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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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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 employee 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 of 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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•
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protecting privacy;
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•
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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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•
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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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•
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adopting and enforcing suitability standards with respect to the sale of annuities and other insurance products;
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•
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approving changes in control of insurance companies;
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•
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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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•
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On January 14, 2016, A.M. Best placed the insurance financial strength ratings of MetLife, Inc.’s rated primary life/health insurance subsidiaries under review with developing implications.
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•
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On January 13, 2016, Fitch placed the insurance financial strength rating for GALIC and MetLife USA on “Rating Watch Negative.” The other ratings remain on stable outlook.
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•
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On January 13, 2016, Moody’s placed the insurance financial strength ratings of all of MetLife, Inc.’s rated operating subsidiaries on review for downgrade except
American Life which remains on stable outlook
.
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•
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On January 13, 2016, S&P downgraded the insurance financial strength rating for GALIC and MetLife USA and revised their outlook from “stable” to “negative.” The other ratings remain on stable outlook.
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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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63
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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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62
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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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57
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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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57
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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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55
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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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52
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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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57
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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 company (August 2011-December 2014)
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•
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Senior Vice President, Brand Marketing and Advertising of AT&T, Inc. (June 2009-July 2011)
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Martin J. Lippert
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56
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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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53
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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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47
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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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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.
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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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reducing new sales of insurance products, annuities and other investment products;
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•
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adversely affecting our relationships with our sales force and independent sales intermediaries;
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materially increasing the number or amount of policy surrenders and withdrawals by contractholders and policyholders;
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requiring us to post additional collateral under certain of our financing and derivative transactions;
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requiring us to reduce prices for many of our products and services to remain competitive; and
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•
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adversely affecting our ability to obtain reinsurance at reasonable prices or at all.
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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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2015
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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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53.91
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$
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57.70
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$
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57.70
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$
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51.69
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Low
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$
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46.50
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$
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50.25
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$
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46.07
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$
|
46.42
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2014
|
||||||||||||||
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1st Quarter
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2nd Quarter
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3rd Quarter
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|
4th Quarter
|
||||||||
Common Stock Price
|
|
|
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|
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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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$
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57.22
|
|
|
$
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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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$
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49.19
|
|
|
$
|
51.08
|
|
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$
|
47.71
|
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Dividend
|
||||||
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)
|
||||
October 27, 2015
|
|
November 6, 2015
|
|
December 11, 2015
|
|
$
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0.375
|
|
|
$
|
419
|
|
July 7, 2015
|
|
August 7, 2015
|
|
September 11, 2015
|
|
$
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0.375
|
|
|
420
|
|
|
April 28, 2015
|
|
May 11, 2015
|
|
June 12, 2015
|
|
$
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0.375
|
|
|
420
|
|
|
January 6, 2015
|
|
February 6, 2015
|
|
March 13, 2015
|
|
$
|
0.350
|
|
|
394
|
|
|
|
|
|
|
|
|
|
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$
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1,653
|
|
||
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|
|
|
|
|
|
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|
||||
October 28, 2014
|
|
November 7, 2014
|
|
December 12, 2014
|
|
$
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0.350
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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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|
|
395
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|
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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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|
|
395
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|
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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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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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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, 2015
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3,288,239
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$46.63
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3,288,239
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$739,264,822
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November 1 - November 30, 2015
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2,315,355
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$50.33
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2,315,355
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$622,723,711
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December 1 - December 31, 2015
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11,412,612
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$48.40
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11,412,581
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$70,314,247
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(1)
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During the periods October 1 through October 31,
2015
, November 1 through November 30,
2015
, and December 1 through December 31,
2015
, separate account index funds purchased 0 shares, 0 shares and 31 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 December 12, 2014, MetLife, Inc. announced that its Board of Directors authorized $1.0 billion of common stock repurchases in addition to previously authorized repurchases and, on September 22, 2015, MetLife, Inc. announced that its Board of Directors authorized additional repurchases of $739 million of its common stock, bringing MetLife, Inc.’s available repurchase authorization under the December 2014 and September 2015 authorizations as of such date to $1.0 billion. In October 2015, MetLife, Inc. completed all repurchases under the December 2014 authorization. At December 31,
2015
, MetLife, Inc. had
$70 million
remaining under the September 2015 authorization. In January 2016, MetLife, Inc. completed all remaining repurchases under the September 2015 authorization. For more information on common stock repurchases, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — Common Stock Repurchases” and Notes
16
and
23
of the Notes to the Consolidated Financial Statements.
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|
|
Years Ended December 31,
|
||||||||||||||||||
|
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2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
|
(In millions, except per share data)
|
||||||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Premiums
|
|
$
|
38,545
|
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
|
$
|
37,975
|
|
|
$
|
36,361
|
|
Universal life and investment-type product policy fees
|
|
9,507
|
|
|
9,946
|
|
|
9,451
|
|
|
8,556
|
|
|
7,806
|
|
|||||
Net investment income
|
|
19,281
|
|
|
21,153
|
|
|
22,232
|
|
|
21,984
|
|
|
19,585
|
|
|||||
Other revenues
|
|
1,983
|
|
|
2,030
|
|
|
1,920
|
|
|
1,906
|
|
|
2,532
|
|
|||||
Net investment gains (losses)
|
|
597
|
|
|
(197
|
)
|
|
161
|
|
|
(352
|
)
|
|
(867
|
)
|
|||||
Net derivative gains (losses)
|
|
38
|
|
|
1,317
|
|
|
(3,239
|
)
|
|
(1,919
|
)
|
|
4,824
|
|
|||||
Total revenues
|
|
69,951
|
|
|
73,316
|
|
|
68,199
|
|
|
68,150
|
|
|
70,241
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Policyholder benefits and claims
|
|
38,714
|
|
|
39,102
|
|
|
38,107
|
|
|
37,987
|
|
|
35,471
|
|
|||||
Interest credited to policyholder account balances
|
|
5,610
|
|
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|
5,603
|
|
|||||
Policyholder dividends
|
|
1,388
|
|
|
1,376
|
|
|
1,259
|
|
|
1,369
|
|
|
1,446
|
|
|||||
Goodwill impairment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,868
|
|
|
—
|
|
|||||
Other expenses
|
|
16,769
|
|
|
17,091
|
|
|
16,602
|
|
|
17,755
|
|
|
18,537
|
|
|||||
Total expenses
|
|
62,481
|
|
|
64,512
|
|
|
64,147
|
|
|
66,708
|
|
|
61,057
|
|
|||||
Income (loss) from continuing operations before provision for income tax
|
|
7,470
|
|
|
8,804
|
|
|
4,052
|
|
|
1,442
|
|
|
9,184
|
|
|||||
Provision for income tax expense (benefit)
|
|
2,148
|
|
|
2,465
|
|
|
661
|
|
|
128
|
|
|
2,793
|
|
|||||
Income (loss) from continuing operations, net of income tax
|
|
5,322
|
|
|
6,339
|
|
|
3,391
|
|
|
1,314
|
|
|
6,391
|
|
|||||
Income (loss) from discontinued operations, net of income tax
|
|
—
|
|
|
(3
|
)
|
|
2
|
|
|
48
|
|
|
24
|
|
|||||
Net income (loss)
|
|
5,322
|
|
|
6,336
|
|
|
3,393
|
|
|
1,362
|
|
|
6,415
|
|
|||||
Less: Net income (loss) attributable to noncontrolling interests
|
|
12
|
|
|
27
|
|
|
25
|
|
|
38
|
|
|
(8
|
)
|
|||||
Net income (loss) attributable to MetLife, Inc.
|
|
5,310
|
|
|
6,309
|
|
|
3,368
|
|
|
1,324
|
|
|
6,423
|
|
|||||
Less: Preferred stock dividends
|
|
116
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|||||
Preferred stock repurchase premium
|
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
|||||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
$
|
1,202
|
|
|
$
|
6,155
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
EPS Data (1)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.08
|
|
|
$
|
5.79
|
|
Diluted
|
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.08
|
|
|
$
|
5.74
|
|
Income (loss) from discontinued operations, net of income tax, per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
Diluted
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.04
|
|
|
$
|
0.02
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
|
$
|
1.12
|
|
|
$
|
5.81
|
|
Diluted
|
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
|
$
|
1.12
|
|
|
$
|
5.76
|
|
Cash dividends declared per common share
|
|
$
|
1.475
|
|
|
$
|
1.325
|
|
|
$
|
1.010
|
|
|
$
|
0.740
|
|
|
$
|
0.740
|
|
|
|
December 31,
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Separate account assets
|
|
$
|
301,598
|
|
|
$
|
316,994
|
|
|
$
|
317,201
|
|
|
$
|
235,393
|
|
|
$
|
203,023
|
|
Total assets
|
|
$
|
877,933
|
|
|
$
|
902,337
|
|
|
$
|
885,296
|
|
|
$
|
836,781
|
|
|
$
|
796,226
|
|
Policyholder liabilities and other policy-related balances (2)
|
|
$
|
411,359
|
|
|
$
|
417,141
|
|
|
$
|
418,487
|
|
|
$
|
438,191
|
|
|
$
|
421,267
|
|
Short-term debt
|
|
$
|
100
|
|
|
$
|
100
|
|
|
$
|
175
|
|
|
$
|
100
|
|
|
$
|
686
|
|
Long-term debt
|
|
$
|
18,023
|
|
|
$
|
16,286
|
|
|
$
|
18,653
|
|
|
$
|
19,062
|
|
|
$
|
23,692
|
|
Collateral financing arrangements
|
|
$
|
4,139
|
|
|
$
|
4,196
|
|
|
$
|
4,196
|
|
|
$
|
4,196
|
|
|
$
|
4,647
|
|
Junior subordinated debt securities
|
|
$
|
3,194
|
|
|
$
|
3,193
|
|
|
$
|
3,193
|
|
|
$
|
3,192
|
|
|
$
|
3,192
|
|
Separate account liabilities
|
|
$
|
301,598
|
|
|
$
|
316,994
|
|
|
$
|
317,201
|
|
|
$
|
235,393
|
|
|
$
|
203,023
|
|
Accumulated other comprehensive income (loss)
|
|
$
|
4,771
|
|
|
$
|
10,649
|
|
|
$
|
5,104
|
|
|
$
|
11,397
|
|
|
$
|
6,083
|
|
Total MetLife, Inc.’s stockholders’ equity
|
|
$
|
67,949
|
|
|
$
|
72,053
|
|
|
$
|
61,553
|
|
|
$
|
64,453
|
|
|
$
|
57,519
|
|
Noncontrolling interests
|
|
$
|
470
|
|
|
$
|
507
|
|
|
$
|
543
|
|
|
$
|
384
|
|
|
$
|
370
|
|
|
|
Years Ended December 31,
|
|||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|||||
Other Data (3)
|
|
|
|
|
|
|
|
|
|
|
|||||
Return on MetLife, Inc.’s common stockholders’ equity
|
|
7.5
|
%
|
|
9.4
|
%
|
|
5.4
|
%
|
|
2.0
|
%
|
|
12.2
|
%
|
(1)
|
For the year ended December 31, 2012, all shares related to the assumed issuance of shares in settlement of the applicable stock purchase contracts relating to previously issued common equity units have been excluded from the calculation of diluted earnings per common share, as these assumed shares are anti-dilutive.
|
(2)
|
Policyholder liabilities and other policy-related balances include future policy benefits, policyholder account balances, other policy-related balances, policyholder dividends payable and the policyholder dividend obligation.
|
(3)
|
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,
|
||||||||||||||
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||||
|
Low Interest Rate Scenario
|
|
Business Plan
|
|
Low Interest Rate Scenario
|
|
Business Plan
|
|
Low Interest Rate Scenario
|
|
Business Plan
|
|
Low Interest Rate Scenario
|
|
Business Plan
|
Three-month LIBOR
|
0.24%
|
|
0.61%
|
|
0.24%
|
|
1.32%
|
|
0.24%
|
|
1.81%
|
|
0.24%
|
|
1.76%
|
10-year U.S. Treasury
|
1.50%
|
|
2.27%
|
|
1.50%
|
|
2.78%
|
|
1.50%
|
|
3.07%
|
|
1.50%
|
|
3.21%
|
(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
|
(xi)
|
liabilities for litigation and regulatory matters.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
General account investment return
|
$
|
(72
|
)
|
|
$
|
(45
|
)
|
|
$
|
(66
|
)
|
Separate account investment return
|
(31
|
)
|
|
43
|
|
|
157
|
|
|||
Net investment gains (losses)/Net derivative gains (losses)
|
(9
|
)
|
|
(42
|
)
|
|
195
|
|
|||
Guaranteed minimum income benefits
|
(125
|
)
|
|
(63
|
)
|
|
337
|
|
|||
Expense
|
(93
|
)
|
|
24
|
|
|
36
|
|
|||
In-force/Persistency
|
220
|
|
|
94
|
|
|
72
|
|
|||
Policyholder dividends and other
|
(39
|
)
|
|
(74
|
)
|
|
8
|
|
|||
Total
|
$
|
(149
|
)
|
|
$
|
(63
|
)
|
|
$
|
739
|
|
•
|
Changes in net investment and net derivative gains (losses) resulted in the following changes 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 $338 million, excluding the impact from our nonperformance risk and risk margins, which are described below. Mark-to-market changes on the freestanding derivatives hedging such guarantee obligations resulted in an increase in DAC and VOBA amortization of $114 million.
|
–
|
The Company’s nonperformance risk adjustment decreased the valuation of guaranteed liabilities, increased actual gross profits and increased DAC and VOBA amortization by $17 million. This was partially offset by the lower risk margins, which increased the guarantee liability valuations, decreased actual gross profits and decreased DAC and VOBA amortization by $10 million.
|
–
|
The remainder of the impact increased DAC and VOBA amortization by $226 million and was attributable to
2015
investment activities, methodology refinement
, and assumption updates.
|
•
|
The change in GMIBs resulted in an increase to DAC amortization of $125 million mostly attributable to hedge gains.
|
•
|
Better than expected persistency and updates in persistency assumptions caused an increase in actual and expected future gross profits resulting in a net decrease in DAC and VOBA amortization of $220 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 $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 net 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 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.
|
|
Changes in Balance Sheet Carrying Value At December 31, 2015
|
||||||
|
Policyholder Account Balances
|
|
DAC and VOBA
|
||||
|
(In millions)
|
||||||
100% increase in our credit spread
|
$
|
549
|
|
|
$
|
(111
|
)
|
As reported
|
$
|
946
|
|
|
$
|
(64
|
)
|
50% decrease in our credit spread
|
$
|
1,165
|
|
|
$
|
(37
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
38,545
|
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
Universal life and investment-type product policy fees
|
9,507
|
|
|
9,946
|
|
|
9,451
|
|
|||
Net investment income
|
19,281
|
|
|
21,153
|
|
|
22,232
|
|
|||
Other revenues
|
1,983
|
|
|
2,030
|
|
|
1,920
|
|
|||
Net investment gains (losses)
|
597
|
|
|
(197
|
)
|
|
161
|
|
|||
Net derivative gains (losses)
|
38
|
|
|
1,317
|
|
|
(3,239
|
)
|
|||
Total revenues
|
69,951
|
|
|
73,316
|
|
|
68,199
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
40,102
|
|
|
40,478
|
|
|
39,366
|
|
|||
Interest credited to policyholder account balances
|
5,610
|
|
|
6,943
|
|
|
8,179
|
|
|||
Capitalization of DAC
|
(3,837
|
)
|
|
(4,183
|
)
|
|
(4,786
|
)
|
|||
Amortization of DAC and VOBA
|
3,936
|
|
|
4,132
|
|
|
3,550
|
|
|||
Amortization of negative VOBA
|
(361
|
)
|
|
(442
|
)
|
|
(579
|
)
|
|||
Interest expense on debt
|
1,208
|
|
|
1,216
|
|
|
1,282
|
|
|||
Other expenses
|
15,823
|
|
|
16,368
|
|
|
17,135
|
|
|||
Total expenses
|
62,481
|
|
|
64,512
|
|
|
64,147
|
|
|||
Income (loss) from continuing operations before provision for income tax
|
7,470
|
|
|
8,804
|
|
|
4,052
|
|
|||
Provision for income tax expense (benefit)
|
2,148
|
|
|
2,465
|
|
|
661
|
|
|||
Income (loss) from continuing operations, net of income tax
|
5,322
|
|
|
6,339
|
|
|
3,391
|
|
|||
Income (loss) from discontinued operations, net of income tax
|
—
|
|
|
(3
|
)
|
|
2
|
|
|||
Net income (loss)
|
5,322
|
|
|
6,336
|
|
|
3,393
|
|
|||
Less: Net income (loss) attributable to noncontrolling interests
|
12
|
|
|
27
|
|
|
25
|
|
|||
Net income (loss) attributable to MetLife, Inc.
|
5,310
|
|
|
6,309
|
|
|
3,368
|
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Preferred stock repurchase premium
|
42
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
|
Years Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Non-VA program derivatives
|
|
|
|
||||
Interest rate
|
$
|
171
|
|
|
$
|
927
|
|
Foreign currency exchange rate
|
397
|
|
|
(25
|
)
|
||
Credit
|
10
|
|
|
89
|
|
||
Equity
|
(172
|
)
|
|
(62
|
)
|
||
Non-VA embedded derivatives
|
38
|
|
|
(99
|
)
|
||
Total non-VA program derivatives
|
444
|
|
|
830
|
|
||
VA program derivatives
|
|
|
|
||||
Market risks in embedded derivatives
|
511
|
|
|
31
|
|
||
Nonperformance risk on embedded derivatives
|
163
|
|
|
13
|
|
||
Other risks in embedded derivatives
|
(951
|
)
|
|
(266
|
)
|
||
Total embedded derivatives
|
(277
|
)
|
|
(222
|
)
|
||
Freestanding derivatives hedging embedded derivatives
|
(129
|
)
|
|
709
|
|
||
Total VA program derivatives
|
(406
|
)
|
|
487
|
|
||
Net derivative gains (losses)
|
$
|
38
|
|
|
$
|
1,317
|
|
•
|
Refinements in the valuation model, which resulted in an unfavorable year over year change in the valuation of the embedded derivatives.
|
•
|
The cross effect of capital markets changes, which resulted in an unfavorable year over year change in the valuation of the embedded derivatives.
|
•
|
A combination of other factors, including reserve changes influenced by benefit features and policyholder behavior, as well as FCTA, which resulted in an unfavorable year over year change in the valuation of embedded derivatives.
|
•
|
Long-term interest rates decreased less in 2015 than in 2014, contributing to an unfavorable change in our freestanding derivatives and a favorable change in our embedded derivatives. For example, the 30-year U.S. swap rate decreased by 3% in 2015 and 31% in 2014.
|
•
|
Key equity index levels decreased in 2015 and increased in 2014, contributing to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives. For example, the S&P 500 Index decreased by 1% in 2015 and increased by 11% in 2014.
|
•
|
Changes in foreign currency exchange rates contributed to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives related to the assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. For example, the Japanese yen strengthened against the euro by 10% in 2015 as compared with a weakening of less than 1% against the euro in 2014.
|
•
|
Changes in economic assumptions resulted in an increase of DAC and reserves, resulting in a net charge of $122 million ($79 million, net of income tax).
|
•
|
Changes in policyholder behavior and mortality assumptions resulted in reserve increases, offset by favorable DAC, resulting in a net charge of $91 million ($59 million, net of income tax).
|
•
|
The remaining updates resulted in an increase in reserves, coupled with unfavorable DAC, resulting in a charge of $100 million ($65 million, net of income tax). The most notable update was related to our projection of closed block results.
|
|
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.
|
|
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
|
$
|
1,972
|
|
|
$
|
893
|
|
|
$
|
1,544
|
|
|
$
|
386
|
|
|
$
|
1,807
|
|
|
$
|
288
|
|
|
$
|
(1,568
|
)
|
|
$
|
5,322
|
|
Less: Net investment gains (losses)
|
35
|
|
|
(33
|
)
|
|
315
|
|
|
82
|
|
|
501
|
|
|
27
|
|
|
(330
|
)
|
|
597
|
|
||||||||
Less: Net derivative gains (losses)
|
(159
|
)
|
|
177
|
|
|
17
|
|
|
(135
|
)
|
|
67
|
|
|
40
|
|
|
31
|
|
|
38
|
|
||||||||
Less: Other adjustments to continuing operations (1)
|
(609
|
)
|
|
(171
|
)
|
|
(91
|
)
|
|
(72
|
)
|
|
(120
|
)
|
|
3
|
|
|
(31
|
)
|
|
(1,091
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
257
|
|
|
9
|
|
|
(84
|
)
|
|
(62
|
)
|
|
(21
|
)
|
|
(22
|
)
|
|
101
|
|
|
178
|
|
||||||||
Operating earnings
|
$
|
2,448
|
|
|
$
|
911
|
|
|
$
|
1,387
|
|
|
$
|
573
|
|
|
$
|
1,380
|
|
|
$
|
240
|
|
|
(1,339
|
)
|
|
5,600
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
116
|
|
|
116
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(1,455
|
)
|
|
$
|
5,484
|
|
|
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
|
$
|
2,744
|
|
|
$
|
1,086
|
|
|
$
|
1,318
|
|
|
$
|
344
|
|
|
$
|
1,200
|
|
|
$
|
330
|
|
|
$
|
(683
|
)
|
|
$
|
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: Other adjustments to continuing operations (1)
|
(671
|
)
|
|
(167
|
)
|
|
(112
|
)
|
|
(242
|
)
|
|
(122
|
)
|
|
36
|
|
|
(98
|
)
|
|
(1,376
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
42
|
|
|
(111
|
)
|
|
52
|
|
|
48
|
|
|
35
|
|
|
(88
|
)
|
|
(65
|
)
|
|
(87
|
)
|
||||||||
Operating earnings
|
$
|
2,816
|
|
|
$
|
878
|
|
|
$
|
1,458
|
|
|
$
|
568
|
|
|
$
|
1,307
|
|
|
$
|
285
|
|
|
(630
|
)
|
|
6,682
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
122
|
|
|
122
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(752
|
)
|
|
$
|
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
|
$
|
1,586
|
|
|
$
|
383
|
|
|
$
|
1,129
|
|
|
$
|
555
|
|
|
$
|
597
|
|
|
$
|
301
|
|
|
$
|
(1,160
|
)
|
|
$
|
3,391
|
|
Less: Net investment gains (losses)
|
70
|
|
|
(21
|
)
|
|
(8
|
)
|
|
21
|
|
|
343
|
|
|
(16
|
)
|
|
(228
|
)
|
|
161
|
|
||||||||
Less: Net derivative gains (losses)
|
(724
|
)
|
|
(676
|
)
|
|
(235
|
)
|
|
(24
|
)
|
|
(1,057
|
)
|
|
(6
|
)
|
|
(517
|
)
|
|
(3,239
|
)
|
||||||||
Less: Other adjustments to continuing operations (1)
|
(926
|
)
|
|
(172
|
)
|
|
87
|
|
|
166
|
|
|
(435
|
)
|
|
75
|
|
|
(392
|
)
|
|
(1,597
|
)
|
||||||||
Less: Provision for income tax (expense) benefit
|
554
|
|
|
304
|
|
|
53
|
|
|
(71
|
)
|
|
487
|
|
|
(33
|
)
|
|
389
|
|
|
1,683
|
|
||||||||
Operating earnings
|
$
|
2,612
|
|
|
$
|
948
|
|
|
$
|
1,232
|
|
|
$
|
463
|
|
|
$
|
1,259
|
|
|
$
|
281
|
|
|
(412
|
)
|
|
6,383
|
|
||
Less: Preferred stock dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
122
|
|
|
122
|
|
||||||||||||||
Operating earnings available to common shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(534
|
)
|
|
$
|
6,261
|
|
(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
|
$
|
20,765
|
|
|
$
|
19,420
|
|
|
$
|
9,501
|
|
|
$
|
5,055
|
|
|
$
|
11,986
|
|
|
$
|
2,930
|
|
|
$
|
294
|
|
|
$
|
69,951
|
|
Less: Net investment gains (losses)
|
35
|
|
|
(33
|
)
|
|
315
|
|
|
82
|
|
|
501
|
|
|
27
|
|
|
(330
|
)
|
|
597
|
|
||||||||
Less: Net derivative gains (losses)
|
(159
|
)
|
|
177
|
|
|
17
|
|
|
(135
|
)
|
|
67
|
|
|
40
|
|
|
31
|
|
|
38
|
|
||||||||
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
(5
|
)
|
|
—
|
|
|
5
|
|
||||||||
Less: Other adjustments to revenues (1)
|
(73
|
)
|
|
(171
|
)
|
|
(105
|
)
|
|
12
|
|
|
147
|
|
|
21
|
|
|
10
|
|
|
(159
|
)
|
||||||||
Total operating revenues
|
$
|
20,964
|
|
|
$
|
19,447
|
|
|
$
|
9,274
|
|
|
$
|
5,096
|
|
|
$
|
11,259
|
|
|
$
|
2,847
|
|
|
$
|
583
|
|
|
$
|
69,470
|
|
Total expenses
|
$
|
18,094
|
|
|
$
|
18,037
|
|
|
$
|
7,134
|
|
|
$
|
4,600
|
|
|
$
|
9,701
|
|
|
$
|
2,599
|
|
|
$
|
2,316
|
|
|
$
|
62,481
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(5
|
)
|
|
—
|
|
|
15
|
|
||||||||
Less: Other adjustments to expenses (1)
|
523
|
|
|
—
|
|
|
(14
|
)
|
|
84
|
|
|
270
|
|
|
18
|
|
|
41
|
|
|
922
|
|
||||||||
Total operating expenses
|
$
|
17,560
|
|
|
$
|
18,037
|
|
|
$
|
7,148
|
|
|
$
|
4,516
|
|
|
$
|
9,422
|
|
|
$
|
2,586
|
|
|
$
|
2,275
|
|
|
$
|
61,544
|
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate & Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total revenues
|
$
|
21,777
|
|
|
$
|
19,295
|
|
|
$
|
8,901
|
|
|
$
|
5,554
|
|
|
$
|
12,613
|
|
|
$
|
4,227
|
|
|
$
|
949
|
|
|
$
|
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
|
|
|
42
|
|
|
371
|
|
|
857
|
|
|
55
|
|
|
1,096
|
|
||||||||
Total operating revenues
|
$
|
21,300
|
|
|
$
|
18,976
|
|
|
$
|
8,964
|
|
|
$
|
5,542
|
|
|
$
|
12,251
|
|
|
$
|
3,263
|
|
|
$
|
784
|
|
|
$
|
71,080
|
|
Total expenses
|
$
|
17,945
|
|
|
$
|
17,631
|
|
|
$
|
6,864
|
|
|
$
|
5,162
|
|
|
$
|
10,866
|
|
|
$
|
3,780
|
|
|
$
|
2,264
|
|
|
$
|
64,512
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
12
|
|
|
—
|
|
|
35
|
|
||||||||
Less: Other adjustments to expenses (1)
|
565
|
|
|
—
|
|
|
129
|
|
|
284
|
|
|
507
|
|
|
819
|
|
|
153
|
|
|
2,457
|
|
||||||||
Total operating expenses
|
$
|
17,354
|
|
|
$
|
17,631
|
|
|
$
|
6,735
|
|
|
$
|
4,878
|
|
|
$
|
10,362
|
|
|
$
|
2,949
|
|
|
$
|
2,111
|
|
|
$
|
62,020
|
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total revenues
|
$
|
19,472
|
|
|
$
|
17,320
|
|
|
$
|
8,852
|
|
|
$
|
5,110
|
|
|
$
|
13,232
|
|
|
$
|
3,864
|
|
|
$
|
349
|
|
|
$
|
68,199
|
|
Less: Net investment gains (losses)
|
70
|
|
|
(21
|
)
|
|
(8
|
)
|
|
21
|
|
|
343
|
|
|
(16
|
)
|
|
(228
|
)
|
|
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
|
|
|
84
|
|
|
1,386
|
|
|
667
|
|
|
111
|
|
|
2,254
|
|
||||||||
Total operating revenues
|
$
|
20,254
|
|
|
$
|
18,189
|
|
|
$
|
8,798
|
|
|
$
|
5,029
|
|
|
$
|
12,558
|
|
|
$
|
3,205
|
|
|
$
|
983
|
|
|
$
|
69,016
|
|
Total expenses
|
$
|
17,333
|
|
|
$
|
16,761
|
|
|
$
|
7,109
|
|
|
$
|
4,401
|
|
|
$
|
12,557
|
|
|
$
|
3,479
|
|
|
$
|
2,507
|
|
|
$
|
64,147
|
|
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)
|
(197
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
16
|
|
|
—
|
|
|
(196
|
)
|
||||||||
Less: Other adjustments to expenses (1)
|
995
|
|
|
—
|
|
|
210
|
|
|
(82
|
)
|
|
1,838
|
|
|
590
|
|
|
503
|
|
|
4,054
|
|
||||||||
Total operating expenses
|
$
|
16,535
|
|
|
$
|
16,761
|
|
|
$
|
6,899
|
|
|
$
|
4,483
|
|
|
$
|
10,734
|
|
|
$
|
2,873
|
|
|
$
|
2,004
|
|
|
$
|
60,289
|
|
(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,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
38,548
|
|
|
$
|
39,022
|
|
|
$
|
37,583
|
|
Universal life and investment-type product policy fees
|
9,113
|
|
|
9,541
|
|
|
9,085
|
|
|||
Net investment income
|
19,789
|
|
|
20,484
|
|
|
20,394
|
|
|||
Other revenues
|
2,020
|
|
|
2,033
|
|
|
1,954
|
|
|||
Total operating revenues
|
69,470
|
|
|
71,080
|
|
|
69,016
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
39,565
|
|
|
39,478
|
|
|
37,746
|
|
|||
Interest credited to policyholder account balances
|
5,334
|
|
|
5,661
|
|
|
6,015
|
|
|||
Capitalization of DAC
|
(3,837
|
)
|
|
(4,182
|
)
|
|
(4,786
|
)
|
|||
Amortization of DAC and VOBA
|
3,802
|
|
|
4,027
|
|
|
4,083
|
|
|||
Amortization of negative VOBA
|
(326
|
)
|
|
(396
|
)
|
|
(524
|
)
|
|||
Interest expense on debt
|
1,200
|
|
|
1,178
|
|
|
1,159
|
|
|||
Other expenses
|
15,806
|
|
|
16,254
|
|
|
16,596
|
|
|||
Total operating expenses
|
61,544
|
|
|
62,020
|
|
|
60,289
|
|
|||
Provision for income tax expense (benefit)
|
2,326
|
|
|
2,378
|
|
|
2,344
|
|
|||
Operating earnings
|
5,600
|
|
|
6,682
|
|
|
6,383
|
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Operating earnings available to common shareholders
|
$
|
5,484
|
|
|
$
|
6,560
|
|
|
$
|
6,261
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
7,228
|
|
|
$
|
7,280
|
|
|
$
|
6,528
|
|
Universal life and investment-type product policy fees
|
4,933
|
|
|
5,074
|
|
|
4,912
|
|
|||
Net investment income
|
7,814
|
|
|
7,887
|
|
|
7,796
|
|
|||
Other revenues
|
989
|
|
|
1,059
|
|
|
1,018
|
|
|||
Total operating revenues
|
20,964
|
|
|
21,300
|
|
|
20,254
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
9,995
|
|
|
9,851
|
|
|
9,028
|
|
|||
Interest credited to policyholder account balances
|
2,198
|
|
|
2,245
|
|
|
2,331
|
|
|||
Capitalization of DAC
|
(1,048
|
)
|
|
(969
|
)
|
|
(1,309
|
)
|
|||
Amortization of DAC and VOBA
|
1,561
|
|
|
1,515
|
|
|
1,384
|
|
|||
Interest expense on debt
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||
Other expenses
|
4,855
|
|
|
4,711
|
|
|
5,101
|
|
|||
Total operating expenses
|
17,560
|
|
|
17,354
|
|
|
16,535
|
|
|||
Provision for income tax expense (benefit)
|
956
|
|
|
1,130
|
|
|
1,107
|
|
|||
Operating earnings
|
$
|
2,448
|
|
|
$
|
2,816
|
|
|
$
|
2,612
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
16,358
|
|
|
$
|
15,979
|
|
|
$
|
15,250
|
|
Universal life and investment-type product policy fees
|
740
|
|
|
716
|
|
|
688
|
|
|||
Net investment income
|
1,898
|
|
|
1,861
|
|
|
1,833
|
|
|||
Other revenues
|
451
|
|
|
420
|
|
|
418
|
|
|||
Total operating revenues
|
19,447
|
|
|
18,976
|
|
|
18,189
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
15,170
|
|
|
14,897
|
|
|
14,227
|
|
|||
Interest credited to policyholder account balances
|
151
|
|
|
156
|
|
|
155
|
|
|||
Capitalization of DAC
|
(151
|
)
|
|
(143
|
)
|
|
(141
|
)
|
|||
Amortization of DAC and VOBA
|
164
|
|
|
149
|
|
|
140
|
|
|||
Interest expense on debt
|
—
|
|
|
1
|
|
|
1
|
|
|||
Other expenses
|
2,703
|
|
|
2,571
|
|
|
2,379
|
|
|||
Total operating expenses
|
18,037
|
|
|
17,631
|
|
|
16,761
|
|
|||
Provision for income tax expense (benefit)
|
499
|
|
|
467
|
|
|
480
|
|
|||
Operating earnings
|
$
|
911
|
|
|
$
|
878
|
|
|
$
|
948
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
3,019
|
|
|
$
|
2,768
|
|
|
$
|
2,767
|
|
Universal life and investment-type product policy fees
|
259
|
|
|
226
|
|
|
247
|
|
|||
Net investment income
|
5,710
|
|
|
5,684
|
|
|
5,506
|
|
|||
Other revenues
|
286
|
|
|
286
|
|
|
278
|
|
|||
Total operating revenues
|
9,274
|
|
|
8,964
|
|
|
8,798
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
5,447
|
|
|
5,106
|
|
|
5,180
|
|
|||
Interest credited to policyholder account balances
|
1,184
|
|
|
1,140
|
|
|
1,233
|
|
|||
Capitalization of DAC
|
(19
|
)
|
|
(31
|
)
|
|
(27
|
)
|
|||
Amortization of DAC and VOBA
|
21
|
|
|
19
|
|
|
23
|
|
|||
Interest expense on debt
|
3
|
|
|
9
|
|
|
9
|
|
|||
Other expenses
|
512
|
|
|
492
|
|
|
481
|
|
|||
Total operating expenses
|
7,148
|
|
|
6,735
|
|
|
6,899
|
|
|||
Provision for income tax expense (benefit)
|
739
|
|
|
771
|
|
|
667
|
|
|||
Operating earnings
|
$
|
1,387
|
|
|
$
|
1,458
|
|
|
$
|
1,232
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
2,891
|
|
|
$
|
3,039
|
|
|
$
|
2,870
|
|
Universal life and investment-type product policy fees
|
1,116
|
|
|
1,239
|
|
|
991
|
|
|||
Net investment income
|
1,047
|
|
|
1,229
|
|
|
1,145
|
|
|||
Other revenues
|
42
|
|
|
35
|
|
|
23
|
|
|||
Total operating revenues
|
5,096
|
|
|
5,542
|
|
|
5,029
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
2,625
|
|
|
2,786
|
|
|
2,487
|
|
|||
Interest credited to policyholder account balances
|
349
|
|
|
394
|
|
|
417
|
|
|||
Capitalization of DAC
|
(426
|
)
|
|
(445
|
)
|
|
(452
|
)
|
|||
Amortization of DAC and VOBA
|
303
|
|
|
334
|
|
|
311
|
|
|||
Amortization of negative VOBA
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
Other expenses
|
1,666
|
|
|
1,810
|
|
|
1,722
|
|
|||
Total operating expenses
|
4,516
|
|
|
4,878
|
|
|
4,483
|
|
|||
Provision for income tax expense (benefit)
|
7
|
|
|
96
|
|
|
83
|
|
|||
Operating earnings
|
$
|
573
|
|
|
$
|
568
|
|
|
$
|
463
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
6,937
|
|
|
$
|
7,566
|
|
|
$
|
7,801
|
|
Universal life and investment-type product policy fees
|
1,542
|
|
|
1,693
|
|
|
1,722
|
|
|||
Net investment income
|
2,675
|
|
|
2,886
|
|
|
2,943
|
|
|||
Other revenues
|
105
|
|
|
106
|
|
|
92
|
|
|||
Total operating revenues
|
11,259
|
|
|
12,251
|
|
|
12,558
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
5,275
|
|
|
5,724
|
|
|
5,755
|
|
|||
Interest credited to policyholder account balances
|
1,309
|
|
|
1,544
|
|
|
1,690
|
|
|||
Capitalization of DAC
|
(1,720
|
)
|
|
(1,914
|
)
|
|
(2,143
|
)
|
|||
Amortization of DAC and VOBA
|
1,256
|
|
|
1,397
|
|
|
1,542
|
|
|||
Amortization of negative VOBA
|
(309
|
)
|
|
(364
|
)
|
|
(427
|
)
|
|||
Other expenses
|
3,611
|
|
|
3,975
|
|
|
4,317
|
|
|||
Total operating expenses
|
9,422
|
|
|
10,362
|
|
|
10,734
|
|
|||
Provision for income tax expense (benefit)
|
457
|
|
|
582
|
|
|
565
|
|
|||
Operating earnings
|
$
|
1,380
|
|
|
$
|
1,307
|
|
|
$
|
1,259
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
2,036
|
|
|
$
|
2,309
|
|
|
$
|
2,297
|
|
Universal life and investment-type product policy fees
|
424
|
|
|
466
|
|
|
386
|
|
|||
Net investment income
|
326
|
|
|
428
|
|
|
425
|
|
|||
Other revenues
|
61
|
|
|
60
|
|
|
97
|
|
|||
Total operating revenues
|
2,847
|
|
|
3,263
|
|
|
3,205
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
988
|
|
|
1,053
|
|
|
1,039
|
|
|||
Interest credited to policyholder account balances
|
120
|
|
|
148
|
|
|
147
|
|
|||
Capitalization of DAC
|
(472
|
)
|
|
(680
|
)
|
|
(714
|
)
|
|||
Amortization of DAC and VOBA
|
497
|
|
|
613
|
|
|
683
|
|
|||
Amortization of negative VOBA
|
(16
|
)
|
|
(31
|
)
|
|
(95
|
)
|
|||
Interest expense on debt
|
—
|
|
|
—
|
|
|
1
|
|
|||
Other expenses
|
1,469
|
|
|
1,846
|
|
|
1,812
|
|
|||
Total operating expenses
|
2,586
|
|
|
2,949
|
|
|
2,873
|
|
|||
Provision for income tax expense (benefit)
|
21
|
|
|
29
|
|
|
51
|
|
|||
Operating earnings
|
$
|
240
|
|
|
$
|
285
|
|
|
$
|
281
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Operating revenues
|
|
|
|
|
|
||||||
Premiums
|
$
|
79
|
|
|
$
|
81
|
|
|
$
|
70
|
|
Universal life and investment-type product policy fees
|
99
|
|
|
127
|
|
|
139
|
|
|||
Net investment income
|
319
|
|
|
509
|
|
|
746
|
|
|||
Other revenues
|
86
|
|
|
67
|
|
|
28
|
|
|||
Total operating revenues
|
583
|
|
|
784
|
|
|
983
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Policyholder benefits and claims and policyholder dividends
|
65
|
|
|
61
|
|
|
30
|
|
|||
Interest credited to policyholder account balances
|
23
|
|
|
34
|
|
|
42
|
|
|||
Capitalization of DAC
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Interest expense on debt
|
1,198
|
|
|
1,167
|
|
|
1,148
|
|
|||
Other expenses
|
990
|
|
|
849
|
|
|
784
|
|
|||
Total operating expenses
|
2,275
|
|
|
2,111
|
|
|
2,004
|
|
|||
Provision for income tax expense (benefit)
|
(353
|
)
|
|
(697
|
)
|
|
(609
|
)
|
|||
Operating earnings
|
(1,339
|
)
|
|
(630
|
)
|
|
(412
|
)
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Operating earnings available to common shareholders
|
$
|
(1,455
|
)
|
|
$
|
(752
|
)
|
|
$
|
(534
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Other business activities
|
$
|
39
|
|
|
$
|
80
|
|
|
$
|
102
|
|
Other net investment income
|
215
|
|
|
337
|
|
|
485
|
|
|||
Interest expense on debt
|
(779
|
)
|
|
(759
|
)
|
|
(747
|
)
|
|||
Preferred stock dividends
|
(116
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Acquisition costs
|
—
|
|
|
(5
|
)
|
|
(18
|
)
|
|||
Corporate initiatives and projects
|
(194
|
)
|
|
(183
|
)
|
|
(134
|
)
|
|||
Incremental tax benefit (expense)
|
(239
|
)
|
|
232
|
|
|
251
|
|
|||
Other
|
(381
|
)
|
|
(332
|
)
|
|
(351
|
)
|
|||
Operating earnings available to common shareholders
|
$
|
(1,455
|
)
|
|
$
|
(752
|
)
|
|
$
|
(534
|
)
|
•
|
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, 2015
|
||||||||||||||
|
Sovereign
|
|
Financial
Services |
|
Non-Financial
Services |
|
Total (1)
|
||||||||
|
(In millions)
|
||||||||||||||
Europe’s perimeter region:
|
|
|
|
|
|
|
|
||||||||
Spain
|
$
|
55
|
|
|
$
|
225
|
|
|
$
|
467
|
|
|
$
|
747
|
|
Italy
|
52
|
|
|
177
|
|
|
431
|
|
|
660
|
|
||||
Ireland
|
6
|
|
|
27
|
|
|
85
|
|
|
118
|
|
||||
Greece
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Portugal
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Total Europe’s perimeter region
|
113
|
|
|
431
|
|
|
984
|
|
|
1,528
|
|
||||
Brazil
|
315
|
|
|
87
|
|
|
619
|
|
|
1,021
|
|
||||
Argentina
|
367
|
|
|
1
|
|
|
107
|
|
|
475
|
|
||||
Russia
|
345
|
|
|
6
|
|
|
31
|
|
|
382
|
|
||||
Puerto Rico (2)
|
14
|
|
|
—
|
|
|
114
|
|
|
128
|
|
||||
Cyprus
|
35
|
|
|
4
|
|
|
—
|
|
|
39
|
|
||||
Ukraine
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||
Total
|
$
|
1,191
|
|
|
$
|
529
|
|
|
$
|
1,855
|
|
|
$
|
3,575
|
|
Investment grade %
|
45
|
%
|
|
89
|
%
|
|
61
|
%
|
|
60
|
%
|
(1)
|
The par value and amortized cost of the fixed maturity securities were
$3.4 billion
and
$3.5 billion
, respectively, at December 31,
2015
.
|
(2)
|
Our exposure to Puerto Rico sovereigns is in the form of political subdivision fixed maturities and is composed completely of revenue bonds. We have no Puerto Rico general obligation bonds.
|
|
For the Years Ended December 31,
|
|||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
|
Yield% (1)
|
|
Amount
|
|
Yield% (1)
|
|
Amount
|
|
Yield% (1)
|
|
Amount
|
|||||||||
|
|
|
(In millions)
|
|
|
|
(In millions)
|
|
|
|
(In millions)
|
|||||||||
Fixed maturity securities (2) (3)
|
4.63
|
|
%
|
$
|
14,201
|
|
|
4.81
|
|
%
|
$
|
14,946
|
|
|
4.84
|
|
%
|
$
|
15,098
|
|
Mortgage loans (3)
|
4.97
|
|
%
|
3,135
|
|
|
5.15
|
|
%
|
2,928
|
|
|
5.58
|
|
%
|
3,020
|
|
|||
Real estate and real estate joint ventures
|
4.89
|
|
%
|
488
|
|
|
3.67
|
|
%
|
376
|
|
|
3.44
|
|
%
|
347
|
|
|||
Policy loans
|
5.23
|
|
%
|
603
|
|
|
5.36
|
|
%
|
629
|
|
|
5.26
|
|
%
|
620
|
|
|||
Equity securities
|
4.71
|
|
%
|
144
|
|
|
4.30
|
|
%
|
133
|
|
|
4.44
|
|
%
|
127
|
|
|||
Other limited partnerships
|
8.45
|
|
%
|
669
|
|
|
13.01
|
|
%
|
1,033
|
|
|
13.35
|
|
%
|
955
|
|
|||
Cash and short-term investments
|
1.04
|
|
%
|
129
|
|
|
1.07
|
|
%
|
161
|
|
|
0.98
|
|
%
|
168
|
|
|||
Other invested assets
|
|
|
1,053
|
|
|
|
|
906
|
|
|
|
|
819
|
|
||||||
Total before investment fees and expenses
|
4.85
|
|
%
|
20,422
|
|
|
5.01
|
|
%
|
21,112
|
|
|
5.03
|
|
%
|
21,154
|
|
|||
Investment fees and expenses
|
(0.15
|
)
|
|
(633
|
)
|
|
(0.13
|
)
|
|
(556
|
)
|
|
(0.13
|
)
|
|
(563
|
)
|
|||
Net investment income including divested businesses (4)
|
4.70
|
|
%
|
19,789
|
|
|
4.88
|
|
%
|
20,556
|
|
|
4.90
|
|
%
|
20,591
|
|
|||
Less: net investment income from divested businesses (4)
|
|
|
—
|
|
|
|
|
(72
|
)
|
|
|
|
(197
|
)
|
||||||
Net investment income (5)
|
|
|
$
|
19,789
|
|
|
|
|
$
|
20,484
|
|
|
|
|
$
|
20,394
|
|
(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 (5) 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”) and contractholder-directed unit-linked investments. 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
$21 million
,
$103 million
and
$65 million
for the years ended December 31,
2015
,
2014
and
2013
, 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 divested businesses for the years ended December 31,
2014
and
2013
was
$72 million
and
$197 million
, respectively. Net investment income included in yield calculations include earned income on derivatives 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 (“investment hedge adjustments”). Investment hedge adjustments are a reclassification adjustment to net investment income presented in the yield table to the most directly comparable GAAP measure as presented below. The investment hedge adjustments presented below exclude cash settlements of
$1 million
and
$10 million
for the years ended December 31,
2014
, and
2013
, respectively. There were no net investment income adjustments for divested businesses or excluded scheduled periodic settlement payments on derivatives for the year ended December 31,
2015
.
