of the total combined Voting Power of such corporation or of the capital interest or profits interest of such partnership or other entity.
|
2.2
|
“Award”
means an annual incentive compensation award payable under this Plan and subject to its terms.
|
2.3
|
“Beneficiary”
means the person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan, if any, in the event of the Participant’s death.
|
2.4
|
“Board” or “Board of Directors”
means the Board of Directors of the Company.
|
2.5
|
“Code”
means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.
|
2.6
|
“Committee”
means the Compensation Committee of the Board, or such other committee as may be appointed by the Board for the purpose of administering the Plan.
|
2.7
|
“Company”
means MetLife, Inc., a Delaware corporation, or any successor thereto.
|
2.8
|
“Director”
means any individual who is a member of the Board of Directors.
|
2.9
|
“Effective Date”
means January 1, 2004.
|
2.10
|
“Employee”
means any employee of the Company or an Affiliate. Directors who are not otherwise employed by the Company or an Affiliate shall not be considered Employees under this Plan. For greater clarity, and without limiting the generality of the foregoing, individuals described in the first sentence of this definition who are foreign nationals or are employed outside of the United States, or both, are Employees to whom Awards may be granted on the terms and conditions set forth in the Plan, or (in the case of any individuals who are not Insiders) on such other terms and conditions as may, in the judgment of the Committee, be necessary or desirable to further the purposes of the Plan.
|
2.11
|
“Exchange Act”
means the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.
|
2.12
|
“Insider”
means an individual who is, on the relevant date, subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto.
|
2.13
|
“Participant”
means an Employee of the Company or an Affiliate who has been selected to receive an Award under the terms of the Plan.
|
2.14
|
“Performance-Based Compensation”
means compensation to an Insider pursuant to an Award that is granted in order to provide remuneration solely on account of the attainment of one or more preestablished, objective Performance Measures under circumstances that satisfy the requirements of Code Section 162(m).
|
2.15
|
“Performance Goal”
means a performance criterion selected by the Committee for a given Award for purposes of Article 11 based on one or more of the Performance Measures.
|
2.16
|
“Performance Measures”
means measures as described in Article 5, the attainment of one or more of which shall, as determined by the Committee, determine whether Awards shall be payable as Performance-Based Compensation.
|
2.17
|
“Plan”
means the MetLife Annual Variable Incentive Plan.
|
2.18
|
“Voting Power”
shall mean such number of Voting Securities as shall enable the holders thereof to cast a specified percentage of the votes which could be cast in an annual election of directors of a company.
|
2.19
|
"Voting Securities"
shall mean all securities entitling the holders thereof to vote in an annual election of directors of a company
|
(a)
|
Net earnings or net income (before or after taxes);
|
(b)
|
Earnings per share;
|
(c)
|
Net sales growth;
|
(d)
|
Net operating profit;
|
(e)
|
Operating earnings;
|
(f)
|
Operating earnings per share
|
(g)
|
Return measures (including, but not limited to, return on assets, capital, equity, or sales);
|
(h)
|
Cash flow (including, but not limited to, operating cash flow, free cash flow, and cash flow return on capital);
|
(i)
|
Earnings before or after taxes, interest, depreciation, and/or amortization and including/excluding capital gains and losses;
|
(j)
|
Gross or operating margins;
|
(k)
|
Productivity ratios;
|
(l)
|
Share price (including, but not limited to, growth measures and total shareholder return);
|
(m)
|
Expense targets;
|
(n)
|
Margins;
|
(o)
|
Operating efficiency;
|
(p)
|
Customer satisfaction;
|
(q)
|
Employee and/or Agent satisfaction;
|
(r)
|
Working capital targets;
|
(s)
|
Economic Value Added
|
(t)
|
Revenue growth;
|
(u)
|
Assets under management growth; and
|
(v)
|
Rating Agencies’ ratings.
|
1.
|
Section 2.4 of the Plan is hereby amended as follows:
|
1.
|
Section 8 is hereby added to read as follows:
|
2.
|
Section 12.2 is hereby amended to read as follows:
|
1.
|
Section 22.11 containing the definition of “Eligible Associate” is amended to delete subsection (d) added by Amendment Number Five to the Plan.
|
2.
|
Section 22.24 containing the definition of “Officer” is amended to delete the last sentence in that definition referring to grade levels 32, 120 and 123.
|
3.
|
Section 22.32 “Stock Compensation” is hereby amended to read as follows:
|
6.
|
Part I, Article 4A, Section 4A.7 is hereby amended to read as follows:
|
1.
|
Section 1.4.09(c)(1) of the Plan is hereby amended in its entirety to read as follows: “an officer of the Company, MetLife Group, Inc., or Metropolitan Property and Casualty Insurance Company.”
|
2.