|
(5)
|
Net investment income presented in the yield table varies from the most directly comparable GAAP measure due to certain reclassifications and adjustments and excludes the effects of consolidating certain VIEs under GAAP that are treated as CSEs and contractholder-directed unit-linked investments. Such reclassifications and adjustments are presented in the table below.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Net investment income — in the above yield table
|
$
|
19,789
|
|
|
$
|
20,484
|
|
|
$
|
20,394
|
|
Real estate discontinued operations
|
—
|
|
|
(1
|
)
|
|
(9
|
)
|
|||
Investment hedge adjustments
|
(776
|
)
|
|
(705
|
)
|
|
(643
|
)
|
|||
Operating joint venture adjustments
|
(4
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|||
Contractholder-directed unit-linked investments
|
264
|
|
|
1,266
|
|
|
2,172
|
|
|||
Divested businesses
|
—
|
|
|
72
|
|
|
197
|
|
|||
Incremental net investment income from CSEs
|
8
|
|
|
38
|
|
|
123
|
|
|||
Net investment income — GAAP consolidated statements of operations
|
$
|
19,281
|
|
|
$
|
21,153
|
|
|
$
|
22,232
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
||||||||
|
Estimated Fair
Value
|
|
% of
Total
|
|
Estimated Fair
Value
|
|
% of
Total
|
|
||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
|
||||
Fixed maturity securities
|
|
|
|
|
|
|
|
|
||||
Publicly-traded
|
$
|
302,400
|
|
|
86.1
|
%
|
$
|
315,167
|
|
|
86.2
|
%
|
Privately-placed
|
49,002
|
|
|
13.9
|
|
50,258
|
|
|
13.8
|
|
||
Total fixed maturity securities
|
$
|
351,402
|
|
|
100.0
|
%
|
$
|
365,425
|
|
|
100.0
|
%
|
Percentage of cash and invested assets
|
69.1
|
%
|
|
|
|
70.7
|
%
|
|
|
|
||
Equity securities
|
|
|
|
|
|
|
|
|
||||
Publicly-traded
|
$
|
2,184
|
|
|
65.8
|
%
|
$
|
2,569
|
|
|
70.8
|
%
|
Privately-held
|
1,137
|
|
|
34.2
|
|
1,062
|
|
|
29.2
|
|
||
Total equity securities
|
$
|
3,321
|
|
|
100.0
|
%
|
$
|
3,631
|
|
|
100.0
|
%
|
Percentage of cash and invested assets
|
0.7
|
%
|
|
|
|
0.7
|
%
|
|
|
|
||
Perpetual securities included within fixed maturity and equity securities AFS
|
$
|
819
|
|
|
|
|
$
|
1,009
|
|
|
|
|
Redeemable preferred stock with a stated maturity included within fixed maturity securities AFS
|
$
|
1,216
|
|
|
|
|
$
|
1,265
|
|
|
|
|
|
December 31, 2015
|
||||||||||||
|
Fixed Maturity
Securities
|
|
Equity
Securities
|
||||||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Level 1
|
|
|
|
|
|
|
|
||||||
Quoted prices in active markets for identical assets
|
$
|
37,660
|
|
|
10.7
|
%
|
|
$
|
1,274
|
|
|
38.3
|
%
|
Level 2
|
|
|
|
|
|
|
|
||||||
Independent pricing sources
|
258,271
|
|
|
73.5
|
|
|
1,470
|
|
|
44.3
|
|
||
Internal matrix pricing or discounted cash flow techniques
|
34,657
|
|
|
9.9
|
|
|
145
|
|
|
4.4
|
|
||
Significant other observable inputs
|
292,928
|
|
|
83.4
|
|
|
1,615
|
|
|
48.7
|
|
||
Level 3
|
|
|
|
|
|
|
|
||||||
Independent pricing sources
|
7,122
|
|
|
2.0
|
|
|
308
|
|
|
9.3
|
|
||
Internal matrix pricing or discounted cash flow techniques
|
12,273
|
|
|
3.5
|
|
|
109
|
|
|
3.3
|
|
||
Independent broker quotations
|
1,419
|
|
|
0.4
|
|
|
15
|
|
|
0.4
|
|
||
Significant unobservable inputs
|
20,814
|
|
|
5.9
|
|
|
432
|
|
|
13.0
|
|
||
Total estimated fair value
|
$
|
351,402
|
|
|
100.0
|
%
|
|
$
|
3,321
|
|
|
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,
2015
, Level 3 fixed maturity securities decreased by
$1.3 billion
, or
6%
. The decrease was driven by net transfers out of Level 3, partially offset by purchases in excess of sales and a decrease in estimated fair value recognized in OCI.
|
|
|
|
|
December 31,
|
|
|||||||||||||||||||||||||||
|
|
|
|
2015
|
|
|
2014
|
|
||||||||||||||||||||||||
NAIC
Designation
|
|
NRSRO 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
|
|
$
|
234,176
|
|
|
$
|
16,627
|
|
|
$
|
250,803
|
|
|
71.4
|
%
|
|
$
|
233,246
|
|
|
$
|
23,837
|
|
|
$
|
257,083
|
|
|
70.4
|
%
|
2
|
|
Baa
|
|
77,313
|
|
|
2,210
|
|
|
79,523
|
|
|
22.6
|
|
|
76,754
|
|
|
6,654
|
|
|
83,408
|
|
|
22.8
|
|
||||||
|
|
Subtotal investment grade
|
|
311,489
|
|
|
18,837
|
|
|
330,326
|
|
|
94.0
|
|
|
310,000
|
|
|
30,491
|
|
|
340,491
|
|
|
93.2
|
|
||||||
3
|
|
Ba
|
|
15,314
|
|
|
(172
|
)
|
|
15,142
|
|
|
4.3
|
|
|
14,967
|
|
|
178
|
|
|
15,145
|
|
|
4.1
|
|
||||||
4
|
|
B
|
|
5,083
|
|
|
(244
|
)
|
|
4,839
|
|
|
1.4
|
|
|
8,481
|
|
|
(96
|
)
|
|
8,385
|
|
|
2.3
|
|
||||||
5
|
|
Caa and lower
|
|
1,036
|
|
|
5
|
|
|
1,041
|
|
|
0.3
|
|
|
1,296
|
|
|
44
|
|
|
1,340
|
|
|
0.4
|
|
||||||
6
|
|
In or near default
|
|
42
|
|
|
12
|
|
|
54
|
|
|
—
|
|
|
36
|
|
|
28
|
|
|
64
|
|
|
—
|
|
||||||
|
|
Subtotal below investment grade
|
|
21,475
|
|
|
(399
|
)
|
|
21,076
|
|
|
6.0
|
|
|
24,780
|
|
|
154
|
|
|
24,934
|
|
|
6.8
|
|
||||||
|
|
Total fixed maturity securities
|
|
$
|
332,964
|
|
|
$
|
18,438
|
|
|
$
|
351,402
|
|
|
100.0
|
%
|
|
$
|
334,780
|
|
|
$
|
30,645
|
|
|
$
|
365,425
|
|
|
100.0
|
%
|
|
Fixed Maturity Securities — by Sector & Credit Quality Rating
|
||||||||||||||||||||||||||
NAIC Designation:
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
6
|
|
Total
Estimated
Fair Value
|
||||||||||||||
NRSRO Rating:
|
Aaa/Aa/A
|
|
Baa
|
|
Ba
|
|
B
|
|
Caa and
Lower
|
|
In or Near
Default
|
|
|||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. corporate
|
$
|
43,448
|
|
|
$
|
44,158
|
|
|
$
|
9,163
|
|
|
$
|
3,532
|
|
|
$
|
493
|
|
|
$
|
—
|
|
|
$
|
100,794
|
|
U.S. Treasury and agency
|
61,646
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,646
|
|
|||||||
Foreign corporate
|
23,368
|
|
|
29,362
|
|
|
3,621
|
|
|
732
|
|
|
114
|
|
|
1
|
|
|
57,198
|
|
|||||||
Foreign government
|
43,911
|
|
|
4,098
|
|
|
1,730
|
|
|
395
|
|
|
326
|
|
|
39
|
|
|
50,499
|
|
|||||||
RMBS
|
37,394
|
|
|
560
|
|
|
579
|
|
|
177
|
|
|
78
|
|
|
9
|
|
|
38,797
|
|
|||||||
State and political subdivision
|
14,818
|
|
|
599
|
|
|
10
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
15,441
|
|
|||||||
ABS
|
13,646
|
|
|
702
|
|
|
24
|
|
|
3
|
|
|
14
|
|
|
5
|
|
|
14,394
|
|
|||||||
CMBS
|
12,572
|
|
|
44
|
|
|
15
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
12,633
|
|
|||||||
Total fixed maturity securities
|
$
|
250,803
|
|
|
$
|
79,523
|
|
|
$
|
15,142
|
|
|
$
|
4,839
|
|
|
$
|
1,041
|
|
|
$
|
54
|
|
|
$
|
351,402
|
|
Percentage of total
|
71.4
|
%
|
|
22.6
|
%
|
|
4.3
|
%
|
|
1.4
|
%
|
|
0.3
|
%
|
|
—
|
%
|
|
100.0
|
%
|
|||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. corporate
|
$
|
46,043
|
|
|
$
|
44,174
|
|
|
$
|
9,627
|
|
|
$
|
5,602
|
|
|
$
|
497
|
|
|
$
|
11
|
|
|
$
|
105,954
|
|
U.S. Treasury and agency
|
61,516
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,516
|
|
|||||||
Foreign corporate
|
25,368
|
|
|
31,084
|
|
|
3,775
|
|
|
1,358
|
|
|
89
|
|
|
1
|
|
|
61,675
|
|
|||||||
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
|
|
|||||||
ABS
|
13,383
|
|
|
807
|
|
|
37
|
|
|
2
|
|
|
15
|
|
|
5
|
|
|
14,249
|
|
|||||||
CMBS
|
14,124
|
|
|
30
|
|
|
166
|
|
|
9
|
|
|
3
|
|
|
—
|
|
|
14,332
|
|
|||||||
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,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Estimated
Fair
Value
|
|
% of
Total
|
|
Estimated
Fair
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Corporate fixed maturity securities — by sector:
|
|
|
|
|
|
|
|
||||||
Foreign corporate (1)
|
$
|
57,198
|
|
|
36.2
|
%
|
|
$
|
61,675
|
|
|
36.8
|
%
|
U.S. corporate fixed maturity securities — by industry:
|
|
|
|
|
|
|
|
||||||
Consumer
|
27,715
|
|
|
17.5
|
|
|
27,808
|
|
|
16.6
|
|
||
Industrial
|
25,861
|
|
|
16.4
|
|
|
27,221
|
|
|
16.2
|
|
||
Utility
|
18,591
|
|
|
11.8
|
|
|
20,029
|
|
|
12.0
|
|
||
Finance
|
18,239
|
|
|
11.5
|
|
|
18,688
|
|
|
11.1
|
|
||
Communications
|
6,802
|
|
|
4.3
|
|
|
8,071
|
|
|
4.8
|
|
||
Other
|
3,586
|
|
|
2.3
|
|
|
4,137
|
|
|
2.5
|
|
||
Total
|
$
|
157,992
|
|
|
100.0
|
%
|
|
$
|
167,629
|
|
|
100.0
|
%
|
(1)
|
Includes both U.S. dollar and foreign denominated securities.
|
|
December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||
|
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
|
$
|
20,604
|
|
|
53.1
|
%
|
|
$
|
578
|
|
|
$
|
20,269
|
|
|
50.9
|
%
|
|
$
|
1,083
|
|
Pass-through securities
|
18,193
|
|
|
46.9
|
|
|
305
|
|
|
19,577
|
|
|
49.1
|
|
|
699
|
|
||||
Total RMBS
|
$
|
38,797
|
|
|
100.0
|
%
|
|
$
|
883
|
|
|
$
|
39,846
|
|
|
100.0
|
%
|
|
$
|
1,782
|
|
By risk profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Agency
|
$
|
26,214
|
|
|
67.6
|
%
|
|
$
|
763
|
|
|
$
|
26,818
|
|
|
67.3
|
%
|
|
$
|
1,469
|
|
Prime
|
1,960
|
|
|
5.1
|
|
|
41
|
|
|
2,648
|
|
|
6.6
|
|
|
68
|
|
||||
Alt-A
|
5,990
|
|
|
15.4
|
|
|
(18
|
)
|
|
5,540
|
|
|
13.9
|
|
|
85
|
|
||||
Sub-prime
|
4,633
|
|
|
11.9
|
|
|
97
|
|
|
4,840
|
|
|
12.2
|
|
|
160
|
|
||||
Total RMBS
|
$
|
38,797
|
|
|
100.0
|
%
|
|
$
|
883
|
|
|
$
|
39,846
|
|
|
100.0
|
%
|
|
$
|
1,782
|
|
Ratings profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rated Aaa/AAA
|
$
|
26,809
|
|
|
69.1
|
%
|
|
|
|
$
|
27,362
|
|
|
68.7
|
%
|
|
|
||||
Designated NAIC 1
|
$
|
37,394
|
|
|
96.4
|
%
|
|
|
|
$
|
37,156
|
|
|
93.2
|
%
|
|
|
|
December 31,
|
||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||
|
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 obligations
|
$
|
7,698
|
|
|
53.5
|
%
|
|
$
|
(144
|
)
|
|
$
|
5,262
|
|
|
36.9
|
%
|
|
$
|
(46
|
)
|
Foreign residential loans
|
1,365
|
|
|
9.5
|
|
|
32
|
|
|
2,146
|
|
|
15.1
|
|
|
63
|
|
||||
Student loans
|
1,284
|
|
|
8.9
|
|
|
(30
|
)
|
|
1,997
|
|
|
14.0
|
|
|
42
|
|
||||
Automobile loans
|
1,153
|
|
|
8.0
|
|
|
—
|
|
|
1,625
|
|
|
11.4
|
|
|
10
|
|
||||
Credit card loans
|
831
|
|
|
5.8
|
|
|
27
|
|
|
1,195
|
|
|
8.4
|
|
|
44
|
|
||||
Other loans
|
2,063
|
|
|
14.3
|
|
|
11
|
|
|
2,024
|
|
|
14.2
|
|
|
15
|
|
||||
Total
|
$
|
14,394
|
|
|
100.0
|
%
|
|
$
|
(104
|
)
|
|
$
|
14,249
|
|
|
100.0
|
%
|
|
$
|
128
|
|
Ratings profile:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Rated Aaa/AAA
|
$
|
7,510
|
|
|
52.2
|
%
|
|
|
|
$
|
7,950
|
|
|
55.8
|
%
|
|
|
||||
Designated NAIC 1
|
$
|
13,646
|
|
|
94.8
|
%
|
|
|
|
$
|
13,383
|
|
|
93.9
|
%
|
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||
|
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 - 2005
|
$
|
187
|
|
|
$
|
198
|
|
|
$
|
95
|
|
|
$
|
101
|
|
|
$
|
33
|
|
|
$
|
35
|
|
|
$
|
47
|
|
|
$
|
48
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
372
|
|
|
$
|
392
|
|
2006
|
1,061
|
|
|
1,070
|
|
|
79
|
|
|
79
|
|
|
76
|
|
|
77
|
|
|
50
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
1,266
|
|
|
1,282
|
|
||||||||||||
2007
|
477
|
|
|
486
|
|
|
144
|
|
|
145
|
|
|
84
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
125
|
|
|
828
|
|
|
843
|
|
||||||||||||
2008 - 2010
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
18
|
|
||||||||||||
2011
|
560
|
|
|
593
|
|
|
23
|
|
|
24
|
|
|
63
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
646
|
|
|
681
|
|
||||||||||||
2012
|
506
|
|
|
534
|
|
|
368
|
|
|
376
|
|
|
500
|
|
|
513
|
|
|
8
|
|
|
9
|
|
|
1
|
|
|
1
|
|
|
1,383
|
|
|
1,433
|
|
||||||||||||
2013
|
989
|
|
|
1,036
|
|
|
696
|
|
|
735
|
|
|
893
|
|
|
925
|
|
|
12
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
2,590
|
|
|
2,706
|
|
||||||||||||
2014
|
854
|
|
|
859
|
|
|
939
|
|
|
937
|
|
|
453
|
|
|
459
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
2,247
|
|
|
2,256
|
|
||||||||||||
2015
|
2,258
|
|
|
2,227
|
|
|
445
|
|
|
436
|
|
|
325
|
|
|
327
|
|
|
32
|
|
|
32
|
|
|
—
|
|
|
—
|
|
|
3,060
|
|
|
3,022
|
|
||||||||||||
Total
|
$
|
6,897
|
|
|
$
|
7,008
|
|
|
$
|
2,789
|
|
|
$
|
2,833
|
|
|
$
|
2,440
|
|
|
$
|
2,500
|
|
|
$
|
150
|
|
|
$
|
156
|
|
|
$
|
134
|
|
|
$
|
136
|
|
|
$
|
12,410
|
|
|
$
|
12,633
|
|
Ratings
Distribution
|
|
|
55.5
|
%
|
|
|
|
22.4
|
%
|
|
|
|
19.8
|
%
|
|
|
|
1.2
|
%
|
|
|
|
1.1
|
%
|
|
|
|
100.0
|
%
|
|
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,
|
||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||
|
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
|
$
|
44,012
|
|
|
65.8
|
%
|
|
$
|
217
|
|
|
0.5
|
%
|
|
$
|
41,088
|
|
|
68.7
|
%
|
|
$
|
224
|
|
|
0.5
|
%
|
Agricultural
|
13,188
|
|
|
19.7
|
|
|
42
|
|
|
0.3
|
%
|
|
12,378
|
|
|
20.7
|
|
|
39
|
|
|
0.3
|
%
|
||||
Residential
|
9,734
|
|
|
14.5
|
|
|
59
|
|
|
0.6
|
%
|
|
6,369
|
|
|
10.6
|
|
|
42
|
|
|
0.7
|
%
|
||||
Total
|
$
|
66,934
|
|
|
100.0
|
%
|
|
$
|
318
|
|
|
0.5
|
%
|
|
$
|
59,835
|
|
|
100.0
|
%
|
|
$
|
305
|
|
|
0.5
|
%
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Amount
|
|
% of
Total
|
|
Amount
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Region
|
|
|
|
|
|
|
|
||||||
Pacific
|
$
|
9,583
|
|
|
21.8
|
%
|
|
$
|
8,620
|
|
|
21.0
|
%
|
Middle Atlantic
|
8,154
|
|
|
18.5
|
|
|
7,689
|
|
|
18.7
|
|
||
International
|
7,889
|
|
|
17.9
|
|
|
7,251
|
|
|
17.7
|
|
||
South Atlantic
|
6,127
|
|
|
13.9
|
|
|
6,384
|
|
|
15.5
|
|
||
West South Central
|
4,311
|
|
|
9.8
|
|
|
3,990
|
|
|
9.7
|
|
||
East North Central
|
2,346
|
|
|
5.3
|
|
|
2,430
|
|
|
5.9
|
|
||
New England
|
1,367
|
|
|
3.1
|
|
|
1,155
|
|
|
2.8
|
|
||
Mountain
|
1,117
|
|
|
2.5
|
|
|
932
|
|
|
2.3
|
|
||
West North Central
|
520
|
|
|
1.2
|
|
|
140
|
|
|
0.3
|
|
||
East South Central
|
512
|
|
|
1.2
|
|
|
424
|
|
|
1.0
|
|
||
Multi-Region and Other
|
2,086
|
|
|
4.8
|
|
|
2,073
|
|
|
5.1
|
|
||
Total recorded investment
|
44,012
|
|
|
100.0
|
%
|
|
41,088
|
|
|
100.0
|
%
|
||
Less: valuation allowances
|
217
|
|
|
|
|
224
|
|
|
|
||||
Carrying value, net of valuation allowances
|
$
|
43,795
|
|
|
|
|
$
|
40,864
|
|
|
|
||
Property Type
|
|
|
|
|
|
|
|
||||||
Office
|
$
|
21,525
|
|
|
48.9
|
%
|
|
$
|
21,400
|
|
|
52.1
|
%
|
Retail
|
10,466
|
|
|
23.8
|
|
|
9,389
|
|
|
22.9
|
|
||
Apartment
|
5,171
|
|
|
11.7
|
|
|
3,786
|
|
|
9.2
|
|
||
Hotel
|
4,396
|
|
|
10.0
|
|
|
4,196
|
|
|
10.2
|
|
||
Industrial
|
2,334
|
|
|
5.3
|
|
|
2,133
|
|
|
5.2
|
|
||
Other
|
120
|
|
|
0.3
|
|
|
184
|
|
|
0.4
|
|
||
Total recorded investment
|
44,012
|
|
|
100.0
|
%
|
|
41,088
|
|
|
100.0
|
%
|
||
Less: valuation allowances
|
217
|
|
|
|
|
224
|
|
|
|
||||
Carrying value, net of valuation allowances
|
$
|
43,795
|
|
|
|
|
$
|
40,864
|
|
|
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Traditional
|
$
|
7,859
|
|
|
93.2
|
%
|
|
$
|
9,386
|
|
|
89.2
|
%
|
Real estate joint ventures and funds
|
482
|
|
|
5.7
|
|
|
647
|
|
|
6.2
|
|
||
Subtotal
|
8,341
|
|
|
98.9
|
|
|
10,033
|
|
|
95.4
|
|
||
Foreclosed (commercial, agricultural and residential)
|
45
|
|
|
0.5
|
|
|
320
|
|
|
3.0
|
|
||
Real estate held-for-investment
|
8,386
|
|
|
99.4
|
|
|
10,353
|
|
|
98.4
|
|
||
Real estate held-for-sale
|
47
|
|
|
0.6
|
|
|
172
|
|
|
1.6
|
|
||
Total real estate and real estate joint ventures
|
$
|
8,433
|
|
|
100.0
|
%
|
|
$
|
10,525
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Office
|
$
|
3,265
|
|
|
38.7
|
%
|
|
$
|
5,574
|
|
|
53.0
|
%
|
Apartment
|
1,662
|
|
|
19.7
|
|
|
1,684
|
|
|
16.0
|
|
||
Retail
|
1,032
|
|
|
12.2
|
|
|
782
|
|
|
7.4
|
|
||
Real estate investment funds
|
683
|
|
|
8.1
|
|
|
351
|
|
|
3.3
|
|
||
Hotel
|
544
|
|
|
6.5
|
|
|
554
|
|
|
5.3
|
|
||
Industrial
|
483
|
|
|
5.7
|
|
|
614
|
|
|
5.8
|
|
||
Land
|
348
|
|
|
4.1
|
|
|
432
|
|
|
4.1
|
|
||
Agriculture
|
32
|
|
|
0.4
|
|
|
37
|
|
|
0.4
|
|
||
Other
|
384
|
|
|
4.6
|
|
|
497
|
|
|
4.7
|
|
||
Total real estate and real estate joint ventures
|
$
|
8,433
|
|
|
100.0
|
%
|
|
$
|
10,525
|
|
|
100.0
|
%
|
|
December 31,
|
|||||||||||||
|
2015
|
|
2014
|
|||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
|||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
|||||||
Freestanding derivatives with positive estimated fair values
|
$
|
14,406
|
|
|
64.0
|
%
|
|
$
|
13,452
|
|
|
63.2
|
%
|
|
Tax credit and renewable energy partnerships
|
3,145
|
|
|
13.9
|
|
|
2,752
|
|
|
12.9
|
|
|||
Leveraged leases, net of non-recourse debt
|
1,712
|
|
|
7.6
|
|
|
1,785
|
|
|
8.4
|
|
|||
Direct financing leases
|
1,076
|
|
|
4.8
|
|
|
1,119
|
|
|
5.3
|
|
|||
Funds withheld
|
771
|
|
|
3.4
|
|
|
763
|
|
|
3.6
|
|
|||
Operating joint ventures
|
605
|
|
|
2.7
|
|
|
513
|
|
|
2.4
|
|
|||
Other
|
809
|
|
|
3.6
|
|
|
899
|
|
|
4.2
|
|
|||
Total
|
$
|
22,524
|
|
|
100.0
|
%
|
|
$
|
21,283
|
|
|
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, 2015
and
2014
.
|
•
|
The statement of operations effects of derivatives in net investments in foreign operations, cash flow, fair value, or nonqualifying hedge relationships for the
years ended December 31, 2015
,
2014
and
2013
.
|
|
|
Year Ended December 31, 2015
|
Gain (loss) recognized in net income (loss)
|
|
($223) million
|
Percentage of gain (loss) attributable to observable inputs
|
|
26%
|
Primary drivers of observable gain (loss)
|
|
Strengthening of U.S. dollar versus foreign currencies on receive foreign, pay-U.S. dollar forwards and swaps; increases in equity index levels; and increases in short-term interest rates.
|
Percentage of gain (loss) attributable to unobservable inputs
|
|
74%
|
|
|
December 31,
|
||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||
Credit Default Swaps
|
|
Gross
Notional
Amount
|
|
Estimated
Fair Value
|
|
Gross
Notional
Amount
|
|
Estimated
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Purchased (1)
|
|
$
|
1,870
|
|
|
$
|
(6
|
)
|
|
$
|
2,830
|
|
|
$
|
(26
|
)
|
Written (2)
|
|
10,311
|
|
|
65
|
|
|
10,527
|
|
|
175
|
|
||||
Total
|
|
$
|
12,181
|
|
|
$
|
59
|
|
|
$
|
13,357
|
|
|
$
|
149
|
|
(1)
|
The gross notional amount and estimated fair value for purchased credit default swaps in the trading portfolio were $175 million and ($2) million, respectively, at
December 31, 2015
and $250 million and ($6) million, respectively, at
December 31, 2014
.
|
(2)
|
The gross notional amount and estimated fair value for written credit default swaps in the trading portfolio were $20 million and ($2) million, respectively, at
December 31, 2015
and $15 million and $1 million, respectively, at December 31,
2014
.
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||||
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)
|
|
$
|
32
|
|
|
$
|
(28
|
)
|
|
$
|
4
|
|
|
$
|
30
|
|
|
$
|
(42
|
)
|
|
$
|
(12
|
)
|
Written (3), (4)
|
|
29
|
|
|
(112
|
)
|
|
(83
|
)
|
|
65
|
|
|
(44
|
)
|
|
21
|
|
||||||
Total
|
|
$
|
61
|
|
|
$
|
(140
|
)
|
|
$
|
(79
|
)
|
|
$
|
95
|
|
|
$
|
(86
|
)
|
|
$
|
9
|
|
(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 $8 million and ($11) million, respectively, for the
year ended December 31, 2015
and $5 million and ($5) million, respectively, for the
year ended December 31, 2014
.
|
(3)
|
The gross gains and gross (losses) for written credit default swaps in the trading portfolio were $3 million and ($3) million, respectively, for the year ended
December 31, 2015
and were not significant for the year ended
December 31, 2014
.
|
(4)
|
Gains (losses) do not include earned income (expense) on credit default swaps.
|
|
December 31, 2015
|
||||||
Guaranteed Minimum Crediting Rate
|
Account
Value (1)
|
|
Account Value at Guarantee (1)
|
||||
|
(In millions)
|
||||||
Life & Other
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
94
|
|
|
$
|
94
|
|
Equal to 2% but less than 4%
|
$
|
12,471
|
|
|
$
|
5,298
|
|
Equal to or greater than 4%
|
$
|
10,551
|
|
|
$
|
6,251
|
|
Annuities
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
3,429
|
|
|
$
|
2,932
|
|
Equal to 2% but less than 4%
|
$
|
30,786
|
|
|
$
|
27,047
|
|
Equal to or greater than 4%
|
$
|
2,342
|
|
|
$
|
2,302
|
|
(1)
|
These amounts are not adjusted for policy loans.
|
|
December 31, 2015
|
||||||
Guaranteed Minimum Crediting Rate
|
Account
Value (1)
|
|
Account
Value at Guarantee (1)
|
||||
|
(In millions)
|
||||||
Greater than 0% but less than 2%
|
$
|
4,845
|
|
|
$
|
4,841
|
|
Equal to 2% but less than 4%
|
$
|
2,018
|
|
|
$
|
1,987
|
|
Equal to or greater than 4%
|
$
|
683
|
|
|
$
|
656
|
|
(1)
|
These amounts are not adjusted for policy loans.
|
|
December 31, 2015
|
||||||
Guaranteed Minimum Crediting Rate (1)
|
Account
Value (2)
|
|
Account
Value at
Guarantee (2)
|
||||
|
(In millions)
|
||||||
Annuities
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
19,059
|
|
|
$
|
3,093
|
|
Equal to 2% but less than 4%
|
$
|
1,043
|
|
|
$
|
224
|
|
Equal to or greater than 4%
|
$
|
1
|
|
|
$
|
1
|
|
Life & Other
|
|
|
|
||||
Greater than 0% but less than 2%
|
$
|
6,296
|
|
|
$
|
5,960
|
|
Equal to 2% but less than 4%
|
$
|
17,972
|
|
|
$
|
8,039
|
|
Equal to or greater than 4%
|
$
|
268
|
|
|
$
|
—
|
|
(1)
|
Excludes negative VOBA liabilities of $1.2 billion at December 31,
2015
, 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,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(In millions)
|
||||||||||||||
Americas
|
|
|
|
|
|
|
|
||||||||
GMDB
|
$
|
937
|
|
|
$
|
710
|
|
|
$
|
—
|
|
|
$
|
—
|
|
GMIB
|
2,410
|
|
|
1,993
|
|
|
(507
|
)
|
|
(1,278
|
)
|
||||
GMAB
|
—
|
|
|
—
|
|
|
9
|
|
|
2
|
|
||||
GMWB
|
127
|
|
|
104
|
|
|
338
|
|
|
38
|
|
||||
Asia
|
|
|
|
|
|
|
|
||||||||
GMDB
|
25
|
|
|
29
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
37
|
|
|
22
|
|
||||
GMWB
|
89
|
|
|
91
|
|
|
151
|
|
|
129
|
|
||||
EMEA
|
|
|
|
|
|
|
|
||||||||
GMDB
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
16
|
|
|
23
|
|
||||
GMWB
|
8
|
|
|
26
|
|
|
(63
|
)
|
|
(61
|
)
|
||||
Corporate & Other
|
|
|
|
|
|
|
|
||||||||
GMDB
|
13
|
|
|
17
|
|
|
—
|
|
|
—
|
|
||||
GMAB
|
—
|
|
|
—
|
|
|
13
|
|
|
23
|
|
||||
GMWB
|
104
|
|
|
74
|
|
|
951
|
|
|
949
|
|
||||
Total
|
$
|
3,715
|
|
|
$
|
3,046
|
|
|
$
|
945
|
|
|
$
|
(153
|
)
|
|
Total Account Value (1)
|
||||||||||
|
Americas
|
|
Asia & EMEA
|
|
Corporate
& Other
|
||||||
|
(In millions)
|
||||||||||
Return of premium or five to seven year step-up
|
$
|
100,518
|
|
|
$
|
9,916
|
|
|
$
|
10,715
|
|
Annual step-up
|
27,796
|
|
|
—
|
|
|
—
|
|
|||
Roll-up and step-up combination
|
36,539
|
|
|
—
|
|
|
—
|
|
|||
Total
|
$
|
164,853
|
|
|
$
|
9,916
|
|
|
$
|
10,715
|
|
(1)
|
Total account value excludes $2.1billion for contracts with no GMDBs. Further, many of our annuity contracts offer more than one type of guarantee such that GMDB amounts listed above are not mutually exclusive to the amounts in the living benefit guarantees table below.
|
|
Total Account Value (1)
|
||||||||||
|
Americas
|
|
Asia & EMEA
|
|
Corporate
& Other
|
||||||
|
(In millions)
|
||||||||||
GMIB
|
$
|
90,292
|
|
|
$
|
—
|
|
|
$
|
—
|
|
GMWB - non-life contingent (2)
|
5,704
|
|
|
2,647
|
|
|
2,319
|
|
|||
GMWB - life-contingent
|
22,144
|
|
|
4,524
|
|
|
7,416
|
|
|||
GMAB
|
675
|
|
|
1,376
|
|
|
980
|
|
|||
|
$
|
118,815
|
|
|
$
|
8,547
|
|
|
$
|
10,715
|
|
(1)
|
Total account value excludes $48.1 billion for contracts with no living benefit guarantees. Further, many of our annuity contracts offer more than one type of guarantee such that living benefit guarantee amounts listed above are not mutually exclusive of the amounts in the GMDBs table above.
|
(2)
|
The Asia and EMEA segments include the non-life contingent portion of the GMWB total account value of $948 million with a guarantee at annuitization.
|
|
Total
Account Value
|
||
|
(In millions)
|
||
7-year setback, 2.5% interest rate
|
$
|
32,382
|
|
7-year setback, 1.5% interest rate
|
5,632
|
|
|
10-year setback, 1.5% interest rate
|
18,340
|
|
|
10-year mortality projection, 10-year setback, 1.0% interest rate
|
29,751
|
|
|
10-year mortality projection, 10-year setback, 0.5% interest rate
|
4,187
|
|
|
|
$
|
90,292
|
|
|
In-the-Moneyness
|
|
Total
Account Value
|
|
% of Total
|
|||
|
|
|
(In millions)
|
|
|
|||
In-the-money
|
30% +
|
|
$
|
2,460
|
|
|
3
|
%
|
|
20% to 30%
|
|
1,970
|
|
|
2
|
%
|
|
|
10% to 20%
|
|
3,722
|
|
|
4
|
%
|
|
|
0% to 10%
|
|
6,180
|
|
|
7
|
%
|
|
|
|
|
14,332
|
|
|
|
||
Out-of-the-money
|
-10% to 0%
|
|
12,662
|
|
|
14
|
%
|
|
|
-20% to 10%
|
|
11,540
|
|
|
13
|
%
|
|
|
-20% +
|
|
51,758
|
|
|
57
|
%
|
|
|
|
|
75,960
|
|
|
|
||
Total GMIBs
|
|
|
$
|
90,292
|
|
|
|
|
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
|
|
2015
|
|
2014
|
||||||||||||||||||||
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
|
|
$
|
23,430
|
|
|
$
|
2,056
|
|
|
$
|
966
|
|
|
$
|
22,794
|
|
|
$
|
1,881
|
|
|
$
|
834
|
|
|
|
Interest rate futures
|
|
3,915
|
|
|
4
|
|
|
5
|
|
|
2,707
|
|
|
3
|
|
|
9
|
|
||||||
|
|
Interest rate options
|
|
24,923
|
|
|
994
|
|
|
7
|
|
|
36,510
|
|
|
908
|
|
|
26
|
|
||||||
Foreign currency exchange rate
|
|
Foreign currency forwards
|
|
2,305
|
|
|
29
|
|
|
7
|
|
|
2,241
|
|
|
1
|
|
|
137
|
|
||||||
|
|
Foreign currency futures
|
|
135
|
|
|
—
|
|
|
—
|
|
|
522
|
|
|
2
|
|
|
—
|
|
||||||
Equity market
|
|
Equity futures
|
|
7,104
|
|
|
61
|
|
|
18
|
|
|
6,065
|
|
|
65
|
|
|
2
|
|
||||||
|
|
Equity options
|
|
54,113
|
|
|
1,541
|
|
|
1,041
|
|
|
37,427
|
|
|
1,422
|
|
|
1,035
|
|
||||||
|
|
Variance swaps
|
|
23,437
|
|
|
195
|
|
|
636
|
|
|
24,598
|
|
|
196
|
|
|
639
|
|
||||||
|
|
Total rate of return swaps
|
|
3,803
|
|
|
47
|
|
|
58
|
|
|
3,297
|
|
|
22
|
|
|
101
|
|
||||||
|
|
Total
|
|
$
|
143,165
|
|
|
$
|
4,927
|
|
|
$
|
2,738
|
|
|
$
|
136,161
|
|
|
$
|
4,500
|
|
|
$
|
2,783
|
|
•
|
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,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Sources:
|
|
|
|
|
|
||||||
Operating activities, net
|
$
|
14,129
|
|
|
$
|
16,376
|
|
|
$
|
16,131
|
|
Changes in policyholder account balances, net
|
—
|
|
|
1,483
|
|
|
—
|
|
|||
Changes in payables for collateral under securities loaned and other transactions, net
|
1,544
|
|
|
5,031
|
|
|
—
|
|
|||
Short-term debt issuances, net
|
—
|
|
|
—
|
|
|
75
|
|
|||
Long-term debt issued
|
3,893
|
|
|
1,000
|
|
|
1,372
|
|
|||
Cash received in connection with redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
774
|
|
|||
Common stock issued, net of issuance costs
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|||
Preferred stock issued, net of issuance costs
|
1,483
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
198
|
|
|
—
|
|
|
—
|
|
|||
Total sources
|
21,247
|
|
|
24,890
|
|
|
19,352
|
|
|||
Uses:
|
|
|
|
|
|
||||||
Investing activities, net
|
10,398
|
|
|
15,055
|
|
|
15,165
|
|
|||
Changes in policyholder account balances, net
|
1,717
|
|
|
—
|
|
|
5,681
|
|
|||
Changes in payables for collateral under securities loaned and other transactions, net
|
—
|
|
|
—
|
|
|
3,276
|
|
|||
Short-term debt repayments, net
|
—
|
|
|
75
|
|
|
—
|
|
|||
Long-term debt repaid
|
1,438
|
|
|
2,862
|
|
|
1,746
|
|
|||
Collateral financing arrangements repaid
|
57
|
|
|
—
|
|
|
—
|
|
|||
Treasury stock acquired in connection with share repurchases
|
1,930
|
|
|
1,000
|
|
|
—
|
|
|||
Repurchase of preferred stock
|
1,460
|
|
|
—
|
|
|
—
|
|
|||
Preferred stock repurchase premium
|
42
|
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
116
|
|
|
122
|
|
|
122
|
|
|||
Dividends on common stock
|
1,653
|
|
|
1,499
|
|
|
1,119
|
|
|||
Other, net
|
—
|
|
|
700
|
|
|
184
|
|
|||
Effect of change in foreign currency exchange rates on cash and cash equivalents
|
492
|
|
|
354
|
|
|
212
|
|
|||
Total uses
|
19,303
|
|
|
21,667
|
|
|
27,505
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
1,944
|
|
|
$
|
3,223
|
|
|
$
|
(8,153
|
)
|
•
|
In December 2015, MetLife Private Equity Holdings, LLC (“MPEH”), a wholly-owned indirect investment subsidiary of MLIC, borrowed $350 million under term loans that mature in December 2020 (see “Other Notes” in Note 12 of the Notes to the Consolidated Financial Statements for further information);
|
•
|
In November 2015, MetLife, Inc. issued $1.3 billion of senior notes for general corporate purposes, which include repayment of certain senior notes upon their maturity in 2016;
|
•
|
In March 2015, MetLife, Inc. issued $1.5 billion of senior notes for general corporate purposes, which included repayment of certain senior notes upon their maturity in 2015;
|
•
|
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; and
|
•
|
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.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Short-term debt
|
$
|
100
|
|
|
$
|
100
|
|
Long-term debt (1), (2)
|
$
|
17,963
|
|
|
$
|
16,135
|
|
Collateral financing arrangements (3)
|
$
|
4,139
|
|
|
$
|
4,196
|
|
Junior subordinated debt securities (3)
|
$
|
3,194
|
|
|
$
|
3,193
|
|
(1)
|
Excludes $60 million and $151 million at December 31,
2015
and
2014
, 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)
|
Includes $408 million and $59 million of non-recourse debt at
December 31, 2015
and
2014
, respectively, for which creditors have no access, subject to customary exceptions, to the general assets of the Company other than recourse to certain investment subsidiaries.
|
(3)
|
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 2015, MetLife, Inc. repaid at maturity its $1.0 billion 5.0% senior notes;
|
•
|
In 2015, following regulatory approval, MetLife Reinsurance Company of Charleston (“MRC”), a wholly-owned subsidiary of MetLife, Inc., repurchased and canceled $57 million in aggregate principal amount of its surplus notes;
|
•
|
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; and
|
•
|
In November and August 2013, MetLife, Inc. repaid at maturity its $500 million and $250 million senior notes, respectively.
|
|
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
|
$
|
376,995
|
|
|
$
|
23,088
|
|
|
$
|
20,349
|
|
|
$
|
20,203
|
|
|
$
|
313,355
|
|
Policyholder account balances
|
286,125
|
|
|
28,278
|
|
|
33,094
|
|
|
21,612
|
|
|
203,141
|
|
|||||
Payables for collateral under securities loaned and other transactions
|
36,871
|
|
|
36,871
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Debt
|
43,768
|
|
|
2,604
|
|
|
4,384
|
|
|
4,019
|
|
|
32,761
|
|
|||||
Investment commitments
|
11,444
|
|
|
11,231
|
|
|
100
|
|
|
113
|
|
|
—
|
|
|||||
Operating leases
|
2,027
|
|
|
321
|
|
|
475
|
|
|
357
|
|
|
874
|
|
|||||
Other
|
18,281
|
|
|
17,810
|
|
|
22
|
|
|
11
|
|
|
438
|
|
|||||
Total
|
$
|
775,511
|
|
|
$
|
120,203
|
|
|
$
|
58,424
|
|
|
$
|
46,315
|
|
|
$
|
550,569
|
|
|
|
Year Ended December 31, 2015
|
|
Year Ended December 31, 2014
|
|
Year Ended December 31, 2013
|
||||||||||||||||||
|
|
Sources and Uses of Liquid Assets
|
|
Sources and Uses of Liquid Assets Included in Free Cash Flow
|
|
Sources and Uses of Liquid Assets
|
|
Sources and Uses of Liquid Assets Included in Free Cash Flow
|
|
Sources and Uses of Liquid Assets
|
|
Sources and Uses of Liquid Assets Included in Free Cash Flow
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
MetLife, Inc. (Parent Company Only)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends and returns of capital from subsidiaries (1)
|
|
$
|
2,340
|
|
|
$
|
2,340
|
|
|
$
|
2,388
|
|
|
$
|
2,388
|
|
|
$
|
3,301
|
|
|
$
|
3,301
|
|
Long-term debt issued (2)
|
|
2,739
|
|
|
1,750
|
|
|
1,000
|
|
|
445
|
|
|
994
|
|
|
—
|
|
||||||
Common stock issued, net of issuance costs
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
||||||
Repayments on and (issuances of) loans to subsidiaries and related interest, net (3)
|
|
383
|
|
|
383
|
|
|
597
|
|
|
597
|
|
|
—
|
|
|
—
|
|
||||||
Proceeds from stock-based compensation and exercise of stock options
|
|
122
|
|
|
122
|
|
|
156
|
|
|
156
|
|
|
202
|
|
|
202
|
|
||||||
Other, net (4)
|
|
652
|
|
|
673
|
|
|
1,177
|
|
|
1,177
|
|
|
—
|
|
|
—
|
|
||||||
Total sources
|
|
6,236
|
|
|
5,268
|
|
|
6,318
|
|
|
4,763
|
|
|
5,497
|
|
|
3,503
|
|
||||||
Uses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital contributions to subsidiaries (5)
|
|
667
|
|
|
667
|
|
|
1,262
|
|
|
1,011
|
|
|
748
|
|
|
598
|
|
||||||
Long-term debt repaid - unaffiliated
|
|
1,000
|
|
|
—
|
|
|
1,550
|
|
|
—
|
|
|
750
|
|
|
—
|
|
||||||
Interest paid on debt and financing arrangements - unaffiliated
|
|
965
|
|
|
965
|
|
|
968
|
|
|
968
|
|
|
946
|
|
|
946
|
|
||||||
Dividends on common stock
|
|
1,653
|
|
|
—
|
|
|
1,499
|
|
|
—
|
|
|
1,119
|
|
|
—
|
|
||||||
Treasury stock acquired in connection with share repurchases
|
|
1,930
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Purchase of preferred stock and preferred stock repurchase premium, net of proceeds from preferred stock issuance
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Dividends on preferred stock
|
|
116
|
|
|
116
|
|
|
122
|
|
|
122
|
|
|
122
|
|
|
122
|
|
||||||
Issuances of and (repayments on) loans to subsidiaries and related interest, net (3) (5)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,223
|
|
|
(319
|
)
|
||||||
Other, net (4)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
54
|
|
||||||
Total uses
|
|
6,350
|
|
|
1,748
|
|
|
6,401
|
|
|
2,101
|
|
|
4,987
|
|
|
1,401
|
|
||||||
Net increase (decrease) in liquid assets, MetLife, Inc. (Parent Company Only)
|
|
(114
|
)
|
|
|
|
(83
|
)
|
|
|
|
510
|
|
|
|
|||||||||
Liquid assets, beginning of year
|
|
5,403
|
|
|
|
|
5,486
|
|
|
|
|
4,976
|
|
|
|
|||||||||
Liquid assets, end of year
|
|
$
|
5,289
|
|
|
|
|
$
|
5,403
|
|
|
|
|
$
|
5,486
|
|
|
|
||||||
Free Cash Flow, MetLife, Inc. (Parent Company Only) (6)
|
|
|
|
3,520
|
|
|
|
|
2,662
|
|
|
|
|
2,102
|
|
|||||||||
Net cash provided by operating activities, MetLife, Inc. (Parent Company Only) (6)
|
|
$
|
1,606
|
|
|
|
|
$
|
2,615
|
|
|
|
|
$
|
1,865
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other MetLife Holding Companies
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sources:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Dividends and returns of capital from subsidiaries
|
|
$
|
1,354
|
|
|
$
|
1,354
|
|
|
$
|
1,339
|
|
|
$
|
1,339
|
|
|
$
|
822
|
|
|
$
|
822
|
|
Capital contributions from MetLife, Inc.