|
Section 4.2 of the Plan is hereby amended, effective January 1, 2015, by adding “or the MetLife, Inc. 2015 Stock and Incentive Compensation Plan” after “the MetLife, Inc. 2005 Stock and Incentive Compensation Plan” each time it appears therein.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
Income (loss) from continuing operations before provision for income tax
|
$
|
8,804
|
|
|
$
|
4,052
|
|
|
$
|
1,442
|
|
|
$
|
9,184
|
|
|
$
|
3,729
|
|
Less: Undistributed income (loss) from equity investees
|
669
|
|
|
587
|
|
|
377
|
|
|
180
|
|
|
424
|
|
|||||
Adjusted earnings before fixed charges
|
$
|
8,135
|
|
|
$
|
3,465
|
|
|
$
|
1,065
|
|
|
$
|
9,004
|
|
|
$
|
3,305
|
|
Add: Fixed charges
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and debt issue costs (1)
|
1,257
|
|
|
1,352
|
|
|
1,389
|
|
|
1,666
|
|
|
1,565
|
|
|||||
Estimated interest component of rent expense
|
28
|
|
|
32
|
|
|
28
|
|
|
34
|
|
|
50
|
|
|||||
Interest credited to bank deposits
|
—
|
|
|
2
|
|
|
78
|
|
|
95
|
|
|
137
|
|
|||||
Interest credited to policyholder account balances
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|
5,603
|
|
|
4,919
|
|
|||||
Total fixed charges
|
$
|
8,228
|
|
|
$
|
9,565
|
|
|
$
|
9,224
|
|
|
$
|
7,398
|
|
|
$
|
6,671
|
|
Preferred stock dividends (2)
|
169
|
|
|
146
|
|
|
134
|
|
|
385
|
|
|
173
|
|
|||||
Total fixed charges plus preferred stock dividends
|
$
|
8,397
|
|
|
$
|
9,711
|
|
|
$
|
9,358
|
|
|
$
|
7,783
|
|
|
$
|
6,844
|
|
Total earnings and fixed charges
|
$
|
16,363
|
|
|
$
|
13,030
|
|
|
$
|
10,289
|
|
|
$
|
16,402
|
|
|
$
|
9,976
|
|
Ratio of earnings to fixed charges
|
1.99
|
|
|
1.36
|
|
|
1.12
|
|
|
2.22
|
|
|
1.50
|
|
|||||
Total earnings including fixed charges and preferred stock dividends
|
$
|
16,532
|
|
|
$
|
13,176
|
|
|
$
|
10,423
|
|
|
$
|
16,787
|
|
|
$
|
10,149
|
|
Ratio of earnings to fixed charges and preferred stock dividends
|
1.97
|
|
|
1.36
|
|
|
1.11
|
|
|
2.16
|
|
|
1.48
|
|
(1)
|
Interest costs include $38 million, $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2014, 2013, 2012 and 2011, respectively. Excluding these costs would result in a ratio of earnings to fixed charges and ratio of earnings to fixed charges including preferred stock dividends of 1.99 and 1.97, 1.37 and 1.36, 1.12 and 1.12, and 2.49 and 2.40, for the years ended December 31, 2014, 2013, 2012 and 2011, respectively.
|
(2)
|
For the year ended December 31, 2011, preferred stock dividends includes the redemption premium of $211 million associated with the convertible preferred stock repurchased and canceled in March 2011.
|
1. 23
RD
STREET INVESTMENTS, INC. (DE)
|
2. 85 BROAD STREET MEZZANINE LLC (DE)
|
3. 334 MADISON EURO INVESTMENTS, INC. (DE)
|
4. 465 N. PARK DRIVE, LLC (DE)
|
5. 500 GRANT STREET ASSOCIATES LIMITED PARTNERSHIP (CT)
|
6. 500 GRANT STREET GP LLC (DE)
|
7. 655 WEST BROADWAY, LLC (DE)
|
8. 1201 TAB MANAGER, LLC (DE)
|
9. 1320 GP LLC (DE)