|
|
150
|
|
|
150
|
|
|
—
|
|
|
—
|
|
|
403
|
|
|
403
|
|
||||||
Total sources
|
|
1,504
|
|
|
1,504
|
|
|
1,339
|
|
|
1,339
|
|
|
1,225
|
|
|
1,225
|
|
||||||
Uses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital contributions to subsidiaries
|
|
27
|
|
|
27
|
|
|
48
|
|
|
48
|
|
|
201
|
|
|
201
|
|
||||||
Repayments on and (issuance of) loans to subsidiaries and affiliates and related interest, net
|
|
510
|
|
|
510
|
|
|
458
|
|
|
458
|
|
|
705
|
|
|
305
|
|
||||||
Other, net
|
|
506
|
|
|
506
|
|
|
605
|
|
|
605
|
|
|
585
|
|
|
585
|
|
||||||
Total uses
|
|
1,043
|
|
|
1,043
|
|
|
1,111
|
|
|
1,111
|
|
|
1,491
|
|
|
1,091
|
|
||||||
Net increase (decrease) in liquid assets, Other MetLife Holding Companies
|
|
461
|
|
|
|
|
|
228
|
|
|
|
|
(266
|
)
|
|
|
||||||||
Liquid assets, beginning of year
|
|
681
|
|
|
|
|
|
453
|
|
|
|
|
719
|
|
|
|
||||||||
Liquid assets, end of year
|
|
$
|
1,142
|
|
|
|
|
$
|
681
|
|
|
|
|
$
|
453
|
|
|
|
||||||
Free Cash Flow, Other MetLife Holding Companies (6)
|
|
|
|
461
|
|
|
|
|
228
|
|
|
|
|
134
|
|
|||||||||
Net increase (decrease) in liquid assets, All Holding Companies
|
|
$
|
347
|
|
|
|
|
$
|
145
|
|
|
|
|
$
|
244
|
|
|
|
||||||
Free Cash Flow, All Holding Companies (6)
|
|
|
|
$
|
3,981
|
|
|
|
|
$
|
2,890
|
|
|
|
|
$
|
2,236
|
|
(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,
2015
,
2014
and
2013
.
|
(2)
|
Included in free cash flow is the portion of long-term debt issued that represents incremental debt to be at or below target leverage ratios.
|
(3)
|
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).
|
(4)
|
Other, net includes $171 million, $862 million and $69 million of net receipts by MetLife, Inc. to and from subsidiaries under a tax sharing agreement and tax payments to tax agencies during the years ended December 31,
2015
,
2014
and
2013
, respectively.
|
(5)
|
Amounts to fund business acquisitions and strategic insurance partnerships were $0, $251 million and $150 million (included in capital contributions to subsidiaries) and $0, $0 and $1.5 billion (included in issuances of and (repayments on) loans to subsidiaries and related interest, net) during the years ended December 31,
2015
,
2014
and
2013
, respectively.
|
(6)
|
See
“— Non-GAAP and Other Financial Disclosures” for the reconciliation of net cash provided by operating activities of MetLife, Inc. to free cash flow of all holding companies.
|
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||
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 (4)
|
|
$
|
3,753
|
|
|
$
|
1,489
|
|
|
|
$
|
1,200
|
|
|
$
|
821
|
|
(5)
|
|
$
|
1,163
|
|
|
$
|
1,428
|
|
|
|
$
|
1,428
|
|
American Life Insurance Company
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
523
|
|
MetLife Insurance Company USA
|
|
$
|
586
|
|
|
$
|
500
|
|
|
|
$
|
3,056
|
|
|
$
|
155
|
|
(6)
|
|
$
|
1,013
|
|
|
$
|
1,000
|
|
(7)
|
|
$
|
1,330
|
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
130
|
|
|
$
|
235
|
|
|
|
$
|
239
|
|
|
$
|
200
|
|
|
|
$
|
218
|
|
|
$
|
100
|
|
|
|
$
|
74
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
70
|
|
|
$
|
102
|
|
|
|
$
|
102
|
|
|
$
|
73
|
|
|
|
$
|
73
|
|
|
$
|
109
|
|
(8)
|
|
$
|
77
|
|
MetLife Investors Insurance Company (6)
|
|
N/A
|
|
|
N/A
|
|
|
|
N/A
|
|
|
N/A
|
|
|
|
$
|
120
|
|
|
$
|
129
|
|
|
|
$
|
129
|
|
(1)
|
Reflects dividend amounts that may be paid during
2016
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
2016
, 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)
|
The New York Insurance Law was amended, permitting MLIC to pay dividends without prior regulatory approval under one of two alternative formulations beginning in 2016. See Note
16
of the Notes to the Consolidated Financial Statements. The dividend amount that MLIC may pay during 2016 under the new formulation is reflected in the table above.
|
(5)
|
During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $113 million.
|
(6)
|
See “Business — Overview — Other Key Information” for discussion of the Mergers. MetLife Investors Insurance Company was one of the companies that was merged into MetLife USA in connection with the Mergers. 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. See “— Liquidity and Capital Uses — Affiliated Capital Transactions.” MetLife USA did not pay dividends in 2014.
|
(7)
|
During the year ended December 31, 2013, MICC paid dividends of $1.0 billion.
|
(8)
|
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,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Long-term debt — unaffiliated
|
$
|
16,994
|
|
|
$
|
15,317
|
|
Long-term debt — affiliated
|
$
|
3,314
|
|
|
$
|
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)
|
|
|
||
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
|
|
$
|
590
|
|
|
5.25%
|
2021 - 2046
|
|
$
|
14,215
|
|
|
Ranging from 3.00% - 6.50%
|
Non-GAAP financial measures:
|
Comparable GAAP financial measures:
|
||
(i)
|
operating revenues
|
(i)
|
GAAP revenues
|
(ii)
|
operating expenses
|
(ii)
|
GAAP expenses
|
(iii)
|
operating earnings
|
(iii)
|
income (loss) from continuing operations, net of income tax
|
(iv)
|
operating earnings available to common shareholders
|
(iv)
|
net income (loss) available to MetLife, Inc.’s common shareholders
|
(v)
|
free cash flow of all holding companies
|
(v)
|
MetLife, Inc.’s net cash provided by operating activities
|
•
|
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 investment hedge adjustments, (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 (also known as asymmetrical and non-economic accounting for insurance contracts), (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 earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances 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.
|
•
|
We sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
|
•
|
The impact of changes in our foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current period and is applied to each of the comparable periods.
|
•
|
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.
|
•
|
Allocated equity is defined as the portion of MetLife, Inc.’s common stockholders’ equity that management allocates to each of its segments and sub-segments based on local capital requirements and economic capital. See “— Economic Capital.” Allocated equity excludes the impact of AOCI, other than FCTA.
|
•
|
The Company uses a measure of free cash flow to facilitate an understanding of its ability to generate cash for reinvestment into its businesses or use in discretionary capital actions. The Company defines free cash flow as the sum of cash available at MetLife’s holding companies from dividends from operating subsidiaries, expenses and other net flows of the holding companies, and net contributions from debt to be at or below target leverage ratios. This measure of free cash flow is prior to discretionary capital deployment, including common stock dividends and repurchases, debt reduction and mergers and acquisitions. Free cash flow should not be viewed as a substitute for net cash provided by (used in) operating activities calculated in accordance with GAAP. The free cash flow ratio is typically expressed as a percentage of annual operating earnings available to common shareholders. A reconciliation of net cash provided by operating activities of MetLife, Inc. to free cash flow of all holding companies for the years ended December 31, 2015, 2014 and 2013 is provided below.
|
Reconciliation of Net Cash Provided by Operating Activities of MetLife, Inc. to Free Cash Flow of All Holding Companies
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
MetLife, Inc. (parent company only) net cash provided by operating activities
|
$
|
1,606
|
|
|
$
|
2,615
|
|
|
$
|
1,865
|
|
Adjustments from net cash provided by operating activities to free cash flow:
|
|
|
|
|
|
|
|
||||
Add: Incremental debt to be at or below target leverage ratios
|
1,750
|
|
|
445
|
|
|
—
|
|
|||
Add: Capital contributions to subsidiaries
|
(667
|
)
|
|
(1,011
|
)
|
|
(598
|
)
|
|||
Add: Returns of capital from subsidiaries
|
5
|
|
|
—
|
|
|
567
|
|
|||
Add: Repayments on and (issuances of) loans to subsidiaries, net
|
461
|
|
|
462
|
|
|
245
|
|
|||
Add: Investment portfolio changes and other, net
|
365
|
|
|
151
|
|
|
23
|
|
|||
MetLife, Inc. (parent company only) free cash flow
|
3,520
|
|
|
2,662
|
|
|
2,102
|
|
|||
Other MetLife holding companies:
|
|
|
|
|
|
||||||
Add: Dividends and returns of capital from subsidiaries
|
1,354
|
|
|
1,339
|
|
|
822
|
|
|||
Add: Capital contributions from MetLife, Inc.
|
150
|
|
|
—
|
|
|
403
|
|
|||
Add: Capital contributions to subsidiaries
|
(27
|
)
|
|
(48
|
)
|
|
(201
|
)
|
|||
Add: Repayments on and (issuances of) loans to subsidiaries, net
|
(510
|
)
|
|
(458
|
)
|
|
(305
|
)
|
|||
Add: Other expenses
|
(729
|
)
|
|
(637
|
)
|
|
(567
|
)
|
|||
Add: Investment portfolio changes and other, net
|
223
|
|
|
32
|
|
|
(18
|
)
|
|||
Total other MetLife holding companies free cash flow
|
461
|
|
|
228
|
|
|
134
|
|
|||
Free cash flow of all holding companies
|
$
|
3,981
|
|
|
$
|
2,890
|
|
|
$
|
2,236
|
|
|
|
|
|
|
|
||||||
Ratio of free cash flow to operating earnings available to common shareholders:
|
|
|
|
|
|
||||||
Free cash flow of all holding companies
|
$
|
3,981
|
|
|
$
|
2,890
|
|
|
$
|
2,236
|
|
Consolidated operating earnings available to common shareholders (1)
|
$
|
5,484
|
|
|
$
|
6,560
|
|
|
$
|
6,261
|
|
Ratio of free cash flow of all holding companies to consolidated operating
earnings available to common shareholders (1)
|
73
|
%
|
|
44
|
%
|
|
36
|
%
|
|||
Ratio of net cash provided by operating activities to consolidated net income (loss) available to MetLife, Inc.'s common shareholders:
|
|
|
|
|
|
||||||
MetLife, Inc. (parent company only) net cash provided by operating activities
|
$
|
1,606
|
|
|
$
|
2,615
|
|
|
$
|
1,865
|
|
Consolidated net income (loss) available to MetLife, Inc.’s common
shareholders (2)
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
Ratio of net cash provided by operating activities (parent company only) to
consolidated net income (loss) available to MetLife, Inc.'s common
shareholders (2) (3)
|
31
|
%
|
|
42
|
%
|
|
57
|
%
|
•
|
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, 2015
|
||
|
(In millions)
|
||
Non-trading:
|
|
||
Interest rate risk
|
$
|
5,833
|
|
Foreign currency exchange rate risk
|
$
|
5,663
|
|
Equity market risk
|
$
|
19
|
|
Trading:
|
|
||
Interest rate risk
|
$
|
2
|
|
|
December 31, 2015
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair
Value (1)
|
|
Assuming a
10% Increase
in the Yield
Curve
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Fixed maturity securities
|
|
|
$
|
351,402
|
|
|
$
|
(5,728
|
)
|
||
Equity securities
|
|
|
$
|
3,321
|
|
|
—
|
|
|||
Fair value option and trading securities:
|
|
|
|
|
|
||||||
Actively traded securities
|
|
|
$
|
404
|
|
|
(5
|
)
|
|||
Fair value option general account securities
|
|
|
627
|
|
|
(5
|
)
|
||||
Total fair value option and trading securities
|
|
|
$
|
1,031
|
|
|
(10
|
)
|
|||
Mortgage loans
|
|
|
$
|
68,539
|
|
|
(476
|
)
|
|||
Policy loans
|
|
|
$
|
13,351
|
|
|
(140
|
)
|
|||
Short-term investments
|
|
|
$
|
9,299
|
|
|
(12
|
)
|
|||
Other invested assets
|
|
|
$
|
699
|
|
|
—
|
|
|||
Cash and cash equivalents
|
|
|
$
|
12,752
|
|
|
—
|
|
|||
Accrued investment income
|
|
|
$
|
3,988
|
|
|
—
|
|
|||
Premiums, reinsurance and other receivables
|
|
|
$
|
2,905
|
|
|
(161
|
)
|
|||
Other assets
|
|
|
$
|
267
|
|
|
(4
|
)
|
|||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
391
|
|
|
(20
|
)
|
|||
Total assets
|
|
|
|
|
$
|
(6,551
|
)
|
||||
Liabilities (3)
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
125,061
|
|
|
$
|
547
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
|
$
|
36,871
|
|
|
—
|
|
|||
Short-term debt
|
|
|
$
|
100
|
|
|
—
|
|
|||
Long-term debt
|
|
|
$
|
19,360
|
|
|
389
|
|
|||
Collateral financing arrangements
|
|
|
$
|
3,899
|
|
|
—
|
|
|||
Junior subordinated debt securities
|
|
|
$
|
4,029
|
|
|
105
|
|
|||
Other liabilities:
|
|
|
|
|
|
||||||
Trading liabilities
|
|
|
$
|
153
|
|
|
3
|
|
|||
Other
|
|
|
$
|
2,250
|
|
|
133
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
935
|
|
|
470
|
|
|||
Total liabilities
|
|
|
|
|
$
|
1,647
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
97,054
|
|
|
$
|
5,554
|
|
|
$
|
(637
|
)
|
Interest rate floors
|
$
|
23,837
|
|
|
$
|
263
|
|
|
(24
|
)
|
|
Interest rate caps
|
$
|
68,928
|
|
|
$
|
102
|
|
|
35
|
|
|
Interest rate futures
|
$
|
5,808
|
|
|
$
|
(3
|
)
|
|
(14
|
)
|
|
Interest rate options
|
$
|
30,234
|
|
|
$
|
1,147
|
|
|
(205
|
)
|
|
Interest rate forwards
|
$
|
148
|
|
|
$
|
24
|
|
|
(7
|
)
|
|
Synthetic GICs
|
$
|
4,216
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
36,896
|
|
|
$
|
(262
|
)
|
|
(22
|
)
|
|
Foreign currency forwards
|
$
|
17,325
|
|
|
$
|
(67
|
)
|
|
(8
|
)
|
|
Currency futures
|
$
|
930
|
|
|
$
|
—
|
|
|
—
|
|
|
Currency options
|
$
|
17,159
|
|
|
$
|
446
|
|
|
(14
|
)
|
|
Credit default swaps
|
$
|
12,181
|
|
|
$
|
59
|
|
|
—
|
|
|
Equity futures
|
$
|
7,206
|
|
|
$
|
45
|
|
|
(1
|
)
|
|
Equity index options
|
$
|
55,682
|
|
|
$
|
501
|
|
|
(36
|
)
|
|
Equity variance swaps
|
$
|
23,437
|
|
|
$
|
(441
|
)
|
|
2
|
|
|
Total rate of return swaps
|
$
|
3,803
|
|
|
$
|
(11
|
)
|
|
—
|
|
|
Total derivative instruments
|
|
|
|
|
$
|
(931
|
)
|
||||
Net Change
|
|
|
|
|
$
|
(5,835
|
)
|
(1)
|
Separate account assets and liabilities and contractholder-directed unit-linked investments and associated policyholder account balances, 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 $
172 million
, $
12 million
and $
60 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 $
206.1 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, 2015
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair
Value (1)
|
|
Assuming a
10% Increase in the Foreign Exchange Rate |
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Fixed maturity securities
|
|
|
$
|
351,402
|
|
|
$
|
(7,879
|
)
|
||
Equity securities
|
|
|
$
|
3,321
|
|
|
(95
|
)
|
|||
Fair value option and trading securities:
|
|
|
|
|
|
||||||
Actively traded securities
|
|
|
$
|
404
|
|
|
—
|
|
|||
Fair value option general account securities
|
|
|
627
|
|
|
(63
|
)
|
||||
Total fair value option and trading securities
|
|
|
$
|
1,031
|
|
|
(63
|
)
|
|||
Mortgage loans
|
|
|
$
|
68,539
|
|
|
(703
|
)
|
|||
Policy loans
|
|
|
$
|
13,351
|
|
|
(144
|
)
|
|||
Short-term investments
|
|
|
$
|
9,299
|
|
|
(95
|
)
|
|||
Other invested assets
|
|
|
$
|
699
|
|
|
(75
|
)
|
|||
Cash and cash equivalents
|
|
|
$
|
12,752
|
|
|
(441
|
)
|
|||
Accrued investment income
|
|
|
$
|
3,988
|
|
|
(82
|
)
|
|||
Premiums, reinsurance and other receivables
|
|
|
$
|
2,905
|
|
|
(62
|
)
|
|||
Other assets
|
|
|
$
|
267
|
|
|
(6
|
)
|
|||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
391
|
|
|
(12
|
)
|
|||
Total assets
|
|
|
|
|
$
|
(9,657
|
)
|
||||
Liabilities (3)
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
125,061
|
|
|
$
|
3,258
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
|
$
|
36,871
|
|
|
101
|
|
|||
Long-term debt
|
|
|
$
|
19,360
|
|
|
127
|
|
|||
Other liabilities
|
|
|
$
|
2,403
|
|
|
13
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
935
|
|
|
111
|
|
|||
Total liabilities
|
|
|
|
|
$
|
3,610
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
97,054
|
|
|
$
|
5,554
|
|
|
$
|
(35
|
)
|
Interest rate floors
|
$
|
23,837
|
|
|
$
|
263
|
|
|
—
|
|
|
Interest rate caps
|
$
|
68,928
|
|
|
$
|
102
|
|
|
—
|
|
|
Interest rate futures
|
$
|
5,808
|
|
|
$
|
(3
|
)
|
|
(1
|
)
|
|
Interest rate options
|
$
|
30,234
|
|
|
$
|
1,147
|
|
|
(46
|
)
|
|
Interest rate forwards
|
$
|
148
|
|
|
$
|
24
|
|
|
—
|
|
|
Synthetic GICs
|
$
|
4,216
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
36,896
|
|
|
$
|
(262
|
)
|
|
362
|
|
|
Foreign currency forwards
|
$
|
17,325
|
|
|
$
|
(67
|
)
|
|
(188
|
)
|
|
Currency futures
|
$
|
930
|
|
|
$
|
—
|
|
|
(91
|
)
|
|
Currency options
|
$
|
17,159
|
|
|
$
|
446
|
|
|
399
|
|
|
Credit default swaps
|
$
|
12,181
|
|
|
$
|
59
|
|
|
(2
|
)
|
|
Equity futures
|
$
|
7,206
|
|
|
$
|
45
|
|
|
(1
|
)
|
|
Equity index options
|
$
|
55,682
|
|
|
$
|
501
|
|
|
(14
|
)
|
|
Equity variance swaps
|
$
|
23,437
|
|
|
$
|
(441
|
)
|
|
1
|
|
|
Total rate of return swaps
|
$
|
3,803
|
|
|
$
|
(11
|
)
|
|
—
|
|
|
Total derivative instruments
|
|
|
|
|
$
|
384
|
|
||||
Net Change
|
|
|
|
|
$
|
(5,663
|
)
|
(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 policyholder account balances, 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 $
172 million
, $
12 million
and $
60 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 $
206.1 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, 2015
|
||||||||||
|
Notional
Amount
|
|
Estimated
Fair Value (1) |
|
Assuming a
10% Increase
in Equity
Prices
|
||||||
|
(In millions)
|
||||||||||
Assets
|
|
|
|
|
|
||||||
Equity securities
|
|
|
$
|
3,321
|
|
|
$
|
332
|
|
||
Net embedded derivatives within asset host contracts (2)
|
|
|
$
|
391
|
|
|
(20
|
)
|
|||
Total assets
|
|
|
|
|
312
|
|
|||||
Liabilities
|
|
|
|
|
|
||||||
Policyholder account balances
|
|
|
$
|
125,061
|
|
|
—
|
|
|||
Net embedded derivatives within liability host contracts (2)
|
|
|
$
|
935
|
|
|
979
|
|
|||
Total liabilities
|
|
|
|
|
$
|
979
|
|
||||
Derivative Instruments
|
|
|
|
|
|
||||||
Interest rate swaps
|
$
|
97,054
|
|
|
$
|
5,554
|
|
|
$
|
—
|
|
Interest rate floors
|
$
|
23,837
|
|
|
$
|
263
|
|
|
—
|
|
|
Interest rate caps
|
$
|
68,928
|
|
|
$
|
102
|
|
|
—
|
|
|
Interest rate futures
|
$
|
5,808
|
|
|
$
|
(3
|
)
|
|
—
|
|
|
Interest rate options
|
$
|
30,234
|
|
|
$
|
1,147
|
|
|
—
|
|
|
Interest rate forwards
|
$
|
148
|
|
|
$
|
24
|
|
|
—
|
|
|
Synthetic GICs
|
$
|
4,216
|
|
|
$
|
—
|
|
|
—
|
|
|
Foreign currency swaps
|
$
|
36,896
|
|
|
$
|
(262
|
)
|
|
—
|
|
|
Foreign currency forwards
|
$
|
17,325
|
|
|
$
|
(67
|
)
|
|
—
|
|
|
Currency futures
|
$
|
930
|
|
|
$
|
—
|
|
|
—
|
|
|
Currency options
|
$
|
17,159
|
|
|
$
|
446
|
|
|
—
|
|
|
Credit default swaps
|
$
|
12,181
|
|
|
$
|
59
|
|
|
—
|
|
|
Equity futures
|
$
|
7,206
|
|
|
$
|
45
|
|
|
(687
|
)
|
|
Equity index options
|
$
|
55,682
|
|
|
$
|
501
|
|
|
(258
|
)
|
|
Equity variance swaps
|
$
|
23,437
|
|
|
$
|
(441
|
)
|
|
15
|
|
|
Total rate of return swaps
|
$
|
3,803
|
|
|
$
|
(11
|
)
|
|
(380
|
)
|
|
Total derivative instruments
|
|
|
|
|
$
|
(1,310
|
)
|
||||
Net Change
|
|
|
|
|
$
|
(19
|
)
|
(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 policyholder account balances, 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.
|
|
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
|
||||
Investments:
|
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $332,964 and $334,780, respectively; includes $4,277 and $4,266, respectively, relating to variable interest entities)
|
|
$
|
351,402
|
|
|
$
|
365,425
|
|
Equity securities available-for-sale, at estimated fair value (cost: $2,997 and $3,076, respectively)
|
|
3,321
|
|
|
3,631
|
|
||
Fair value option and trading securities, at estimated fair value (includes $404 and $704, respectively, of actively traded securities; and $13 and $60, respectively, relating to variable interest entities)
|
|
15,024
|
|
|
16,689
|
|
||
Mortgage loans (net of valuation allowances of $318 and $305, respectively; includes $172 and $280, respectively, at estimated fair value, relating to variable interest entities; includes $314 and $308, respectively, under the fair value option)
|
|
67,102
|
|
|
60,118
|
|
||
Policy loans (includes $4 and $3, respectively, relating to variable interest entities)
|
|
11,258
|
|
|
11,618
|
|
||
Real estate and real estate joint ventures (includes $0 and $8, respectively, relating to variable interest entities; includes $47 and $172, respectively, of real estate held-for-sale)
|
|
8,433
|
|
|
10,525
|
|
||
Other limited partnership interests (includes $27 and $34, respectively, relating to variable interest entities)
|
|
7,096
|
|
|
8,085
|
|
||
Short-term investments, principally at estimated fair value (includes $26 and $20, respectively, relating to variable interest entities)
|
|
9,299
|
|
|
8,621
|
|
||
Other invested assets, principally at estimated fair value (includes $43 and $56, respectively, relating to variable interest entities)
|
|
22,524
|
|
|
21,283
|
|
||
Total investments
|
|
495,459
|
|
|
505,995
|
|
||
Cash and cash equivalents, principally at estimated fair value (includes $85 and $57, respectively, relating to variable interest entities)
|
|
12,752
|
|
|
10,808
|
|
||
Accrued investment income (includes $23 and $21, respectively, relating to variable interest entities)
|
|
3,988
|
|
|
4,120
|
|
||
Premiums, reinsurance and other receivables (includes $21 and $21, respectively, relating to variable interest entities)
|
|
22,702
|
|
|
22,244
|
|
||
Deferred policy acquisition costs and value of business acquired (includes $240 and $235, respectively, relating to variable interest entities)
|
|
24,130
|
|
|
24,442
|
|
||
Current income tax recoverable
|
|
161
|
|
|
—
|
|
||
Goodwill
|
|
9,477
|
|
|
9,872
|
|
||
Other assets (includes $148 and $134, respectively, relating to variable interest entities)
|
|
7,666
|
|
|
7,862
|
|
||
Separate account assets (includes $1,022 and $1,128, respectively, relating to variable interest entities)
|
|
301,598
|
|
|
316,994
|
|
||
Total assets
|
|
$
|
877,933
|
|
|
$
|
902,337
|
|
Liabilities and Equity
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Future policy benefits (includes $716 and $579, respectively, relating to variable interest entities)
|
|
$
|
191,879
|
|
|
$
|
189,586
|
|
Policyholder account balances (includes $21 and $33, respectively, relating to variable interest entities)
|
|
202,722
|
|
|
209,294
|
|
||
Other policy-related balances (includes $238 and $198, respectively, relating to variable interest entities)
|
|
14,255
|
|
|
14,422
|
|
||
Policyholder dividends payable
|
|
720
|
|
|
684
|
|
||
Policyholder dividend obligation
|
|
1,783
|
|
|
3,155
|
|
||
Payables for collateral under securities loaned and other transactions
|
|
36,871
|
|
|
35,326
|
|
||
Short-term debt
|
|
100
|
|
|
100
|
|
||
Long-term debt (includes $63 and $151, respectively, at estimated fair value, relating to variable interest entities)
|
|
18,023
|
|
|
16,286
|
|
||
Collateral financing arrangements
|
|
4,139
|
|
|
4,196
|
|
||
Junior subordinated debt securities
|
|
3,194
|
|
|
3,193
|
|
||
Current income tax payable
|
|
—
|
|
|
184
|
|
||
Deferred income tax liability
|
|
10,592
|
|
|
11,821
|
|
||
Other liabilities (includes $81 and $80, respectively, relating to variable interest entities)
|
|
23,561
|
|
|
24,437
|
|
||
Separate account liabilities (includes $1,022 and $1,128, respectively, relating to variable interest entities)
|
|
301,598
|
|
|
316,994
|
|
||
Total liabilities
|
|
809,437
|
|
|
829,678
|
|
||
Contingencies, Commitments and Guarantees (Note 21)
|
|
|
|
|
||||
Redeemable noncontrolling interests in partially owned consolidated subsidiaries
|
|
77
|
|
|
99
|
|
||
Equity
|
|
|
|
|
||||
MetLife, Inc.’s stockholders’ equity:
|
|
|
|
|
||||
Preferred stock, par value $0.01 per share; $2,100 aggregate liquidation preference
|
|
—
|
|
|
1
|
|
||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,159,590,766 and 1,153,998,144 shares issued, respectively; 1,098,028,525 and 1,131,927,894 shares outstanding, respectively
|
|
12
|
|
|
12
|
|
||
Additional paid-in capital
|
|
30,749
|
|
|
30,543
|
|
||
Retained earnings
|
|
35,519
|
|
|
32,020
|
|
||
Treasury stock, at cost; 61,562,241 and 22,070,250 shares, respectively
|
|
(3,102
|
)
|
|
(1,172
|
)
|
||
Accumulated other comprehensive income (loss)
|
|
4,771
|
|
|
10,649
|
|
||
Total MetLife, Inc.’s stockholders’ equity
|
|
67,949
|
|
|
72,053
|
|
||
Noncontrolling interests
|
|
470
|
|
|
507
|
|
||
Total equity
|
|
68,419
|
|
|
72,560
|
|
||
Total liabilities and equity
|
|
$
|
877,933
|
|
|
$
|
902,337
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Revenues
|
|
|
|
|
|
|
||||||
Premiums
|
|
$
|
38,545
|
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
Universal life and investment-type product policy fees
|
|
9,507
|
|
|
9,946
|
|
|
9,451
|
|
|||
Net investment income
|
|
19,281
|
|
|
21,153
|
|
|
22,232
|
|
|||
Other revenues
|
|
1,983
|
|
|
2,030
|
|
|
1,920
|
|
|||
Net investment gains (losses):
|
|
|
|
|
|
|
||||||
Other-than-temporary impairments on fixed maturity securities
|
|
(84
|
)
|
|
(43
|
)
|
|
(106
|
)
|
|||
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)
|
|
(6
|
)
|
|
(17
|
)
|
|
(60
|
)
|
|||
Other net investment gains (losses)
|
|
687
|
|
|
(137
|
)
|
|
327
|
|
|||
Total net investment gains (losses)
|
|
597
|
|
|
(197
|
)
|
|
161
|
|
|||
Net derivative gains (losses)
|
|
38
|
|
|
1,317
|
|
|
(3,239
|
)
|
|||
Total revenues
|
|
69,951
|
|
|
73,316
|
|
|
68,199
|
|
|||
Expenses
|
|
|
|
|
|
|
||||||
Policyholder benefits and claims
|
|
38,714
|
|
|
39,102
|
|
|
38,107
|
|
|||
Interest credited to policyholder account balances
|
|
5,610
|
|
|
6,943
|
|
|
8,179
|
|
|||
Policyholder dividends
|
|
1,388
|
|
|
1,376
|
|
|
1,259
|
|
|||
Other expenses
|
|
16,769
|
|
|
17,091
|
|
|
16,602
|
|
|||
Total expenses
|
|
62,481
|
|
|
64,512
|
|
|
64,147
|
|
|||
Income (loss) from continuing operations before provision for income tax
|
|
7,470
|
|
|
8,804
|
|
|
4,052
|
|
|||
Provision for income tax expense (benefit)
|
|
2,148
|
|
|
2,465
|
|
|
661
|
|
|||
Income (loss) from continuing operations, net of income tax
|
|
5,322
|
|
|
6,339
|
|
|
3,391
|
|
|||
Income (loss) from discontinued operations, net of income tax
|
|
—
|
|
|
(3
|
)
|
|
2
|
|
|||
Net income (loss)
|
|
5,322
|
|
|
6,336
|
|
|
3,393
|
|
|||
Less: Net income (loss) attributable to noncontrolling interests
|
|
12
|
|
|
27
|
|
|
25
|
|
|||
Net income (loss) attributable to MetLife, Inc.
|
|
5,310
|
|
|
6,309
|
|
|
3,368
|
|
|||
Less: Preferred stock dividends
|
|
116
|
|
|
122
|
|
|
122
|
|
|||
Preferred stock repurchase premium
|
|
42
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
Diluted
|
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
Diluted
|
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
Cash dividends declared per common share
|
|
$
|
1.475
|
|
|
$
|
1.325
|
|
|
$
|
1.010
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Net income (loss) (1)
|
$
|
5,322
|
|
|
$
|
6,336
|
|
|
$
|
3,393
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Unrealized investment gains (losses), net of related offsets
|
(7,443
|
)
|
|
10,103
|
|
|
(8,086
|
)
|
|||
Unrealized gains (losses) on derivatives
|
589
|
|
|
1,386
|
|
|
(899
|
)
|
|||
Foreign currency translation adjustments
|
(1,624
|
)
|
|
(1,444
|
)
|
|
(975
|
)
|
|||
Defined benefit plans adjustment
|
354
|
|
|
(970
|
)
|
|
1,292
|
|
|||
Other comprehensive income (loss), before income tax
|
(8,124
|
)
|
|
9,075
|
|
|
(8,668
|
)
|
|||
Income tax (expense) benefit related to items of other comprehensive income (loss)
|
2,266
|
|
|
(3,528
|
)
|
|
2,329
|
|
|||
Other comprehensive income (loss), net of income tax
|
(5,858
|
)
|
|
5,547
|
|
|
(6,339
|
)
|
|||
Comprehensive income (loss)
|
(536
|
)
|
|
11,883
|
|
|
(2,946
|
)
|
|||
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax
|
32
|
|
|
29
|
|
|
(21
|
)
|
|||
Comprehensive income (loss) attributable to MetLife, Inc.
|
$
|
(568
|
)
|
|
$
|
11,854
|
|
|
$
|
(2,925
|
)
|
(1)
|
Net income (loss) attributable to noncontrolling interests excludes losses of redeemable noncontrolling interests of less than
$1 million
for the year ended
December 31, 2015
.
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
.
|
|
|
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, 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
|
|
|||||||||
Repurchase of preferred stock
|
|
(1
|
)
|
|
|
|
(1,459
|
)
|
|
|
|
|
|
|
|
(1,460
|
)
|
|
|
|
(1,460
|
)
|
||||||||||||||
Preferred stock repurchase premium
|
|
|
|
|
|
|
|
(42
|
)
|
|
|
|
|
|
(42
|
)
|
|
|
|
(42
|
)
|
|||||||||||||||
Preferred stock issuance
|
|
|
|
|
|
1,483
|
|
|
|
|
|
|
|
|
1,483
|
|
|
|
|
1,483
|
|
|||||||||||||||
Treasury stock acquired in connection with share repurchases
|
|
|
|
|
|
|
|
|
|
(1,930
|
)
|
|
|
|
(1,930
|
)
|
|
|
|
(1,930
|
)
|
|||||||||||||||
Stock-based compensation
|
|
|
|
|
|
182
|
|
|
|
|
|
|
|
|
182
|
|
|
|
|
182
|
|
|||||||||||||||
Dividends on preferred stock
|
|
|
|
|
|
|
|
(116
|
)
|
|
|
|
|
|
(116
|
)
|
|
|
|
(116
|
)
|
|||||||||||||||
Dividends on common stock
|
|
|
|
|
|
|
|
(1,653
|
)
|
|
|
|
|
|
(1,653
|
)
|
|
|
|
(1,653
|
)
|
|||||||||||||||
Change in equity of noncontrolling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
(69
|
)
|
|
(69
|
)
|
|||||||||||||||
Net income (loss)
|
|
|
|
|
|
|
|
5,310
|
|
|
|
|
|
|
5,310
|
|
|
12
|
|
|
5,322
|
|
||||||||||||||
Other comprehensive income (loss), net of income tax
|
|
|
|
|
|
|
|
|
|
|
|
(5,878
|
)
|
|
(5,878
|
)
|
|
20
|
|
|
(5,858
|
)
|
||||||||||||||
Balance at December 31, 2015
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
30,749
|
|
|
$
|
35,519
|
|
|
$
|
(3,102
|
)
|
|
$
|
4,771
|
|
|
$
|
67,949
|
|
|
$
|
470
|
|
|
$
|
68,419
|
|
(1)
|
Net income (loss) attributable to noncontrolling interests excludes losses of redeemable noncontrolling interests of less than
$1 million
for the year ended December 31, 2015. 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.
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
5,322
|
|
|
$
|
6,336
|
|
|
$
|
3,393
|
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization expenses
|
693
|
|
|
713
|
|
|
714
|
|
|||
Amortization of premiums and accretion of discounts associated with investments, net
|
(1,141
|
)
|
|
(611
|
)
|
|
(167
|
)
|
|||
(Gains) losses on investments and from sales of businesses, net
|
(597
|
)
|
|
202
|
|
|
(155
|
)
|
|||
(Gains) losses on derivatives, net
|
1,451
|
|
|
(21
|
)
|
|
5,122
|
|
|||
(Income) loss from equity method investments, net of dividends or distributions
|
481
|
|
|
327
|
|
|
99
|
|
|||
Interest credited to policyholder account balances
|
5,610
|
|
|
6,943
|
|
|
8,179
|
|
|||
Universal life and investment-type product policy fees
|
(9,507
|
)
|
|
(9,946
|
)
|
|
(9,451
|
)
|
|||
Change in fair value option and trading securities
|
784
|
|
|
(739
|
)
|
|
(1,433
|
)
|
|||
Change in residential mortgage loans held-for-sale, net
|
—
|
|
|
—
|
|
|
373
|
|
|||
Change in accrued investment income
|
138
|
|
|
207
|
|
|
293
|
|
|||
Change in premiums, reinsurance and other receivables
|
(837
|
)
|
|
(650
|
)
|
|
(582
|
)
|
|||
Change in deferred policy acquisition costs and value of business acquired, net
|
491
|
|
|
1,134
|
|
|
(920
|
)
|
|||
Change in income tax
|
825
|
|
|
2,075
|
|
|
871
|
|
|||
Change in other assets
|
2,752
|
|
|
2,573
|
|
|
1,767
|
|
|||
Change in insurance-related liabilities and policy-related balances
|
6,366
|
|
|
5,847
|
|
|
6,897
|
|
|||
Change in other liabilities
|
1,134
|
|
|
1,885
|
|
|
1,008
|
|
|||
Other, net
|
164
|
|
|
101
|
|
|
123
|
|
|||
Net cash provided by (used in) operating activities
|
14,129
|
|
|
16,376
|
|
|
16,131
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Sales, maturities and repayments of:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
146,732
|
|
|
118,526
|
|
|
117,523
|
|
|||
Equity securities
|
1,117
|
|
|
490
|
|
|
725
|
|
|||
Mortgage loans
|
12,647
|
|
|
14,128
|
|
|
12,881
|
|
|||
Real estate and real estate joint ventures
|
3,256
|
|
|
1,012
|
|
|
356
|
|
|||
Other limited partnership interests
|
1,827
|
|
|
823
|
|
|
807
|
|
|||
Purchases of:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
(148,799
|
)
|
|
(130,197
|
)
|
|
(117,826
|
)
|
|||
Equity securities
|
(996
|
)
|
|
(530
|
)
|
|
(943
|
)
|
|||
Mortgage loans
|
(20,449
|
)
|
|
(17,464
|
)
|
|
(14,677
|
)
|
|||
Real estate and real estate joint ventures
|
(1,298
|
)
|
|
(2,282
|
)
|
|
(1,880
|
)
|
|||
Other limited partnership interests
|
(1,429
|
)
|
|
(1,764
|
)
|
|
(1,356
|
)
|
|||
Cash received in connection with freestanding derivatives
|
2,690
|
|
|
1,760
|
|
|
1,567
|
|
|||
Cash paid in connection with freestanding derivatives
|
(4,211
|
)
|
|
(4,003
|
)
|
|
(6,710
|
)
|
|||
Cash received under repurchase agreements
|
199
|
|
|
—
|
|
|
—
|
|
|||
Cash paid under repurchase agreements
|
(199
|
)
|
|
—
|
|
|
—
|
|
|||
Cash received under reverse repurchase agreements
|
199
|
|
|
—
|
|
|
—
|
|
|||
Cash paid under reverse repurchase agreements
|
(199
|
)
|
|
—
|
|
|
—
|
|
|||
Sales of businesses, net of cash and cash equivalents disposed of $0, $323 and $14, respectively
|
—
|
|
|
436
|
|
|
393
|
|
|||
Sale of bank deposits
|
—
|
|
|
—
|
|
|
(6,395
|
)
|
|||
Purchases of businesses, net of cash and cash equivalents acquired of $0, $0 and $20, respectively
|
—
|
|
|
—
|
|
|
(1,840
|
)
|
|||
Purchases of investments in insurance joint ventures
|
—
|
|
|
(277
|
)
|
|
—
|
|
|||
Net change in policy loans
|
287
|
|
|
(27
|
)
|
|
(112
|
)
|
|||
Net change in short-term investments
|
(777
|
)
|
|
5,167
|
|
|
2,955
|
|
|||
Net change in other invested assets
|
(936
|
)
|
|
(512
|
)
|
|
(547
|
)
|
|||
Other, net
|
(59
|
)
|
|
(341
|
)
|
|
(86
|
)
|
|||
Net cash provided by (used in) investing activities
|
$
|
(10,398
|
)
|
|
$
|
(15,055
|
)
|
|
$
|
(15,165
|
)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Policyholder account balances:
|
|
|
|
|
|
||||||
Deposits
|
$
|
92,904
|
|
|
$
|
89,520
|
|
|
$
|
79,193
|
|
Withdrawals
|
(94,621
|
)
|
|
(88,037
|
)
|
|
(84,874
|
)
|
|||
Net change in payables for collateral under securities loaned and other transactions
|
1,544
|
|
|
5,031
|
|
|
(3,276
|
)
|
|||
Net change in short-term debt
|
—
|
|
|
(75
|
)
|
|
75
|
|
|||
Long-term debt issued
|
3,893
|
|
|
1,000
|
|
|
1,372
|
|
|||
Long-term debt repaid
|
(1,438
|
)
|
|
(2,862
|
)
|
|
(1,746
|
)
|
|||
Collateral financing arrangements repaid
|
(57
|
)
|
|
—
|
|
|
—
|
|
|||
Cash received in connection with redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
774
|
|
|||
Common stock issued, net of issuance costs
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|||
Treasury stock acquired in connection with share repurchases
|
(1,930
|
)
|
|
(1,000
|
)
|
|
—
|
|
|||
Preferred stock issued, net of issuance costs
|
1,483
|
|
|
—
|
|
|
—
|
|
|||
Repurchase of preferred stock
|
(1,460
|
)
|
|
—
|
|
|
—
|
|
|||
Preferred stock repurchase premium
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
(116
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Dividends on common stock
|
(1,653
|
)
|
|
(1,499
|
)
|
|
(1,119
|
)
|
|||
Other, net
|
198
|
|
|
(700
|
)
|
|
(184
|
)
|
|||
Net cash provided by (used in) financing activities
|
(1,295
|
)
|
|
2,256
|
|
|
(8,907
|
)
|
|||
Effect of change in foreign currency exchange rates on cash and cash equivalents balances
|
(492
|
)
|
|
(354
|
)
|
|
(212
|
)
|
|||
Change in cash and cash equivalents
|
1,944
|
|
|
3,223
|
|
|
(8,153
|
)
|
|||
Cash and cash equivalents, beginning of year
|
10,808
|
|
|
7,585
|
|
|
15,738
|
|
|||
Cash and cash equivalents, end of year
|
$
|
12,752
|
|
|
$
|
10,808
|
|
|
$
|
7,585
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Net cash paid (received) for:
|
|
|
|
|
|
||||||
Interest
|
$
|
1,178
|
|
|
$
|
1,213
|
|
|
$
|
1,270
|
|
Income tax
|
$
|
1,127
|
|
|
$
|
748
|
|
|
$
|
677
|
|
Non-cash transactions:
|
|
|
|
|
|
||||||
Business acquisitions:
|
|
|
|
|
|
||||||
Assets acquired
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,988
|
|
Liabilities assumed
|
—
|
|
|
—
|
|
|
(972
|
)
|
|||
Noncontrolling interests assumed
|
—
|
|
|
—
|
|
|
(176
|
)
|
|||
Cash paid, excluding transaction costs of $0, $0 and $17, respectively
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,840
|
|
Fixed maturity securities received in connection with pension risk transfer transactions
|
$
|
903
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Deconsolidation of real estate investment vehicles:
|
|
|
|
|
|
||||||
Reduction of redeemable noncontrolling interests
|
$
|
—
|
|
|
$
|
774
|
|
|
$
|
—
|
|
Reduction of long-term debt
|
$
|
571
|
|
|
$
|
413
|
|
|
$
|
—
|
|
Reduction of real estate and real estate joint ventures
|
$
|
688
|
|
|
$
|
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.
|
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:
|
|
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
|
|
Actual and future earned premiums.
|
||
•
|
Property & 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 Policyholder account balances 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
|
•
|
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 estimated 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 estimated fair value with changes in estimated 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 investment hedge adjustments which represent earned income on derivatives 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 earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances 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, 2015
|
|
Retail
|
|
Group,
Voluntary & Worksite Benefits |
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Total
|
|
Asia
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
|
Adjustments
|
|
Total
Consolidated
|
||||||||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Premiums
|
|
$
|
7,228
|
|
|
$
|
16,358
|
|
|
$
|
3,019
|
|
|
$
|
2,891
|
|
|
$
|
29,496
|
|
|
$
|
6,937
|
|
|
$
|
2,036
|
|
|
$
|
79
|
|
|
$
|
38,548
|
|
|
$
|
(3
|
)
|
|
$
|
38,545
|
|
Universal life and investment-type product policy fees
|
|
4,933
|
|
|
740
|
|
|
259
|
|
|
1,116
|
|
|
7,048
|
|
|
1,542
|
|
|
424
|
|
|
99
|
|
|
9,113
|
|
|
394
|
|
|
9,507
|
|
|||||||||||
Net investment income
|
|
7,814
|
|
|
1,898
|
|
|
5,710
|
|
|
1,047
|
|
|
16,469
|
|
|
2,675
|
|
|
326
|
|
|
319
|
|
|
19,789
|
|
|
(508
|
)
|
|
19,281
|
|
|||||||||||
Other revenues
|
|
989
|
|
|
451
|
|
|
286
|
|
|
42
|
|
|
1,768
|
|
|
105
|
|
|
61
|
|
|
86
|
|
|
2,020
|
|
|
(37
|
)
|
|
1,983
|
|
|||||||||||
Net investment gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
597
|
|
|
597
|
|
|||||||||||
Net derivative gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
38
|
|
|||||||||||
Total revenues
|
|
20,964
|
|
|
19,447
|
|
|
9,274
|
|
|
5,096
|
|
|
54,781
|
|
|
11,259
|
|
|
2,847
|
|
|
583
|
|
|
69,470
|
|
|
481
|
|
|
69,951
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,995
|
|
|
15,170
|
|
|
5,447
|
|
|
2,625
|
|
|
33,237
|
|
|
5,275
|
|
|
988
|
|
|
65
|
|
|
39,565
|
|
|
537
|
|
|
40,102
|
|
|||||||||||
Interest credited to policyholder account balances
|
|
2,198
|
|
|
151
|
|
|
1,184
|
|
|
349
|
|
|
3,882
|
|
|
1,309
|
|
|
120
|
|
|
23
|
|
|
5,334
|
|
|
276
|
|
|
5,610
|
|
|||||||||||
Capitalization of DAC
|
|
(1,048
|
)
|
|
(151
|
)
|
|
(19
|
)
|
|
(426
|
)
|
|
(1,644
|
)
|
|
(1,720
|
)
|
|
(472
|
)
|
|
(1
|
)
|
|
(3,837
|
)
|
|
—
|
|
|
(3,837
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,561
|
|
|
164
|
|
|
21
|
|
|
303
|
|
|
2,049
|
|
|
1,256
|
|
|
497
|
|
|
—
|
|
|
3,802
|
|
|
134
|
|
|
3,936
|
|
|||||||||||
Amortization of negative VOBA
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(309
|
)
|
|
(16
|
)
|
|
—
|
|
|
(326
|
)
|
|
(35
|
)
|
|
(361
|
)
|
|||||||||||
Interest expense on debt
|
|
(1
|
)
|
|
—
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1,198
|
|
|
1,200
|
|
|
8
|
|
|
1,208
|
|
|||||||||||
Other expenses
|
|
4,855
|
|
|
2,703
|
|
|
512
|
|
|
1,666
|
|
|
9,736
|
|
|
3,611
|
|
|
1,469
|
|
|
990
|
|
|
15,806
|
|
|
17
|
|
|
15,823
|
|
|||||||||||
Total expenses
|
|
17,560
|
|
|
18,037
|
|
|
7,148
|
|
|
4,516
|
|
|
47,261
|
|
|
9,422
|
|
|
2,586
|
|
|
2,275
|
|
|
61,544
|
|
|
937
|
|
|
62,481
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
956
|
|
|
499
|
|
|
739
|
|
|
7
|
|
|
2,201
|
|
|
457
|
|
|
21
|
|
|
(353
|
)
|
|
2,326
|
|
|
(178
|
)
|
|
2,148
|
|
|||||||||||
Operating earnings
|
|
$
|
2,448
|
|
|
$
|
911
|
|
|
$
|
1,387
|
|
|
$
|
573
|
|
|
$
|
5,319
|
|
|
$
|
1,380
|
|
|
$
|
240
|
|
|
$
|
(1,339
|
)
|
|
5,600
|
|
|
|
|
|
|||||
Adjustments to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Total revenues
|
|
481
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses
|
|
(937
|
)
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit
|
|
178
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax
|
|
$
|
5,322
|
|
|
|
|
$
|
5,322
|
|
At December 31, 2015
|
|
Retail
|
|
Group,
Voluntary
& Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia (1)
|
|
EMEA
|
|
Corporate
& Other
|
|
Total
|
||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||
Total assets
|
|
$
|
347,257
|
|
|
$
|
46,476
|
|
|
$
|
225,015
|
|
|
$
|
65,266
|
|
|
$
|
113,895
|
|
|
$
|
26,767
|
|
|
$
|
53,257
|
|
|
$
|
877,933
|
|
Separate account assets
|
|
$
|
159,782
|
|
|
$
|
638
|
|
|
$
|
82,157
|
|
|
$
|
46,061
|
|
|
$
|
8,964
|
|
|
$
|
3,996
|
|
|
$
|
—
|
|
|
$
|
301,598
|
|
Separate account liabilities
|
|
$
|
159,782
|
|
|
$
|
638
|
|
|
$
|
82,157
|
|
|
$
|
46,061
|
|
|
$
|
8,964
|
|
|
$
|
3,996
|
|
|
$
|
—
|
|
|
$
|
301,598
|
|
(1)
|
Total assets includes
$90.0 billion
of assets from the Japan operations which represents
10%
of total consolidated assets.
|
|
|
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
|
|
|
$
|
3,039
|
|
|
$
|
29,066
|
|
|
$
|
7,566
|
|
|
$
|
2,309
|
|
|
$
|
81
|
|
|
$
|
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
|
|
7,887
|
|
|
1,861
|
|
|
5,684
|
|
|
1,229
|
|
|
16,661
|
|
|
2,886
|
|
|
428
|
|
|
509
|
|
|
20,484
|
|
|
669
|
|
|
21,153
|
|
|||||||||||
Other revenues
|
|
1,059
|
|
|
420
|
|
|
286
|
|
|
35
|
|
|
1,800
|
|
|
106
|
|
|
60
|
|
|
67
|
|
|
2,033
|
|
|
(3
|
)
|
|
2,030
|
|
|||||||||||
Net investment gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(197
|
)
|
|
(197
|
)
|
|||||||||||
Net derivative gains (losses)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,317
|
|
|
1,317
|
|
|||||||||||
Total revenues
|
|
21,300
|
|
|
18,976
|
|
|
8,964
|
|
|
5,542
|
|
|
54,782
|
|
|
12,251
|
|
|
3,263
|
|
|
784
|
|
|
71,080
|
|
|
2,236
|
|
|
73,316
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,851
|
|
|
14,897
|
|
|
5,106
|
|
|
2,786
|
|
|
32,640
|
|
|
5,724
|
|
|
1,053
|
|
|
61
|
|
|
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
|
|
|||||||||||
Capitalization of DAC
|
|
(969
|
)
|
|
(143
|
)
|
|
(31
|
)
|
|
(445
|
)
|
|
(1,588
|
)
|
|
(1,914
|
)
|
|
(680
|
)
|
|
—
|
|
|
(4,182
|
)
|
|
(1
|
)
|
|
(4,183
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,515
|
|
|
149
|
|
|
19
|
|
|
334
|
|
|
2,017
|
|
|
1,397
|
|
|
613
|
|
|
—
|
|
|
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
|
|
4,711
|
|
|
2,571
|
|
|
492
|
|
|
1,810
|
|
|
9,584
|
|
|
3,975
|
|
|
1,846
|
|
|
849
|
|
|
16,254
|
|
|
114
|
|
|
16,368
|
|
|||||||||||
Total expenses
|
|
17,354
|
|
|
17,631
|
|
|
6,735
|
|
|
4,878
|
|
|
46,598
|
|
|
10,362
|
|
|
2,949
|
|
|
2,111
|
|
|
62,020
|
|
|
2,492
|
|
|
64,512
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
1,130
|
|
|
467
|
|
|
771
|
|
|
96
|
|
|
2,464
|
|
|
582
|
|
|
29
|
|
|
(697
|
)
|
|
2,378
|
|
|
87
|
|
|
2,465
|
|
|||||||||||
Operating earnings
|
|
$
|
2,816
|
|
|
$
|
878
|
|
|
$
|
1,458
|
|
|
$
|
568
|
|
|
$
|
5,720
|
|
|
$
|
1,307
|
|
|
$
|
285
|
|
|
$
|
(630
|
)
|
|
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
|
|
$
|
359,188
|
|
|
$
|
46,483
|
|
|
$
|
228,543
|
|
|
$
|
72,259
|
|
|
$
|
117,894
|
|
|
$
|
29,217
|
|
|
$
|
48,753
|
|
|
$
|
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
$95.0 billion
of assets from the Japan operations which represents
11%
of total consolidated assets.
|
|
|
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
|
|
|
$
|
2,870
|
|
|
$
|
27,415
|
|
|
$
|
7,801
|
|
|
$
|
2,297
|
|
|
$
|
70
|
|
|
$
|
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
|
|
7,796
|
|
|
1,833
|
|
|
5,506
|
|
|
1,145
|
|
|
16,280
|
|
|
2,943
|
|
|
425
|
|
|
746
|
|
|
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
|
|
20,254
|
|
|
18,189
|
|
|
8,798
|
|
|
5,029
|
|
|
52,270
|
|
|
12,558
|
|
|
3,205
|
|
|
983
|
|
|
69,016
|
|
|
(817
|
)
|
|
68,199
|
|
|||||||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends
|
|
9,028
|
|
|
14,227
|
|
|
5,180
|
|
|
2,487
|
|
|
30,922
|
|
|
5,755
|
|
|
1,039
|
|
|
30
|
|
|
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
|
|
|||||||||||
Capitalization of DAC
|
|
(1,309
|
)
|
|
(141
|
)
|
|
(27
|
)
|
|
(452
|
)
|
|
(1,929
|
)
|
|
(2,143
|
)
|
|
(714
|
)
|
|
—
|
|
|
(4,786
|
)
|
|
—
|
|
|
(4,786
|
)
|
|||||||||||
Amortization of DAC and VOBA
|
|
1,384
|
|
|
140
|
|
|
23
|
|
|
311
|
|
|
1,858
|
|
|
1,542
|
|
|
683
|
|
|
—
|
|
|
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
|
|
5,101
|
|
|
2,379
|
|
|
481
|
|
|
1,722
|
|
|
9,683
|
|
|
4,317
|
|
|
1,812
|
|
|
784
|
|
|
16,596
|
|
|
539
|
|
|
17,135
|
|
|||||||||||
Total expenses
|
|
16,535
|
|
|
16,761
|
|
|
6,899
|
|
|
4,483
|
|
|
44,678
|
|
|
10,734
|
|
|
2,873
|
|
|
2,004
|
|
|
60,289
|
|
|
3,858
|
|
|
64,147
|
|
|||||||||||
Provision for income tax expense (benefit)
|
|
1,107
|
|
|
480
|
|
|
667
|
|
|
83
|
|
|
2,337
|
|
|
565
|
|
|
51
|
|
|
(609
|
)
|
|
2,344
|
|
|
(1,683
|
)
|
|
661
|
|
|||||||||||
Operating earnings
|
|
$
|
2,612
|
|
|
$
|
948
|
|
|
$
|
1,232
|
|
|
$
|
463
|
|
|
$
|
5,255
|
|
|
$
|
1,259
|
|
|
$
|
281
|
|
|
$
|
(412
|
)
|
|
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
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Life insurance
|
$
|
23,037
|
|
|
$
|
23,483
|
|
|
$
|
23,189
|
|
Accident & health insurance
|
13,090
|
|
|
13,336
|
|
|
13,214
|
|
|||
Annuities
|
9,653
|
|
|
9,984
|
|
|
8,987
|
|
|||
Property & casualty insurance
|
3,504
|
|
|
3,524
|
|
|
3,270
|
|
|||
Non-insurance
|
751
|
|
|
716
|
|
|
385
|
|
|||
Total
|
$
|
50,035
|
|
|
$
|
51,043
|
|
|
$
|
49,045
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
U.S.
|
$
|
35,042
|
|
|
$
|
34,536
|
|
|
$
|
32,529
|
|
Foreign:
|
|
|
|
|
|
||||||
Japan
|
6,264
|
|
|
6,917
|
|
|
7,373
|
|
|||
Other
|
8,729
|
|
|
9,590
|
|
|
9,143
|
|
|||
Total
|
$
|
50,035
|
|
|
$
|
51,043
|
|
|
$
|
49,045
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Retail
|
$
|
140,085
|
|
|
$
|
136,778
|
|
Group, Voluntary & Worksite Benefits
|
31,245
|
|
|
30,328
|
|
||
Corporate Benefit Funding
|
112,208
|
|
|
115,440
|
|
||
Latin America
|
14,335
|
|
|
15,596
|
|
||
Asia
|
83,510
|
|
|
86,483
|
|
||
EMEA
|
19,009
|
|
|
20,520
|
|
||
Corporate & Other
|
8,464
|
|
|
8,157
|
|
||
Total
|
$
|
408,856
|
|
|
$
|
413,302
|
|
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, 2013
|
$
|
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
|
|
|||||
Incurred guaranteed benefits (1)
|
319
|
|
|
417
|
|
|
452
|
|
|
18
|
|
|
1,206
|
|
|||||
Paid guaranteed benefits
|
(48
|
)
|
|
(1
|
)
|
|
(28
|
)
|
|
—
|
|
|
(77
|
)
|
|||||
Balance at December 31, 2015
|
$
|
1,207
|
|
|
$
|
2,529
|
|
|
$
|
5,516
|
|
|
$
|
306
|
|
|
$
|
9,558
|
|
Ceded
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2013
|
$
|
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
|
|
|||||
Incurred guaranteed benefits
|
32
|
|
|
—
|
|
|
195
|
|
|
13
|
|
|
240
|
|
|||||
Paid guaranteed benefits
|
(36
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|||||
Balance at December 31, 2015
|
$
|
34
|
|
|
$
|
7
|
|
|
$
|
1,257
|
|
|
$
|
215
|
|
|
$
|
1,513
|
|
Net
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2013
|
$
|
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
|
|
|||||
Incurred guaranteed benefits
|
287
|
|
|
417
|
|
|
257
|
|
|
5
|
|
|
966
|
|
|||||
Paid guaranteed benefits
|
(12
|
)
|
|
(1
|
)
|
|
(28
|
)
|
|
—
|
|
|
(41
|
)
|
|||||
Balance at December 31, 2015
|
$
|
1,173
|
|
|
$
|
2,522
|
|
|
$
|
4,259
|
|
|
$
|
91
|
|
|
$
|
8,045
|
|
(1)
|
Secondary guarantees include the effects of foreign currency translation of
($80) million
,
($343) million
and
($597) million
at
December 31, 2015
,
2014
and
2013
, respectively.
|
|
|
December 31,
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|||||||||||||
|
|
In the
Event of Death
|
|
At
Annuitization
|
|
In the
Event of Death
|
|
At
Annuitization
|
|
|||||||||
|
|
(In millions)
|
|
|||||||||||||||
Annuity Contracts (1)
|
|
|
|
|
|
|
|
|
|
|||||||||
Variable Annuity Guarantees
|
|
|
|
|
|
|
|
|
|
|||||||||
Total account value (2), (3)
|
|
$
|
181,413
|
|
|
$
|
91,240
|
|
|
$
|
196,595
|
|
|
$
|
99,000
|
|
|
|
Separate account value
|
|
$
|
151,901
|
|
|
$
|
87,841
|
|
|
$
|
163,566
|
|
|
$
|
95,963
|
|
|
|
Net amount at risk (2)
|
|
$
|
10,339
|
|
(4)
|
$
|
2,762
|
|
(5)
|
|
$
|
4,230
|
|
(4)
|
$
|
1,770
|
|
(5)
|
Average attained age of contractholders
|
|
66 years
|
|
|
66 years
|
|
|
65 years
|
|
|
65 years
|
|
|
|||||
Other Annuity Guarantees
|
|
|
|
|
|
|
|
|
|
|||||||||
Total account value (3)
|
|
N/A
|
|
|
$
|
1,560
|
|
|
N/A
|
|
|
$
|
1,040
|
|
|
|||
Net amount at risk
|
|
N/A
|
|
|
$
|
422
|
|
(6
|
)
|
N/A
|
|
|
$
|
340
|
|
(6)
|
||
Average attained age of contractholders
|
|
N/A
|
|
|
51 years
|
|
|
N/A
|
|
|
50 years
|
|
|
|
|
December 31,
|
||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||
|
|
Secondary
Guarantees
|
|
Paid-Up
Guarantees
|
|
Secondary
Guarantees
|
|
Paid-Up
Guarantees
|
||||||||
|
|
(In millions)
|
||||||||||||||
Universal and Variable Life Contracts (1)
|
|
|
|
|
|
|
|
|
||||||||
Total account value (3)
|
|
$
|
17,211
|
|
|
$
|
3,461
|
|
|
$
|
16,875
|
|
|
$
|
3,587
|
|
Net amount at risk (7)
|
|
$
|
175,958
|
|
|
$
|
19,047
|
|
|
$
|
180,069
|
|
|
$
|
20,344
|
|
Average attained age of policyholders
|
|
57 years
|
|
|
62 years
|
|
|
56 years
|
|
|
61 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.
|
(3)
|
Includes the contractholder’s investments in the general account and separate account, if applicable.
|
(4)
|
Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.
|
(5)
|
Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.
|
(6)
|
Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.
|
(7)
|
Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
|
(In millions)
|
||||||
FHLB of NY
|
|
$
|
666
|
|
|
$
|
661
|
|
FHLB of Des Moines
|
|
$
|
44
|
|
|
$
|
66
|
|
FHLB of Boston
|
|
$
|
36
|
|
|
$
|
55
|
|
FHLB of Pittsburgh
|
|
$
|
96
|
|
|
$
|
35
|
|
|
|
Liability
|
|
Collateral
|
|
|||||||||||||
|
|
December 31,
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
|
2014
|
|
||||||||
|
|
(In millions)
|
|
|||||||||||||||
FHLB of NY (1)
|
|
$
|
12,570
|
|
|
$
|
12,570
|
|
|
$
|
14,085
|
|
(2)
|
|
$
|
15,255
|
|
(2)
|
Farmer Mac (3)
|
|
$
|
2,550
|
|
|
$
|
2,750
|
|
|
$
|
2,643
|
|
|
|
$
|
3,162
|
|
|
FHLB of Des Moines (1)
|
|
$
|
845
|
|
|
$
|
1,405
|
|
|
$
|
999
|
|
(2)
|
|
$
|
1,688
|
|
(2)
|
FHLB of Boston (1)
|
|
$
|
250
|
|
|
$
|
575
|
|
|
$
|
311
|
|
(2)
|
|
$
|
666
|
|
(2)
|
FHLB of Pittsburgh (1)
|
|
$
|
1,820
|
|
|
$
|
435
|
|
|
$
|
2,112
|
|
(2)
|
|
$
|
1,367
|
|
(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,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
11,036
|
|
|
$
|
10,630
|
|
|
$
|
10,436
|
|
Less: Reinsurance recoverables
|
1,876
|
|
|
1,661
|
|
|
1,581
|
|
|||
Net balance at January 1,
|
9,160
|
|
|
8,969
|
|
|
8,855
|
|
|||
Incurred related to:
|
|
|
|
|
|
||||||
Current year
|
9,639
|
|
|
9,358
|
|
|
8,660
|
|
|||
Prior years (1)
|
(78
|
)
|
|
(70
|
)
|
|
(86
|
)
|
|||
Total incurred
|
9,561
|
|
|
9,288
|
|
|
8,574
|
|
|||
Paid related to:
|
|
|
|
|
|
||||||
Current year
|
(6,788
|
)
|
|
(6,714
|
)
|
|
(6,083
|
)
|
|||
Prior years
|
(2,587
|
)
|
|
(2,383
|
)
|
|
(2,377
|
)
|
|||
Total paid
|
(9,375
|
)
|
|
(9,097
|
)
|
|
(8,460
|
)
|
|||
Net balance at December 31,
|
9,346
|
|
|
9,160
|
|
|
8,969
|
|
|||
Add: Reinsurance recoverables
|
2,042
|
|
|
1,876
|
|
|
1,661
|
|
|||
Balance at December 31,
|
$
|
11,388
|
|
|
$
|
11,036
|
|
|
$
|
10,630
|
|
(1)
|
During
2015
,
2014
and
2013
, 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 included improved loss ratios for non-medical health claim liabilities.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
DAC
|
|
|
|
|
|
||||||
Balance at January 1,
|
$
|
18,984
|
|
|
$
|
19,774
|
|
|
$
|
17,150
|
|
Capitalizations
|
3,837
|
|
|
4,183
|
|
|
4,786
|
|
|||
Amortization related to:
|
|
|
|
|
|
||||||
Net investment gains (losses) and net derivative gains (losses)
|
11
|
|
|
(39
|
)
|
|
192
|
|
|||
Other expenses
|
(3,354
|
)
|
|
(3,372
|
)
|
|
(2,812
|
)
|
|||
Total amortization
|
(3,343
|
)
|
|
(3,411
|
)
|
|
(2,620
|
)
|
|||
Unrealized investment gains (losses)
|
539
|
|
|
(676
|
)
|
|
924
|
|
|||
Effect of foreign currency translation and other
|
(552
|
)
|
|
(886
|
)
|
|
(466
|
)
|
|||
Balance at December 31,
|
19,465
|
|
|
18,984
|
|
|
19,774
|
|
|||
VOBA
|
|
|
|
|
|
||||||
Balance at January 1,
|
5,458
|
|
|
6,932
|
|
|
7,611
|
|
|||
Acquisitions (1)
|
—
|
|
|
—
|
|
|
947
|
|
|||
Amortization related to:
|
|
|
|
|
|
||||||
Net investment gains (losses) and net derivative gains (losses)
|
(20
|
)
|
|
(1
|
)
|
|
3
|
|
|||
Other expenses
|
(573
|
)
|
|
(720
|
)
|
|
(933
|
)
|
|||
Total amortization
|
(593
|
)
|
|
(721
|
)
|
|
(930
|
)
|
|||
Unrealized investment gains (losses)
|
99
|
|
|
(26
|
)
|
|
358
|
|
|||
Effect of foreign currency translation and other
|
(299
|
)
|
|
(727
|
)
|
|
(1,054
|
)
|
|||
Balance at December 31,
|
4,665
|
|
|
5,458
|
|
|
6,932
|
|
|||
Total DAC and VOBA
|
|
|
|
|
|
||||||
Balance at December 31,
|
$
|
24,130
|
|
|
$
|
24,442
|
|
|
$
|
26,706
|
|
(1)
|
See
Note 3
for a description of acquisitions.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Retail
|
$
|
11,850
|
|
|
$
|
11,963
|
|
Group, Voluntary & Worksite Benefits
|
365
|
|
|
377
|
|
||
Corporate Benefit Funding
|
111
|
|
|
111
|
|
||
Latin America
|
1,880
|
|
|
2,063
|
|
||
Asia
|
8,374
|
|
|
8,217
|
|
||
EMEA
|
1,532
|
|
|
1,709
|
|
||
Corporate & Other
|
18
|
|
|
2
|
|
||
Total
|
$
|
24,130
|
|
|
$
|
24,442
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
DSI
|
|
|
|
|
|
|
||||||
Balance at January 1,
|
|
$
|
810
|
|
|
$
|
950
|
|
|
$
|
930
|
|
Capitalization
|
|
31
|
|
|
56
|
|
|
58
|
|
|||
Amortization
|
|
(106
|
)
|
|
(130
|
)
|
|
(36
|
)
|
|||
Unrealized investment gains (losses)
|
|
39
|
|
|
(64
|
)
|
|
—
|
|
|||
Effect of foreign currency translation
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Balance at December 31,
|
|
$
|
774
|
|
|
$
|
810
|
|
|
$
|
950
|
|
VODA and VOCRA
|
|
|
|
|
|
|
||||||
Balance at January 1,
|
|
$
|
847
|
|
|
$
|
975
|
|
|
$
|
1,108
|
|
Amortization
|
|
(75
|
)
|
|
(82
|
)
|
|
(84
|
)
|
|||
Effect of foreign currency translation
|
|
(53
|
)
|
|
(46
|
)
|
|
(49
|
)
|
|||
Balance at December 31,
|
|
$
|
719
|
|
|
$
|
847
|
|
|
$
|
975
|
|
Accumulated amortization
|
|
$
|
575
|
|
|
$
|
500
|
|
|
$
|
418
|
|
Negative VOBA
|
|
|
|
|
|
|
||||||
Balance at January 1,
|
|
$
|
1,596
|
|
|
$
|
2,162
|
|
|
$
|
2,916
|
|
Amortization
|
|
(361
|
)
|
|
(442
|
)
|
|
(579
|
)
|
|||
Effect of foreign currency translation and other
|
|
(42
|
)
|
|
(124
|
)
|
|
(175
|
)
|
|||
Balance at December 31,
|
|
$
|
1,193
|
|
|
$
|
1,596
|
|
|
$
|
2,162
|
|
Accumulated amortization
|
|
$
|
2,765
|
|
|
$
|
2,404
|
|
|
$
|
1,962
|
|
|
VOBA
|
|
VODA and VOCRA
|
|
Negative VOBA
|
||||||
|
(In millions)
|
||||||||||
2016
|
$
|
506
|
|
|
$
|
65
|
|
|
$
|
(249
|
)
|
2017
|
$
|
429
|
|
|
$
|
62
|
|
|
$
|
(139
|
)
|
2018
|
$
|
382
|
|
|
$
|
58
|
|
|
$
|
(58
|
)
|
2019
|
$
|
341
|
|
|
$
|
53
|
|
|
$
|
(38
|
)
|
2020
|
$
|
299
|
|
|
$
|
49
|
|
|
$
|
(38
|
)
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
Premiums
|
|
|
|
|
|
|
||||||
Direct premiums
|
|
$
|
39,516
|
|
|
$
|
40,049
|
|
|
$
|
38,476
|
|
Reinsurance assumed
|
|
1,454
|
|
|
1,472
|
|
|
1,472
|
|
|||
Reinsurance ceded
|
|
(2,425
|
)
|
|
(2,454
|
)
|
|
(2,274
|
)
|
|||
Net premiums
|
|
$
|
38,545
|
|
|
$
|
39,067
|
|
|
$
|
37,674
|
|
Universal life and investment-type product policy fees
|
|
|
|
|
|
|
||||||
Direct universal life and investment-type product policy fees
|
|
$
|
10,424
|
|
|
$
|
10,768
|
|
|
$
|
10,197
|
|
Reinsurance assumed
|
|
105
|
|
|
126
|
|
|
139
|
|
|||
Reinsurance ceded
|
|
(1,022
|
)
|
|
(948
|
)
|
|
(885
|
)
|
|||
Net universal life and investment-type product policy fees
|
|
$
|
9,507
|
|
|
$
|
9,946
|
|
|
$
|
9,451
|
|
Policyholder benefits and claims
|
|
|
|
|
|
|
||||||
Direct policyholder benefits and claims
|
|
$
|
41,233
|
|
|
$
|
41,573
|
|
|
$
|
40,211
|
|
Reinsurance assumed
|
|
1,023
|
|
|
962
|
|
|
1,047
|
|
|||
Reinsurance ceded
|
|
(3,542
|
)
|
|
(3,433
|
)
|
|
(3,151
|
)
|
|||
Net policyholder benefits and claims
|
|
$
|
38,714
|
|
|
$
|
39,102
|
|
|
$
|
38,107
|
|
Other expenses
|
|
|
|
|
|
|
||||||
Direct other expenses
|
|
$
|
16,968
|
|
|
$
|
17,334
|
|
|
$
|
16,712
|
|
Reinsurance assumed
|
|
130
|
|
|
165
|
|
|
147
|
|
|||
Reinsurance ceded
|
|
(329
|
)
|
|
(408
|
)
|
|
(257
|
)
|
|||
Net other expenses
|
|
$
|
16,769
|
|
|
$
|
17,091
|
|
|
$
|
16,602
|
|
|
December 31,
|
||||||||||||||||||||||||||||||
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
|
Direct
|
|
Assumed
|
|
Ceded
|
|
Total
Balance
Sheet
|
|
Direct
|
|
Assumed
|
|
Ceded
|
|
Total
Balance
Sheet
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Premiums, reinsurance and other receivables
|
$
|
6,044
|
|
|
$
|
555
|
|
|
$
|
16,103
|
|
|
$
|
22,702
|
|
|
$
|
6,111
|
|
|
$
|
491
|
|
|
$
|
15,642
|
|
|
$
|
22,244
|
|
Deferred policy acquisition costs and value of business acquired
|
24,490
|
|
|
120
|
|
|
(480
|
)
|
|
24,130
|
|
|
24,807
|
|
|
112
|
|
|
(477
|
)
|
|
24,442
|
|
||||||||
Total assets
|
$
|
30,534
|
|
|
$
|
675
|
|
|
$
|
15,623
|
|
|
$
|
46,832
|
|
|
$
|
30,918
|
|
|
$
|
603
|
|
|
$
|
15,165
|
|
|
$
|
46,686
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Future policy benefits
|
$
|
189,817
|
|
|
$
|
2,062
|
|
|
$
|
—
|
|
|
$
|
191,879
|
|
|
$
|
187,562
|
|
|
$
|
2,024
|
|
|
$
|
—
|
|
|
$
|
189,586
|
|
Policyholder account balances
|
201,748
|
|
|
975
|
|
|
(1
|
)
|
|
202,722
|
|
|
208,307
|
|
|
989
|
|
|
(2
|
)
|
|
209,294
|
|
||||||||
Other policy-related balances
|
13,939
|
|
|
310
|
|
|
6
|
|
|
14,255
|
|
|
14,131
|
|
|
285
|
|
|
6
|
|
|
14,422
|
|
||||||||
Other liabilities
|
19,800
|
|
|
472
|
|
|
3,289
|
|
|
23,561
|
|
|
20,752
|
|
|
481
|
|
|
3,204
|
|
|
24,437
|
|
||||||||
Total liabilities
|
$
|
425,304
|
|
|
$
|
3,819
|
|
|
$
|
3,294
|
|
|
$
|
432,417
|
|
|
$
|
430,752
|
|
|
$
|
3,779
|
|
|
$
|
3,208
|
|
|
$
|
437,739
|
|
|
|
December 31,
|
||||||
|
|
2015
|
|
2014
|
||||
|
|
(In millions)
|
||||||
Closed Block Liabilities
|
|
|
|
|
||||
Future policy benefits
|
|
$
|
41,278
|
|
|
$
|
41,667
|
|
Other policy-related balances
|
|
249
|
|
|
265
|
|
||
Policyholder dividends payable
|
|
468
|
|
|
461
|
|
||
Policyholder dividend obligation
|
|
1,783
|
|
|
3,155
|
|
||
Current income tax payable
|
|
—
|
|
|
1
|
|
||
Other liabilities
|
|
380
|
|
|
646
|
|
||
Total closed block liabilities
|
|
44,158
|
|
|
46,195
|
|
||
Assets Designated to the Closed Block
|
|
|
|
|
||||
Investments:
|
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value
|
|
27,556
|
|
|
29,199
|
|
||
Equity securities available-for-sale, at estimated fair value
|
|
111
|
|
|
91
|
|
||
Mortgage loans
|
|
6,022
|
|
|
6,076
|
|
||
Policy loans
|
|
4,642
|
|
|
4,646
|
|
||
Real estate and real estate joint ventures
|
|
462
|
|
|
666
|
|
||
Other invested assets
|
|
1,066
|
|
|
1,065
|
|
||
Total investments
|
|
39,859
|
|
|
41,743
|
|
||
Cash and cash equivalents
|
|
236
|
|
|
227
|
|
||
Accrued investment income
|
|
474
|
|
|
477
|
|
||
Premiums, reinsurance and other receivables
|
|
56
|
|
|
67
|
|
||
Current income tax recoverable
|
|
11
|
|
|
—
|
|
||
Deferred income tax assets
|
|
234
|
|
|
289
|
|
||
Total assets designated to the closed block
|
|
40,870
|
|
|
42,803
|
|
||
Excess of closed block liabilities over assets designated to the closed block
|
|
3,288
|
|
|
3,392
|
|
||
Amounts included in AOCI:
|
|
|
|
|
||||
Unrealized investment gains (losses), net of income tax
|
|
1,382
|
|
|
2,291
|
|
||
Unrealized gains (losses) on derivatives, net of income tax
|
|
76
|
|
|
28
|
|
||
Allocated to policyholder dividend obligation, net of income tax
|
|
(1,159
|
)
|
|
(2,051
|
)
|
||
Total amounts included in AOCI
|
|
299
|
|
|
268
|
|
||
Maximum future earnings to be recognized from closed block assets and liabilities
|
|
$
|
3,587
|
|
|
$
|
3,660
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
Balance at January 1,
|
|
$
|
3,155
|
|
|
$
|
1,771
|
|
|
$
|
3,828
|
|
Change in unrealized investment and derivative gains (losses)
|
|
(1,372
|
)
|
|
1,384
|
|
|
(2,057
|
)
|
|||
Balance at December 31,
|
|
$
|
1,783
|
|
|
$
|
3,155
|
|
|
$
|
1,771
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
|
||||||
Premiums
|
|
$
|
1,850
|
|
|
$
|
1,918
|
|
|
$
|
1,987
|
|
Net investment income
|
|
1,982
|
|
|
2,093
|
|
|
2,130
|
|
|||
Net investment gains (losses)
|
|
(23
|
)
|
|
7
|
|
|
25
|
|
|||
Net derivative gains (losses)
|
|
27
|
|
|
20
|
|
|
(6
|
)
|
|||
Total revenues
|
|
3,836
|
|
|
4,038
|
|
|
4,136
|
|
|||
Expenses
|
|
|
|
|
|
|
||||||
Policyholder benefits and claims
|
|
2,564
|
|
|
2,598
|
|
|
2,702
|
|
|||
Policyholder dividends
|
|
1,015
|
|
|
988
|
|
|
979
|
|
|||
Other expenses
|
|
143
|
|
|
155
|
|
|
165
|
|
|||
Total expenses
|
|
3,722
|
|
|
3,741
|
|
|
3,846
|
|
|||
Revenues, net of expenses before provision for income tax expense (benefit)
|
|
114
|
|
|
297
|
|
|
290
|
|
|||
Provision for income tax expense (benefit)
|
|
41
|
|
|
104
|
|
|
101
|
|
|||
Revenues, net of expenses and provision for income tax expense (benefit)
|
|
$
|
73
|
|
|
$
|
193
|
|
|
$
|
189
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||||
|
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
|
$
|
96,466
|
|
|
$
|
6,583
|
|
|
$
|
2,255
|
|
|
$
|
—
|
|
|
$
|
100,794
|
|
|
$
|
96,235
|
|
|
$
|
10,343
|
|
|
$
|
624
|
|
|
$
|
—
|
|
|
$
|
105,954
|
|
U.S. Treasury and agency
|
56,499
|
|
|
5,373
|
|
|
226
|
|
|
—
|
|
|
61,646
|
|
|
54,654
|
|
|
6,892
|
|
|
30
|
|
|
—
|
|
|
61,516
|
|
||||||||||
Foreign corporate
|
56,003
|
|
|
3,019
|
|
|
1,822
|
|
|
2
|
|
|
57,198
|
|
|
57,695
|
|
|
4,651
|
|
|
664
|
|
|
7
|
|
|
61,675
|
|
||||||||||
Foreign government
|
45,451
|
|
|
5,269
|
|
|
221
|
|
|
—
|
|
|
50,499
|
|
|
47,327
|
|
|
5,500
|
|
|
161
|
|
|
—
|
|
|
52,666
|
|
||||||||||
RMBS
|
37,914
|
|
|
1,366
|
|
|
424
|
|
|
59
|
|
|
38,797
|
|
|
38,064
|
|
|
2,102
|
|
|
214
|
|
|
106
|
|
|
39,846
|
|
||||||||||
State and political subdivision
|
13,723
|
|
|
1,795
|
|
|
67
|
|
|
10
|
|
|
15,441
|
|
|
12,922
|
|
|
2,291
|
|
|
26
|
|
|
—
|
|
|
15,187
|
|
||||||||||
ABS
|
14,498
|
|
|
131
|
|
|
229
|
|
|
6
|
|
|
14,394
|
|
|
14,121
|
|
|
240
|
|
|
112
|
|
|
—
|
|
|
14,249
|
|
||||||||||
CMBS (1)
|
12,410
|
|
|
347
|
|
|
125
|
|
|
(1
|
)
|
|
12,633
|
|
|
13,762
|
|
|
615
|
|
|
46
|
|
|
(1
|
)
|
|
14,332
|
|
||||||||||
Total fixed maturity securities
|
$
|
332,964
|
|
|
$
|
23,883
|
|
|
$
|
5,369
|
|
|
$
|
76
|
|
|
$
|
351,402
|
|
|
$
|
334,780
|
|
|
$
|
32,634
|
|
|
$
|
1,877
|
|
|
$
|
112
|
|
|
$
|
365,425
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Common stock
|
$
|
1,962
|
|
|
$
|
397
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
2,252
|
|
|
$
|
1,990
|
|
|
$
|
554
|
|
|
$
|
28
|
|
|
$
|
—
|
|
|
$
|
2,516
|
|
Non-redeemable preferred stock
|
1,035
|
|
|
85
|
|
|
51
|
|
|
—
|
|
|
1,069
|
|
|
1,086
|
|
|
68
|
|
|
39
|
|
|
—
|
|
|
1,115
|
|
||||||||||
Total equity securities
|
$
|
2,997
|
|
|
$
|
482
|
|
|
$
|
158
|
|
|
$
|
—
|
|
|
$
|
3,321
|
|
|
$
|
3,076
|
|
|
$
|
622
|
|
|
$
|
67
|
|
|
$
|
—
|
|
|
$
|
3,631
|
|
(1)
|
The noncredit loss component of OTTI losses for CMBS was in an unrealized gain position of
$1 million
at both December 31,
2015
and
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).”