|
10. 1320 OWNER LP (DE)
|
11. 1320 VENTURE LLC (DE)
|
12. 1900 MCKINNEY PROPERTIES, LP (DE)
|
13. 10420 MCKINLEY PARTNERS, LP (DE)
|
14. 10700 WILSHIRE, LLC (DE)
|
15. AFP GENESIS ADMINISTRADORA DE FONDOS Y FIDECOMISOS S.A. (ECUADOR)
|
16. AGENVITA S.R.L.(ITALY)
|
17. ALICO BULGARIA ZHIVOTOZASTRAHOVAT ELNO DRUZHESTVO EAD (BULGARIA)
|
18. ALICO EUROPEAN HOLDINGS LIMITED (IRELAND)
|
19. ALICO FUNDS CENTRAL EUROPE SPRAV. SPOL., A.S.(SLOVAKIA)
|
20. ALICO HELLAS SINGLE MEMBER LIMITED LIABILITY COMPANY (GREECE)
|
21. ALICO MANAGEMENT SERVICES LIMITED (UK)
|
22. ALICO OPERATIONS, INC. (DE)
|
23. ALPHA PROPERTIES, INC. (US)
|
24. ALTERNATIVE FUEL I, LLC (DE)
|
25. AMERICAN LIFE INSURANCE COMPANY (DE)
|
26. AMERICAN LIFE INSURANCE COMPANY (CY) LIMITED (CYPRUS)
|
27. APF SOCIETATE DE ADMINISTRARE A FONDURILOR DE PENSII PRIVATE (ROMANIA)
|
28. ARDREY KELL TOWNHOMES, LLC (DE)
|
29. ASHTON JUDICIARY SQUARE, LLC (DE)
|
30. ASHTON SOUTHEND GP, LLC (DE)
|
31. BEST MARKET S.A. (ARGENTINA)
|
32. BETA PROPERTIES, INC. (DE)
|
33. BORDERLAND INVESTMENT LIMITED (DE)
|
34. BOULEVARD RESIDENTIAL, LLC (DE)
|
35. CC HOLDCO MANAGER, LLC (DE)
|
36. CHESTNUT FLATS WIND, LLC (DE)
|
37. CITYPOINT HOLDINGS II LIMITED (UK)
|
38. CLOSED JOINT STOCK COMPANY METLIFE INSURANCE COMPANY (RUSSIA)
|
39. COMMUNICATION ONE KABUSHIKI KAISHA (JAPAN)
|
40. COMPANIA INVERSORA METLIFE S.A. (ARGENTINA)
|
41. CONVENT STATION EURO INVESTMENTS FOUR COMPANY (UK)
|
42. CORPORATE REAL ESTATE HOLDINGS, LLC (DE)
|
43. CORRIGAN TLP LLC (DE)
|
44. COVA LIFE MANAGEMENT COMPANY (DE)
|
45. CRB CO., INC. (MA)
|
46. DELAWARE AMERICAN LIFE INSURANCE COMPANY (DE)
|
47. DELTA PROPERTIES JAPAN, INC. (DE)
|
48. ECONOMY FIRE & CASUALTY COMPANY (IL)
|
49. ECONOMY PREFERRED INSURANCE COMPANY (IL)
|
50. ECONOMY PREMIER ASSURANCE COMPANY (IL)
|
51. EL CONQUISTADOR MAH II LLC (DE)
|
52. ENTERPRISE GENERAL INSURANCE AGENCY, INC. (DE)
|
53. ENTRECAP REAL ESTATE II LLC (DE)
|
54. EPSILON PROPERTIES JAPAN, INC. (DE)
|
55. EURO CL INVESTMENTS, LLC (DE)
|
56. EURO TI INVESTMENTS LLC (DE)
|
57. EURO TL INVESTMENTS LLC (DE)
|
58. EXCELENCIA OPERATIVA Y TECNOLOGICA, S.A de C.V. (MEXICO)
|
59. FEDERAL FLOOD CERTIFICATION LLC (TX)
|
60. FIRST HUNGARIAN- AMERICAN INSURANCE AGENCY LIMITED (HUNGARY)
|
61. FIRST METLIFE INVESTORS INSURANCE COMPANY (NY)
|
62. FUNDACION METLIFE MEXICO, A.C. (MEXICO)
|
63. GALIC HOLDINGS LLC (DE)
|
64. GENERAL AMERICAN LIFE INSURANCE COMPANY (MO)
|
65. GLOBALMKT S.A. (URUGUAY)
|
66. GLOBAL PROPERTIES, INC. (DE)
|
67. GREATER SANDHILL I, LLC (DE)
|
68. GREENWICH STREET CAPITAL OFFSHORE FUND, LTD (VIRGIN ISLANDS)
|
69. GREENWICH STREET INVESTMENTS, L.L.C. (DE)
|
70. GREENWICH STREET INVESTMENTS, L.P. (DE)
|
71. HASKELL EAST VILLAGE, LLC (DE)
|
72. HEADLAND PROPERTIES ASSOCIATES (CA)
|
73. HEADLAND-PACIFIC PALISADES, LLC (CA)
|
74. HOUSING FUND MANAGER, LLC (DE)
|
75. HPZ ASSETS LLC (DE)
|
76. HYATT LEGAL PLANS OF FLORIDA, INC. (FL)