|
|
Due in One Year or Less
|
|
Due After One Year Through Five Years
|
|
Due After Five Years Through Ten Years
|
|
Due After Ten Years
|
|
Structured Securities
|
|
Total Fixed Maturity Securities
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Amortized cost
|
$
|
13,109
|
|
|
$
|
74,554
|
|
|
$
|
71,590
|
|
|
$
|
108,889
|
|
|
$
|
64,822
|
|
|
$
|
332,964
|
|
Estimated fair value
|
$
|
13,130
|
|
|
$
|
77,398
|
|
|
$
|
74,364
|
|
|
$
|
120,686
|
|
|
$
|
65,824
|
|
|
$
|
351,402
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
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
|
$
|
27,526
|
|
|
$
|
1,629
|
|
|
$
|
3,762
|
|
|
$
|
626
|
|
|
$
|
11,389
|
|
|
$
|
331
|
|
|
$
|
4,658
|
|
|
$
|
293
|
|
U.S. Treasury and agency
|
19,628
|
|
|
222
|
|
|
298
|
|
|
4
|
|
|
8,927
|
|
|
12
|
|
|
1,314
|
|
|
18
|
|
||||||||
Foreign corporate
|
14,447
|
|
|
911
|
|
|
5,251
|
|
|
913
|
|
|
9,410
|
|
|
505
|
|
|
2,074
|
|
|
166
|
|
||||||||
Foreign government
|
3,530
|
|
|
166
|
|
|
429
|
|
|
55
|
|
|
1,085
|
|
|
80
|
|
|
630
|
|
|
81
|
|
||||||||
RMBS
|
13,467
|
|
|
287
|
|
|
2,431
|
|
|
196
|
|
|
4,180
|
|
|
92
|
|
|
2,534
|
|
|
228
|
|
||||||||
State and political subdivision
|
1,618
|
|
|
55
|
|
|
168
|
|
|
22
|
|
|
83
|
|
|
1
|
|
|
297
|
|
|
25
|
|
||||||||
ABS
|
7,329
|
|
|
124
|
|
|
2,823
|
|
|
111
|
|
|
4,456
|
|
|
57
|
|
|
1,440
|
|
|
55
|
|
||||||||
CMBS
|
4,876
|
|
|
81
|
|
|
637
|
|
|
43
|
|
|
1,268
|
|
|
23
|
|
|
934
|
|
|
22
|
|
||||||||
Total fixed maturity securities
|
$
|
92,421
|
|
|
$
|
3,475
|
|
|
$
|
15,799
|
|
|
$
|
1,970
|
|
|
$
|
40,798
|
|
|
$
|
1,101
|
|
|
$
|
13,881
|
|
|
$
|
888
|
|
Equity securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock
|
$
|
203
|
|
|
$
|
105
|
|
|
$
|
20
|
|
|
$
|
2
|
|
|
$
|
111
|
|
|
$
|
28
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Non-redeemable preferred stock
|
79
|
|
|
2
|
|
|
200
|
|
|
49
|
|
|
67
|
|
|
2
|
|
|
192
|
|
|
37
|
|
||||||||
Total equity securities
|
$
|
282
|
|
|
$
|
107
|
|
|
$
|
220
|
|
|
$
|
51
|
|
|
$
|
178
|
|
|
$
|
30
|
|
|
$
|
193
|
|
|
$
|
37
|
|
Total number of securities in an
unrealized loss position
|
6,366
|
|
|
|
|
1,489
|
|
|
|
|
3,153
|
|
|
|
|
1,435
|
|
|
|
•
|
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,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Carrying
Value
|
|
% of
Total
|
|
Carrying
Value
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Mortgage loans
|
|
|
|
|
|
|
|
||||||
Commercial
|
$
|
44,012
|
|
|
65.6
|
%
|
|
$
|
41,088
|
|
|
68.3
|
%
|
Agricultural
|
13,188
|
|
|
19.6
|
|
|
12,378
|
|
|
20.6
|
|
||
Residential
|
9,734
|
|
|
14.5
|
|
|
6,369
|
|
|
10.6
|
|
||
Subtotal (1)
|
66,934
|
|
|
99.7
|
|
|
59,835
|
|
|
99.5
|
|
||
Valuation allowances
|
(318
|
)
|
|
(0.5
|
)
|
|
(305
|
)
|
|
(0.5
|
)
|
||
Subtotal mortgage loans, net
|
66,616
|
|
|
99.2
|
|
|
59,530
|
|
|
99.0
|
|
||
Residential — FVO
|
314
|
|
|
0.5
|
|
|
308
|
|
|
0.5
|
|
||
Commercial mortgage loans held by CSEs — FVO
|
172
|
|
|
0.3
|
|
|
280
|
|
|
0.5
|
|
||
Total mortgage loans, net
|
$
|
67,102
|
|
|
100.0
|
%
|
|
$
|
60,118
|
|
|
100.0
|
%
|
(1)
|
Purchases of mortgage loans were
$4.2 billion
and
$4.7 billion
for the years ended December 31,
2015
and
2014
, 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
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Unpaid Principal Balance
|
|
Recorded Investment
|
|
Valuation
Allowances |
|
Unpaid Principal Balance
|
|
Recorded
Investment |
|
Recorded
Investment |
|
Valuation
Allowances |
|
Carrying
Value |
|
Average
Recorded Investment |
||||||||||||||||||
|
(In millions)
|
|
|
||||||||||||||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
57
|
|
|
$
|
57
|
|
|
$
|
43,955
|
|
|
$
|
217
|
|
|
$
|
57
|
|
|
$
|
127
|
|
Agricultural
|
49
|
|
|
47
|
|
|
3
|
|
|
22
|
|
|
21
|
|
|
13,120
|
|
|
39
|
|
|
65
|
|
|
63
|
|
|||||||||
Residential
|
—
|
|
|
—
|
|
|
—
|
|
|
141
|
|
|
131
|
|
|
9,603
|
|
|
59
|
|
|
131
|
|
|
84
|
|
|||||||||
Total
|
$
|
49
|
|
|
$
|
47
|
|
|
$
|
3
|
|
|
$
|
220
|
|
|
$
|
209
|
|
|
$
|
66,678
|
|
|
$
|
315
|
|
|
$
|
253
|
|
|
$
|
274
|
|
December 31, 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
|
|
|
Commercial
|
|
Agricultural
|
|
Residential
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Balance at January 1, 2013
|
$
|
293
|
|
|
$
|
52
|
|
|
$
|
2
|
|
|
$
|
347
|
|
Provision (release)
|
(35
|
)
|
|
4
|
|
|
18
|
|
|
(13
|
)
|
||||
Charge-offs, net of recoveries
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
(12
|
)
|
||||
Balance at December 31, 2013
|
258
|
|
|
44
|
|
|
20
|
|
|
322
|
|
||||
Provision (release)
|
(11
|
)
|
|
(4
|
)
|
|
27
|
|
|
12
|
|
||||
Charge-offs, net of recoveries
|
(23
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(29
|
)
|
||||
Balance at December 31, 2014
|
224
|
|
|
39
|
|
|
42
|
|
|
305
|
|
||||
Provision (release)
|
12
|
|
|
3
|
|
|
33
|
|
|
48
|
|
||||
Charge-offs, net of recoveries
|
(19
|
)
|
|
—
|
|
|
(16
|
)
|
|
(35
|
)
|
||||
Balance at December 31, 2015
|
$
|
217
|
|
|
$
|
42
|
|
|
$
|
59
|
|
|
$
|
318
|
|
|
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, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loan-to-value ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Less than 65%
|
$
|
38,163
|
|
|
$
|
1,063
|
|
|
$
|
544
|
|
|
$
|
39,770
|
|
|
90.4
|
%
|
|
$
|
40,921
|
|
|
90.7
|
%
|
65% to 75%
|
3,270
|
|
|
138
|
|
|
76
|
|
|
3,484
|
|
|
7.9
|
|
|
3,451
|
|
|
7.7
|
|
|||||
76% to 80%
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Greater than 80%
|
381
|
|
|
140
|
|
|
237
|
|
|
758
|
|
|
1.7
|
|
|
732
|
|
|
1.6
|
|
|||||
Total
|
$
|
41,814
|
|
|
$
|
1,341
|
|
|
$
|
857
|
|
|
$
|
44,012
|
|
|
100.0
|
%
|
|
$
|
45,104
|
|
|
100.0
|
%
|
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,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Recorded
Investment
|
|
% of
Total
|
|
Recorded
Investment
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Loan-to-value ratios
|
|
|
|
|
|
|
|
||||||
Less than 65%
|
$
|
12,399
|
|
|
94.0
|
%
|
|
$
|
11,743
|
|
|
94.9
|
%
|
65% to 75%
|
710
|
|
|
5.4
|
|
|
533
|
|
|
4.3
|
|
||
76% to 80%
|
21
|
|
|
0.2
|
|
|
17
|
|
|
0.1
|
|
||
Greater than 80%
|
58
|
|
|
0.4
|
|
|
85
|
|
|
0.7
|
|
||
Total
|
$
|
13,188
|
|
|
100.0
|
%
|
|
$
|
12,378
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||
|
2015
|
|
2014
|
||||||||||
|
Recorded
Investment
|
|
% of
Total
|
|
Recorded
Investment
|
|
% of
Total
|
||||||
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||
Performance indicators
|
|
|
|
|
|
|
|
||||||
Performing
|
$
|
9,408
|
|
|
96.7
|
%
|
|
$
|
6,196
|
|
|
97.3
|
%
|
Nonperforming
|
326
|
|
|
3.3
|
|
|
173
|
|
|
2.7
|
|
||
Total
|
$
|
9,734
|
|
|
100.0
|
%
|
|
$
|
6,369
|
|
|
100.0
|
%
|
|
Past Due
|
|
Nonaccrual Status
|
||||||||||||
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||
|
(In millions)
|
||||||||||||||
Commercial
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
75
|
|
Agricultural
|
103
|
|
|
1
|
|
|
46
|
|
|
41
|
|
||||
Residential
|
326
|
|
|
173
|
|
|
318
|
|
|
163
|
|
||||
Total
|
$
|
431
|
|
|
$
|
184
|
|
|
$
|
364
|
|
|
$
|
279
|
|
|
December 31,
|
||||||||||||||
|
2015
|
|
2014
|
||||||||||||
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
||||||||
|
(In millions)
|
||||||||||||||
Rental receivables, net
|
$
|
1,329
|
|
|
$
|
1,508
|
|
|
$
|
1,414
|
|
|
$
|
1,750
|
|
Estimated residual values
|
1,076
|
|
|
80
|
|
|
1,148
|
|
|
145
|
|
||||
Subtotal
|
2,405
|
|
|
1,588
|
|
|
2,562
|
|
|
1,895
|
|
||||
Unearned income
|
(693
|
)
|
|
(512
|
)
|
|
(777
|
)
|
|
(776
|
)
|
||||
Investment in leases, net of non-recourse debt
|
$
|
1,712
|
|
|
$
|
1,076
|
|
|
$
|
1,785
|
|
|
$
|
1,119
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
|
Leveraged Leases
|
|
Direct Financing Leases
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Income from investment in leases
|
$
|
62
|
|
|
$
|
82
|
|
|
$
|
66
|
|
|
$
|
72
|
|
|
$
|
82
|
|
|
$
|
75
|
|
Less: Income tax expense on leases
|
22
|
|
|
29
|
|
|
23
|
|
|
25
|
|
|
29
|
|
|
26
|
|
||||||
Investment income after income tax
|
$
|
40
|
|
|
$
|
53
|
|
|
$
|
43
|
|
|
$
|
47
|
|
|
$
|
53
|
|
|
$
|
49
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Fixed maturity securities
|
$
|
18,164
|
|
|
$
|
30,367
|
|
|
$
|
16,672
|
|
Fixed maturity securities with noncredit OTTI losses in AOCI
|
(76
|
)
|
|
(112
|
)
|
|
(218
|
)
|
|||
Total fixed maturity securities
|
18,088
|
|
|
30,255
|
|
|
16,454
|
|
|||
Equity securities
|
422
|
|
|
608
|
|
|
390
|
|
|||
Derivatives
|
2,350
|
|
|
1,761
|
|
|
375
|
|
|||
Other
|
287
|
|
|
149
|
|
|
(73
|
)
|
|||
Subtotal
|
21,147
|
|
|
32,773
|
|
|
17,146
|
|
|||
Amounts allocated from:
|
|
|
|
|
|
||||||
Future policy benefits
|
(163
|
)
|
|
(2,886
|
)
|
|
(898
|
)
|
|||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
|
—
|
|
|
(4
|
)
|
|
6
|
|
|||
DAC, VOBA and DSI
|
(1,273
|
)
|
|
(1,946
|
)
|
|
(1,190
|
)
|
|||
Policyholder dividend obligation
|
(1,783
|
)
|
|
(3,155
|
)
|
|
(1,771
|
)
|
|||
Subtotal
|
(3,219
|
)
|
|
(7,991
|
)
|
|
(3,853
|
)
|
|||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
|
27
|
|
|
42
|
|
|
73
|
|
|||
Deferred income tax benefit (expense)
|
(6,151
|
)
|
|
(8,556
|
)
|
|
(4,956
|
)
|
|||
Net unrealized investment gains (losses)
|
11,804
|
|
|
16,268
|
|
|
8,410
|
|
|||
Net unrealized investment gains (losses) attributable to noncontrolling interests
|
(31
|
)
|
|
(33
|
)
|
|
4
|
|
|||
Net unrealized investment gains (losses) attributable to MetLife, Inc.
|
$
|
11,773
|
|
|
$
|
16,235
|
|
|
$
|
8,414
|
|
|
Years Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Balance at January 1,
|
$
|
(112
|
)
|
|
$
|
(218
|
)
|
Noncredit OTTI losses and subsequent changes recognized
|
6
|
|
|
17
|
|
||
Securities sold with previous noncredit OTTI loss
|
125
|
|
|
53
|
|
||
Subsequent changes in estimated fair value
|
(95
|
)
|
|
36
|
|
||
Balance at December 31,
|
$
|
(76
|
)
|
|
$
|
(112
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
16,235
|
|
|
$
|
8,414
|
|
|
$
|
14,419
|
|
Fixed maturity securities on which noncredit OTTI losses have been recognized
|
36
|
|
|
106
|
|
|
143
|
|
|||
Unrealized investment gains (losses) during the year
|
(11,662
|
)
|
|
15,521
|
|
|
(17,618
|
)
|
|||
Unrealized investment gains (losses) relating to:
|
|
|
|
|
|
||||||
Future policy benefits
|
2,723
|
|
|
(1,988
|
)
|
|
5,151
|
|
|||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
|
4
|
|
|
(10
|
)
|
|
(13
|
)
|
|||
DAC, VOBA and DSI
|
673
|
|
|
(756
|
)
|
|
1,295
|
|
|||
Policyholder dividend obligation
|
1,372
|
|
|
(1,384
|
)
|
|
2,057
|
|
|||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
|
(15
|
)
|
|
(31
|
)
|
|
(46
|
)
|
|||
Deferred income tax benefit (expense)
|
2,405
|
|
|
(3,600
|
)
|
|
3,017
|
|
|||
Net unrealized investment gains (losses)
|
11,771
|
|
|
16,272
|
|
|
8,405
|
|
|||
Net unrealized investment gains (losses) attributable to noncontrolling interests
|
2
|
|
|
(37
|
)
|
|
9
|
|
|||
Balance at December 31,
|
$
|
11,773
|
|
|
$
|
16,235
|
|
|
$
|
8,414
|
|
Change in net unrealized investment gains (losses)
|
$
|
(4,464
|
)
|
|
$
|
7,858
|
|
|
$
|
(6,014
|
)
|
Change in net unrealized investment gains (losses) attributable to noncontrolling interests
|
2
|
|
|
(37
|
)
|
|
9
|
|
|||
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
|
$
|
(4,462
|
)
|
|
$
|
7,821
|
|
|
$
|
(6,005
|
)
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Securities on loan: (1)
|
|
|
|
||||
Amortized cost
|
$
|
27,223
|
|
|
$
|
26,989
|
|
Estimated fair value
|
$
|
29,646
|
|
|
$
|
30,269
|
|
Cash collateral on deposit from counterparties (2)
|
$
|
30,197
|
|
|
$
|
30,826
|
|
Security collateral on deposit from counterparties (3)
|
$
|
50
|
|
|
$
|
83
|
|
Reinvestment portfolio — estimated fair value
|
$
|
30,258
|
|
|
$
|
31,314
|
|
(1)
|
Included within fixed maturity securities and short-term investments.
|
(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, 2015
|
|||||||||||||||||
|
Remaining Tenor of Securities Lending Agreements
|
|
|
|
|
|||||||||||||
|
Open (1)
|
|
1 Month or Less
|
|
1 to 6 Months
|
|
Total
|
|
% of Total
|
|||||||||
|
(In millions)
|
|
|
|
|
|||||||||||||
Cash collateral liability by loaned security type
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury and agency
|
$
|
10,116
|
|
|
$
|
11,157
|
|
|
$
|
5,986
|
|
|
$
|
27,259
|
|
|
90.3
|
%
|
Agency RMBS
|
—
|
|
|
951
|
|
|
600
|
|
|
1,551
|
|
|
5.1
|
|
||||
Foreign government
|
2
|
|
|
510
|
|
|
486
|
|
|
998
|
|
|
3.3
|
|
||||
U.S. corporate
|
9
|
|
|
380
|
|
|
—
|
|
|
389
|
|
|
1.3
|
|
||||
Foreign corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
10,127
|
|
|
$
|
12,998
|
|
|
$
|
7,072
|
|
|
$
|
30,197
|
|
|
100.0
|
%
|
|
December 31, 2014
|
|||||||||||||||||
|
Remaining Tenor of Securities Lending Agreements
|
|
|
|
||||||||||||||
|
Open (1)
|
|
1 Month or Less
|
|
1 to 6 Months
|
|
Total
|
|
% of Total
|
|||||||||
|
(In millions)
|
|
|
|||||||||||||||
Cash collateral liability by loaned security type
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Treasury and agency
|
$
|
10,371
|
|
|
$
|
10,423
|
|
|
$
|
5,239
|
|
|
$
|
26,033
|
|
|
84.5
|
%
|
Agency RMBS
|
—
|
|
|
482
|
|
|
2,572
|
|
|
3,054
|
|
|
9.9
|
|
||||
Foreign government
|
30
|
|
|
1,034
|
|
|
81
|
|
|
1,145
|
|
|
3.7
|
|
||||
U.S. corporate
|
125
|
|
|
182
|
|
|
—
|
|
|
307
|
|
|
1.0
|
|
||||
Foreign corporate
|
175
|
|
|
112
|
|
|
—
|
|
|
287
|
|
|
0.9
|
|
||||
Total
|
$
|
10,701
|
|
|
$
|
12,233
|
|
|
$
|
7,892
|
|
|
$
|
30,826
|
|
|
100.0
|
%
|
(1)
|
The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Invested assets on deposit (regulatory deposits)
|
$
|
9,089
|
|
|
$
|
9,437
|
|
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)
|
10,443
|
|
|
10,069
|
|
||
Invested assets pledged as collateral (1)
|
23,145
|
|
|
25,996
|
|
||
Total invested assets on deposit, held in trust and pledged as collateral
|
$
|
42,677
|
|
|
$
|
45,502
|
|
(1)
|
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,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Outstanding principal and interest balance (1)
|
$
|
6,410
|
|
|
$
|
5,287
|
|
|
$
|
148
|
|
|
$
|
239
|
|
Carrying value (2)
|
$
|
4,883
|
|
|
$
|
4,170
|
|
|
$
|
129
|
|
|
$
|
132
|
|
(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,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Contractually required payments (including interest)
|
$
|
2,220
|
|
|
$
|
947
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Cash flows expected to be collected (1)
|
$
|
1,951
|
|
|
$
|
745
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Fair value of investments acquired
|
$
|
1,439
|
|
|
$
|
503
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Represents undiscounted principal and interest cash flow expectations, at the date of acquisition.
|
|
Years Ended December 31,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Fixed Maturity Securities
|
|
Mortgage Loans
|
||||||||||||
|
(In millions)
|
||||||||||||||
Accretable yield, January 1,
|
$
|
2,143
|
|
|
$
|
2,746
|
|
|
$
|
48
|
|
|
$
|
74
|
|
Investments purchased
|
512
|
|
|
242
|
|
|
—
|
|
|
—
|
|
||||
Accretion recognized in earnings
|
(325
|
)
|
|
(244
|
)
|
|
(56
|
)
|
|
(22
|
)
|
||||
Disposals
|
(56
|
)
|
|
(60
|
)
|
|
—
|
|
|
—
|
|
||||
Reclassification (to) from nonaccretable difference
|
(74
|
)
|
|
(541
|
)
|
|
29
|
|
|
(4
|
)
|
||||
Accretable yield, December 31,
|
$
|
2,200
|
|
|
$
|
2,143
|
|
|
$
|
21
|
|
|
$
|
48
|
|
|
December 31,
|
||||||||||||||
|
2015
|
|
2014
|
||||||||||||
|
Total
Assets
|
|
Total
Liabilities
|
|
Total
Assets
|
|
Total
Liabilities
|
||||||||
|
(In millions)
|
||||||||||||||
MRSC (collateral financing arrangement (primarily securities)) (1)
|
$
|
3,374
|
|
|
$
|
—
|
|
|
$
|
3,471
|
|
|
$
|
—
|
|
Operating joint venture (2)
|
2,465
|
|
|
2,079
|
|
|
2,405
|
|
|
1,999
|
|
||||
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)
|
186
|
|
|
62
|
|
|
297
|
|
|
155
|
|
||||
Other investments (4)
|
76
|
|
|
—
|
|
|
150
|
|
|
15
|
|
||||
Total
|
$
|
6,101
|
|
|
$
|
2,141
|
|
|
$
|
6,323
|
|
|
$
|
2,169
|
|
(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
$105 million
and
$123 million
at estimated fair value at December 31,
2015
and
2014
, 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
$8 million
,
$38 million
and
$122 million
for the years ended December 31,
2015
,
2014
and
2013
respectively.
|
(4)
|
Other investments is comprised of other invested assets, other limited partnerships interests, FVO and trading securities, and real estate joint ventures.
|
|
December 31,
|
||||||||||||||
|
2015
|
|
2014
|
||||||||||||
|
Carrying
Amount
|
|
Maximum
Exposure
to Loss (1)
|
|
Carrying
Amount
|
|
Maximum
Exposure
to Loss (1)
|
||||||||
|
(In millions)
|
||||||||||||||
Fixed maturity securities AFS:
|
|
|
|
|
|
|
|
||||||||
Structured securities (RMBS, ABS and CMBS) (2)
|
$
|
65,824
|
|
|
$
|
65,824
|
|
|
$
|
68,427
|
|
|
$
|
68,427
|
|
U.S. and foreign corporate
|
3,261
|
|
|
3,261
|
|
|
3,829
|
|
|
3,829
|
|
||||
Other limited partnership interests
|
5,186
|
|
|
7,074
|
|
|
6,250
|
|
|
8,402
|
|
||||
Other invested assets
|
1,604
|
|
|
2,161
|
|
|
1,720
|
|
|
2,050
|
|
||||
FVO and trading securities
|
586
|
|
|
586
|
|
|
565
|
|
|
565
|
|
||||
Real estate joint ventures
|
65
|
|
|
82
|
|
|
100
|
|
|
125
|
|
||||
Other investments (3)
|
71
|
|
|
71
|
|
|
92
|
|
|
92
|
|
||||
Total
|
$
|
76,597
|
|
|
$
|
79,059
|
|
|
$
|
80,983
|
|
|
$
|
83,490
|
|
(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. 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
$179 million
and
$212 million
at December 31,
2015
and
2014
, 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.
|
(3)
|
Other investments is comprised of mortgage loans and non-redeemable preferred stock.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Investment income:
|
|
|
|
|
|
||||||
Fixed maturity securities
|
$
|
14,235
|
|
|
$
|
14,868
|
|
|
$
|
15,071
|
|
Equity securities
|
144
|
|
|
133
|
|
|
127
|
|
|||
FVO and trading securities — Actively traded and FVO general account securities (1)
|
21
|
|
|
103
|
|
|
65
|
|
|||
Mortgage loans
|
3,136
|
|
|
2,928
|
|
|
3,020
|
|
|||
Policy loans
|
603
|
|
|
629
|
|
|
620
|
|
|||
Real estate and real estate joint ventures
|
981
|
|
|
951
|
|
|
909
|
|
|||
Other limited partnership interests
|
669
|
|
|
1,033
|
|
|
955
|
|
|||
Cash, cash equivalents and short-term investments
|
148
|
|
|
168
|
|
|
181
|
|
|||
Operating joint ventures
|
25
|
|
|
10
|
|
|
10
|
|
|||
Other
|
248
|
|
|
192
|
|
|
165
|
|
|||
Subtotal
|
20,210
|
|
|
21,015
|
|
|
21,123
|
|
|||
Less: Investment expenses
|
1,209
|
|
|
1,178
|
|
|
1,198
|
|
|||
Subtotal, net
|
19,001
|
|
|
19,837
|
|
|
19,925
|
|
|||
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)
|
264
|
|
|
1,266
|
|
|
2,172
|
|
|||
FVO CSEs — interest income:
|
|
|
|
|
|
||||||
Commercial mortgage loans
|
16
|
|
|
49
|
|
|
132
|
|
|||
Securities
|
—
|
|
|
1
|
|
|
3
|
|
|||
Subtotal
|
280
|
|
|
1,316
|
|
|
2,307
|
|
|||
Net investment income
|
$
|
19,281
|
|
|
$
|
21,153
|
|
|
$
|
22,232
|
|
(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,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Actively traded and FVO general account securities
|
$
|
(23
|
)
|
|
$
|
(3
|
)
|
|
$
|
18
|
|
FVO contractholder-directed unit-linked investments
|
$
|
(433
|
)
|
|
$
|
645
|
|
|
$
|
1,579
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(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
|
$
|
(28
|
)
|
|
$
|
(7
|
)
|
|
$
|
(11
|
)
|
Utility
|
(21
|
)
|
|
—
|
|
|
(48
|
)
|
|||
Industrial
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||
Transportation
|
—
|
|
|
(2
|
)
|
|
(3
|
)
|
|||
Finance
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||
Communications
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
Total U.S. and foreign corporate securities
|
(54
|
)
|
|
(9
|
)
|
|
(74
|
)
|
|||
RMBS
|
(30
|
)
|
|
(31
|
)
|
|
(80
|
)
|
|||
CMBS
|
—
|
|
|
(13
|
)
|
|
(12
|
)
|
|||
ABS
|
—
|
|
|
(7
|
)
|
|
—
|
|
|||
State and political subdivision
|
(6
|
)
|
|
—
|
|
|
—
|
|
|||
OTTI losses on fixed maturity securities recognized in earnings
|
(90
|
)
|
|
(60
|
)
|
|
(166
|
)
|
|||
Fixed maturity securities — net gains (losses) on sales and disposals
|
204
|
|
|
598
|
|
|
561
|
|
|||
Total gains (losses) on fixed maturity securities
|
114
|
|
|
538
|
|
|
395
|
|
|||
Total gains (losses) on equity securities:
|
|
|
|
|
|
||||||
Total OTTI losses recognized — by sector:
|
|
|
|
|
|
||||||
Common stock
|
(39
|
)
|
|
(13
|
)
|
|
(6
|
)
|
|||
Non-redeemable preferred stock
|
(1
|
)
|
|
(23
|
)
|
|
(20
|
)
|
|||
OTTI losses on equity securities recognized in earnings
|
(40
|
)
|
|
(36
|
)
|
|
(26
|
)
|
|||
Equity securities — net gains (losses) on sales and disposals
|
61
|
|
|
101
|
|
|
31
|
|
|||
Total gains (losses) on equity securities
|
21
|
|
|
65
|
|
|
5
|
|
|||
FVO and trading securities — FVO general account securities
|
—
|
|
|
9
|
|
|
15
|
|
|||
Mortgage loans
|
(105
|
)
|
|
(36
|
)
|
|
22
|
|
|||
Real estate and real estate joint ventures
|
531
|
|
|
222
|
|
|
(19
|
)
|
|||
Other limited partnership interests
|
(67
|
)
|
|
(78
|
)
|
|
(48
|
)
|
|||
Other
|
(6
|
)
|
|
(110
|
)
|
|
22
|
|
|||
Subtotal
|
488
|
|
|
610
|
|
|
392
|
|
|||
FVO CSEs:
|
|
|
|
|
|
||||||
Commercial mortgage loans
|
(7
|
)
|
|
(13
|
)
|
|
(52
|
)
|
|||
Securities
|
—
|
|
|
—
|
|
|
2
|
|
|||
Long-term debt — related to commercial mortgage loans
|
4
|
|
|
19
|
|
|
85
|
|
|||
Long-term debt — related to securities
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
Non-investment portfolio gains (losses) (1)
|
112
|
|
|
(812
|
)
|
|
(264
|
)
|
|||
Subtotal
|
109
|
|
|
(807
|
)
|
|
(231
|
)
|
|||
Total net investment gains (losses)
|
$
|
597
|
|
|
$
|
(197
|
)
|
|
$
|
161
|
|
(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,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
Fixed Maturity Securities
|
|
Equity Securities
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Proceeds
|
$
|
115,395
|
|
|
$
|
82,075
|
|
|
$
|
76,070
|
|
|
$
|
358
|
|
|
$
|
544
|
|
|
$
|
746
|
|
Gross investment gains
|
$
|
1,262
|
|
|
$
|
1,165
|
|
|
$
|
1,326
|
|
|
$
|
99
|
|
|
$
|
112
|
|
|
$
|
56
|
|
Gross investment losses
|
(1,058
|
)
|
|
(567
|
)
|
|
(765
|
)
|
|
(38
|
)
|
|
(11
|
)
|
|
(25
|
)
|
||||||
OTTI losses
|
(90
|
)
|
|
(60
|
)
|
|
(166
|
)
|
|
(40
|
)
|
|
(36
|
)
|
|
(26
|
)
|
||||||
Net investment gains (losses)
|
$
|
114
|
|
|
$
|
538
|
|
|
$
|
395
|
|
|
$
|
21
|
|
|
$
|
65
|
|
|
$
|
5
|
|
|
Years Ended December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Balance at January 1,
|
$
|
357
|
|
|
$
|
378
|
|
Additions:
|
|
|
|
||||
Initial impairments — credit loss OTTI on securities not previously impaired
|
20
|
|
|
2
|
|
||
Additional impairments — credit loss OTTI on securities previously impaired
|
26
|
|
|
25
|
|
||
Reductions:
|
|
|
|
||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI
|
(124
|
)
|
|
(40
|
)
|
||
Securities impaired to net present value of expected future cash flows
|
—
|
|
|
(7
|
)
|
||
Increase in cash flows — accretion of previous credit loss OTTI
|
(2
|
)
|
|
(1
|
)
|
||
Balance at December 31,
|
$
|
277
|
|
|
$
|
357
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Freestanding derivatives and hedging gains (losses) (1)
|
$
|
277
|
|
|
$
|
1,638
|
|
|
$
|
(8,343
|
)
|
Embedded derivatives gains (losses)
|
(239
|
)
|
|
(321
|
)
|
|
5,104
|
|
|||
Total net derivative gains (losses)
|
$
|
38
|
|
|
$
|
1,317
|
|
|
$
|
(3,239
|
)
|
(1)
|
Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Qualifying hedges:
|
|
|
|
|
|
||||||
Net investment income
|
$
|
219
|
|
|
$
|
158
|
|
|
$
|
135
|
|
Interest credited to policyholder account balances
|
25
|
|
|
101
|
|
|
150
|
|
|||
Other expenses
|
(6
|
)
|
|
(3
|
)
|
|
(6
|
)
|
|||
Nonqualifying hedges:
|
|
|
|
|
|
||||||
Net investment income
|
(5
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|||
Net derivative gains (losses)
|
1,024
|
|
|
828
|
|
|
328
|
|
|||
Policyholder benefits and claims
|
16
|
|
|
40
|
|
|
(292
|
)
|
|||
Total
|
$
|
1,273
|
|
|
$
|
1,120
|
|
|
$
|
309
|
|
|
Net
Derivative
Gains (Losses)
|
|
Net
Investment
Income (1)
|
|
Policyholder
Benefits and
Claims (2)
|
||||||
|
(In millions)
|
||||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
||||||
Interest rate derivatives
|
$
|
(421
|
)
|
|
$
|
—
|
|
|
$
|
5
|
|
Foreign currency exchange rate derivatives
|
547
|
|
|
—
|
|
|
—
|
|
|||
Credit derivatives — purchased
|
7
|
|
|
(3
|
)
|
|
—
|
|
|||
Credit derivatives — written
|
(83
|
)
|
|
—
|
|
|
—
|
|
|||
Equity derivatives
|
(816
|
)
|
|
(14
|
)
|
|
(25
|
)
|
|||
Total
|
$
|
(766
|
)
|
|
$
|
(17
|
)
|
|
$
|
(20
|
)
|
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
|
)
|
(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.
|
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, 2015
|
|
|
|
|
|
|
||||||||
Interest rate swaps:
|
|
Fixed maturity securities
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
|
Policyholder liabilities (1)
|
|
(2
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|||
Foreign currency swaps:
|
|
Foreign-denominated fixed maturity securities
|
|
15
|
|
|
(7
|
)
|
|
8
|
|
|||
|
|
Foreign-denominated policyholder account balances (2)
|
|
(240
|
)
|
|
232
|
|
|
(8
|
)
|
|||
Foreign currency forwards:
|
|
Foreign-denominated fixed maturity securities
|
|
(75
|
)
|
|
68
|
|
|
(7
|
)
|
|||
Total
|
|
$
|
(297
|
)
|
|
$
|
285
|
|
|
$
|
(12
|
)
|
||
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 policyholder account balances (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 policyholder account balances (2)
|
|
(97
|
)
|
|
110
|
|
|
13
|
|
|||
Foreign currency forwards:
|
|
Foreign-denominated fixed maturity securities
|
|
(109
|
)
|
|
102
|
|
|
(7
|
)
|
|||
Total
|
|
$
|
(981
|
)
|
|
$
|
992
|
|
|
$
|
11
|
|
(1)
|
Fixed rate liabilities reported in policyholder account balances 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, 2015
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
|
$
|
91
|
|
|
$
|
85
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
3
|
|
Interest rate forwards
|
|
(1
|
)
|
|
6
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|||||
Foreign currency swaps
|
|
(109
|
)
|
|
(720
|
)
|
|
(1
|
)
|
|
1
|
|
|
9
|
|
|||||
Credit forwards
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
(19
|
)
|
|
$
|
(628
|
)
|
|
$
|
17
|
|
|
$
|
3
|
|
|
$
|
12
|
|
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
|
|
Derivatives in Net Investment
Hedging Relationships (1), (2)
|
|
Amount of Gains (Losses) Deferred in
AOCI (Effective Portion)
|
||||||||||
|
Years Ended December 31,
|
|||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||
|
|
(In millions)
|
||||||||||
Foreign currency forwards
|
|
$
|
255
|
|
|
$
|
407
|
|
|
$
|
69
|
|
Currency options
|
|
(138
|
)
|
|
222
|
|
|
262
|
|
|||
Total
|
|
$
|
117
|
|
|
$
|
629
|
|
|
$
|
331
|
|
(1)
|
During the
years ended December 31, 2015
and
2013
, 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. 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.
|
(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,
|
||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||
Rating Agency Designation of Referenced
Credit Obligations (1)
|
|
Estimated
Fair Value
of Credit
Default
Swaps
|
|
Maximum
Amount of Future Payments under Credit Default Swaps |
|
Weighted
Average Years to Maturity (2) |
|
Estimated
Fair Value
of Credit
Default
Swaps
|
|
Maximum
Amount of Future Payments under Credit Default Swaps |
|
Weighted
Average Years to Maturity (2) |
||||||||||
|
|
(In millions)
|
|
|
|
(In millions)
|
|
|
||||||||||||||
Aaa/Aa/A
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
$
|
6
|
|
|
$
|
661
|
|
|
2.5
|
|
|
$
|
10
|
|
|
$
|
677
|
|
|
2.4
|
|
Credit default swaps referencing indices
|
|
6
|
|
|
1,635
|
|
|
3.4
|
|
|
10
|
|
|
1,700
|
|
|
2.6
|
|
||||
Subtotal
|
|
12
|
|
|
2,296
|
|
|
3.2
|
|
|
20
|
|
|
2,377
|
|
|
2.6
|
|
||||
Baa
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
8
|
|
|
1,349
|
|
|
2.5
|
|
|
23
|
|
|
1,591
|
|
|
2.8
|
|
||||
Credit default swaps referencing indices
|
|
37
|
|
|
5,863
|
|
|
4.8
|
|
|
94
|
|
|
5,774
|
|
|
4.7
|
|
||||
Subtotal
|
|
45
|
|
|
7,212
|
|
|
4.4
|
|
|
117
|
|
|
7,365
|
|
|
4.3
|
|
||||
Ba
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
(2
|
)
|
|
64
|
|
|
2.3
|
|
|
—
|
|
|
60
|
|
|
3.0
|
|
||||
Credit default swaps referencing indices
|
|
(1
|
)
|
|
100
|
|
|
1.0
|
|
|
(1
|
)
|
|
100
|
|
|
2.0
|
|
||||
Subtotal
|
|
(3
|
)
|
|
164
|
|
|
1.5
|
|
|
(1
|
)
|
|
160
|
|
|
2.4
|
|
||||
B
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Single name credit default swaps (corporate)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Credit default swaps referencing indices
|
|
11
|
|
|
639
|
|
|
4.9
|
|
|
39
|
|
|
625
|
|
|
4.9
|
|
||||
Subtotal
|
|
11
|
|
|
639
|
|
|
4.9
|
|
|
39
|
|
|
625
|
|
|
4.9
|
|
||||
Total
|
|
$
|
65
|
|
|
$
|
10,311
|
|
|
4.1
|
|
|
$
|
175
|
|
|
$
|
10,527
|
|
|
3.9
|
|
(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)
|
The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts.
|
|
|
December 31,
|
||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||
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)
|
|
$
|
13,017
|
|
|
$
|
5,848
|
|
|
$
|
12,256
|
|
|
$
|
6,017
|
|
OTC-cleared (1)
|
|
1,600
|
|
|
1,217
|
|
|
1,380
|
|
|
1,054
|
|
||||
Exchange-traded
|
|
67
|
|
|
25
|
|
|
71
|
|
|
11
|
|
||||
Total gross estimated fair value of derivatives (1)
|
|
14,684
|
|
|
7,090
|
|
|
13,707
|
|
|
7,082
|
|
||||
Amounts offset on the consolidated balance sheets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Estimated fair value of derivatives presented on the consolidated balance sheets (1)
|
|
14,684
|
|
|
7,090
|
|
|
13,707
|
|
|
7,082
|
|
||||
Gross amounts not offset on the consolidated balance sheets:
|
|
|
|
|
|
|
|
|
||||||||
Gross estimated fair value of derivatives: (2)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(4,368
|
)
|
|
(4,368
|
)
|
|
(4,082
|
)
|
|
(4,082
|
)
|
||||
OTC-cleared
|
|
(1,200
|
)
|
|
(1,200
|
)
|
|
(989
|
)
|
|
(989
|
)
|
||||
Exchange-traded
|
|
(1
|
)
|
|
(1
|
)
|
|
(5
|
)
|
|
(5
|
)
|
||||
Cash collateral: (3), (4)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(6,140
|
)
|
|
(7
|
)
|
|
(4,153
|
)
|
|
(133
|
)
|
||||
OTC-cleared
|
|
(378
|
)
|
|
(10
|
)
|
|
(386
|
)
|
|
(62
|
)
|
||||
Exchange-traded
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
(4
|
)
|
||||
Securities collateral: (5)
|
|
|
|
|
|
|
|
|
||||||||
OTC-bilateral
|
|
(2,078
|
)
|
|
(1,395
|
)
|
|
(3,768
|
)
|
|
(1,700
|
)
|
||||
OTC-cleared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
||||
Exchange-traded
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(2
|
)
|
||||
Net amount after application of master netting agreements and collateral
|
|
$
|
519
|
|
|
$
|
86
|
|
|
$
|
324
|
|
|
$
|
102
|
|
(1)
|
At
December 31, 2015
and
2014
, derivative assets included income or expense accruals reported in accrued investment income or in other liabilities of
$278 million
and
$255 million
, respectively, and derivative liabilities included income or expense accruals reported in accrued investment income or in other liabilities of
$41 million
and
$60 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
$0
and
$263 million
at
December 31, 2015
and
2014
, 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, 2015
and
2014
, the Company received excess cash collateral of
$89 million
and
$87 million
(including
$0
and
$36 million
off-balance sheet cash collateral held in separate custodial accounts), respectively, and provided excess cash collateral of
$204 million
and
$192 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, 2015
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, 2015
and
2014
, the Company received excess securities collateral with an estimated fair value of
$100 million
and
$395 million
, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At
December 31, 2015
and
2014
, the Company provided excess securities collateral with an estimated fair value of
$150 million
and
$117 million
, respectively, for its OTC-bilateral derivatives,
$315 million
and
$199 million
, respectively, for its OTC-cleared derivatives, and
$224 million
and
$245 million
, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||||||||
|
|
Derivatives Subject to Credit-Contingent Provisions
|
|
Derivatives Not Subject to Credit-Contingent Provisions
|
|
Total
|
|
Derivatives Subject to Credit-Contingent Provisions
|
|
Derivatives Not Subject to Credit-Contingent Provisions
|
|
Total
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Estimated fair value of derivatives in a net liability position (1)
|
|
$
|
1,270
|
|
|
$
|
207
|
|
|
$
|
1,477
|
|
|
$
|
1,832
|
|
|
$
|
84
|
|
|
$
|
1,916
|
|
Estimated Fair Value of Collateral Provided
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fixed maturity securities
|
|
$
|
1,365
|
|
|
$
|
174
|
|
|
$
|
1,539
|
|
|
$
|
1,750
|
|
|
$
|
65
|
|
|
$
|
1,815
|
|
Cash
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
131
|
|
|
$
|
2
|
|
|
$
|
133
|
|
Fair Value of Incremental Collateral Provided Upon
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One notch downgrade in the company's credit rating
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Downgrade in the company's credit rating to a level that triggers full overnight collateralization or termination of the derivative position
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
(1)
|
After taking into consideration the existence of netting agreements.
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
Net derivative gains (losses) (1)
|
|
$
|
(239
|
)
|
|
$
|
(321
|
)
|
|
$
|
5,104
|
|
Policyholder benefits and claims
|
|
$
|
21
|
|
|
$
|
87
|
|
|
$
|
(139
|
)
|
(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
$163 million
,
$13 million
and
($952) million
for the years ended December 31,
2015
,
2014
and
2013
, 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, 2015
|
||||||||||||||
|
|
Fair Value Hierarchy
|
|
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total Estimated
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
||||||||
U.S. corporate
|
|
$
|
—
|
|
|
$
|
93,758
|
|
|
$
|
7,036
|
|
|
$
|
100,794
|
|
U.S. Treasury and agency
|
|
37,660
|
|
|
23,986
|
|
|
—
|
|
|
61,646
|
|
||||
Foreign corporate
|
|
—
|
|
|
51,438
|
|
|
5,760
|
|
|
57,198
|
|
||||
Foreign government
|
|
—
|
|
|
49,643
|
|
|
856
|
|
|
50,499
|
|
||||
RMBS
|
|
—
|
|
|
34,088
|
|
|
4,709
|
|
|
38,797
|
|
||||
State and political subdivision
|
|
—
|
|
|
15,395
|
|
|
46
|
|
|
15,441
|
|
||||
ABS
|
|
—
|
|
|
12,731
|
|
|
1,663
|
|
|
14,394
|
|
||||
CMBS
|
|
—
|
|
|
11,889
|
|
|
744
|
|
|
12,633
|
|
||||
Total fixed maturity securities
|
|
37,660
|
|
|
292,928
|
|
|
20,814
|
|
|
351,402
|
|
||||
Equity securities
|
|
1,274
|
|
|
1,615
|
|
|
432
|
|
|
3,321
|
|
||||
FVO and trading securities:
|
|
|
|
|
|
|
|
|
||||||||
Actively traded securities
|
|
—
|
|
|
400
|
|
|
4
|
|
|
404
|
|
||||
FVO general account securities
|
|
506
|
|
|
32
|
|
|
89
|
|
|
627
|
|
||||
FVO contractholder-directed unit-linked investments
|
|
10,829
|
|
|
2,985
|
|
|
167
|
|
|
13,981
|
|
||||
FVO securities held by CSEs
|
|
—
|
|
|
2
|
|
|
10
|
|
|
12
|
|
||||
Total FVO and trading securities
|
|
11,335
|
|
|
3,419
|
|
|
270
|
|
|
15,024
|
|
||||
Short-term investments (1)
|
|
2,543
|
|
|
5,985
|
|
|
291
|
|
|
8,819
|
|
||||
Mortgage loans:
|
|
|
|
|
|
|
|
|
||||||||
Residential mortgage loans — FVO
|
|
—
|
|
|
—
|
|
|
314
|
|
|
314
|
|
||||
Commercial mortgage loans held by CSEs — FVO
|
|
—
|
|
|
172
|
|
|
—
|
|
|
172
|
|
||||
Total mortgage loans
|
|
—
|
|
|
172
|
|
|
314
|
|
|
486
|
|
||||
Other invested assets:
|
|
|
|
|
|
|
|
|
||||||||
Other investments
|
|
109
|
|
|
53
|
|
|
—
|
|
|
162
|
|
||||
Derivative assets: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
4
|
|
|
9,405
|
|
|
25
|
|
|
9,434
|
|
||||
Foreign currency exchange rate
|
|
—
|
|
|
3,003
|
|
|
16
|
|
|
3,019
|
|
||||
Credit
|
|
—
|
|
|
99
|
|
|
7
|
|
|
106
|
|
||||
Equity market
|
|
63
|
|
|
1,435
|
|
|
349
|
|
|
1,847
|
|
||||
Total derivative assets
|
|
67
|
|
|
13,942
|
|
|
397
|
|
|
14,406
|
|
||||
Total other invested assets
|
|
176
|
|
|
13,995
|
|
|
397
|
|
|
14,568
|
|
||||
Net embedded derivatives within asset host contracts (3)
|
|
—
|
|
|
—
|
|
|
391
|
|
|
391
|
|
||||
Separate account assets (4)
|
|
77,080
|
|
|
222,814
|
|
|
1,704
|
|
|
301,598
|
|
||||
Total assets
|
|
$
|
130,068
|
|
|
$
|
540,928
|
|
|
$
|
24,613
|
|
|
$
|
695,609
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities: (2)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate
|
|
$
|
7
|
|
|
$
|
2,340
|
|
|
$
|
—
|
|
|
$
|
2,347
|
|
Foreign currency exchange rate
|
|
—
|
|
|
2,754
|
|
|
148
|
|
|
2,902
|
|
||||
Credit
|
|
—
|
|
|
45
|
|
|
2
|
|
|
47
|
|
||||
Equity market
|
|
18
|
|
|
1,077
|
|
|
658
|
|
|
1,753
|
|
||||
Total derivative liabilities
|
|
25
|
|
|
6,216
|
|
|
808
|
|
|
7,049
|
|
||||
Net embedded derivatives within liability host contracts (3)
|
|
—
|
|
|
—
|
|
|
935
|
|
|
935
|
|
||||
Long-term debt of CSEs — FVO
|
|
—
|
|
|
49
|
|
|
11
|
|
|
60
|
|
||||
Trading liabilities (5)
|
|
103
|
|
|
50
|
|
|
—
|
|
|
153
|
|
||||
Total liabilities
|
|
$
|
128
|
|
|
$
|
6,315
|
|
|
$
|
1,754
|
|
|
$
|
8,197
|
|
|
|
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
|
|
U.S. Treasury and agency
|
|
36,879
|
|
|
24,637
|
|
|
—
|
|
|
61,516
|
|
||||
Foreign corporate
|
|
—
|
|
|
55,185
|
|
|
6,490
|
|
|
61,675
|
|
||||
Foreign government
|
|
—
|
|
|
51,355
|
|
|
1,311
|
|
|
52,666
|
|
||||
RMBS
|
|
—
|
|
|
35,463
|
|
|
4,383
|
|
|
39,846
|
|
||||
State and political subdivision
|
|
—
|
|
|
15,187
|
|
|
—
|
|
|
15,187
|
|
||||
ABS
|
|
—
|
|
|
12,005
|
|
|
2,244
|
|
|
14,249
|
|
||||
CMBS
|
|
—
|
|
|
13,567
|
|
|
765
|
|
|
14,332
|
|
||||
Total fixed maturity securities
|
|
36,879
|
|
|
306,411
|
|
|
22,135
|
|
|
365,425
|
|
||||
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
|
|
(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 policyholder account balances, future policy benefits and other liabilities on the consolidated balance sheets. At
December 31, 2015
and
2014
, debt and equity securities also included embedded derivatives of
($220) million
and
($217) 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.
|
Instrument
|
|
Level 2
Observable Inputs
|
Level 3
Unobservable Inputs
|
||
Fixed Maturity Securities
|
|||||
U.S. corporate and Foreign corporate securities
|
|||||
|
Valuation Techniques: Principally the market and income approaches.
|
Valuation Techniques: Principally the market approach.
|
|||
|
Key Inputs:
|
Key Inputs:
|
|||
|
•
|
quoted prices in markets that are not active
|
•
|
illiquidity premium
|
|
|
•
|
benchmark yields; spreads off benchmark yields; new issuances; issuer rating
|
•
|
delta spread adjustments to reflect specific credit-related issues
|
|
|
•
|
trades of identical or comparable securities; duration
|
•
|
credit spreads
|
|
|
•
|
Privately-placed securities are valued using the additional key inputs:
|
•
|
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
|
|
|
|
•
|
market yield curve; call provisions
|
|
|
|
|
•
|
observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer
|
•
|
independent non-binding broker quotations
|
|
|
•
|
delta spread adjustments to reflect specific credit-related issues
|
|
|
U.S. Treasury and agency, Foreign government and State and political subdivision securities
|
|||||
|
Valuation Techniques: Principally the market approach.
|
Valuation Techniques: Principally the market approach.
|
|||
|
Key Inputs:
|
Key Inputs:
|
|||
|
•
|
quoted prices in markets that are not active
|
•
|
independent non-binding broker quotations
|
|
|
•
|
benchmark U.S. Treasury yield or other yields
|
•
|
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
|
|
|
•
|
the spread off the U.S. Treasury yield curve for the identical security
|
|
||
|
•
|
issuer ratings and issuer spreads; broker-dealer quotes
|
•
|
credit spreads
|
|
|
•
|
comparable securities that are actively traded
|
|
|
|
Structured securities comprised of RMBS, ABS and CMBS
|
|||||
|
Valuation Techniques: Principally the market and income approaches.
|
Valuation Techniques: Principally the market and income approaches.
|
|||
|
Key Inputs:
|
Key Inputs:
|
|||
|
•
|
quoted prices in markets that are not active
|
•
|
credit spreads
|
|
|
•
|
spreads for actively traded securities; spreads off benchmark yields
|
•
|
quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2
|
|
|
•
|
expected prepayment speeds and volumes
|
|
||
|
•
|
current and forecasted loss severity; ratings; geographic region
|
•
|
independent non-binding broker quotations
|
|
|
•
|
weighted average coupon and weighted average maturity
|
|
|
|
|
•
|
average delinquency rates; debt-service coverage ratios
|
|
|
|
|
•
|
issuance-specific information, including, but not limited to:
|
|
|
|
|
|
•
|
collateral type; structure of the security; vintage of the loans
|
|
|
|
|
•
|
payment terms of the underlying assets
|
|
|
|
|
•
|
payment priority within the tranche; deal performance
|
|
|
(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 (1)
|
•
|
currency spot rates
|
•
|
recovery rates
|
•
|
dividend yield curves
|
|
|
|
|
•
|
cross currency basis curves
|
|
|
•
|
equity volatility (1)
|
|
|
|
•
|
currency volatility (1)
|
|
|
|
|
Level 3
|
•
|
swap yield curve (2)
|
•
|
swap yield curve (2)
|
•
|
swap yield curve (2)
|
•
|
dividend yield curves (2)
|
|
•
|
basis curves (2)
|
•
|
basis curves (2)
|
•
|
credit curves (2)
|
•
|
equity volatility (1), (2)
|
|
•
|
interest rate volatility (1), (2)
|
•
|
cross currency basis curves (2)
|
•
|
credit spreads
|
•
|
correlation between model inputs (1)
|
|
|
|
•
|
currency correlation
|
•
|
repurchase rates
|
|
|
|
|
|
•
|
currency volatility (1)
|
•
|
independent non-binding broker quotations
|
|
|
(1)
|
Option-based only.
|
(2)
|
Extrapolation beyond the observable limits of the curve(s).
|
|
|
|
|
|
|
|
December 31, 2015
|
|
December 31, 2014
|
|
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)
|
|
(65)
|
-
|
240
|
|
39
|
|
(40)
|
-
|
240
|
|
46
|
|
Decrease
|
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
—
|
-
|
780
|
|
156
|
|
—
|
-
|
750
|
|
151
|
|
Increase
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (5)
|
|
68
|
-
|
121
|
|
98
|
|
31
|
-
|
126
|
|
99
|
|
Increase
|
Foreign government
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
96
|
-
|
135
|
|
113
|
|
92
|
-
|
189
|
|
106
|
|
Increase
|
RMBS
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
19
|
-
|
292
|
|
92
|
|
22
|
-
|
120
|
|
97
|
|
Increase (6)
|
ABS
|
•
|
Market pricing
|
|
•
|
Quoted prices (5)
|
|
16
|
-
|
109
|
|
100
|
|
15
|
-
|
110
|
|
100
|
|
Increase (6)
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (5)
|
|
66
|
-
|
105
|
|
99
|
|
56
|
-
|
106
|
|
102
|
|
Increase (6)
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate
|
•
|
Present value techniques
|
|
•
|
Swap yield (7)
|
|
307
|
-
|
317
|
|
|
|
278
|
-
|
297
|
|
|
|
Increase (12)
|
Foreign currency exchange rate
|
•
|
Present value techniques
|
|
•
|
Swap yield (7)
|
|
28
|
-
|
381
|
|
|
|
62
|
-
|
2,430
|
|
|
|
Increase (12)
|
|
|
|
|
•
|
Correlation (8)
|
|
—
|
-
|
—
|
|
|
|
40%
|
-
|
55%
|
|
|
|
|
Credit
|
•
|
Present value techniques
|
|
•
|
Credit spreads (9)
|
|
98
|
-
|
100
|
|
|
|
98
|
-
|
100
|
|
|
|
Decrease (9)
|
|
•
|
Consensus pricing
|
|
•
|
Offered quotes (10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity market
|
•
|
Present value techniques or option pricing models
|
|
•
|
Volatility (11)
|
|
15%
|
-
|
36%
|
|
|
|
15%
|
-
|
27%
|
|
|
|
Increase (12)
|
|
|
|
|
•
|
Correlation (8)
|
|
70%
|
-
|
70%
|
|
|
|
70%
|
-
|
70%
|
|
|
|
|
Embedded derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Direct and assumed guaranteed minimum benefits
|
•
|
Option pricing techniques
|
|
•
|
Mortality rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ages 0 - 40
|
|
0%
|
-
|
0.21%
|
|
|
|
0%
|
-
|
0.28%
|
|
|
|
Decrease (13)
|
|
|
|
|
|
Ages 41 - 60
|
|
0.01%
|
-
|
0.78%
|
|
|
|
0.04%
|
-
|
0.88%
|
|
|
|
Decrease (13)
|
|
|
|
|
|
Ages 61 - 115
|
|
0.04%
|
-
|
100%
|
|
|
|
0.26%
|
-
|
100%
|
|
|
|
Decrease (13)
|
|
|
|
|
•
|
Lapse rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Durations 1 - 10
|
|
0.25%
|
-
|
100%
|
|
|
|
0.50%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
|
Durations 11 - 20
|
|
2%
|
-
|
100%
|
|
|
|
2%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
|
Durations 21 - 116
|
|
1%
|
-
|
100%
|
|
|
|
2%
|
-
|
100%
|
|
|
|
Decrease (14)
|
|
|
|
|
•
|
Utilization rates
|
|
0%
|
-
|
25%
|
|
|
|
20%
|
-
|
50%
|
|
|
|
Increase (15)
|
|
|
|
|
•
|
Withdrawal rates
|
|
0%
|
-
|
20%
|
|
|
|
0%
|
-
|
20%
|
|
|
|
(16)
|
|
|
|
|
•
|
Long-term equity volatilities
|
|
8.79%
|
-
|
33%
|
|
|
|
7.30%
|
-
|
33%
|
|
|
|
Increase (17)
|
|
|
|
|
•
|
Nonperformance risk spread
|
|
(0.47)%
|
-
|
1.31%
|
|
|
|
(0.35)%
|
-
|
0.81%
|
|
|
|
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, 2015
and
2014
, 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
|
|
|
|
|
||||||||||||||||||||||
|
|
Corporate (1)
|
|
U.S.