|
77. HYATT LEGAL PLANS, INC. (DE)
|
78. INTERNATIONAL INVESTMENT HOLDING COMPANY LIMITED (RUSSIA)
|
79. INTERNATIONAL TECHNICAL AND ADVISORY SERVICES LIMITED (DE)
|
80. INVERSIONES METLIFE HOLDCO DOS LIMITADA (CHILE)
|
81. INVERSIONES METLIFE HOLDCO TRES LIMITADA (CHILE)
|
82. INVERSIONES PREVISIONALES S.A. (CHILE)
|
83. IRIS PROPERTIES, INC. (DE)
|
84. KAPPA PROPERTIES JAPAN, INC. (DE)
|
85. LEGAGROUP S.A. (CHILE)
|
86. LEGAL CHILE S.A. (CHILE)
|
87. LHC HOLDINGS (US) LLC (DE)
|
88. LHCW HOLDINGS (US) LLC (DE)
|
89. LHCW HOTEL HOLDING LLC (DE)
|
90. LHCW HOTEL HOLDING (2002) LLC (DE)
|
91. LHCW HOTEL OPERATING COMPANY (2002) LLC (DE)
|
92. LONG ISLAND SOLAR FARM LLC (DE)
|
93. MANSELL OFFICE LLC (DE)
|
94. MANSELL RETAIL LLC (DE)
|
95. MARKETPLACE RESIDENCES, LLC (DE)
|
96. MCP VOA HOLDINGS, LLC (DE)
|
97. MCP VOA I & III, LLC (DE)
|
98. MCP VOA II, LLC (DE)
|
99. MET II OFFICE LLC (FL)
|
100. MET II OFFICE MEZZANINE, LLC (FL)
|
101. MET1 SIEFORE, S.A. de C.V. (MEXICO)
|
102. MET2 SIEFORE, S.A. de C.V. (MEXICO)
|
103. MET3 SIEFORE BASICA, S.A. de C.V. (MEXICO)
|
104. MET4 SIEFORE, S.A. de C.V. (MEXICO)
|
105. MET5 SIEFORE, S.A. de C.V. (MEXICO)
|
106. META SIEFORE ADICIONAL, S.A. de C.V. (MEXICO)
|
107. METLIFE 425 MKT MEMBER, LLC (DE)
|
108. METLIFE 555 12th MEMBER, LLC (DE)
|
109. METLIFE 1007 STEWART, LLC (DE)
|
110. METLIFE 1201 TAB MEMBER, LLC (DE)
|
111. METLIFE ADMINISTRADORA DE FUNDOS MULTIPATROCINADOS LTDA. (BRAZIL)
|
112. METLIFE ADVISERS, LLC (MA)
|
113. METLIFE AFORE, S.A. DE C.V. (MEXICO)
|
114. METLIFE AKCIONARSKO DRUSTVO za ZIVOTNO OSIGURANJE (SERBIA)
|
115. METLIFE ALTERNATIVE GP, LLC (DE)
|
116. METLIFE AMSLICO POIST’OVNA, A.S.(SLOVAKIA)
|
117. METLIFE ASIA HOLDING COMPANY PTE. LTD. (SINGAPORE)
|
118. METLIFE ASIA LIMITED (HONG KONG)
|
119. METLIFE ASSET MANAGEMENT CORP. (JAPAN)
|
120. METLIFE ASSOCIATES LLC (DE)
|
121. METLIFE AUTO & HOME INSURANCE AGENCY, INC. (RI)
|
122. METLIFE BIZTOSITO ZRT. (HUNGARY)
|
123. METLIFE CABO HILTON MEMBER, LLC (DE)
|
124. METLIFE CAMINO RAMON MEMBER, LLC (DE)
|
125. METLIFE CANADA SOLAR ULC (CANADA)
|
126. METLIFE CANADIAN PROPERTY VENTURES LLC (NY)
|
127. METLIFE CAPITAL CREDIT L.P. (DE)
|
128. METLIFE CAPITAL TRUST IV (DE)
|
129. METLIFE CAPITAL TRUST X (DE)
|
130. METLIFE CAPITAL, LIMITED PARTNERSHIP (DE)
|
131. METLIFE CB W/A, LLC (DE)
|
132. METLIFE CC MEMBER, LLC (DE)
|
133. MELIFE CHILE ACQUISITION CO. S.A. (CHILE)
|
134. METLIFE CHILE ADMINISTRADORA DE MUTUOS HIPOTECARIOS S.A. (CHILE)
|
135. METLIFE CHILE INVERSIONES LIMITADA (CHILE)
|
136. METLIFE CHILE SEGUROS DE VIDA S.A. (CHILE)
|
137. METLIFE CHILE SEGUROS GENERALES S.A. (CHILE)
|
138. METLIFE COLOMBIA SEGUROS de VIDA S.A. (COLOMBIA)
|
139. METLIFE CONSUMER SERVICES, INC. (DE)
|
140. METLIFE CORE PROPERTY FUND GP, LLC (DE)
|
141. METLIFE CREDIT CORP.(DE)
|
142. METLIFE DIRECT CO.,LTD.(JAPAN)
|
143. METLIFE EMEKLILIK DE HAYAT A.S. (TURKEY)
|