Treasury and Agency |
|
Foreign
Government |
|
Structured (2)
|
|
State and
Political Subdivision |
|
Equity
Securities |
|
FVO and
Trading Securities (3 ) |
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||
Balance, January 1, 2014
|
|
$
|
13,852
|
|
|
$
|
62
|
|
|
$
|
2,235
|
|
|
$
|
8,139
|
|
|
$
|
10
|
|
|
$
|
572
|
|
|
$
|
644
|
|
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
13
|
|
|
—
|
|
|
61
|
|
|
14
|
|
|
—
|
|
|
17
|
|
|
8
|
|
|||||||
Total realized/unrealized gains (losses) included in AOCI
|
|
353
|
|
|
—
|
|
|
(110
|
)
|
|
69
|
|
|
—
|
|
|
(80
|
)
|
|
—
|
|
|||||||
Purchases (6)
|
|
2,928
|
|
|
—
|
|
|
363
|
|
|
3,704
|
|
|
—
|
|
|
30
|
|
|
302
|
|
|||||||
Sales (6)
|
|
(1,808
|
)
|
|
—
|
|
|
(273
|
)
|
|
(2,016
|
)
|
|
—
|
|
|
(101
|
)
|
|
(484
|
)
|
|||||||
Issuances (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Settlements (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Transfers into Level 3 (7)
|
|
526
|
|
|
—
|
|
|
253
|
|
|
149
|
|
|
—
|
|
|
7
|
|
|
147
|
|
|||||||
Transfers out of Level 3 (7)
|
|
(2,432
|
)
|
|
(62
|
)
|
|
(1,218
|
)
|
|
(2,667
|
)
|
|
(10
|
)
|
|
(100
|
)
|
|
(50
|
)
|
|||||||
Balance, December 31, 2014
|
|
13,432
|
|
|
—
|
|
|
1,311
|
|
|
7,392
|
|
|
—
|
|
|
345
|
|
|
567
|
|
|||||||
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
69
|
|
|
—
|
|
|
13
|
|
|
124
|
|
|
—
|
|
|
22
|
|
|
(30
|
)
|
|||||||
Total realized/unrealized gains (losses) included in AOCI
|
|
(761
|
)
|
|
—
|
|
|
(25
|
)
|
|
(91
|
)
|
|
—
|
|
|
(64
|
)
|
|
—
|
|
|||||||
Purchases (6)
|
|
2,556
|
|
|
—
|
|
|
212
|
|
|
3,167
|
|
|
46
|
|
|
128
|
|
|
51
|
|
|||||||
Sales (6)
|
|
(1,425
|
)
|
|
—
|
|
|
(45
|
)
|
|
(1,585
|
)
|
|
—
|
|
|
(96
|
)
|
|
(127
|
)
|
|||||||
Issuances (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Settlements (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Transfers into Level 3 (7)
|
|
918
|
|
|
—
|
|
|
7
|
|
|
66
|
|
|
—
|
|
|
107
|
|
|
56
|
|
|||||||
Transfers out of Level 3 (7)
|
|
(1,993
|
)
|
|
—
|
|
|
(617
|
)
|
|
(1,957
|
)
|
|
—
|
|
|
(10
|
)
|
|
(247
|
)
|
|||||||
Balance, December 31, 2015
|
|
$
|
12,796
|
|
|
$
|
—
|
|
|
$
|
856
|
|
|
$
|
7,116
|
|
|
$
|
46
|
|
|
$
|
432
|
|
|
$
|
270
|
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2013: (8)
|
|
$
|
(26
|
)
|
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
(23
|
)
|
|
$
|
4
|
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2014: (8)
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
(7
|
)
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2015: (8)
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
(27
|
)
|
Gains (Losses) Data for the year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
$
|
(45
|
)
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
4
|
|
Total realized/unrealized gains (losses) included in AOCI
|
|
$
|
(169
|
)
|
|
$
|
(3
|
)
|
|
$
|
(84
|
)
|
|
$
|
40
|
|
|
$
|
(1
|
)
|
|
$
|
100
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|
||||||||||||||||||||||
|
|
Short-term
Investments
|
|
Mortgage
Loans (9)
|
|
Net
Derivatives (10)
|
|
Net Embedded
Derivatives (11)
|
|
Separate
Account
Assets (12)
|
|
Long-term
Debt of
CSEs — FVO
|
||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Balance, January 1, 2014
|
|
$
|
254
|
|
|
$
|
338
|
|
|
$
|
(286
|
)
|
|
$
|
1,258
|
|
|
$
|
1,465
|
|
|
$
|
(28
|
)
|
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
1
|
|
|
20
|
|
|
(83
|
)
|
|
(173
|
)
|
|
103
|
|
|
(1
|
)
|
||||||
Total realized/unrealized gains (losses) included in AOCI
|
|
—
|
|
|
—
|
|
|
101
|
|
|
191
|
|
|
—
|
|
|
—
|
|
||||||
Purchases (6)
|
|
335
|
|
|
124
|
|
|
7
|
|
|
—
|
|
|
657
|
|
|
—
|
|
||||||
Sales (6)
|
|
(236
|
)
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|
(459
|
)
|
|
—
|
|
||||||
Issuances (6)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
81
|
|
|
—
|
|
||||||
Settlements (6)
|
|
—
|
|
|
(54
|
)
|
|
(35
|
)
|
|
(846
|
)
|
|
(28
|
)
|
|
16
|
|
||||||
Transfers into Level 3 (7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
—
|
|
||||||
Transfers out of Level 3 (7)
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44
|
)
|
|
—
|
|
||||||
Balance, December 31, 2014
|
|
336
|
|
|
308
|
|
|
(300
|
)
|
|
430
|
|
|
1,922
|
|
|
(13
|
)
|
||||||
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
1
|
|
|
20
|
|
|
(223
|
)
|
|
(159
|
)
|
|
8
|
|
|
—
|
|
||||||
Total realized/unrealized gains (losses) included in AOCI
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||||
Purchases (6)
|
|
292
|
|
|
136
|
|
|
24
|
|
|
—
|
|
|
572
|
|
|
—
|
|
||||||
Sales (6)
|
|
(27
|
)
|
|
(121
|
)
|
|
—
|
|
|
—
|
|
|
(527
|
)
|
|
—
|
|
||||||
Issuances (6)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
—
|
|
||||||
Settlements (6)
|
|
—
|
|
|
(29
|
)
|
|
88
|
|
|
(817
|
)
|
|
(60
|
)
|
|
2
|
|
||||||
Transfers into Level 3 (7)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Transfers out of Level 3 (7)
|
|
(310
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(310
|
)
|
|
—
|
|
||||||
Balance, December 31, 2015
|
|
$
|
291
|
|
|
$
|
314
|
|
|
$
|
(411
|
)
|
|
$
|
(544
|
)
|
|
$
|
1,704
|
|
|
$
|
(11
|
)
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2013: (8)
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
(508
|
)
|
|
$
|
4,887
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2014: (8)
|
|
$
|
1
|
|
|
$
|
20
|
|
|
$
|
(67
|
)
|
|
$
|
(173
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at December 31, 2015: (8)
|
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
(234
|
)
|
|
$
|
(176
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Gains (Losses) Data for the year ended December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total realized/unrealized gains (losses) included in net income (loss) (4) (5)
|
|
$
|
(20
|
)
|
|
$
|
1
|
|
|
$
|
(537
|
)
|
|
$
|
4,902
|
|
|
$
|
35
|
|
|
$
|
(2
|
)
|
Total realized/unrealized gains (losses) included in AOCI
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
(103
|
)
|
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Comprised of U.S. and foreign corporate securities.
|
(2)
|
Comprised of RMBS, ABS, and CMBS.
|
(3)
|
Comprised of Actively traded securities, FVO general account securities, FVO contractholder-directed unit-linked investments and FVO securities held by CSEs.
|
(4)
|
Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income for net derivatives and net embedded derivatives are reported in net derivatives gains (losses).
|
(5)
|
Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.
|
(6)
|
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.
|
(7)
|
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.
|
(8)
|
Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses).
|
(9)
|
Comprised of residential mortgage loans — FVO.
|
(10)
|
Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.
|
(11)
|
Embedded derivative assets and liabilities are presented net for purposes of the rollforward.
|
(12)
|
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).
|
|
|
Residential Mortgage
Loans — FVO
|
|
Certain Assets
and Liabilities of CSEs — FVO (1) |
||||||||||||
|
|
December 31,
|
|
December 31,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
(In millions)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Unpaid principal balance
|
|
$
|
436
|
|
|
$
|
436
|
|
|
$
|
121
|
|
|
$
|
223
|
|
Difference between estimated fair value and unpaid principal balance
|
|
(122
|
)
|
|
(128
|
)
|
|
51
|
|
|
57
|
|
||||
Carrying value at estimated fair value
|
|
$
|
314
|
|
|
$
|
308
|
|
|
$
|
172
|
|
|
$
|
280
|
|
Loans in non-accrual status
|
|
$
|
122
|
|
|
$
|
125
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Contractual principal balance
|
|
|
|
|
|
$
|
71
|
|
|
$
|
159
|
|
||||
Difference between estimated fair value and contractual principal balance
|
|
|
|
|
|
(11
|
)
|
|
(8
|
)
|
||||||
Carrying value at estimated fair value
|
|
|
|
|
|
$
|
60
|
|
|
$
|
151
|
|
(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,
|
||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
|
Carrying Value After Measurement
|
|
Gains (Losses)
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Mortgage loans: (1)
|
$
|
44
|
|
|
$
|
97
|
|
|
$
|
214
|
|
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
20
|
|
Other limited partnership interests (2)
|
$
|
59
|
|
|
$
|
147
|
|
|
$
|
77
|
|
|
$
|
(32
|
)
|
|
$
|
(76
|
)
|
|
$
|
(46
|
)
|
(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, 2015
and
2014
were not significant.
|
|
|
December 31, 2015
|
||||||||||||||||||
|
|
|
|
Fair Value Hierarchy
|
|
|
||||||||||||||
|
|
Carrying
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
Estimated
Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage loans
|
|
$
|
66,616
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68,539
|
|
|
$
|
68,539
|
|
Policy loans
|
|
$
|
11,258
|
|
|
$
|
—
|
|
|
$
|
1,279
|
|
|
$
|
12,072
|
|
|
$
|
13,351
|
|
Real estate joint ventures
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
104
|
|
|
$
|
104
|
|
Other limited partnership interests
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
615
|
|
|
$
|
615
|
|
Other invested assets
|
|
$
|
537
|
|
|
$
|
155
|
|
|
$
|
2
|
|
|
$
|
380
|
|
|
$
|
537
|
|
Premiums, reinsurance and other receivables
|
|
$
|
2,822
|
|
|
$
|
—
|
|
|
$
|
484
|
|
|
$
|
2,421
|
|
|
$
|
2,905
|
|
Other assets
|
|
$
|
235
|
|
|
$
|
—
|
|
|
$
|
207
|
|
|
$
|
60
|
|
|
$
|
267
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Policyholder account balances
|
|
$
|
125,040
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
130,125
|
|
|
$
|
130,125
|
|
Long-term debt
|
|
$
|
17,954
|
|
|
$
|
—
|
|
|
$
|
19,360
|
|
|
$
|
—
|
|
|
$
|
19,360
|
|
Collateral financing arrangements
|
|
$
|
4,139
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,899
|
|
|
$
|
3,899
|
|
Junior subordinated debt securities
|
|
$
|
3,194
|
|
|
$
|
—
|
|
|
$
|
4,029
|
|
|
$
|
—
|
|
|
$
|
4,029
|
|
Other liabilities
|
|
$
|
2,249
|
|
|
$
|
—
|
|
|
$
|
865
|
|
|
$
|
1,385
|
|
|
$
|
2,250
|
|
Separate account liabilities
|
|
$
|
112,119
|
|
|
$
|
—
|
|
|
$
|
112,119
|
|
|
$
|
—
|
|
|
$
|
112,119
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Policyholder account balances
|
|
$
|
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
|
|
|
Retail
|
|
Group,
Voluntary
&Worksite
Benefits
|
|
Corporate
Benefit
Funding
|
|
Latin
America
|
|
Asia (1)
|
|
EMEA
|
|
Corporate
& Other (2)
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Balance at January 1, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
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 (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
1,140
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1,141
|
|
||||||||
Dispositions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||||||
Reduction of goodwill (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(65
|
)
|
||||||||
Reduction of accumulated impairment (4)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
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 (5)
|
—
|
|
|
—
|
|
|
(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
|
|
||||||||
Effect of foreign currency translation and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(199
|
)
|
|
(107
|
)
|
|
(89
|
)
|
|
—
|
|
|
(395
|
)
|
||||||||
Balance at December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Goodwill
|
3,125
|
|
|
138
|
|
|
840
|
|
|
1,186
|
|
|
4,508
|
|
|
1,143
|
|
|
405
|
|
|
11,345
|
|
||||||||
Accumulated impairment
|
(1,692
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(176
|
)
|
|
(1,868
|
)
|
||||||||
Total goodwill, net
|
$
|
1,433
|
|
|
$
|
138
|
|
|
$
|
840
|
|
|
$
|
1,186
|
|
|
$
|
4,508
|
|
|
$
|
1,143
|
|
|
$
|
229
|
|
|
$
|
9,477
|
|
(1)
|
Includes goodwill of
$4.3 billion
,
$4.4 billion
and
$4.7 billion
from the Japan operations at December 31, 2015, 2014 and 2013, respectively.
|
(2)
|
For purposes of goodwill impairment testing in 2015, the balance of
$229 million
, of net goodwill in Corporate & Other at December 31, 2014 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)
|
See
Note 3
for a discussion of the acquisition of ProVida, which is included in the Latin America segment.
|
(4)
|
In connection with exiting the businesses of MetLife Bank, National Association (“MetLife Bank”), goodwill and the related accumulated impairment were reduced by
$65 million
for the year ended December 31,
2013
.
|
(5)
|
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 |
2015
|
|
2014
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||||||
Senior notes
|
1.76%
|
-
|
7.72%
|
|
5.10%
|
|
2016
|
-
|
2046
|
|
$
|
16,994
|
|
|
$
|
15,317
|
|
Surplus notes
|
7.63%
|
-
|
7.88%
|
|
7.80%
|
|
2024
|
-
|
2025
|
|
502
|
|
|
701
|
|
||
Other notes
|
1.36%
|
-
|
8.00%
|
|
4.07%
|
|
2016
|
-
|
2030
|
|
458
|
|
|
110
|
|
||
Capital lease obligations
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
7
|
|
||
Total long-term debt (2)
|
|
|
|
|
|
|
|
|
|
|
17,963
|
|
|
16,135
|
|
||
Total short-term debt
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
100
|
|
||
Total
|
|
|
|
|
|
|
|
|
|
|
$
|
18,063
|
|
|
$
|
16,235
|
|
(1)
|
Range of interest rates and weighted average interest rates are for the year ended December 31,
2015
.
|
(2)
|
Excludes
$60 million
and
$151 million
of long-term debt relating to CSEs — FVO at December 31,
2015
and
2014
, respectively. See Note
10
.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Commercial paper
|
$
|
100
|
|
|
$
|
100
|
|
Average daily balance
|
$
|
100
|
|
|
$
|
109
|
|
Average days outstanding
|
68 days
|
|
|
69 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
|
|
|
$
|
484
|
|
|
$
|
—
|
|
|
$
|
3,516
|
|
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)
|
|
$
|
210
|
|
|
$
|
210
|
|
|
$
|
—
|
|
|
$
|
—
|
|
MetLife, Inc.
|
|
June 2018 (2)
|
|
425
|
|
|
425
|
|
|
—
|
|
|
—
|
|
||||
MetLife Reinsurance Company of Vermont and MetLife, Inc.
|
|
December 2024 (3),(4)
|
|
575
|
|
|
465
|
|
|
—
|
|
|
110
|
|
||||
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
|
|
|
2,159
|
|
|
—
|
|
|
737
|
|
||||
MetLife Reinsurance Company of Vermont and MetLife, Inc.
|
|
September 2038 (7)
|
|
4,250
|
|
|
3,357
|
|
|
—
|
|
|
893
|
|
||||
Total
|
|
|
|
$
|
11,856
|
|
|
$
|
6,616
|
|
|
$
|
2,797
|
|
|
$
|
2,443
|
|
(1)
|
Capacity at December 31, 2015 of
$210 million
decreases in March 2016 and June 2016 to
$200 million
and
$0
, respectively.
|
(2)
|
Capacity at December 31, 2015 of
$425 million
decreases in June 2017, March 2018 and June 2018 to
$395 million
,
$200 million
and
$0
, respectively.
|
(3)
|
MetLife, Inc. is a guarantor under the applicable facility.
|
(4)
|
Capacity at December 31, 2015 of
$575 million
decreases periodically commencing in December 2022 to
$515 million
in July 2024 and decreases to
$0
upon maturity in December 2024.
|
(5)
|
Capacity of
$3.5 billion
through maturity in June 2037, after which it is reduced to
$0
. The drawdown on this facility is associated with a collateral financing arrangement described more fully in Note
13
.
|
(6)
|
Capacity at December 31, 2015 of
$2.3 billion
increases periodically to a maximum of
$2.9 billion
in 2024, decreases periodically commencing in 2025 to
$2.0 billion
in 2037, and decreases to
$0
upon maturity in December 2037. Unused commitment of
$737 million
is based on maximum capacity.
|
(7)
|
Capacity at December 31, 2015 of
$4.3 billion
decreases periodically commencing in April 2028 to
$3.1 billion
in September 2038, and decreases to
$0
upon maturity in September 2038. Unused commitment of
$893 million
is based on maximum capacity. MetLife Reinsurance Company of Vermont is responsible only for reimbursement obligations relating to
$2.9 billion
of the
$3.4 billion
of letters of credit outstanding as of
December 31, 2015
. MetLife, Inc. is responsible only for reimbursement obligations relating to the remaining letters of credit outstanding as of such date.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Surplus notes outstanding (1)
|
$
|
1,342
|
|
|
$
|
1,399
|
|
Receivable from unaffiliated financial institution (1)
|
$
|
174
|
|
|
$
|
182
|
|
Pledged collateral (2)
|
$
|
67
|
|
|
$
|
53
|
|
Assets held in trust (2)
|
$
|
1,181
|
|
|
$
|
1,214
|
|
(1)
|
Carrying value.
|
(2)
|
Estimated fair value.
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Liability outstanding (1)
|
$
|
2,797
|
|
|
$
|
2,797
|
|
Assets held in trust (2)
|
$
|
3,374
|
|
|
$
|
3,471
|
|
(1)
|
Carrying value.
|
(2)
|
Estimated fair value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carrying Value at December 31,
|
|||||||||
Issuer
|
|
Issue Date
|
|
Face Value
|
|
Interest Rate (1)
|
|
Scheduled
Redemption
Date
|
|
Interest Rate
Subsequent to
Scheduled
Redemption
Date (2)
|
|
Final
Maturity
|
|
2015
|
|
2014
|
|||||||
|
|
|
(In millions)
|
|
|
|
|
|
|
|
|
(In millions)
|
|||||||||||
MetLife, Inc.
|
|
July 2009
|
|
$
|
500
|
|
|
10.750
|
%
|
|
August 2039
|
|
LIBOR + 7.548%
|
|
August 2069
|
|
$
|
500
|
|
|
$
|
500
|
|
MetLife Capital Trust X (3)
|
|
April 2008
|
|
$
|
750
|
|
|
9.250
|
%
|
|
April 2038
|
|
LIBOR + 5.540%
|
|
April 2068
|
|
750
|
|
|
750
|
|
||
MetLife Capital Trust IV (3)
|
|
December 2007
|
|
$
|
700
|
|
|
7.875
|
%
|
|
December 2037
|
|
LIBOR + 3.960%
|
|
December 2067
|
|
696
|
|
|
695
|
|
||
MetLife, Inc.
|
|
December 2006
|
|
$
|
1,250
|
|
|
6.400
|
%
|
|
December 2036
|
|
LIBOR + 2.205%
|
|
December 2066
|
|
1,248
|
|
|
1,248
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,194
|
|
|
$
|
3,193
|
|
(1)
|
Prior to the scheduled redemption date, interest is payable semiannually in arrears.
|
(2)
|
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.
|
(3)
|
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.
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||
Series
|
|
Shares
Authorized |
|
Shares
Issued |
|
Shares
Outstanding |
|
Shares
Authorized |
|
Shares
Issued |
|
Shares
Outstanding |
||||||
Floating Rate Non-Cumulative Preferred Stock, Series A
|
|
27,600,000
|
|
|
24,000,000
|
|
|
24,000,000
|
|
|
27,600,000
|
|
|
24,000,000
|
|
|
24,000,000
|
|
6.50% Non-Cumulative Preferred Stock, Series B (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,000,000
|
|
|
60,000,000
|
|
|
60,000,000
|
|
5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
|
|
1,500,000
|
|
|
1,500,000
|
|
|
1,500,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Series A Junior Participating Preferred Stock
|
|
10,000,000
|
|
|
—
|
|
|
—
|
|
|
10,000,000
|
|
|
—
|
|
|
—
|
|
Not designated (1)
|
|
160,900,000
|
|
|
—
|
|
|
—
|
|
|
93,400,000
|
|
|
—
|
|
|
—
|
|
Total
|
|
200,000,000
|
|
|
25,500,000
|
|
|
25,500,000
|
|
|
200,000,000
|
|
|
84,000,000
|
|
|
84,000,000
|
|
(1)
|
As discussed below, MetLife, Inc. repurchased or redeemed and canceled the 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred stock”) in 2015. On November 3, 2015, MetLife, Inc. filed a Certificate of Elimination (the “Certificate of Elimination”) of 6.50% Non-Cumulative Preferred Stock, Series B with the Secretary of State of the State of Delaware to eliminate all references to the Series B preferred stock in MetLife, Inc.’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), including the related Certificate of Designations. As a result of the filing of the Certificate of Elimination, MetLife, Inc.’s Certificate of Incorporation was amended to eliminate all references therein to the Series B preferred stock, and the shares that were designated to such series were returned to the status of authorized but unissued shares of preferred stock, par value
$0.01
per share, of MetLife, Inc., without designation as to series.
|
|
|
|
|
|
|
Dividend
|
||||||||||||||||||||||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Series A
Per Share
|
|
Series A
Aggregate
|
|
Series B
Per Share
|
|
Series B
Aggregate
|
|
Series C
Per Share
|
|
Series C
Aggregate
|
||||||||||||
|
|
|
|
|
|
(In millions, except per share data)
|
||||||||||||||||||||||
November 16, 2015
|
|
November 30, 2015
|
|
December 15, 2015
|
|
$
|
0.253
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28.292
|
|
|
$
|
43
|
|
August 17, 2015
|
|
August 31, 2015
|
|
September 15, 2015
|
|
$
|
0.256
|
|
|
6
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|||
May 15, 2015
|
|
May 31, 2015
|
|
June 15, 2015
|
|
$
|
0.256
|
|
|
7
|
|
|
$
|
0.406
|
|
|
24
|
|
|
$
|
—
|
|
|
—
|
|
|||
March 5, 2015
|
|
February 28, 2015
|
|
March 16, 2015
|
|
$
|
0.250
|
|
|
6
|
|
|
$
|
0.406
|
|
|
24
|
|
|
$
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
$
|
25
|
|
|
|
|
$
|
48
|
|
|
|
|
$
|
43
|
|
||||||
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
|
|
|
|
|
$
|
—
|
|
|
|
|
|
|
|
Dividend
|
||||||
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Per Share
|
|
Aggregate
|
||||
|
|
|
|
|
|
(In millions, except per share data)
|
||||||
October 27, 2015
|
|
November 6, 2015
|
|
December 11, 2015
|
|
$
|
0.375
|
|
|
$
|
419
|
|
July 7, 2015
|
|
August 7, 2015
|
|
September 11, 2015
|
|
$
|
0.375
|
|
|
420
|
|
|
April 28, 2015
|
|
May 11, 2015
|
|
June 12, 2015
|
|
$
|
0.375
|
|
|
420
|
|
|
January 6, 2015
|
|
February 6, 2015
|
|
March 13, 2015
|
|
$
|
0.350
|
|
|
394
|
|
|
|
|
|
|
|
|
|
|
$
|
1,653
|
|
||
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
|
|
•
|
11,750,000
Shares, plus
;
|
•
|
Shares available but not utilized under the 2005 Stock Plan, when the 2015 Stock Plan became effective (
18,023,959
Shares at January 1, 2015), plus;
|
•
|
Shares utilized under the 2005 Stock Plan or 2015 Stock Plan that are or were recovered since the 2015 Stock Plan became effective on January 1, 2015 due to: (i) termination of the award by expiration, forfeiture, cancellation, lapse, or otherwise without the issuance of Shares; (ii) settlement of the award in cash either in lieu of Shares or otherwise; (iii) exchange of the award for awards not involving Shares; (iv) payment of the exercise price of a Stock Option, or the tax withholding requirements with respect to an award, satisfied by tendering Shares to MetLife, Inc. (by either actual delivery or by attestation); (v) satisfaction of tax withholding requirements with respect to an award satisfied by MetLife, Inc. withholding Shares otherwise issuable; and (vi) the payout of the 2012-2014 Performance Shares in 2015 at a performance factor of
101%
rather than the maximum performance factor of
175%
(
4,475,737
Shares), less;
|
•
|
Shares covered by awards granted under the 2015 Stock Plan since it became effective on January 1, 2015, including Performance Shares assuming future payout at maximum performance factor, and Shares covered by imputed reinvested dividends credited in 2015 on Deferred Shares owed to employees or agents (
4,380,101
Shares).
|
•
|
Shares available but not utilized under the 2005 Director Stock Plan when the 2015 Director Stock Plan became effective (
1,642,208
Shares at January 1, 2015), less;
|
•
|
Shares covered by awards granted under the 2015 Director Stock Plan since it became effective
and Shares covered by imputed reinvested dividends credited in 2015 on Deferred Shares owed to Directors (
33,684
Shares).
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Stock Options and Unit Options
|
$
|
14
|
|
|
$
|
29
|
|
|
$
|
39
|
|
Performance Shares and Units (1)
|
65
|
|
|
111
|
|
|
91
|
|
|||
Restricted Stock Units and Restricted Units
|
75
|
|
|
52
|
|
|
45
|
|
|||
Total compensation expense
|
$
|
154
|
|
|
$
|
192
|
|
|
$
|
175
|
|
Income tax benefit
|
$
|
54
|
|
|
$
|
67
|
|
|
$
|
61
|
|
(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, 2015
|
||||
|
Expense
|
|
Weighted Average
Period
|
||
|
(In millions)
|
|
(Years)
|
||
Stock Options
|
$
|
7
|
|
|
1.58
|
Performance Shares
|
$
|
30
|
|
|
1.59
|
Restricted Stock Units
|
$
|
50
|
|
|
1.71
|
|
Shares
Under
Option
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value (1)
|
|||||
|
|
|
|
|
(Years)
|
|
(In millions)
|
|||||
Outstanding at January 1, 2015
|
26,078,927
|
|
|
$
|
43.63
|
|
|
4.67
|
|
$
|
312
|
|
Granted
|
669,944
|
|
|
$
|
51.39
|
|
|
|
|
|
||
Exercised
|
(3,149,247
|
)
|
|
$
|
38.61
|
|
|
|
|
|
||
Expired
|
(64,921
|
)
|
|
$
|
55.68
|
|
|
|
|
|
||
Forfeited
|
(27,939
|
)
|
|
$
|
40.47
|
|
|
|
|
|
||
Outstanding at December 31, 2015
|
23,506,764
|
|
|
$
|
44.50
|
|
|
4.09
|
|
$
|
166
|
|
Vested and expected to vest at December 31, 2015
|
23,308,860
|
|
|
$
|
44.50
|
|
|
4.06
|
|
$
|
165
|
|
Exercisable at December 31, 2015
|
21,839,121
|
|
|
$
|
44.29
|
|
|
3.77
|
|
$
|
161
|
|
(1)
|
The aggregate intrinsic value was computed using the closing Share price on December 31,
2015
of
$48.21
and December 31,
2014
of
$54.09
, as applicable.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
Dividend yield
|
2.72%
|
|
2.18%
|
|
2.13%
|
||||||
Risk-free rate of return
|
0.20%-3.04%
|
|
0.12%-5.07%
|
|
0.16%-3.89%
|
||||||
Expected volatility
|
32.56%
|
|
33.26%
|
|
32.98%
|
||||||
Exercise multiple
|
1.44
|
|
1.45
|
|
1.51
|
||||||
Post-vesting termination rate
|
2.73%
|
|
2.93%
|
|
3.16%
|
||||||
Contractual term (years)
|
10
|
|
|
10
|
|
|
10
|
|
|||
Expected life (years)
|
7
|
|
|
6
|
|
|
7
|
|
|||
Weighted average exercise price of stock options granted
|
$
|
51.39
|
|
|
$
|
50.53
|
|
|
$
|
35.96
|
|
Weighted average fair value of stock options granted
|
$
|
13.29
|
|
|
$
|
13.84
|
|
|
$
|
9.88
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Total intrinsic value of stock options exercised
|
$
|
44
|
|
|
$
|
67
|
|
|
$
|
79
|
|
Cash received from exercise of stock options
|
$
|
121
|
|
|
$
|
156
|
|
|
$
|
202
|
|
Income tax benefit realized from stock options exercised
|
$
|
15
|
|
|
$
|
24
|
|
|
$
|
28
|
|
|
Performance Shares
|
|
Restricted Stock Units
|
||||||||||
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding at January 1, 2015
|
4,511,514
|
|
|
$
|
44.85
|
|
|
3,504,230
|
|
|
$
|
38.48
|
|
Granted
|
1,213,901
|
|
|
$
|
43.53
|
|
|
1,532,272
|
|
|
$
|
46.71
|
|
Forfeited
|
(61,458
|
)
|
|
$
|
44.08
|
|
|
(97,496
|
)
|
|
$
|
42.75
|
|
Payable (1)
|
(1,756,783
|
)
|
|
$
|
35.33
|
|
|
(1,860,047
|
)
|
|
$
|
36.73
|
|
Outstanding at December 31, 2015
|
3,907,174
|
|
|
$
|
44.08
|
|
|
3,078,959
|
|
|
$
|
43.50
|
|
Vested and expected to vest at December 31, 2015
|
3,748,479
|
|
|
$
|
44.09
|
|
|
2,771,063
|
|
|
$
|
43.50
|
|
(1)
|
Includes both Shares paid and Deferred Shares for later payment.
|
|
Unit
Options
|
|
Restricted
Units
|
|
Performance
Units
|
|||
Outstanding at January 1, 2015
|
1,106,996
|
|
|
800,040
|
|
|
593,923
|
|
Granted
|
17,183
|
|
|
405,747
|
|
|
211,473
|
|
Exercised
|
(107,141
|
)
|
|
—
|
|
|
—
|
|
Forfeited
|
(41,509
|
)
|
|
(209,357
|
)
|
|
(63,062
|
)
|
Paid
|
—
|
|
|
(334,538
|
)
|
|
(131,062
|
)
|
Outstanding at December 31, 2015
|
975,529
|
|
|
661,892
|
|
|
611,272
|
|
Vested and expected to vest at December 31, 2015
|
877,976
|
|
|
595,703
|
|
|
550,145
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||
Company
|
|
State of Domicile
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
|
|
(In millions)
|
||||||||||
Metropolitan Life Insurance Company
|
|
New York
|
|
$
|
3,703
|
|
|
$
|
1,487
|
|
|
$
|
369
|
|
American Life Insurance Company
|
|
Delaware
|
|
$
|
335
|
|
|
$
|
(36
|
)
|
|
$
|
631
|
|
MetLife Insurance Company USA
|
|
Delaware
|
|
$
|
(1,022
|
)
|
|
$
|
1,543
|
|
|
$
|
3,358
|
|
Metropolitan Property and Casualty Insurance Company
|
|
Rhode Island
|
|
$
|
204
|
|
|
$
|
291
|
|
|
$
|
282
|
|
Metropolitan Tower Life Insurance Company
|
|
Delaware
|
|
$
|
(42
|
)
|
|
$
|
51
|
|
|
$
|
52
|
|
Other
|
|
Various
|
|
$
|
381
|
|
|
$
|
454
|
|
|
$
|
161
|
|
|
|
December 31,
|
||||||
Company
|
|
2015
|
|
2014
|
||||
|
|
(In millions)
|
||||||
Metropolitan Life Insurance Company
|
|
$
|
14,485
|
|
|
$
|
12,008
|
|
American Life Insurance Company
|
|
$
|
6,115
|
|
|
$
|
3,362
|
|
MetLife Insurance Company USA
|
|
$
|
5,942
|
|
|
$
|
6,042
|
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
2,335
|
|
|
$
|
2,388
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
710
|
|
|
$
|
767
|
|
Other
|
|
$
|
417
|
|
|
$
|
399
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||||
Company
|
|
Permitted Without
Approval (1)
|
|
Paid (2)
|
|
Paid (2)
|
||||||||
|
|
(In millions)
|
||||||||||||
Metropolitan Life Insurance Company (3)
|
|
$
|
3,753
|
|
|
$
|
1,489
|
|
|
|
$
|
821
|
|
(4)
|
American Life Insurance Company
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
MetLife Insurance Company USA
|
|
$
|
586
|
|
|
$
|
500
|
|
|
|
$
|
155
|
|
(5)
|
Metropolitan Property and Casualty Insurance Company
|
|
$
|
130
|
|
|
$
|
235
|
|
|
|
$
|
200
|
|
|
Metropolitan Tower Life Insurance Company
|
|
$
|
70
|
|
|
$
|
102
|
|
|
|
$
|
73
|
|
|
(1)
|
Reflects dividend amounts that may be paid during 2016 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 2016, some or all of such dividends may require regulatory approval.
|
(2)
|
Reflects all amounts paid, including those requiring regulatory approval.
|
(3)
|
As discussed below, the New York Insurance Law was amended, permitting MLIC to pay dividends without prior regulatory approval under one of two alternative formulations beginning in 2016. The dividend amount that MLIC may pay during 2016 under the new formulation is reflected in the table above.
|
(4)
|
During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of
$113 million
.
|
(5)
|
Prior to the mergers into MetLife USA of certain of its affiliates and a subsidiary, Exeter paid dividends of
$155 million
on its preferred stock. In August 2014, MetLife Insurance Company of Connecticut 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. In November 2014, MetLife Insurance Company of Connecticut changed its name to MetLife Insurance Company USA. MetLife USA did not pay dividends in 2014.
|
|
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, 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
|
|
|||||
AOCI 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
|
)
|
|||||
AOCI 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
|
|
|||||
OCI before reclassifications
|
(7,218
|
)
|
|
(19
|
)
|
|
(1,646
|
)
|
|
125
|
|
|
(8,758
|
)
|
|||||
Deferred income tax benefit (expense)
|
2,519
|
|
|
6
|
|
|
(1
|
)
|
|
(43
|
)
|
|
2,481
|
|
|||||
AOCI before reclassifications, net of income tax
|
10,460
|
|
|
1,063
|
|
|
(4,950
|
)
|
|
(2,201
|
)
|
|
4,372
|
|
|||||
Amounts reclassified from AOCI
|
(223
|
)
|
|
608
|
|
|
—
|
|
|
229
|
|
|
614
|
|
|||||
Deferred income tax benefit (expense)
|
78
|
|
|
(213
|
)
|
|
—
|
|
|
(80
|
)
|
|
(215
|
)
|
|||||
Amounts reclassified from AOCI, net of income tax
|
(145
|
)
|
|
395
|
|
|
—
|
|
|
149
|
|
|
399
|
|
|||||
Balance at December 31, 2015
|
$
|
10,315
|
|
|
$
|
1,458
|
|
|
$
|
(4,950
|
)
|
|
$
|
(2,052
|
)
|
|
$
|
4,771
|
|
(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,
|
|
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
|
|
||||||
|
|
(In millions)
|
|
|
||||||||||
Net unrealized investment gains (losses):
|
|
|
|
|
|
|
|
|
||||||
Net unrealized investment gains (losses)
|
|
$
|
129
|
|
|
$
|
603
|
|
|
$
|
344
|
|
|
Net investment gains (losses)
|
Net unrealized investment gains (losses)
|
|
49
|
|
|
67
|
|
|
93
|
|
|
Net investment income
|
|||
Net unrealized investment gains (losses)
|
|
45
|
|
|
141
|
|
|
(26
|
)
|
|
Net derivative gains (losses)
|
|||
Net unrealized investment gains (losses), before income tax
|
|
223
|
|
|
811
|
|
|
411
|
|
|
|
|||
Income tax (expense) benefit
|
|
(78
|
)
|
|
(249
|
)
|
|
(136
|
)
|
|
|
|||
Net unrealized investment gains (losses), net of income tax
|
|
$
|
145
|
|
|
$
|
562
|
|
|
$
|
275
|
|
|
|
Unrealized gains (losses) on derivatives - cash flow hedges:
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
85
|
|
|
$
|
42
|
|
|
$
|
20
|
|
|
Net derivative gains (losses)
|
Interest rate swaps
|
|
12
|
|
|
9
|
|
|
8
|
|
|
Net investment income
|
|||
Interest rate swaps
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Other expenses
|
|||
Interest rate forwards
|
|
6
|
|
|
(7
|
)
|
|
10
|
|
|
Net derivative gains (losses)
|
|||
Interest rate forwards
|
|
5
|
|
|
4
|
|
|
3
|
|
|
Net investment income
|
|||
Interest rate forwards
|
|
2
|
|
|
2
|
|
|
(1
|
)
|
|
Other expenses
|
|||
Foreign currency swaps
|
|
(720
|
)
|
|
(768
|
)
|
|
(3
|
)
|
|
Net derivative gains (losses)
|
|||
Foreign currency swaps
|
|
(1
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
Net investment income
|
|||
Foreign currency swaps
|
|
1
|
|
|
2
|
|
|
1
|
|
|
Other expenses
|
|||
Credit forwards
|
|
1
|
|
|
—
|
|
|
—
|
|
|
Net derivative gains (losses)
|
|||
Credit forwards
|
|
1
|
|
|
1
|
|
|
1
|
|
|
Net investment income
|
|||
Gains (losses) on cash flow hedges, before income tax
|
|
(608
|
)
|
|
(717
|
)
|
|
36
|
|
|
|
|||
Income tax (expense) benefit
|
|
213
|
|
|
280
|
|
|
(11
|
)
|
|
|
|||
Gains (losses) on cash flow hedges, net of income tax
|
|
$
|
(395
|
)
|
|
$
|
(437
|
)
|
|
$
|
25
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
$
|
—
|
|
|
$
|
(77
|
)
|
|
$
|
—
|
|
|
Net investment gains (losses)
|
Income tax (expense) benefit
|
|
—
|
|
|
27
|
|
|
—
|
|
|
|
|||
Foreign currency translation adjustment, net of income tax
|
|
$
|
—
|
|
|
$
|
(50
|
)
|
|
$
|
—
|
|
|
|
Defined benefit plans adjustment: (1)
|
|
|
|
|
|
|
|
|
||||||
Amortization of net actuarial gains (losses)
|
|
$
|
(233
|
)
|
|
$
|
(180
|
)
|
|
$
|
283
|
|
|
|
Amortization of prior service (costs) credit
|
|
4
|
|
|
—
|
|
|
(69
|
)
|
|
|
|||
Amortization of defined benefit plan items, before income tax
|
|
(229
|
)
|
|
(180
|
)
|
|
214
|
|
|
|
|||
Income tax (expense) benefit
|
|
80
|
|
|
63
|
|
|
(75
|
)
|
|
|
|||
Amortization of defined benefit plan items, net of income tax
|
|
$
|
(149
|
)
|
|
$
|
(117
|
)
|
|
$
|
139
|
|
|
|
Total reclassifications, net of income tax
|
|
$
|
(399
|
)
|
|
$
|
(42
|
)
|
|
$
|
439
|
|
|
|
(1)
|
These AOCI components are included in the computation of net periodic benefit costs. See Note 18.