144. METLIFE EU HOLDING COMPANY LIMITED (IRELAND)
|
145. METLIFE EUROPE INSURANCE LIMITED (IRELAND)
|
146. METLIFE EUROPE LIMITED (IRELAND)
|
147. METLIFE EUROPE SERVICES LIMITED (IRELAND)
|
148. METLIFE EUROPEAN HOLDINGS, LLC. (DE)
|
149. METLIFE EXCHANGE TRUST I (DE)
|
150. METLIFE FM HOTEL MEMBER, LLC (DE)
|
151. METLIFE FUNDING, INC. (DE)
|
152. METLIFE GENERAL INSURANCE LIMITED (AUSTRALIA)
|
153. METLIFE GLOBAL HOLDING COMPANY I GmbH (SWISS I) (SWITZERLAND)
|
154. METLIFE GLOBAL HOLDING COMPANY II GmbH (SWISS II) (SWITZERLAND)
|
155. METLIFE GLOBAL HOLDINGS CORPORATION S.A. De C.V.(MEXICO)
|
156. METLIFE GLOBAL OPERATIONS SUPPORT CENTER PRIVATE LIMITED(INDIA)
|
157. METLIFE GLOBAL, INC. (DE)
|
158. METLIFE GLOBAL BENEFITS, LTD. (CAYMAN ISLANDS)
|
159. METLIFE GREENSTONE SOUTHEAST VENTURES, LLC (DE)
|
160. METLIFE GROUP, INC. (NY)
|
161. METLIFE HEALTH PLANS, INC. (DE)
|
162. METLIFE HOLDINGS, INC. (DE)
|
163. METLIFE HOLDINGS (CYPRUS) LIMITED (CYPRUS)
|
164. METLIFE HOME LOANS LLC (DE)
|
165. METLIFE INNOVATION CENTRE PTE. LTD. (SINGAPORE)
|
166. METLIFE INSURANCE AND INVESTMENT TRUST (AUSTRALIA)
|
167. METLIFE INSURANCE COMPANY USA (DE)
|
168. METLIFE INSURANCE K.K. (JAPAN)
|
169. METLIFE INSURANCE LIMITED (AUSTRALIA)
|
170. METLIFE INSURANCE LIMITED (UNITED KINGDOM)
|
171. METLIFE INTERNATIONAL HF PARTNERS, LP (CAYMAN ISLANDS)
|
172. METLIFE INTERNATIONAL HOLDINGS, INC. (DE)
|
173. METLIFE INTERNATIONAL LIMITED, LLC (DE)
|
174. METLIFE INTERNATIONAL PE FUND I, LP (CAYMAN ISLANDS)
|
175. METLIFE INTERNATIONAL PE FUND II, LP (CAYMAN ISLANDS)
|
176. METLIFE INVESTMENTS ASIA LIMITED (HONG KONG)
|
177. METLIFE INVESTMENTS LIMITED (UNITED KINGDOM)
|
178. METLIFE INVESTMENT MANAGEMENT, LLC (DE)
|
179. METLIFE INVESTMENT MANAGEMENT LIMITED (UNITED KINGDOM)
|
180. METLIFE INVESTMENTS PTY LIMITED (AUSTRALIA)
|
181. METLIFE INVESTORS DISTRIBUTION COMPANY (MO)
|
182. METLIFE INVESTORS GROUP, LLC (DE)
|
183. METLIFE IRELAND HOLDINGS ONE LIMITED (IRELAND)
|
184. METLIFE IRELAND TREASURY LIMITED (IRELAND)
|
185. METLIFE LATIN AMERICA ASESORIAS E INVERSIONES LIMITADA (CHILE)
|
186. METLIFE LHH MEMBER, LLC (DE)
|
187. METLIFE LIFE INSURANCE S.A. (GREECE)
|
188. METLIFE LIMITED (HONG KONG)
|
189. METLIFE LIMITED (UNITED KINGDOM)
|
190. METLIFE LOAN ASSET MANAGEMENT LLC (DE)
|
191. METLIFE MALL VENTURES LIMITED PARTNERSHIP (DE)
|
192. METLIFE MAS, S.A. DE C.V. (MEXICO)
|
193. METLIFE MEXICO CARES, S.A. DE C.V. (MEXICO)
|
194. METLIFE MEXICO S.A. (MEXICO)
|
195. METLIFE MEXICO SERVICIOS, S.A. DE C.V. (MEXICO)
|
196. METLIFE OFC MEMBER, LLC (DE)
|
197. METLIFE OBS MEMBER, LLC (DE)
|
198. METLIFE PENSIONES MEXICO S.A. (MEXICO)
|
199. METLIFE PENSION TRUSTEES LIMITED (UK)
|
200. METLIFE PLANOS ODONTOLOGICOS LTDA. (BRAZIL)
|
201. METLIFE POJISTOVNA A.S. (CZECH REPUBLIC)
|
202. METLIFE POWSZECHNE TOWARTZYSTWO EMERYTALNE S.A. (POLAND)
|
203. METLIFE PRIVATE EQUITY HOLDINGS, LLC (DE)
|
204. METLIFE PROPERTIES VENTURES, LLC (DE)