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||
|
|
(In millions)
|
||||||||||
Compensation
|
|
$
|
4,938
|
|
|
$
|
4,894
|
|
|
$
|
5,108
|
|
Pension, postretirement and postemployment benefit costs
|
|
400
|
|
|
473
|
|
|
488
|
|
|||
Commissions
|
|
4,517
|
|
|
5,153
|
|
|
5,428
|
|
|||
Volume-related costs
|
|
1,002
|
|
|
859
|
|
|
842
|
|
|||
Capitalization of DAC
|
|
(3,837
|
)
|
|
(4,183
|
)
|
|
(4,786
|
)
|
|||
Amortization of DAC and VOBA
|
|
3,936
|
|
|
4,132
|
|
|
3,550
|
|
|||
Amortization of negative VOBA
|
|
(361
|
)
|
|
(442
|
)
|
|
(579
|
)
|
|||
Interest expense on debt
|
|
1,208
|
|
|
1,216
|
|
|
1,282
|
|
|||
Premium taxes, licenses and fees
|
|
766
|
|
|
801
|
|
|
658
|
|
|||
Professional services
|
|
1,511
|
|
|
1,457
|
|
|
1,454
|
|
|||
Rent and related expenses, net of sublease income
|
|
328
|
|
|
361
|
|
|
376
|
|
|||
Other (1)
|
|
2,361
|
|
|
2,370
|
|
|
2,781
|
|
|||
Total other expenses
|
|
$
|
16,769
|
|
|
$
|
17,091
|
|
|
$
|
16,602
|
|
(1)
|
See
Note 19
for information on the charge related to income tax for the year ended December 31, 2015 and the Japan income tax refund for the year ended December 31, 2013.
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||||||||||||
|
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
|
Severance
|
|
Lease and
Asset
Impairment
|
|
Total
|
||||||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||||||||||||||
Balance at January 1,
|
|
$
|
31
|
|
|
$
|
6
|
|
|
$
|
37
|
|
|
$
|
40
|
|
|
$
|
6
|
|
|
$
|
46
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
23
|
|
Restructuring charges
|
|
60
|
|
|
4
|
|
|
64
|
|
|
83
|
|
|
8
|
|
|
91
|
|
|
99
|
|
|
16
|
|
|
115
|
|
|||||||||
Cash payments
|
|
(73
|
)
|
|
(6
|
)
|
|
(79
|
)
|
|
(92
|
)
|
|
(8
|
)
|
|
(100
|
)
|
|
(82
|
)
|
|
(10
|
)
|
|
(92
|
)
|
|||||||||
Balance at December 31,
|
|
$
|
18
|
|
|
$
|
4
|
|
|
$
|
22
|
|
|
$
|
31
|
|
|
$
|
6
|
|
|
$
|
37
|
|
|
$
|
40
|
|
|
$
|
6
|
|
|
$
|
46
|
|
Total restructuring charges incurred since inception of initiative
|
|
$
|
383
|
|
|
$
|
46
|
|
|
$
|
429
|
|
|
$
|
323
|
|
|
$
|
42
|
|
|
$
|
365
|
|
|
$
|
240
|
|
|
$
|
34
|
|
|
$
|
274
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||||||||||||||
|
U.S.
Plans
|
|
Non-U.S. Plans
|
|
Total
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Total
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Total
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Total
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations
|
$
|
9,759
|
|
|
$
|
747
|
|
|
$
|
10,506
|
|
|
$
|
1,895
|
|
|
$
|
29
|
|
|
$
|
1,924
|
|
|
$
|
10,262
|
|
|
$
|
739
|
|
|
$
|
11,001
|
|
|
$
|
2,110
|
|
|
$
|
35
|
|
|
$
|
2,145
|
|
Estimated fair value of plan assets
|
8,490
|
|
|
261
|
|
|
8,751
|
|
|
1,373
|
|
|
9
|
|
|
1,382
|
|
|
8,750
|
|
|
253
|
|
|
9,003
|
|
|
1,426
|
|
|
10
|
|
|
1,436
|
|
||||||||||||
Over (under) funded status
|
$
|
(1,269
|
)
|
|
$
|
(486
|
)
|
|
$
|
(1,755
|
)
|
|
$
|
(522
|
)
|
|
$
|
(20
|
)
|
|
$
|
(542
|
)
|
|
$
|
(1,512
|
)
|
|
$
|
(486
|
)
|
|
$
|
(1,998
|
)
|
|
$
|
(684
|
)
|
|
$
|
(25
|
)
|
|
$
|
(709
|
)
|
Net periodic benefit costs
|
$
|
273
|
|
|
$
|
73
|
|
|
$
|
346
|
|
|
$
|
63
|
|
|
$
|
6
|
|
|
$
|
69
|
|
|
$
|
346
|
|
|
$
|
79
|
|
|
$
|
425
|
|
|
$
|
43
|
|
|
$
|
5
|
|
|
$
|
48
|
|
|
December 31,
|
||||||||||||||
|
2015
|
|
2014
|
||||||||||||
|
Pension
Benefits (1) |
|
Other
Postretirement
Benefits
|
|
Pension
Benefits (1) |
|
Other
Postretirement
Benefits
|
||||||||
|
(In millions)
|
||||||||||||||
Change in benefit obligations
|
|
|
|
|
|
|
|
||||||||
Benefit obligations at January 1,
|
$
|
11,001
|
|
|
$
|
2,145
|
|
|
$
|
9,335
|
|
|
$
|
1,875
|
|
Service costs
|
276
|
|
|
17
|
|
|
262
|
|
|
16
|
|
||||
Interest costs
|
423
|
|
|
90
|
|
|
456
|
|
|
94
|
|
||||
Plan participants’ contributions
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Net actuarial (gains) losses
|
(627
|
)
|
|
(235
|
)
|
|
1,607
|
|
|
264
|
|
||||
Acquisition, divestitures, settlements and curtailments
|
(4
|
)
|
|
(2
|
)
|
|
(18
|
)
|
|
(5
|
)
|
||||
Change in benefits
|
—
|
|
|
(7
|
)
|
|
(4
|
)
|
|
(9
|
)
|
||||
Benefits paid
|
(531
|
)
|
|
(109
|
)
|
|
(536
|
)
|
|
(116
|
)
|
||||
Effect of foreign currency translation
|
(32
|
)
|
|
(5
|
)
|
|
(101
|
)
|
|
(4
|
)
|
||||
Benefit obligations at December 31,
|
10,506
|
|
|
1,924
|
|
|
11,001
|
|
|
2,145
|
|
||||
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Estimated fair value of plan assets at January 1,
|
9,003
|
|
|
1,436
|
|
|
8,024
|
|
|
1,366
|
|
||||
Actual return on plan assets
|
(127
|
)
|
|
4
|
|
|
1,108
|
|
|
112
|
|
||||
Acquisition, divestitures and settlements
|
(3
|
)
|
|
(4
|
)
|
|
(10
|
)
|
|
—
|
|
||||
Plan participants’ contributions
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||
Employer contributions
|
424
|
|
|
26
|
|
|
450
|
|
|
44
|
|
||||
Benefits paid
|
(531
|
)
|
|
(109
|
)
|
|
(536
|
)
|
|
(116
|
)
|
||||
Effect of foreign currency translation
|
(15
|
)
|
|
(1
|
)
|
|
(33
|
)
|
|
—
|
|
||||
Estimated fair value of plan assets at December 31,
|
8,751
|
|
|
1,382
|
|
|
9,003
|
|
|
1,436
|
|
||||
Over (under) funded status at December 31,
|
$
|
(1,755
|
)
|
|
$
|
(542
|
)
|
|
$
|
(1,998
|
)
|
|
$
|
(709
|
)
|
Amounts recognized in the consolidated balance sheets
|
|
|
|
|
|
|
|
||||||||
Other assets
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
7
|
|
|
$
|
1
|
|
Other liabilities
|
(1,760
|
)
|
|
(543
|
)
|
|
(2,005
|
)
|
|
(710
|
)
|
||||
Net amount recognized
|
$
|
(1,755
|
)
|
|
$
|
(542
|
)
|
|
$
|
(1,998
|
)
|
|
$
|
(709
|
)
|
AOCI
|
|
|
|
|
|
|
|
||||||||
Net actuarial (gains) losses
|
$
|
2,945
|
|
|
$
|
222
|
|
|
$
|
3,093
|
|
|
$
|
425
|
|
Prior service costs (credit)
|
—
|
|
|
(14
|
)
|
|
(1
|
)
|
|
(10
|
)
|
||||
AOCI, before income tax
|
$
|
2,945
|
|
|
$
|
208
|
|
|
$
|
3,092
|
|
|
$
|
415
|
|
Accumulated benefit obligation
|
$
|
10,082
|
|
|
N/A
|
|
|
$
|
10,355
|
|
|
N/A
|
|
(1)
|
Includes nonqualified unfunded plans, for which the aggregate PBO was
$1.1 billion
and
$1.3 billion
at
December 31, 2015
and
2014
, respectively.
|
|
December 31,
|
||||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
PBO Exceeds Estimated Fair Value
of Plan Assets
|
|
ABO Exceeds Estimated Fair Value
of Plan Assets
|
||||||||||||
|
(In millions)
|
||||||||||||||
Projected benefit obligations
|
$
|
10,437
|
|
|
$
|
10,944
|
|
|
$
|
2,476
|
|
|
$
|
2,615
|
|
Accumulated benefit obligations
|
$
|
10,052
|
|
|
$
|
10,304
|
|
|
$
|
2,340
|
|
|
$
|
2,362
|
|
Estimated fair value of plan assets
|
$
|
8,715
|
|
|
$
|
8,931
|
|
|
$
|
839
|
|
|
$
|
853
|
|
|
Years Ended December 31,
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Net periodic benefit costs
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service costs
|
$
|
276
|
|
|
$
|
17
|
|
|
$
|
262
|
|
|
$
|
16
|
|
|
$
|
303
|
|
|
$
|
22
|
|
Interest costs
|
423
|
|
|
90
|
|
|
456
|
|
|
94
|
|
|
403
|
|
|
94
|
|
||||||
Settlement and curtailment costs
|
(1
|
)
|
|
3
|
|
|
19
|
|
|
4
|
|
|
(2
|
)
|
|
1
|
|
||||||
Expected return on plan assets
|
(542
|
)
|
|
(80
|
)
|
|
(482
|
)
|
|
(76
|
)
|
|
(489
|
)
|
|
(76
|
)
|
||||||
Amortization of net actuarial (gains) losses
|
191
|
|
|
42
|
|
|
169
|
|
|
11
|
|
|
228
|
|
|
55
|
|
||||||
Amortization of prior service costs (credit)
|
(1
|
)
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|
6
|
|
|
(75
|
)
|
||||||
Total net periodic benefit costs (credit)
|
346
|
|
|
69
|
|
|
425
|
|
|
48
|
|
|
449
|
|
|
21
|
|
||||||
Other changes in plan assets and benefit obligations recognized in OCI
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial (gains) losses
|
43
|
|
|
(161
|
)
|
|
960
|
|
|
223
|
|
|
(544
|
)
|
|
(532
|
)
|
||||||
Prior service costs (credit)
|
—
|
|
|
(7
|
)
|
|
(20
|
)
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of net actuarial (gains) losses
|
(191
|
)
|
|
(42
|
)
|
|
(169
|
)
|
|
(11
|
)
|
|
(228
|
)
|
|
(57
|
)
|
||||||
Amortization of prior service (costs) credit
|
1
|
|
|
3
|
|
|
(1
|
)
|
|
1
|
|
|
(6
|
)
|
|
75
|
|
||||||
Total recognized in OCI
|
(147
|
)
|
|
(207
|
)
|
|
770
|
|
|
200
|
|
|
(778
|
)
|
|
(514
|
)
|
||||||
Total recognized in net periodic benefit costs and OCI
|
$
|
199
|
|
|
$
|
(138
|
)
|
|
$
|
1,195
|
|
|
$
|
248
|
|
|
$
|
(329
|
)
|
|
$
|
(493
|
)
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|||
December 31, 2015
|
|
|
|
|
|
|
Weighted average discount rate
|
4.50%
|
|
4.60%
|
|||
Rate of compensation increase
|
2.25
|
%
|
-
|
8.50%
|
|
N/A
|
December 31, 2014
|
|
|
|
|
|
|
Weighted average discount rate
|
4.10%
|
|
4.10%
|
|||
Rate of compensation increase
|
2.25
|
%
|
-
|
8.50%
|
|
N/A
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
|||
Year Ended December 31, 2015
|
|
|
|
|
|
|
Weighted average discount rate
|
4.10%
|
|
4.10%
|
|||
Weighted average expected rate of return on plan assets
|
6.25%
|
|
5.70%
|
|||
Rate of compensation increase
|
2.25
|
%
|
-
|
8.50%
|
|
N/A
|
Year Ended December 31, 2014
|
|
|
|
|
|
|
Weighted average discount rate
|
5.15%
|
|
5.15%
|
|||
Weighted average expected rate of return on plan assets
|
6.25%
|
|
5.70%
|
|||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
N/A
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
Weighted average discount rate
|
4.20%
|
|
4.20%
|
|||
Weighted average expected rate of return on plan assets
|
6.25%
|
|
5.76%
|
|||
Rate of compensation increase
|
3.50
|
%
|
-
|
7.50%
|
|
N/A
|
|
December 31,
|
||||||||||
|
2015
|
|
2014
|
||||||||
|
Before
Age 65
|
|
Age 65 and
older
|
|
Before
Age 65
|
|
Age 65 and
older
|
||||
Following year
|
6.3
|
%
|
|
10.3
|
%
|
|
6.4
|
%
|
|
6.4
|
%
|
Ultimate rate to which cost increase is assumed to decline
|
4.2
|
%
|
|
4.6
|
%
|
|
4.4
|
%
|
|
4.7
|
%
|
Year in which the ultimate trend rate is reached
|
2086
|
|
2091
|
|
2094
|
|
2089
|
|
One Percent
Increase |
|
One Percent
Decrease |
||||
|
(In millions)
|
||||||
Effect on total of service and interest costs components
|
$
|
15
|
|
|
$
|
(12
|
)
|
Effect of accumulated postretirement benefit obligations
|
$
|
253
|
|
|
$
|
(207
|
)
|
|
|
December 31,
|
||||||||||||||||
|
|
2015
|
|
2014
|
||||||||||||||
|
|
U.S. Pension Benefits
|
|
U.S. Other Postretirement Benefits
|
|
U.S. Pension Benefits
|
|
U.S. Other Postretirement Benefits
|
||||||||||
|
|
Target
|
|
Actual
Allocation |
|
Target
|
|
Actual
Allocation |
|
Actual
Allocation
|
|
Actual
Allocation
|
||||||
Asset Class
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed maturity securities
|
|
80
|
%
|
|
71
|
%
|
|
76
|
%
|
|
73
|
%
|
|
69
|
%
|
|
71
|
%
|
Equity securities
|
|
10
|
%
|
|
14
|
%
|
|
24
|
%
|
|
25
|
%
|
|
15
|
%
|
|
27
|
%
|
Alternative securities (1)
|
|
10
|
%
|
|
15
|
%
|
|
—
|
%
|
|
2
|
%
|
|
16
|
%
|
|
2
|
%
|
Total assets
|
|
|
|
100
|
%
|
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
(1)
|
Alternative securities primarily include derivative assets, money market securities, short-term investments and other investments. U.S. other postretirement benefits do not include postretirement life’s target and actual allocation of plan assets that are all in short-term investments.
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
2,979
|
|
|
$
|
78
|
|
|
$
|
3,057
|
|
|
$
|
18
|
|
|
$
|
281
|
|
|
$
|
1
|
|
|
$
|
300
|
|
U.S. government bonds
|
994
|
|
|
493
|
|
|
—
|
|
|
1,487
|
|
|
193
|
|
|
12
|
|
|
—
|
|
|
205
|
|
||||||||
Foreign bonds
|
—
|
|
|
764
|
|
|
17
|
|
|
781
|
|
|
—
|
|
|
69
|
|
|
—
|
|
|
69
|
|
||||||||
Federal agencies
|
—
|
|
|
228
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
34
|
|
||||||||
Municipals
|
—
|
|
|
302
|
|
|
—
|
|
|
302
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
56
|
|
||||||||
Other (1)
|
—
|
|
|
354
|
|
|
7
|
|
|
361
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
47
|
|
||||||||
Total fixed maturity securities
|
994
|
|
|
5,120
|
|
|
102
|
|
|
6,216
|
|
|
211
|
|
|
499
|
|
|
1
|
|
|
711
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - domestic
|
751
|
|
|
24
|
|
|
—
|
|
|
775
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
126
|
|
||||||||
Common stock - foreign
|
378
|
|
|
61
|
|
|
—
|
|
|
439
|
|
|
111
|
|
|
—
|
|
|
—
|
|
|
111
|
|
||||||||
Total equity securities
|
1,129
|
|
|
85
|
|
|
—
|
|
|
1,214
|
|
|
237
|
|
|
—
|
|
|
—
|
|
|
237
|
|
||||||||
Other investments
|
32
|
|
|
84
|
|
|
723
|
|
|
839
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
10
|
|
|
309
|
|
|
—
|
|
|
319
|
|
|
1
|
|
|
431
|
|
|
—
|
|
|
432
|
|
||||||||
Money market securities
|
9
|
|
|
49
|
|
|
—
|
|
|
58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Derivative assets
|
26
|
|
|
3
|
|
|
76
|
|
|
105
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
Total assets
|
$
|
2,200
|
|
|
$
|
5,650
|
|
|
$
|
901
|
|
|
$
|
8,751
|
|
|
$
|
451
|
|
|
$
|
930
|
|
|
$
|
1
|
|
|
$
|
1,382
|
|
|
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
|
$
|
—
|
|
|
$
|
2,704
|
|
|
$
|
80
|
|
|
$
|
2,784
|
|
|
$
|
42
|
|
|
$
|
244
|
|
|
$
|
3
|
|
|
$
|
289
|
|
U.S. government bonds
|
1,605
|
|
|
223
|
|
|
—
|
|
|
1,828
|
|
|
169
|
|
|
12
|
|
|
—
|
|
|
181
|
|
||||||||
Foreign bonds
|
—
|
|
|
808
|
|
|
17
|
|
|
825
|
|
|
—
|
|
|
78
|
|
|
—
|
|
|
78
|
|
||||||||
Federal agencies
|
—
|
|
|
254
|
|
|
—
|
|
|
254
|
|
|
—
|
|
|
35
|
|
|
—
|
|
|
35
|
|
||||||||
Municipals
|
—
|
|
|
270
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||||||
Other (1)
|
—
|
|
|
188
|
|
|
8
|
|
|
196
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
63
|
|
||||||||
Total fixed maturity securities
|
1,605
|
|
|
4,447
|
|
|
105
|
|
|
6,157
|
|
|
211
|
|
|
506
|
|
|
3
|
|
|
720
|
|
||||||||
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common stock - domestic
|
951
|
|
|
—
|
|
|
—
|
|
|
951
|
|
|
188
|
|
|
—
|
|
|
—
|
|
|
188
|
|
||||||||
Common stock - foreign
|
394
|
|
|
57
|
|
|
—
|
|
|
451
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
||||||||
Total equity securities
|
1,345
|
|
|
57
|
|
|
—
|
|
|
1,402
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
268
|
|
||||||||
Other investments
|
34
|
|
|
24
|
|
|
745
|
|
|
803
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Short-term investments
|
189
|
|
|
276
|
|
|
—
|
|
|
465
|
|
|
14
|
|
|
433
|
|
|
—
|
|
|
447
|
|
||||||||
Money market securities
|
29
|
|
|
56
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Derivative assets
|
11
|
|
|
7
|
|
|
73
|
|
|
91
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||||
Total assets
|
$
|
3,213
|
|
|
$
|
4,867
|
|
|
$
|
923
|
|
|
$
|
9,003
|
|
|
$
|
493
|
|
|
$
|
940
|
|
|
$
|
3
|
|
|
$
|
1,436
|
|
(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)
|
||||||||||||||||||||||
Balance, January 1, 2014
|
$
|
59
|
|
|
$
|
11
|
|
|
$
|
19
|
|
|
$
|
148
|
|
|
$
|
602
|
|
|
$
|
37
|
|
Realized gains (losses)
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13
|
)
|
|
(16
|
)
|
||||||
Unrealized gains (losses)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112
|
|
|
18
|
|
||||||
Purchases, sales, issuances and settlements, net
|
11
|
|
|
6
|
|
|
(2
|
)
|
|
—
|
|
|
(104
|
)
|
|
34
|
|
||||||
Transfers into and/or out of Level 3
|
7
|
|
|
—
|
|
|
(9
|
)
|
|
(148
|
)
|
|
148
|
|
|
—
|
|
||||||
Balance, December 31, 2014
|
$
|
80
|
|
|
$
|
17
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
745
|
|
|
$
|
73
|
|
Realized gains (losses)
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
||||||
Unrealized gains (losses)
|
(4
|
)
|
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
55
|
|
|
(9
|
)
|
||||||
Purchases, sales, issuances and settlements, net
|
8
|
|
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
(77
|
)
|
|
23
|
|
||||||
Transfers into and/or out of Level 3
|
(7
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Balance, December 31, 2015
|
$
|
78
|
|
|
$
|
17
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
723
|
|
|
$
|
76
|
|
(1)
|
Other includes ABS and collateralized mortgage obligations.
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
|
(In millions)
|
||||||
2016
|
$
|
545
|
|
|
$
|
86
|
|
2017
|
$
|
570
|
|
|
$
|
87
|
|
2018
|
$
|
582
|
|
|
$
|
90
|
|
2019
|
$
|
606
|
|
|
$
|
92
|
|
2020
|
$
|
627
|
|
|
$
|
95
|
|
2021-2025
|
$
|
3,463
|
|
|
$
|
508
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
584
|
|
|
$
|
(56
|
)
|
|
$
|
85
|
|
State and local
|
10
|
|
|
9
|
|
|
2
|
|
|||
Foreign
|
556
|
|
|
779
|
|
|
422
|
|
|||
Subtotal
|
1,150
|
|
|
732
|
|
|
509
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
701
|
|
|
1,597
|
|
|
(250
|
)
|
|||
State and local
|
—
|
|
|
(1
|
)
|
|
(11
|
)
|
|||
Foreign
|
297
|
|
|
137
|
|
|
413
|
|
|||
Subtotal
|
998
|
|
|
1,733
|
|
|
152
|
|
|||
Provision for income tax expense (benefit)
|
$
|
2,148
|
|
|
$
|
2,465
|
|
|
$
|
661
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Income (loss) from continuing operations:
|
|
|
|
|
|
||||||
Domestic
|
$
|
3,743
|
|
|
$
|
6,043
|
|
|
$
|
1,186
|
|
Foreign
|
3,727
|
|
|
2,761
|
|
|
2,866
|
|
|||
Total
|
$
|
7,470
|
|
|
$
|
8,804
|
|
|
$
|
4,052
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Tax provision at U.S. statutory rate
|
$
|
2,615
|
|
|
$
|
3,081
|
|
|
$
|
1,418
|
|
Tax effect of:
|
|
|
|
|
|
||||||
Dividend received deduction
|
(216
|
)
|
|
(204
|
)
|
|
(166
|
)
|
|||
Tax-exempt income
|
(73
|
)
|
|
(92
|
)
|
|
(96
|
)
|
|||
Prior year tax (1)
|
555
|
|
|
21
|
|
|
75
|
|
|||
Low income housing tax credits
|
(225
|
)
|
|
(209
|
)
|
|
(194
|
)
|
|||
Other tax credits
|
(80
|
)
|
|
(77
|
)
|
|
(54
|
)
|
|||
Foreign tax rate differential (2),(3),(4)
|
(465
|
)
|
|
(118
|
)
|
|
(340
|
)
|
|||
Change in valuation allowance
|
5
|
|
|
(3
|
)
|
|
30
|
|
|||
Deferred tax effects of branch conversions
|
—
|
|
|
—
|
|
|
4
|
|
|||
Other, net
|
32
|
|
|
66
|
|
|
(16
|
)
|
|||
Provision for income tax expense (benefit)
|
$
|
2,148
|
|
|
$
|
2,465
|
|
|
$
|
661
|
|
(1)
|
As discussed further below, prior year tax includes a
$557 million
non-cash charge related to an uncertain tax position.
|
(2)
|
For the year ended December 31, 2015, foreign tax rate differential includes one-time tax benefits of
$174 million
related to a Japan tax rate change,
$61 million
related to restructuring in Chile,
$57 million
related to the repatriation of earnings from Japan,
$41 million
related to certain non-portfolio net investment gains that were non-taxable and
$31 million
related to the devaluation of the peso in Argentina. These benefits were partially offset by one-time charges of
$88 million
related to the impact of foreign exchange on investment gains in Argentina and
$36 million
as a result of a deferred tax liability true-up in Japan.
|
(3)
|
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”).
|
(4)
|
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,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Deferred income tax assets:
|
|
|
|
||||
Policyholder liabilities and receivables
|
$
|
1,734
|
|
|
$
|
3,022
|
|
Net operating loss carryforwards
|
1,229
|
|
|
1,293
|
|
||
Employee benefits
|
1,094
|
|
|
1,068
|
|
||
Capital loss carryforwards
|
9
|
|
|
26
|
|
||
Tax credit carryforwards
|
1,264
|
|
|
1,733
|
|
||
Litigation-related and government mandated
|
260
|
|
|
315
|
|
||
Other
|
858
|
|
|
831
|
|
||
Total gross deferred income tax assets
|
6,448
|
|
|
8,288
|
|
||
Less: Valuation allowance
|
203
|
|
|
224
|
|
||
Total net deferred income tax assets
|
6,245
|
|
|
8,064
|
|
||
Deferred income tax liabilities:
|
|
|
|
||||
Investments, including derivatives
|
4,469
|
|
|
4,554
|
|
||
Intangibles
|
1,606
|
|
|
1,877
|
|
||
Net unrealized investment gains
|
5,639
|
|
|
7,971
|
|
||
DAC
|
5,000
|
|
|
5,153
|
|
||
Other
|
123
|
|
|
330
|
|
||
Total deferred income tax liabilities
|
16,837
|
|
|
19,885
|
|
||
Net deferred income tax asset (liability)
|
$
|
(10,592
|
)
|
|
$
|
(11,821
|
)
|
|
Net Operating Loss Carryforwards
|
|
Capital Loss Carryforwards
|
||||||||||||
|
Domestic
|
|
State
|
|
Foreign
|
|
Domestic
|
||||||||
|
(In millions)
|
||||||||||||||
Expiration
|
|
|
|
|
|
|
|
||||||||
2016-2020
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
140
|
|
|
$
|
27
|
|
2021-2025
|
—
|
|
|
52
|
|
|
24
|
|
|
—
|
|
||||
2026-2030
|
1,096
|
|
|
41
|
|
|
—
|
|
|
—
|
|
||||
2031-2035
|
2,107
|
|
|
12
|
|
|
—
|
|
|
—
|
|
||||
Indefinite
|
—
|
|
|
—
|
|
|
668
|
|
|
—
|
|
||||
|
$
|
3,203
|
|
|
$
|
136
|
|
|
$
|
832
|
|
|
$
|
27
|
|
|
Tax Credit Carryforwards
|
||||||||||
|
General Business Credits
|
|
Foreign Tax Credits
|
|
Other
|
||||||
|
(In millions)
|
||||||||||
Expiration
|
|
|
|
|
|
||||||
2016-2020
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2021-2025
|
—
|
|
|
570
|
|
|
—
|
|
|||
2026-2030
|
104
|
|
|
—
|
|
|
—
|
|
|||
2031-2035
|
529
|
|
|
—
|
|
|
—
|
|
|||
Indefinite
|
—
|
|
|
—
|
|
|
342
|
|
|||
|
$
|
633
|
|
|
$
|
570
|
|
|
$
|
342
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Balance at January 1,
|
$
|
779
|
|
|
$
|
774
|
|
|
$
|
708
|
|
Additions for tax positions of prior years (1)
|
579
|
|
|
74
|
|
|
117
|
|
|||
Reductions for tax positions of prior years
|
(24
|
)
|
|
(88
|
)
|
|
(37
|
)
|
|||
Additions for tax positions of current year
|
28
|
|
|
23
|
|
|
39
|
|
|||
Reductions for tax positions of current year
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Settlements with tax authorities
|
(38
|
)
|
|
(4
|
)
|
|
(52
|
)
|
|||
Balance at December 31,
|
$
|
1,323
|
|
|
$
|
779
|
|
|
$
|
774
|
|
Unrecognized tax benefits that, if recognized would impact the effective rate
|
$
|
1,268
|
|
|
$
|
690
|
|
|
$
|
661
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Interest recognized in the consolidated statements of operations (1)
|
$
|
388
|
|
|
$
|
26
|
|
|
$
|
20
|
|
|
|
|
|
|
|
||||||
|
|
|
December 31,
|
||||||||
|
|
|
2015
|
|
2014
|
||||||
|
|
|
(In millions)
|
||||||||
Interest included in other liabilities in the consolidated balance sheets (1)
|
|
|
$
|
671
|
|
|
$
|
283
|
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions, except share and per share data)
|
||||||||||
Weighted Average Shares
|
|
|
|
|
|
||||||
Weighted average common stock outstanding for basic earnings per common share
|
1,117,775,843
|
|
|
1,128,671,410
|
|
|
1,105,579,693
|
|
|||
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
|
10,567,542
|
|
|
10,863,468
|
|
|
9,458,999
|
|
|||
Weighted average common stock outstanding for diluted earnings per common share
|
1,128,343,385
|
|
|
1,142,463,448
|
|
|
1,116,202,710
|
|
|||
Income (Loss) from Continuing Operations
|
|
|
|
|
|
||||||
Income (loss) from continuing operations, net of income tax
|
$
|
5,322
|
|
|
$
|
6,339
|
|
|
$
|
3,391
|
|
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests
|
12
|
|
|
27
|
|
|
25
|
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Preferred stock repurchase premium
|
42
|
|
|
—
|
|
|
—
|
|
|||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
5,152
|
|
|
$
|
6,190
|
|
|
$
|
3,244
|
|
Basic
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
Diluted
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
Income (Loss) from Discontinued Operations
|
|
|
|
|
|
||||||
Income (loss) from discontinued operations, net of income tax
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
2
|
|
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
|
|
Basic
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Diluted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net Income (Loss)
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
5,322
|
|
|
$
|
6,336
|
|
|
$
|
3,393
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
12
|
|
|
27
|
|
|
25
|
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Preferred stock repurchase premium
|
42
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
Basic
|
$
|
4.61
|
|
|
$
|
5.48
|
|
|
$
|
2.94
|
|
Diluted
|
$
|
4.57
|
|
|
$
|
5.42
|
|
|
$
|
2.91
|
|
(1)
|
See
Note 15
for a description of the Company’s common equity units.
|
|
December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions, except number of claims)
|
||||||||||
Asbestos personal injury claims at year end
|
67,787
|
|
|
68,460
|
|
|
67,983
|
|
|||
Number of new claims during the year
|
3,856
|
|
|
4,636
|
|
|
5,898
|
|
|||
Settlement payments during the year (1)
|
$
|
56.1
|
|
|
$
|
46.0
|
|
|
$
|
37.0
|
|
(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.
|
|
|
Amount
|
||
|
|
(In millions)
|
||
2016
|
|
$
|
321
|
|
2017
|
|
251
|
|
|
2018
|
|
224
|
|
|
2019
|
|
185
|
|
|
2020
|
|
172
|
|
|
Thereafter
|
|
874
|
|
|
Total
|
|
$
|
2,027
|
|
|
December 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(In millions)
|
||||||
Other Assets:
|
|
|
|
||||
Premium tax offset for future discounted and undiscounted assessments
|
$
|
45
|
|
|
$
|
50
|
|
Premium tax offsets currently available for paid assessments
|
64
|
|
|
84
|
|
||
|
$
|
109
|
|
|
$
|
134
|
|
Other Liabilities:
|
|
|
|
||||
Insolvency assessments
|
$
|
65
|
|
|
$
|
73
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
(In millions, except per share data)
|
||||||||||||||
2015
|
|
|
|
|
|
|
|
||||||||
Total revenues
|
$
|
18,710
|
|
|
$
|
16,166
|
|
|
$
|
18,031
|
|
|
$
|
17,044
|
|
Total expenses
|
$
|
15,651
|
|
|
$
|
15,053
|
|
|
$
|
15,868
|
|
|
$
|
15,909
|
|
Income (loss) from continuing operations, net of income tax
|
$
|
2,163
|
|
|
$
|
1,119
|
|
|
$
|
1,198
|
|
|
$
|
842
|
|
Income (loss) from discontinued operations, net of income tax
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss)
|
$
|
2,163
|
|
|
$
|
1,119
|
|
|
$
|
1,198
|
|
|
$
|
842
|
|
Less: Net income (loss) attributable to noncontrolling interests
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
(5
|
)
|
|
$
|
8
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
2,158
|
|
|
$
|
1,115
|
|
|
$
|
1,203
|
|
|
$
|
834
|
|
Less: Preferred stock dividends
|
$
|
30
|
|
|
$
|
31
|
|
|
$
|
6
|
|
|
$
|
49
|
|
Preferred stock repurchase premium
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
2,128
|
|
|
$
|
1,042
|
|
|
$
|
1,197
|
|
|
$
|
785
|
|
Basic earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
1.89
|
|
|
$
|
0.93
|
|
|
$
|
1.07
|
|
|
$
|
0.71
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
1.92
|
|
|
$
|
1.00
|
|
|
$
|
1.08
|
|
|
$
|
0.75
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
1.89
|
|
|
$
|
0.93
|
|
|
$
|
1.07
|
|
|
$
|
0.71
|
|
Diluted earnings per common share
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders
|
$
|
1.87
|
|
|
$
|
0.92
|
|
|
$
|
1.06
|
|
|
$
|
0.70
|
|
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc.
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to MetLife, Inc.
|
$
|
1.90
|
|
|
$
|
0.99
|
|
|
$
|
1.06
|
|
|
$
|
0.74
|
|
Net income (loss) available to MetLife, Inc.’s common shareholders
|
$
|
1.87
|
|
|
$
|
0.92
|
|
|
$
|
1.06
|
|
|
$
|
0.70
|
|
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
|
|
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
|
$
|
56,499
|
|
|
$
|
61,646
|
|
|
$
|
61,646
|
|
Foreign government securities
|
45,451
|
|
|
50,499
|
|
|
50,499
|
|
|||
Public utilities
|
17,789
|
|
|
19,029
|
|
|
19,029
|
|
|||
State and political subdivision securities
|
13,723
|
|
|
15,441
|
|
|
15,441
|
|
|||
All other corporate bonds
|
133,194
|
|
|
137,379
|
|
|
137,379
|
|
|||
Total bonds
|
266,656
|
|
|
283,994
|
|
|
283,994
|
|
|||
Mortgage-backed and asset-backed securities
|
64,822
|
|
|
65,824
|
|
|
65,824
|
|
|||
Redeemable preferred stock
|
1,486
|
|
|
1,584
|
|
|
1,584
|
|
|||
Total fixed maturity securities
|
332,964
|
|
|
351,402
|
|
|
351,402
|
|
|||
Fair value option and trading securities
|
14,569
|
|
|
15,024
|
|
|
15,024
|
|
|||
Equity securities:
|
|
|
|
|
|
||||||
Common stock:
|
|
|
|
|
|
||||||
Industrial, miscellaneous and all other
|
1,713
|
|
|
1,988
|
|
|
1,988
|
|
|||
Public utilities
|
199
|
|
|
181
|
|
|
181
|
|
|||
Banks, trust and insurance companies
|
50
|
|
|
83
|
|
|
83
|
|
|||
Non-redeemable preferred stock
|
1,035
|
|
|
1,069
|
|
|
1,069
|
|
|||
Total equity securities
|
2,997
|
|
|
3,321
|
|
|
3,321
|
|
|||
Mortgage loans held-for-investment
|
67,102
|
|
|
|
|
67,102
|
|
||||
Policy loans
|
11,258
|
|
|
|
|
11,258
|
|
||||
Real estate and real estate joint ventures
|
8,388
|
|
|
|
|
8,388
|
|
||||
Real estate acquired in satisfaction of debt
|
45
|
|
|
|
|
45
|
|
||||
Other limited partnership interests
|
7,096
|
|
|
|
|
7,096
|
|
||||
Short-term investments
|
9,299
|
|
|
|
|
9,299
|
|
||||
Other invested assets
|
22,524
|
|
|
|
|
22,524
|
|
||||
Total investments
|
$
|
476,242
|
|
|
|
|
$
|
495,459
|
|
(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.
|
|
2015
|
|
2014
|
||||
Condensed Balance Sheets
|
|
|
|
||||
Assets
|
|
|
|
||||
Investments:
|
|
|
|
||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $5,023 and $5,037, respectively)
|
$
|
5,028
|
|
|
$
|
5,088
|
|
Short-term investments, principally at estimated fair value
|
268
|
|
|
378
|
|
||
Other invested assets, at estimated fair value
|
830
|
|
|
1,336
|
|
||
Total investments
|
6,126
|
|
|
6,802
|
|
||
Cash and cash equivalents
|
421
|
|
|
443
|
|
||
Accrued investment income
|
76
|
|
|
46
|
|
||
Investment in subsidiaries
|
85,977
|
|
|
88,152
|
|
||
Loans to subsidiaries
|
1,200
|
|
|
1,709
|
|
||
Other assets
|
1,177
|
|
|
1,406
|
|
||
Total assets
|
$
|
94,977
|
|
|
$
|
98,558
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Payables for collateral under derivatives transactions
|
$
|
227
|
|
|
$
|
349
|
|
Long-term debt — unaffiliated
|
16,994
|
|
|
15,317
|
|
||
Long-term debt — affiliated
|
3,314
|
|
|
3,600
|
|
||
Collateral financing arrangements
|
2,797
|
|
|
2,797
|
|
||
Junior subordinated debt securities
|
1,748
|
|
|
1,748
|
|
||
Payables to subsidiaries
|
147
|
|
|
459
|
|
||
Other liabilities
|
1,801
|
|
|
2,235
|
|
||
Total liabilities
|
27,028
|
|
|
26,505
|
|
||
Stockholders’ Equity
|
|
|
|
||||
Preferred stock, par value $0.01 per share; $2,100 aggregate liquidation preference
|
—
|
|
|
1
|
|
||
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,159,590,766 and 1,153,998,144 shares issued, respectively; 1,098,028,525 and 1,131,927,894 shares outstanding, respectively
|
12
|
|
|
12
|
|
||
Additional paid-in capital
|
30,749
|
|
|
30,543
|
|
||
Retained earnings
|
35,519
|
|
|
32,020
|
|
||
Treasury stock, at cost; 61,562,241 and 22,070,250 shares, respectively
|
(3,102
|
)
|
|
(1,172
|
)
|
||
Accumulated other comprehensive income (loss)
|
4,771
|
|
|
10,649
|
|
||
Total stockholders’ equity
|
67,949
|
|
|
72,053
|
|
||
Total liabilities and stockholders’ equity
|
$
|
94,977
|
|
|
$
|
98,558
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Condensed Statements of Operations
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
||||||
Equity in earnings of subsidiaries
|
$
|
5,985
|
|
|
$
|
6,907
|
|
|
$
|
4,163
|
|
Net investment income
|
170
|
|
|
371
|
|
|
304
|
|
|||
Other revenues
|
124
|
|
|
128
|
|
|
155
|
|
|||
Net investment gains (losses)
|
12
|
|
|
(287
|
)
|
|
(80
|
)
|
|||
Net derivative gains (losses)
|
(7
|
)
|
|
165
|
|
|
(99
|
)
|
|||
Total revenues
|
6,284
|
|
|
7,284
|
|
|
4,443
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest expense
|
1,171
|
|
|
1,151
|
|
|
1,122
|
|
|||
Other expenses
|
180
|
|
|
197
|
|
|
373
|
|
|||
Total expenses
|
1,351
|
|
|
1,348
|
|
|
1,495
|
|
|||
Income (loss) before provision for income tax
|
4,933
|
|
|
5,936
|
|
|
2,948
|
|
|||
Provision for income tax expense (benefit)
|
(377
|
)
|
|
(373
|
)
|
|
(420
|
)
|
|||
Net income (loss)
|
5,310
|
|
|
6,309
|
|
|
3,368
|
|
|||
Less: Preferred stock dividends
|
116
|
|
|
122
|
|
|
122
|
|
|||
Preferred stock repurchase premium
|
42
|
|
|
—
|
|
|
—
|
|
|||
Net income (loss) available to common shareholders
|
$
|
5,152
|
|
|
$
|
6,187
|
|
|
$
|
3,246
|
|
Comprehensive income (loss)
|
$
|
(568
|
)
|
|
$
|
11,854
|
|
|
$
|
(2,925
|
)
|
|
2015
|
|
2014
|
|
2013
|
||||||
Condensed Statements of Cash Flows
|
|
|
|
|
|
||||||
Cash flows from operating activities
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
5,310
|
|
|
$
|
6,309
|
|
|
$
|
3,368
|
|
Earnings of subsidiaries
|
(5,985
|
)
|
|
(6,907
|
)
|
|
(4,163
|
)
|
|||
Dividends from subsidiaries
|
2,335
|
|
|
2,388
|
|
|
2,734
|
|
|||
Other, net
|
(54
|
)
|
|
825
|
|
|
(74
|
)
|
|||
Net cash provided by (used in) operating activities
|
1,606
|
|
|
2,615
|
|
|
1,865
|
|
|||
Cash flows from investing activities
|
|
|
|
|
|
||||||
Sales of fixed maturity securities
|
7,952
|
|
|
6,611
|
|
|
5,108
|
|
|||
Purchases of fixed maturity securities
|
(7,957
|
)
|
|
(7,181
|
)
|
|
(4,795
|
)
|
|||
Sales of equity securities
|
—
|
|
|
—
|
|
|
13
|
|
|||
Cash received in connection with freestanding derivatives
|
930
|
|
|
438
|
|
|
424
|
|
|||
Cash paid in connection with freestanding derivatives
|
(510
|
)
|
|
(281
|
)
|
|
(465
|
)
|
|||
Sales of businesses
|
—
|
|
|
7
|
|
|
17
|
|
|||
Expense paid on behalf of subsidiaries
|
(40
|
)
|
|
(54
|
)
|
|
(85
|
)
|
|||
Receipts on loans to subsidiaries
|
761
|
|
|
832
|
|
|
645
|
|
|||
Issuances of loans to subsidiaries
|
(300
|
)
|
|
(370
|
)
|
|
(1,942
|
)
|
|||
Redemption of preferred stock of subsidiary
|
—
|
|
|
—
|
|
|
300
|
|
|||
Returns of capital from subsidiaries
|
5
|
|
|
—
|
|
|
267
|
|
|||
Capital contributions to subsidiaries
|
(667
|
)
|
|
(1,262
|
)
|
|
(748
|
)
|
|||
Net change in short-term investments
|
110
|
|
|
182
|
|
|
(265
|
)
|
|||
Other, net
|
2
|
|
|
101
|
|
|
(49
|
)
|
|||
Net cash provided by (used in) investing activities
|
286
|
|
|
(977
|
)
|
|
(1,575
|
)
|
|||
Cash flows from financing activities
|
|
|
|
|
|
||||||
Net change in payables for collateral under derivative transactions
|
(122
|
)
|
|
264
|
|
|
85
|
|
|||
Long-term debt issued
|
2,739
|
|
|
1,000
|
|
|
994
|
|
|||
Long-term debt repaid
|
(1,000
|
)
|
|
(1,550
|
)
|
|
(750
|
)
|
|||
Common stock issued, net of issuance costs
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|||
Treasury stock acquired in connection with share repurchases
|
(1,930
|
)
|
|
(1,000
|
)
|
|
—
|
|
|||
Preferred stock issued, net of issuance costs
|
1,483
|
|
|
—
|
|
|
—
|
|
|||
Repurchase of preferred stock
|
(1,460
|
)
|
|
—
|
|
|
—
|
|
|||
Preferred stock repurchase premium
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends on preferred stock
|
(116
|
)
|
|
(122
|
)
|
|
(122
|
)
|
|||
Dividends on common stock
|
(1,653
|
)
|
|
(1,499
|
)
|
|
(1,119
|
)
|
|||
Other, net
|
187
|
|
|
64
|
|
|
82
|
|
|||
Net cash provided by (used in) financing activities
|
(1,914
|
)
|
|
(1,843
|
)
|
|
170
|
|
|||
Change in cash and cash equivalents
|
(22
|
)
|
|
(205
|
)
|
|
460
|
|
|||
Cash and cash equivalents, beginning of year
|
443
|
|
|
648
|
|
|
188
|
|
|||
Cash and cash equivalents, end of year
|
$
|
421
|
|
|
$
|
443
|
|
|
$
|
648
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Supplemental disclosures of cash flow information
|
|
|
|
|
|
||||||
Net cash paid (received) for:
|
|
|
|
|
|
||||||
Interest
|
$
|
1,133
|
|
|
$
|
1,138
|
|
|
$
|
1,100
|
|
Income tax
|
|
|
|
|
|
||||||
Amounts paid to (received from) subsidiaries, net
|
$
|
(226
|
)
|
|
$
|
(1,247
|
)
|
|
$
|
69
|
|
Income tax paid (received) by MetLife, Inc., net
|
55
|
|
|
385
|
|
|
—
|
|
|||
Total income tax, net
|
$
|
(171
|
)
|
|
$
|
(862
|
)
|
|
$
|
69
|
|
Non-cash transactions:
|
|
|
|
|
|
||||||
Dividends from subsidiaries
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
32
|
|
Returns of capital from subsidiaries
|
$
|
4,284
|
|
|
$
|
6,308
|
|
|
$
|
—
|
|
Capital contributions to subsidiaries
|
$
|
4,120
|
|
|
$
|
6,388
|
|
|
$
|
121
|
|
Payables to subsidiaries for future capital contributions
|
$
|
120
|
|
|
$
|
445
|
|
|
$
|
—
|
|
Issuance of long-term debt to subsidiary
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
350
|
|
Issuance of loan to subsidiary
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
350
|
|
Allocation of interest expense to subsidiary
|
$
|
28
|
|
|
$
|
27
|
|
|
$
|
28
|
|
Allocation of interest income to subsidiary
|
$
|
57
|
|
|
$
|
65
|
|
|
$
|
68
|
|
|
Interest Rates (1)
|
|
|
|
December 31,
|
||||||||
|
Range
|
|
Weighted
Average |
|
Maturity
|
|
2015
|
|
2014
|
||||
|
|
|
|
|
|
|
(In millions)
|
||||||
Senior notes — unaffiliated
|
1.76% - 7.72%
|
|
5.10%
|
|
2016 - 2046
|
|
$
|
16,994
|
|
|
$
|
15,317
|
|
Senior notes — affiliated
|
3.54% - 7.44%
|
|
4.98%
|
|
2016 - 2033
|
|
3,100
|
|
|
3,100
|
|
||
Other affiliated debt
|
0.96% - 1.03%
|
|
0.99%
|
|
2016
|
|
214
|
|
|
500
|
|
||
Total
|
|
|
|
|
|
|
$
|
20,308
|
|
|
$
|
18,917
|
|
(1)
|
Range of interest rates and weighted average interest rates are for the year ended December 31,
2015
.