|
205. METLIFE PROPERTY VENTURES CANADA ULC (CANADA)
|
206. METLIFE RC SF MEMBER, LLC (DE)
|
207. METLIFE REINSURANCE COMPANY OF BERMUDA LTD. (BERMUDA)
|
208. METLIFE REINSURANCE COMPANY OF CHARLESTON (SC)
|
209. METLIFE REINSURANCE COMPANY OF DELAWARE (DE)
|
210. METLIFE REINSURANCE COMPANY OF SOUTH CAROLINA (SC)
|
211. METLIFE REINSURANCE COMPANY OF VERMONT (VT)
|
212. METLIFE RENEWABLES HOLDING, LLC (DE)
|
213. METLIFE RETIREMENT SERVICES LLC (NJ)
|
214. METLIFE SAENGMYOUNG INSURANCE COMPANY LTD. (SOUTH KOREA)- (also known as MetLife Insurance Company of Korea Limited)
|
215. METLIFE SECURITIES, INC. (DE)
|
216. METLIFE SEGUROS DE RETIRO S.A. (ARGENTINA)
|
217. METLIFE SEGUROS S.A. (URUGUAY)
|
218. METLIFE SEGUROS S.A. (ARGENTINA)
|
219. METLIFE SERVICES AND SOLUTIONS, LLC (DE)
|
220. METLIFE SERVICES EAST PRIVATE LIMITED (INDIA)
|
221. METLIFE SERVICES EEIG (IRELAND)
|
222. METLIFE SERVICES EOOD (BULGARIA)
|
223. METLIFE SERVICES, SOCIEDAD LIMITADA (SPAIN)
|
224. METLIFE SERVICES SP Z.O.O (POLAND)
|
225. METLIFE SERVICIOS S.A. (ARGENTINA)
|
226. METLIFE SLOVAKIA S.R.O.(SLOVAKIA)
|
227. METLIFE SOLUTIONS PTE. LTD. (SINGAPORE)
|
228. METLIFE SOLUTIONS S.A.S. (FRANCE)
|
229. METLIFE STANDBY I, LLC (DE)
|
230. METLIFE THR INVESTOR, LLC (DE)
|
231. METLIFE TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A. (POLAND)
|
232. METLIFE TOWARZYSTWO UBEZPIECZEN NA ZYCIE I REASEKURACJI S.A. (POLAND)
|
233. METLIFE TOWER RESOURCES GROUP, INC. (DE)
|
234. METLIFE USA ASSIGNMENT COMPANY (CT
|
235. METLIFE WORLDWIDE HOLDINGS, INC. (DE)
|
236. METPARK FUNDING, INC. (DE)
|
237. METROPOLITAN CASUALTY INSURANCE COMPANY (RI)
|
238. METROPOLITAN CONNECTICUT PROPERTIES VENTURES, LLC (DE)
|
239. METROPOLITAN DIRECT PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
240. METROPOLITAN GENERAL INSURANCE COMPANY (RI)
|
241. METROPOLITAN GLOBAL MANAGEMENT, LLC. (DE/ IRELAND)
|
242. METROPOLITAN GROUP PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
243. METROPOLITAN LIFE ASIGURARI S.A. (ROMANIA)
|
244. METROPOLITAN LIFE INSURANCE COMPANY (NY)
|
245. METROPOLITAN LIFE INSURANCE COMPANY OF HONG KONG LIMITED (HONG KONG)
|
246. METROPOLITAN LIFE SEGUROS E PREVIDÊNCIA PRIVADA S.A. (BRAZIL)
|
247. METROPOLITAN LIFE SOCIETATE de ADMINISTRARE a UNUI FOND de PENSII ADMINISTRAT PRIVAT S.A. (ROMANIA)
|
248. METROPOLITAN LIFE TRAINING & CONSULTING S.R.L. (ROMANIA)
|
249. METROPOLITAN LLOYDS, INC. (TX)
|
250. METROPOLITAN PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
251. METROPOLITAN TOWER LIFE INSURANCE COMPANY (DE)
|
252. METROPOLITAN TOWER REALTY COMPANY, INC. (DE)
|
253. MEX DF PROPERTIES, LLC (DE)
|
254. MIDTOWN HEIGHTS, LLC (DE)
|
255. MISSOURI REINSURANCE, INC. (CAYMAN ISLANDS)
|
256. ML-AI METLIFE MEMBER 1, LLC (DE)
|
257. ML-AI METLIFE MEMBER 2, LLC (DE)
|
258. MLA COMERCIAL, S.A. DE C.V. (MEXICO)
|
259. MLA SERVICIOS, S.A. DE C.V. (MEXICO)
|
260. ML BRIDGESIDE APARTMENTS LLC (DE)
|
261. ML CAPACITACION COMERCIAL S.A. DE C.V. (MEXICO)
|
262. ML DOLPHIN GP, LLC (DE)
|
263. ML DOLPHIN MEZZ, LLC (DE)
|
264. ML MILILANI MEMBER, LLC (DE)
|
265. ML NEW RIVER VILLAGE III, LLC (DE)
|
266. ML SOUTHMORE, LLC (DE)
|
267. MLGP LAKESIDE, LLC (DE)
|
268. MLIC ASSET HOLDINGS II LLC (DE)
|
269. MLIC ASSET HOLDINGS LLC (DE)
|
270. MLIC CB HOLDINGS LLC (DE)
|
271. ML SWAN GP, LLC (DE)
|
272. ML SWAN MEZZ, LLC (DE)
|
273. ML TERRACES, LLC (DE)
|
274. MSV IRVINE PROPERTY, LLC (DE)
|
275. MTC FUND I, LLC (DE)
|
276. MTC FUND II, LLC (DE)
|
277. MTC FUND III, LLC (DE)
|
278. MTL LEASING, LLC (DE)
|
279. NATILOPORTEM HOLDINGS, INC. (DE)
|
280. NEW ENGLAND LIFE INSURANCE COMPANY (MA)
|
281. NEW ENGLAND SECURITIES CORPORATION (MA)
|
282. NEWBURY INSURANCE COMPANY, LIMITED (DE)
|
283. OCONEE GOLF COMPANY, LLC (DE)
|
284. OCONEE HOTEL COMPANY, LLC (DE)
|
285. OCONEE LAND COMPANY, LLC (DE)
|
286. OCONEE LAND DEVELOPMENT COMPANY, LLC (DE)
|
287. OCONEE MARINA COMPANY, LLC (DE)
|
288. OMI MLIC INVESTMENTS LIMITED (CAYMAN ISLANDS)
|
289. ONE FINANCIAL PLACE CORPORATION (DE)
|
290. PARA-MET PLAZA ASSOCIATES (FL)
|
291. PARK TWENTY THREE INVESTMENTS COMPANY (UNITED KINGDOM)
|
292. PJSC METLIFE (UKRAINE)
|
293. PLAZA DRIVE PROPERTIES LLC (DE)
|
294. PREFCO DIX-HUIT LLC (CT)
|
295. PREFCO FOURTEEN LIMITED PARTNERSHIP (CT)
|
296. PREFCO IX REALTY LLC (CT)
|
297. PREFCO TEN LIMITED PARTNERSHIP (CT)
|
298. PREFCO TWENTY LIMITED PARTNERSHIP (CT)
|
299. PREFCO VINGT LLC (CT)
|
300. PREFCO X HOLDINGS LLC (CT)
|
301. PREFCO XIV HOLDINGS LLC (CT)
|
302. PROVIDA INTERNACIONAL S.A. (CHILE)
|
303. RIVERWAY RESIDENTIAL, LP (DE)
|
304. SAFEGUARD HEALTH PLANS, INC. (CA)
|
305. SAFEGUARD HEALTH PLANS, INC. (FL)
|
306. SAFEGUARD HEALTH PLANS, INC. (NV)
|
307. SAFEGUARD HEALTH PLANS, INC. (TX)
|
308. SAFEGUARD HEATLH ENTERPRISES, INC. (DE)
|
309. SAFEHEALTH LIFE INSURANCE COMPANY (CA)
|
310. SANDPIPER COVE ASSOCIATES, LLC (DE)
|
311. SANDPIPER COVE ASSOCIATES II, LLC
|
312. ST. JAMES FLEET INVESTMENTS TWO LIMITED (CAYMAN ISLANDS)
|
313. TEN PARK SPC (CAYMAN ISLANDS)
|
314. THE BUILDING AT 575 FIFTH AVENUE MEZZANINE LLC (DE)
|
315. THE BUILDING AT 575 FIFTH LLC (DE)
|
316. THE DIRECT CALL CENTRE PTY LIMITED (AUSTRALIA)
|
317. THE PROSPECT COMPANY (DE)
|
318. THE WORTHINGTON SERIES TRUST (DE)
|
319. TIC EUROPEAN REAL ESTATE LP, LLC (DE)
|
320. TLA HOLDINGS II LLC (DE)
|
321. TLA HOLDINGS III LLC (DE)
|
322. TLA HOLDINGS LLC (DE)
|
323. TRAL & CO. (CT)
|
324. TRANSMOUNTAIN LAND & LIVESTOCK COMPANY (MT)
|
325. TREMONT PARTNERS, LP (DE)
|
326. VIRIDIAN MIRACLE MILE, LLC (DE)
|
327. WFP 1000 HOLDING COMPANY GP, LLC (DE)
|
328. WHITE OAK ROYALTY COMPANY (OK)
|
329. ZAO MASTER D (RUSSIA)
|
330. 85 BROAD STREET LLC (DE)50.1%
|
331. 425 MKT, LLC (DE) 52.5%
|
332. 425 MKT REIT, LLC (DE) 52.5%
|
333. 555 12 REIT, LLC (DE) 52.5%
|
334. 555 12th, LLC (DE) 52.5%
|
335. 1201 TAB OWNER, LLC (DE) 50%
|
336.
AFP PROVIDA S.A. (CHILE) 93.24%
|
337. ALICO PROPERTIES, INC. (DE) 51%
|
338. AMMETLIFE INSURANCE BERHAD (MALAYSIA) 50.000001%
|
339. AMMETLIFE TAKAFUL BERHAD (MALAYSIA) 49.999999%
|
340. BIDV METLIFE LIFE INSURANCE LIMITED LIABILITY COMPANY (VIETNAM) 60%
|
341. DEWEY SQUARE TOWER ASSOCIATES, LLC (MA) 52.5%
|
342. HELLENIC ALICO LIFE INSURANCE COMPANY, Ltd. (CYPRUS) 27.5%
|
343. HMS MASTER LIMITED PARTNERSHIP (DE) 60%
|
344. HMS SOUTHPARK RESIDENTIAL LLC (DE) 60%
|
345. IGI LIFE INSURANCE LIMITED (PAKISTAN) 12.296%
|
346. MAXIS GBN S.A.S. (FRANCE) 50%
|
347. MCP 7 RIVERWAY, LLC (DE) 20%
|
348. MCP 100 CONGRESS, LLC (DE) 20%
|
349. MCP 3040 POST OAK, LLC (DE) 20%
|
350. MCP 550 WEST WASHINGTON, LLC (DE) 20%
|
351. MCP 1900 MCKINNEY, LLC (DE) 20%
|
352. MCP 4600 SOUTH SYRACUSE, LLC (DE) 20%
|
353. MCP ASHTON SOUTH END, LLC (DE) 20%
|
354. MCP ENV CHICAGO, LLC (DE) 20%
|
355. MCP LODGE AT LAKECREST, LLC (DE) 20%
|
356. MCP MAIN STREET VILLAGE, LLC (DE) 20%
|
357. MCP PARAGON POINT, LLC (DE) 20%
|
358. MCP PLAZA AT LEGACY, LLC (DE) 20%
|
359. MCP THE PALMS AT DORAL, LLC (DE) 20%
|
360. MCP SOCAL INDUSTRIAL – ANAHEIM, LLC (DE) 20%
|
361. MCP SOCAL INDUSTRIAL – BERNADO, LLC (DE) 20%
|
362. MCP SOCAL INDUSTRIAL – CANYON, LLC (DE) 20%
|
363. MCP SOCAL INDUSTRIAL – CONCOURSE, LLC (DE) 20%
|
364. MCP SOCAL INDUSTRIAL – FULLERTON, LLC (DE) 20%
|
365. MCP SOCAL INDUSTRIAL – KELLWOOD, LLC (DE) 20%
|
366. MCP SOCAL INDUSTRIAL – LAX, LLC (DE) 20%
|
367. MCP SOCAL INDUSTRIAL – LOKER, LLC (DE) 20%
|
368. MCP SOCAL INDUSTRIAL – ONTARIO, LLC (DE) 20%
|
369. MCP SOCAL INDUSTRIAL – REDONDO, LLC (DE) 20%
|
370. MCP SOCAL INDUSTRIAL – SPRINGDALE, LLC (DE) 20%
|
371. MCP WATERFORD ATRIUM, LLC (DE) 20%
|
372. METLIFE AMERICAN INTERNATIONAL GROUP AND ARAB NATIONAL BANK COOPERATIVE INSURANCE COMPANY (SAUDI ARABIA) 30%
|
373. METLIFE CORE PROPERTY FUND, LP (DE)
|
374. METLIFE CORE PROPERTY HOLDINGS, LLC (DE)
|
375. METLIFE CORE PROPERTY REIT, LLC (DE)
|
376. METLIFE MUTUAL FUND S.A. (GREECE) 90%
|
377. METROPOLITAN LLOYDS INSURANCE COMPANY OF TEXAS (TX)
|
378. ML-AI 125 WACKER, LLC (DE) 51%
|
379. ML-AI NORMANDALE, LLC (DE)50%
|
380. ML-AI VENTURE 1, LLC (DE) 51%
|
381. ML-AI VENTURE 2, LLC (DE)50%
|
382. OBS BOS SERVICES, LLC (DE) 52.5%
|
383. OBS BOSTON, LLC (DE) 52.5%
|
384. OBS REIT, LLC (DE) 52.5%
|
385. OFC BOSTON, LLC (DE) 52.5%
|
386. OFC REIT, LLC (DE) 52.5%
|
387. PHARAONIC AMERICAN LIFE INSURANCE COMPANY (EGYPT) 84.125%
|
388. PNB METLIFE INDIA INSURANCE COMPANY LIMITED (INDIA) (26%)
|
389. SINO-US UNITED METLIFE INSURANCE CO., LTD. (CHINA) 50%
|
390. UBB-ALICO ZHIVOTOZASTRAHOVATELNO DRUJESTVO A.D. (BULGARIA) 40%
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Steven A. Kandarian
|
|
Steven A. Kandarian
|
|
Chairman of the Board, President and
Chief Executive Officer |
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
/s/ John C. R. Hele
|
|
John C. R. Hele
|
|
Executive Vice President and
|
|
Chief Financial Officer
|
|
/s/ Steven A. Kandarian
|
|
Steven A. Kandarian
|
|
Chairman of the Board, President and
Chief Executive Officer
|
|
/s/ John C. R. Hele
|
|
John C. R. Hele
|
|
Executive Vice President and
Chief Financial Officer |