|
|
Years Ended December 31,
|
||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||
|
(In millions)
|
||||||||||
Long-term debt — unaffiliated
|
$
|
833
|
|
|
$
|
809
|
|
|
$
|
790
|
|
Long-term debt — affiliated
|
168
|
|
|
173
|
|
|
163
|
|
|||
Collateral financing arrangements
|
36
|
|
|
35
|
|
|
35
|
|
|||
Junior subordinated debt securities
|
134
|
|
|
134
|
|
|
134
|
|
|||
Total
|
$
|
1,171
|
|
|
$
|
1,151
|
|
|
$
|
1,122
|
|
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)
|
||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
11,850
|
|
|
$
|
78,626
|
|
|
$
|
63,242
|
|
|
$
|
625
|
|
|
$
|
917
|
|
|
$
|
734
|
|
Group, Voluntary & Worksite Benefits
|
|
365
|
|
|
23,052
|
|
|
8,193
|
|
|
—
|
|
|
1,027
|
|
|
—
|
|
||||||
Corporate Benefit Funding
|
|
111
|
|
|
50,044
|
|
|
62,164
|
|
|
—
|
|
|
—
|
|
|
46
|
|
||||||
Latin America
|
|
1,880
|
|
|
8,455
|
|
|
5,880
|
|
|
—
|
|
|
549
|
|
|
597
|
|
||||||
Asia
|
|
8,374
|
|
|
34,416
|
|
|
49,094
|
|
|
88
|
|
|
1,859
|
|
|
974
|
|
||||||
EMEA
|
|
1,532
|
|
|
5,837
|
|
|
13,172
|
|
|
7
|
|
|
60
|
|
|
336
|
|
||||||
Corporate & Other
|
|
18
|
|
|
7,487
|
|
|
977
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||||
Total
|
|
$
|
24,130
|
|
|
$
|
207,917
|
|
|
$
|
202,722
|
|
|
$
|
720
|
|
|
$
|
4,421
|
|
|
$
|
2,687
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
11,963
|
|
|
$
|
77,614
|
|
|
$
|
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
|
|
2,063
|
|
|
9,171
|
|
|
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
|
|
2
|
|
|
7,195
|
|
|
962
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||||
Total
|
|
$
|
24,442
|
|
|
$
|
207,163
|
|
|
$
|
209,294
|
|
|
$
|
684
|
|
|
$
|
4,272
|
|
|
$
|
2,704
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
|
$
|
12,882
|
|
|
$
|
73,942
|
|
|
$
|
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
|
|
2,227
|
|
|
9,050
|
|
|
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
|
|
—
|
|
|
6,874
|
|
|
1,201
|
|
|
—
|
|
|
9
|
|
|
—
|
|
||||||
Total
|
|
$
|
26,706
|
|
|
$
|
204,927
|
|
|
$
|
212,885
|
|
|
$
|
675
|
|
|
$
|
4,403
|
|
|
$
|
2,865
|
|
(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 |
|
Policyholder
Benefits and Claims and Interest Credited to Policyholder Account Balances |
|
Amortization of
DAC and VOBA Charged to Other Expenses |
|
Other
Operating Expenses (1) |
||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
12,541
|
|
|
$
|
7,359
|
|
|
$
|
11,302
|
|
|
$
|
1,691
|
|
|
$
|
5,101
|
|
Group, Voluntary & Worksite Benefits
|
|
17,098
|
|
|
1,727
|
|
|
15,320
|
|
|
164
|
|
|
2,553
|
|
|||||
Corporate Benefit Funding
|
|
3,278
|
|
|
5,605
|
|
|
6,617
|
|
|
21
|
|
|
496
|
|
|||||
Latin America
|
|
4,011
|
|
|
1,055
|
|
|
3,070
|
|
|
303
|
|
|
1,227
|
|
|||||
Asia
|
|
8,491
|
|
|
2,859
|
|
|
6,817
|
|
|
1,265
|
|
|
1,619
|
|
|||||
EMEA
|
|
2,455
|
|
|
347
|
|
|
1,109
|
|
|
492
|
|
|
998
|
|
|||||
Corporate & Other
|
|
178
|
|
|
329
|
|
|
89
|
|
|
—
|
|
|
2,227
|
|
|||||
Total
|
|
$
|
48,052
|
|
|
$
|
19,281
|
|
|
$
|
44,324
|
|
|
$
|
3,936
|
|
|
$
|
14,221
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
12,731
|
|
|
$
|
7,430
|
|
|
$
|
11,329
|
|
|
$
|
1,610
|
|
|
$
|
5,006
|
|
Group, Voluntary & Worksite Benefits
|
|
16,695
|
|
|
1,694
|
|
|
15,053
|
|
|
149
|
|
|
2,429
|
|
|||||
Corporate Benefit Funding
|
|
2,996
|
|
|
5,698
|
|
|
6,357
|
|
|
19
|
|
|
488
|
|
|||||
Latin America
|
|
4,281
|
|
|
1,268
|
|
|
3,482
|
|
|
334
|
|
|
1,346
|
|
|||||
Asia
|
|
9,270
|
|
|
3,279
|
|
|
7,748
|
|
|
1,394
|
|
|
1,724
|
|
|||||
EMEA
|
|
2,832
|
|
|
1,238
|
|
|
1,978
|
|
|
626
|
|
|
1,176
|
|
|||||
Corporate & Other
|
|
208
|
|
|
546
|
|
|
98
|
|
|
—
|
|
|
2,166
|
|
|||||
Total
|
|
$
|
49,013
|
|
|
$
|
21,153
|
|
|
$
|
46,045
|
|
|
$
|
4,132
|
|
|
$
|
14,335
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
|
$
|
11,783
|
|
|
$
|
7,325
|
|
|
$
|
11,460
|
|
|
$
|
850
|
|
|
$
|
5,023
|
|
Group, Voluntary & Worksite Benefits
|
|
15,938
|
|
|
1,661
|
|
|
14,381
|
|
|
140
|
|
|
2,240
|
|
|||||
Corporate Benefit Funding
|
|
3,106
|
|
|
5,711
|
|
|
6,604
|
|
|
23
|
|
|
482
|
|
|||||
Latin America
|
|
3,866
|
|
|
1,224
|
|
|
2,826
|
|
|
311
|
|
|
1,264
|
|
|||||
Asia
|
|
9,525
|
|
|
4,363
|
|
|
9,200
|
|
|
1,527
|
|
|
1,830
|
|
|||||
EMEA
|
|
2,698
|
|
|
1,091
|
|
|
1,743
|
|
|
699
|
|
|
1,037
|
|
|||||
Corporate & Other
|
|
209
|
|
|
857
|
|
|
72
|
|
|
—
|
|
|
2,435
|
|
|||||
Total
|
|
$
|
47,125
|
|
|
$
|
22,232
|
|
|
$
|
46,286
|
|
|
$
|
3,550
|
|
|
$
|
14,311
|
|
(1)
|
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
|
|||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance in-force
|
|
$
|
4,718,278
|
|
|
$
|
751,199
|
|
|
$
|
602,213
|
|
|
$
|
4,569,292
|
|
|
13.2
|
%
|
Insurance premium
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Life insurance (1)
|
|
$
|
23,308
|
|
|
$
|
1,964
|
|
|
$
|
1,221
|
|
|
$
|
22,565
|
|
|
5.4
|
%
|
Accident & health insurance
|
|
12,695
|
|
|
385
|
|
|
220
|
|
|
12,530
|
|
|
1.8
|
%
|
||||
Property & casualty insurance
|
|
3,513
|
|
|
76
|
|
|
13
|
|
|
3,450
|
|
|
0.4
|
%
|
||||
Total insurance premium
|
|
$
|
39,516
|
|
|
$
|
2,425
|
|
|
$
|
1,454
|
|
|
$
|
38,545
|
|
|
3.8
|
%
|
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 & 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 & casualty insurance
|
|
3,313
|
|
|
79
|
|
|
7
|
|
|
3,241
|
|
|
0.2
|
%
|
||||
Total insurance premium
|
|
$
|
38,476
|
|
|
$
|
2,274
|
|
|
$
|
1,472
|
|
|
$
|
37,674
|
|
|
3.9
|
%
|
(1)
|
Includes annuities with life contingencies.
|
|
|
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)
|
|
35,354,500
|
|
|
$
|
44.50
|
|
|
31,478,119
|
|
Equity compensation plans not approved by security holders
|
|
None
|
|
|
—
|
|
|
None
|
|
|
Total
|
|
35,354,500
|
|
|
$
|
44.50
|
|
|
31,478,119
|
|
(1)
|
Includes the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “2005 Stock Plan”), the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan (the “2005 Director Stock Plan”), the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “2015 Stock Plan”), and the MetLife, Inc. 2015 Non-Management Director Stock Compensation Plan (the “2015 Director Stock Plan”), which were approved by MetLife, Inc. security holders.
|
(2)
|
Column (a) reflects the following items outstanding as of
December 31, 2015
:
|
Stock Options
|
23,506,764
|
|
Restricted Stock Units
|
3,078,959
|
|
Performance Shares (assuming future payout at maximum performance factor)
|
6,837,555
|
|
Deferred Shares
|
1,931,222
|
|
Shares that will or may be issued
|
35,354,500
|
|
(3)
|
Column (b) reflects the weighted average exercise price of all Stock Options under any plan that, as of
December 31, 2015
, 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, 2015
:
|
Shares authorized for issuance under the 2015 Stock Plan at its effective date, January 1, 2015
|
11,750,000
|
|
Shares remaining authorized for issuance under the 2005 Stock Plan that were not covered by awards, including shares previously covered by awards but once again available due to forfeiture of awards, as of January 1, 2015, the effective date of the 2015 Stock Plan
|
18,023,959
|
|
Shares authorized for issuance under the 2015 Director Stock Plan as of January 1, 2015, the effective date of the 2015 Director Stock Plan (equals shares remaining authorized for issuance under the 2005 Director Stock Plan that were not covered by awards, including shares previously covered by awards but once again available due to forfeiture of awards)
|
1,642,208
|
|
Shares utilized under the 2005 Stock Plan or 2015 Stock Plan that were recovered from January 1, 2015 through December 31, 2015 due to (i) termination of the award by expiration, forfeiture, cancellation, lapse, or otherwise without the issuance of Shares; (ii) settlement of the award in cash either in lieu of Shares or otherwise; (iii) exchange of the award for awards not involving Shares; (iv) payment of the exercise price of a Stock Option, or the tax withholding requirements with respect to an award, satisfied by tendering Shares to MetLife, Inc. (by either actual delivery or by attestation); (v) satisfaction of tax withholding requirements with respect to an award satisfied by MetLife, Inc. withholding Shares otherwise issuable; and (vi) payout of the 2012-2014 Performance Shares in 2015 at a performance factor of 101% rather than the maximum performance factor of 175%
|
4,475,737
|
|
Less:
Shares covered by awards granted under the 2015 Stock Plan and 2015 Director Stock Plan since each became effective on January 1, 2015, including
Performance Shares assuming future payout at maximum performance factor, and Shares covered by imputed reinvested dividends credited in 2015 on Deferred Shares
|
(4,413,785
|
)
|
Shares remaining available for future issuance under the 2015 Stock Plan and 2015 Director Stock Plan
|
31,478,119
|
|
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 24, 2016
|
Cheryl W. Grisé
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
|
Carlos M. Gutierrez
|
|
|
|
|
|
|
|
|
|
/s/ R. Glenn Hubbard
|
|
Director
|
|
February 24, 2016
|
R. Glenn Hubbard
|
|
|
|
|
|
|
|
|
|
/s/ Alfred F. Kelly, Jr.
|
|
Director
|
|
February 24, 2016
|
Alfred F. Kelly, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Edward J. Kelly, III
|
|
Director
|
|
February 24, 2016
|
Edward J. Kelly, III
|
|
|
|
|
|
|
|
|
|
/s/ William E. Kennard
|
|
Director
|
|
February 24, 2016
|
William E. Kennard
|
|
|
|
|
|
|
|
|
|
/s/ James M. Kilts
|
|
Director
|
|
February 24, 2016
|
James M. Kilts
|
|
|
|
|
|
|
|
|
|
/s/ Catherine R. Kinney
|
|
Director
|
|
February 24, 2016
|
Catherine R. Kinney
|
|
|
|
|
|
|
|
|
|
/s/ Denise M. Morrison
|
|
Director
|
|
February 24, 2016
|
Denise M. Morrison
|
|
|
|
|
|
|
|
|
|
/s/ Kenton J. Sicchitano
|
|
Director
|
|
February 24, 2016
|
Kenton J. Sicchitano
|
|
|
|
|
|
|
|
|
|
/s/ Lulu C. Wang
|
|
Director
|
|
February 24, 2016
|
Lulu C. Wang
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/ Steven A. Kandarian
|
|
Chairman of the Board, President and
|
|
February 24, 2016
|
Steven A. Kandarian
|
|
Chief Executive Officer
(Principal Executive Officer) |
|
|
|
|
|
|
|
/s/ John C. R. Hele
|
|
Executive Vice President and
|
|
February 24, 2016
|
John C. R. Hele
|
|
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
|
/s/ Peter M. Carlson
|
|
Executive Vice President and
|
|
February 24, 2016
|
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).
|
|
|
|
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 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).
|
|
|
|
3.5
|
|
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).
|
|
|
|
3.6
|
|
Certificate of Amendment of Amended and Restated Certificate of Incorporation of MetLife, Inc., dated April 29, 2015. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.'s Current Report on Form 8-K dated April 30, 2015).
|
|
|
|
3.7
|
|
Certificate of Designations of 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on May 28, 2015. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.’s Current Report on Form 8‑K dated May 28, 2015).
|
|
|
|
3.8
|
|
Certificate of Elimination of 6.500% Non-Cumulative Preferred Stock, Series B, of MetLife, Inc., filed with the Secretary of State of Delaware on November 3, 2015. (Incorporated by reference to Exhibit 3.7 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).*
|
|
|
|
3.9
|
|
Amended and Restated By-Laws of MetLife, Inc., effective April 29, 2015. (Incorporated by reference to Exhibit 3.2 to MetLife, Inc.'s Current Report on Form 8-K dated April 30, 2015).
|
|
|
|
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 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc., filed with the Secretary of State of Delaware on May 28, 2015. (See Exhibit 3.7 above).
|
|
|
|
4.5
|
|
Form of Stock Certificate, 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, of MetLife, Inc. (Incorporated by reference to Exhibit 4.2 to MetLife, Inc.'s Current Report on Form 8-K dated May 28, 2015).
|
|
|
|
|
|
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.
|
Exhibit No.
|
|
Description
|
|
|
|
10.1
|
|
MetLife Executive Severance Plan (as amended and restated, effective June 14, 2010). (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the "2014 Annual Report")). *
|
|
|
|
10.2
|
|
Separation Agreement, Waiver and General Release, dated August 17, 2009, between Lisa M. Weber and MetLife Group, Inc. (Incorporated by reference to Exhibit 10.2 to the 2014 Annual Report).*
|
|
|
|
10.3
|
|
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).*
|
|
|
|
10.4
|
|
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).*
|
|
|
|
10.5
|
|
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).*
|
|
|
|
10.6
|
|
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")).*
|
|
|
|
10.7
|
|
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)*
|
|
|
|
10.8
|
|
Sign-On Letter, dated December 9, 2014, from MetLife, Inc. to Esther Lee. (Incorporated by reference to Exhibit 10.17 to the 2014 Annual Report).*
|
|
|
|
10.9
|
|
Letter Agreement dated June 11, 2015 between MetLife, Inc. and Christopher Townsend. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Current Report on Form 8-K dated June 15, 2015). *
|
|
|
|
10.10
|
|
Tax Equalization Agreement dated June 10, 2015 between MetLife, Inc. and Michel Khalaf. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015).*
|
|
|
|
10.11
|
|
Separation Agreement, Waiver and General Release, dated July 30, 2015, between MetLife Group, Inc. and William J. Wheeler. (Incorporated by reference to Exhibit 10.1 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).*
|
|
|
|
10.12
|
|
Agreement to Protect Corporate Property executed by William J. Wheeler on June 21, 2001. (Incorporated by reference to Exhibit 10.2 to MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015).*
|
|
|
|
10.13
|
|
Agreement to Protect Corporate Property, dated January 1, 2015, executed by Esther S. Lee.*
|
|
|
|
10.14
|
|
Form of Agreement to Protect Corporate Property executed by Steven A. Kandarian, Steven J. Goulart, and Maria M. Morris.*
|
|
|
|
10.15
|
|
Form of Agreement to Protect Corporate Property executed by Ricardo A. Anzaldua, John C. R. Hele, Frans Hijkoop, Michele A. Khalaf, and Martine J. Lippert.*
|
|
|
|
10.16
|
|
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).*
|
|
|
|
10.17
|
|
MetLife, Inc. 2000 Directors Stock Plan, as amended, effective February 8, 2002. (Incorporated by reference to Exhibit 10.20 to the 2012 Annual Report).*
|
|
|
|
10.18
|
|
MetLife, Inc. 2005 Stock and Incentive Compensation Plan, effective April 15, 2005 (the "2005 SIC Plan"). (Incorporated by reference to Exhibit 10.24 to the 2014 Annual Report).*
|
|
|
|
10.19
|
|
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). *
|
|
|
|
10.20
|
|
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).*
|
|
|
|
10.21
|
|
Form of Management Stock Option Agreement under the 2005 SIC Plan (effective December 15, 2009). (Incorporated by reference to Exhibit 10.28 to the 2014 Annual Report).*
|
|
|
|
10.22
|
|
Form of Management Stock Option Agreement under the 2005 SIC Plan. (Incorporated by reference to Exhibit 10.29 to the 2014 Annual Report).*
|
|
|
|
10.23
|
|
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")).*
|
|
|
|
10.24
|
|
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).*
|
|
|
|
10.25
|
|
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).*
|
|
|
|
10.26
|
|
Form of Management Restricted Stock Unit Agreement under the 2005 SIC Plan (effective December 15, 2009). (Incorporated by reference to Exhibit 10.33 to the 2014 Annual Report).*
|
|
|
|
10.27
|
|
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).*
|
Exhibit No.
|
|
Description
|
|
|
|
10.28
|
|
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).*
|
|
|
|
10.29
|
|
Form of Management Performance Share Agreement under the 2005 SIC Plan (effective December 14, 2010).*
|
|
|
|
10.30
|
|
Form of Performance Share Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.1 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.31
|
|
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).*
|
|
|
|
10.32
|
|
Form of Performance Unit Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.3 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.33
|
|
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).*
|
|
|
|
10.34
|
|
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).*
|
|
|
|
10.35
|
|
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).*
|
|
|
|
10.36
|
|
Form of Unit Option Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.12 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.37
|
|
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).*
|
|
|
|
10.38
|
|
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).*
|
|
|
|
10.39
|
|
Form of Restricted Unit Agreement (effective February 11, 2013). (Incorporated by reference to Exhibit 10.7 to the February 15, 2013 Form 8-K).*
|
|
|
|
10.40
|
|
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).*
|
|
|
|
10.41
|
|
MetLife Policyholder Trust Agreement. (Incorporated by reference to Exhibit 10.12 to the S-1 Registration Statement).
|
|
|
|
10.42
|
|
Amendment to MetLife Policyholder Trust Agreement. (Incorporated by reference to Exhibit 10.62 to the 2012 Annual Report).
|
|
|
|
10.43
|
|
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).
|
|
|
|
10.44
|
|
Resolutions of the MetLife, Inc. Board of Directors (adopted February 9, 2015) regarding the selection of performance measures for 2015 awards under the AVIP.*
|
|
|
|
10.45
|
|
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).*
|
|
|
|
10.46
|
|
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).*
|
|
|
|
10.47
|
|
Amendment 1 to the Metropolitan Life Auxiliary Savings and Investment Plan (as amended and restated, effective January 1, 2008). (Incorporated by reference to Exhibit 10.74 to the 2014 Annual Report).*
|
|
|
|
10.48
|
|
Amendment Number 2 to the Metropolitan Life Auxiliary Savings and Investment Plan (Amended and Restated Effective January 1, 2008).*
|
|
|
|
10.49
|
|
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).*
|
|
|
|
10.50
|
|
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).*
|
|
|
|
10.51
|
|
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).*
|
|
|
|
10.52
|
|
Amendment Number One to the MetLife Deferred Compensation Plan for Officers (as amended and restated as of November 1, 2003), dated May 4, 2005.*
|
|
|
|
10.53
|
|
Amendment Number Two to the MetLife Deferred Compensation Plan for Officers (as amended and restated as of November 1, 2003, effective December 14, 2005).*
|
|
|
|
10.54
|
|
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).*
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.55
|
|
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).*
|
|
|
|
10.56
|
|
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).*
|
|
|
|
10.57
|
|
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).*
|
|
|
|
10.58
|
|
Amendment Number Three to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective January 1, 2010). (Incorporated by reference to Exhibit 10.85 to the 2014 Annual Report).*
|
|
|
|
10.59
|
|
Amendment Number Four to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective December 31, 2009). (Incorporated by reference to Exhibit 10.86 to the 2014 Annual Report).*
|
|
|
|
10.60
|
|
Amendment Number Five to the MetLife Leadership Deferred Compensation Plan, dated December 11, 2009 (effective January 1, 2011).*
|
|
|
|
10.61
|
|
Amendment Number Nine to the MetLife Leadership Deferred Compensation Plan, dated December 30, 2014 (effective January 1, 2015). (Incorporated by reference to Exhibit 10.88 to the 2014 Annual Report).*
|
|
|
|
10.62
|
|
MetLife Deferred Compensation Plan for Outside Directors (effective December 9, 2003). (Incorporated by reference to Exhibit 10.88 to the 2013 Annual Report).*
|
|
|
|
10.63
|
|
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).*
|
|
|
|
10.64
|
|
MetLife Non-Management Director Deferred Compensation Plan, dated December 19, 2012 (as amended and restated, effective January 1, 2005).*
|
|
|
|
10.65
|
|
MetLife, Inc. Director Indemnity Plan (dated and effective July 22, 2008). (Incorporated by reference to Exhibit 10.94 to the 2013 Annual Report).*
|
|
|
|
10.66
|
|
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).*
|
|
|
|
10.67
|
|
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).*
|
|
|
|
10.68
|
|
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).*
|
|
|
|
10.69
|
|
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).*
|
|
|
|
10.70
|
|
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).*
|
|
|
|
10.71
|
|
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).*
|
|
|
|
10.72
|
|
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). (Incorporated by reference to Exhibit 10.102 to the 2014 Annual Report). *
|
|
|
|
10.73
|
|
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).*
|
|
|
|
10.74
|
|
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).*
|
|
|
|
10.75
|
|
Alico Overseas Pension Plan, dated January 2009. (Incorporated by reference to Exhibit 10.88 to the 2011 Annual Report).*
|
|
|
|
10.76
|
|
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).*
|
|
|
|
10.77
|
|
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).*
|
|
|
|
10.78
|
|
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).*
|
|
|
|
10.79
|
|
Member's Explanatory Handbook for the Metropolitan Life Insurance Company of Hong Kong Limited Healthcare Plan (2014).*
|
|
|
|
10.80
|
|
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).*
|
|
|
|
10.81
|
|
Amendment Number One to the MPTA, dated December 30, 2014 (effective January 1, 2015). (Incorporated by reference to Exhibit 10.111 to the 2014 Annual Report).*
|
Exhibit No.
|
|
Description
|
|
|
|
10.82
|
|
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).*
|
|
|
|
10.83
|
|
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)).*
|
|
|
|
10.84
|
|
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”).*
|
|
|
|
10.85
|
|
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).*
|
|
|
|
10.86
|
|
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).*
|
|
|
|
10.87
|
|
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).*
|
|
|
|
10.88
|
|
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).*
|
|
|
|
10.89
|
|
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).*
|
|
|
|
10.90
|
|
Form of Stock Option Agreement (Ratable Exercisability in Thirds) (Incorporated by reference to Exhibit 10.7 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.91
|
|
Form of Stock Option Agreement (Three-Year “Cliff” Exercisability) (Incorporated by reference to Exhibit 10.8 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.92
|
|
Form of Unit Option Agreement (Ratable Exercisability in Thirds) (Incorporated by reference to Exhibit 10.9 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.93
|
|
Form of Unit Option Agreement (Three-Year “Cliff” Exercisability) (Incorporated by reference to Exhibit 10.10 to the December 11, 2014 Form 8-K).*
|
|
|
|
10.94
|
|
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).*
|
|
|
|
10.95
|
|
Form of Performance Share Agreement under the 2015 SIC Plan, effective January 1, 2016.*
|
|
|
|
10.96
|
|
Form of Performance Unit Agreement under the 2015 SIC Plan, effective January 1, 2016.*
|
|
|
|
10.97
|
|
Form of Restricted Stock Unit Agreement (Ratable Period of Restriction Ends in Thirds; Code Section 162(m) Goals) under the 2015 SIC Plan, effective January 1, 2016.*
|
|
|
|
10.98
|
|
Form of Restricted Stock Unit Agreement (Three-Year “Cliff” Period of Restriction; No Code Section 162(m) Goals), effective January 1, 2016.*
|
|
|
|
10.99
|
|
Form of Restricted Unit Agreement (Ratable Period of Restriction Ends in Thirds; Code Section 162(m) Goals), effective January 1, 2016.*
|
|
|
|
10.100
|
|
Form of Restricted Unit Agreement (Three-Year “Cliff” Period of Restriction; No Code Section 162(m) Goals), effective January 1, 2016.*
|
|
|
|
10.101
|
|
Form of Stock Option Agreement (Ratable Exercisability in Thirds), effective January 1, 2016.*
|
|
|
|
10.102
|
|
Form of Stock Option Agreement (Three-Year “Cliff” Exercisability), effective January 1, 2016.*
|
|
|
|
10.103
|
|
Form of Unit Option Agreement (Ratable Exercisability in Thirds), effective January 1, 2016.*
|
|
|
|
10.104
|
|
Form of Unit Option Agreement (Three-Year “Cliff” Exercisability), effective January 1, 2016.*
|
|
|
|
10.105
|
|
Award Agreement Supplement, effective January 1, 2016.*
|
|
|
|
10.106
|
|
MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2010. (Incorporated by reference to Exhibit 4.1 to MetLife, Inc. ’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
10.107
|
|
Amendment Number One to the MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2010. (Incorporated by reference to Exhibit 4.2 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
10.108
|
|
Amendment Number Two to the MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2010. (Incorporated by reference to Exhibit 4.3 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
Exhibit No.
|
|
Description
|
|
|
|
10.109
|
|
Amendment Number Three to the MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2013. (Incorporated by reference to Exhibit 4.4 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
10.110
|
|
Amendment Number Four to the MetLife Individual Distribution Sales Deferred Compensation Plan, effective January 1, 2014. (Incorporated by reference to Exhibit 4.5 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
10.111
|
|
Amendment Number Five to the MetLife Individual Distribution Sales Deferred Compensation Plan, effective June 1, 2014. (Incorporated by reference to Exhibit 4.6 to MetLife, Inc.’s Registration Statement on Form S-8 (No. 333-198143)).*
|
|
|
|
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.
|
|
|
|
1.
|
Duty of Loyalty
:
I understand and agree that during the course of my employment with MetLife, I owe a duty of loyalty to the Company, which prohibits me from engaging in any act or omission that is adverse to the interests of the Company, except as permitted by law or required by legal process. This prohibition includes but is not limited to interfering with MetLife's business or trying to disrupt MetLife's business or operations, including such conduct as engaging in any activity that interferes with the performance of my duties during my employment, interferes with the duties of other MetLife employees, statutory employees or independent contractors, diverts any business, customers or employees away from MetLife, is reasonably deemed by MetLife to be harmful to the business, reputation or goodwill of MetLife, is in violation of this Agreement, is otherwise contrary to the interests of MetLife, and/or is recognized by any applicable statute, regulation or common law as constituting a breach of the duty of loyalty to my employer.
|
2.
|
Confidential Information and Proprietary Property
:
"Confidential Information" means, without limitation, all information and data provided or made available to me by MetLife, or used by me in the course of performing my duties as an employee of MetLife, that is non-public and/or proprietary, including without limitation all information related
to
(a) MetLife's employees, customers, and third-party contractors; and (b) MetLife's operations, business plans, pricing, financial information, methods, processes, code, data, lists (including customer lists), inventions, improvements, know-how, business methods, processes, techniques, apparatus, statistics, programs, research, development, information technology, network designs, passwords, sign-on codes, and usage data. Notwithstanding the foregoing, Confidential Information excludes information that is generally known or disclosed to the industry through no breach of this Agreement by me or other wrongful act or omission by me or any other person. "Proprietary Property" means, without limitation, property (whether tangible or intangible) owned by or licensed to MetLife, including all MetLife Intellectual Property (as defined below), all premises, proprietary equipment, supplies and other material provided or made available to me by MetLife, or used by me in the course of performing my duties as an employee of MetLife. All Confidential Information and Proprietary Property shall be and remain the sole and exclusive information and/or property of MetLife, as applicable.
|
3.
|
Proprietary Rights
:
I agree that any invention, modification, discovery, design, development, improvement, process, program, work of authorship, document, formula, data, technique, knowhow, trade secret or intellectual property right whatsoever or any interest therein (whether or not protectable under patent, copyright, trademark or similar statutes) made, invented or conceived by me (alone or jointly with others) during my employment with MetLife and for six (6) months thereafter that: (a) relate to the business of MetLife or any customer of or supplier to MetLife or any of the products or services being developed, marketed, distributed or sold by MetLife or which may be used in relation therewith; or (b) results from tasks assigned to me by MetLife or work performed by me for MetLife; or (c) results from the use of Confidential Information and/or Proprietary Property, shall be considered the sole and exclusive property of
|
4.
|
Protection and Non-Assignment of MetLife Property
:
I will maintain adequate and current records of all Confidential Information and Proprietary Property (including MetLife Intellectual Property) created by me or provided to me. I further agree that during my employment and after the termination of my employment, I will not disclose to any third party Confidential Information or Proprietary Property, except as authorized by MetLife, and I will comply with MetLife's policies regarding record keeping, non-disclosure, safe-keeping and retention of Confidential Information and/or Proprietary Property (including MetLife Intellectual Property). I represent and warrant that I am not a party to any contract relating to the granting or assignment to any party (other than MetLife) of any interest in MetLife Intellectual Property, Confidential Information and/or Proprietary Property except insofar as copies of such contracts, if any, have been supplied to and accepted by MetLife. I further represent and warrant that the Confidential Information and Proprietary Property created by me and MetLife's use of such Confidential Information and Proprietary Property, does not and will not violate, infringe or misappropriate any intellectual property and/or confidential information rights of any third party or the laws or regulations of any governmental or judicial authority.
|
6.
|
Non-Solicitation
:
For 18 months following the termination of my employment with MetLife for any reason, I will not, directly or indirectly induce, divert, recruit, encourage or attempt to influence anyone in the employ of MetLife (hereinafter "Employee"), or who is a party to a Senior Partner Contract (055 Contract), any New England Financial Agent Contract or Retired Agent Contract (hereinafter "Independent Contractor") to reduce, lapse or terminate his or her employment and/or business relationship with MetLife. For example, I will not inform an Employee or Independent Contractor of a job opportunity with me or any other company or entity, or suggest that any person or entity contact an Employee or Independent Contractor to discuss or mention such a job opportunity. I also will not interview an Employee or Independent Contractor for a job, or offer,
|
7.
|
Non-Disparagement
:
I will not make statements that damage, disparage or otherwise diminish the reputation and business practices of MetLife and its affiliated entities, and its and their current and/or former officers, agents, directors and employees. This includes statements made verbally, in writing or electronically. The only exception is if I am compelled by a court of law or I am otherwise permitted or authorized to do this pursuant to legal or administrative process.
|
8.
|
Agreement is Reasonable and Necessary to Protect MetLife's Legitimate Business Interests
:
I acknowledge and agree that: (1) the restrictions set forth in this Agreement are reasonable and necessary for the protection of MetLife's legitimate business interests in the intensely competitive insurance, securities, advisory services, retail banking and financial services industries, including without limitation MetLife's longstanding relationships with customers, and are reasonable and necessary to protect MetLife's Intellectual Property, Confidential Information and Proprietary Property (including MetLife Intellectual Property), in which MetLife has invested significant time and money; and (2) but for my employment by MetLife, I would not have access to such Confidential Information and/or Proprietary Property.
|
9.
|
Presentation of Agreement to Subsequent Employers
:
For a period of 18 months following the termination of my employment with MetLife for any reason, I will present a copy of this agreement to each of my subsequent employers or affiliations, and I will inform MetLife promptly of the identity of any such employers or affiliations. I hereby authorize MetLife to present a copy of this Agreement to such employers or affiliations.
|
10.
|
Return of Property
:
Upon the termination of my employment with MetLife for any reason or at any other time requested by MetLife, I shall immediately deliver to MetLife or its designee all MetLife Confidential Information and/or MetLife Proprietary Property (including MetLife Intellectual Property), and all copies thereof in whatever format stored, in my possession, custody or control including, but not limited to any computing device provided to or used by me during the course of my employment with MetLife, including, desk top or laptop computers, mobile devices, USBs, disks, drives, memory devices, telephones, personal digital assistants, or other electronic media. I understand that MetLife will return any computing devices purchased by me or a third party on my behalf after wiping the computing devices clean of all MetLife software and information.
|
11.
|
Geographic Scope
:
I acknowledge that the business of MetLife is conducted in all states and in certain foreign countries and that the employees of MetLife and its affiliated entities are working to further the interests of MetLife in those states and foreign countries. I also acknowledge that the Confidential Information or Proprietary Property (including MetLife Intellectual Property) I obtain in the course of my employment involves and affects MetLife's activities in all states and in those foreign countries in which it conducts its business. Therefore, it is not appropriate or feasible for MetLife to establish geographic limitations on the restrictions to which I am now agreeing. Accordingly, I agree to abide by these restrictions in all states and in those foreign countries in which MetLife is conducting business at the time that my employment terminates, or in any state or foreign countries where MetLife is planning to conduct business and I was or am in possession of any MetLife Intellectual Property, Confidential Information and/or Proprietary Property relating to such plans.
|
12.
|
Injunctive Relief and Attorney's Fees
:
I acknowledge that if I violate any provision of this Agreement, MetLife will suffer irreparable harm. Therefore, in addition to any other rights or remedies of MetLife, MetLife will have the right to obtain an injunction without posting a bond enjoining any such violation. If MetLife succeeds in any lawsuit or proceeding against me brought to enforce this Agreement, or to establish damages sustained by MetLife as a result of my
|
13.
|
Tolling Provision
:
In the event that I violate any of the post-employment restrictions of this Agreement, the eighteen (18) month time period of the post-employment restrictions set forth in Sections 5, 6, and/or 9 above shall be extended for a period of time equal to the time between the start of the eighteen (18) month period and the date of the last violation. Such extension does not in any way operate to limit the types of remedies available to MetLife to address any violation of this Agreement.
|
14.
|
Entire Agreement, Severability and No Waiver
:
This document is the entire agreement between me and MetLife with respect to the contents contained herein. No previous promises or agreements, oral or written, including any prior Agreements to Protect Corporate Property with MetLife, will remain in effect. I further agree that my signature on any subsequent agreement with MetLife shall not impair the enforcement of these provisions, unless such subsequent agreement is in writing and expressly identifies this Agreement. If any provision of this Agreement is invalidated in any jurisdiction either by statute or by a court, it is the parties' intention that such provision will be deemed modified to comply with the law or deemed stricken from this Agreement, if that is necessary to comply with the law. If any provision is stricken for this reason, however, the remainder of this Agreement remains in effect. This Agreement cannot be waived by MetLife unless agreed to in writing by an officer of MetLife at least at the level of a Senior Vice President. Failure to strictly enforce any provision of this Agreement shall not operate as a waiver of such provision or release either party from its obligation to perform strictly in accordance with such provision.
|
1.
|
All equipment, documents, and all information and other property that belongs to MetLife that I receive or develop in the course of my employment by MetLife, remain the property and information of MetLife. The products of all of my efforts in the course of my employment belong exclusively to MetLife and, unless the officer in charge of my department agrees to some other arrangement in writing, I will not retain any rights in any such work product. I agree to return all property and information immediately and without keeping any copies when my employment terminates for any reason.
|
2.
|
For 18 months following the termination of my employment with MetLife for any reason:
|
A.
|
I will not interfere in MetLife's business or try to disrupt MetLife's business. This includes things I might do through my own efforts, or indirectly through the efforts of others, and I will not use any MetLife information or property to assist others. This includes diverting business away from MetLife or seeking to have any MetLife customer reduce or terminate any insurance obtained from or through MetLife.
|
B.
|
I will not solicit any employee of MetLife or its affiliated entities ("Employee") to become employed, associated or contracted by or with me or any entity in which I am an employee, owner or investor ("Other Company"). I will not solicit any Employee to become employed, associated or contracted with an organization providing services to me or any Other Company. For example, I will not inform an Employee of a job opportunity with me or any Other Company, or suggest that any person or entity contact an Employee to discuss or mention such a job opportunity. I also will not interview an Employee for a job, or offer, authorize, approve or agree to hire an Employee for any job opportunity with me or any Other Company.
|
C.
|
I will not make statements that damage, disparage or otherwise diminish the reputation and business practices of MetLife and its affiliated entities, and its and their officers, directors and employees. This includes statements made verbally, in writing or electronically. The only exception is if I am compelled by a court of law or I am otherwise authorized to do this pursuant to legal or administrative process.
|
D.
|
I authorize MetLife to present a copy of this agreement to each of my subsequent employers.
|
3.
|
I acknowledge that the business of MetLife is conducted all states and in certain foreign countries and that the employees of MetLife and its affiliated entities are working to further the interests of MetLife in those states and foreign countries. I also acknowledge that the property and information I obtain in the course of my employment involves and affects MetLife's activities in all states and in those foreign countries in which it conducts its business. Therefore, it is not appropriate or feasible for MetLife to establish geographic limitations on the restrictions to which I am now agreeing. Accordingly, I agree to abide by these restrictions in all states and in those foreign countries in which MetLife is or has plans to conduct business at the time that my employment terminates.
|
4.
|
I acknowledge that, if I violate any provision of this Agreement, MetLife will suffer irreparable harm. Therefore, in addition to any other rights or remedies of MetLife, MetLife will have the right to obtain an injunction enjoining any such violation. If MetLife succeeds in any lawsuit or proceeding against me brought to enforce this Agreement, or to establish damages sustained by MetLife as a result of my
|
5.
|
If any provision of this Agreement is invalidated in any jurisdiction either by statute or by a court, that provision will be deemed modified to comply with the law or deemed stricken from this Agreement, if that is necessary to comply with the law. If any provision is stricken for this reason, however, the remainder of this Agreement remains in effect.
|
1.
|
Duty of Loyalty
:
I understand and agree that during the course of my employment with MetLife, I owe a duty of loyalty to the Company, which prohibits me from engaging in any act or omission that is adverse to the interests of the Company, except as permitted by law or required by legal process. This prohibition includes but is not limited to interfering with MetLife's business or trying to disrupt MetLife's business, including such conduct as engaging in any activity that interferes with the performance of my duties during my employment, interferes with the duties of other MetLife employees, statutory employees or independent contractors, diverts any business, customers or employees away from MetLife, is reasonably deemed by MetLife to be harmful to the business, reputation or goodwill· of MetLife, is in violation of this Agreement, is otherwise contrary to the interests of MetLife, and/or is recognized by any applicable statute, regulation or common law as constituting a breach of the duty of loyalty to my employer.
|
2.
|
Confidential and Proprietary Information
:
"Confidential and Proprietary Information" means, without limitation, all confidential and proprietary equipment, material, business processes, records, supplies, manuals, rate books, forms, files, notes, letters, lists, and any other documentation, property and/or information, in any form or medium, provided to me by MetLife or developed, created, used or obtained by me
in
the course of performing my duties as an employee of MetLife, pertaining to the business of MetLife, its employees, or pertaining to any of its customers or prospective customers, and all related product plans, client strategies, ideas, formulas, inventions (whether or not patentable), improvements, know-how, business methods, processes, techniques, drawings, specifications, notes, business and sales plans and employee, customer and supplier lists and similar information. Notwithstanding the foregoing, Confidential and Proprietary Information excludes information that is generally known or disclosed to the industry through no breach of this Agreement by me or other wrongful act or omission by me or any other person. All Confidential and Proprietary Information shall be and remain the sole and exclusive property and information of MetLife.
|
3.
|
Proprietary Rights
:
I agree that all intellectual property made or conceived by me during the term of my employment with MetLife by me alone, or, jointly with others, that is governed and protected by laws and regulations related to patents, trade secrets, copyrights, trademarks, trade dress, trade names, internet domain names, business processes, including, all precursory, duplicative or derivative materials in creation of such intellectual property belongs exclusively to MetLife ("Intellectual Property"), and, unless an officer at least at the level of a Senior Vice President in charge of my department agrees to some other arrangement in writing, I will not retain any rights in any such lntellectual Property and its related MetLife Confidential and Proprietary Information. I agree to inform MetLife promptly and fully of all MetLife Intellectual Property made or conceived by me or jointly with others. I further agree that any copyrightable works falling within the definition of MetLife Intellectual Property and/or Confidential and Proprietary Information are "works made for hire," the complete ownership of which belongs to
|
4.
|
Protection and Non-Assignment of MetLife Property
:
I will maintain adequate and current records of all MetLife Intellectual Property and/or Cpnfidential and Proprietary Information. I further agree that during my employment and after the termination of my employment, I will not disclose to any third party MetLife Intellectual Property and/or Confidential and Proprietary Information, except as authorized by MetLife, and I will comply with MetLife’s policies regarding record keeping, non-disclosure, safe-keeping and retention of MetLife Intellectual Property and/or Confidential and Proprietary lnformation. I represent and warrant that I am not a party to any contract relating to the granting or assignment to any party (other than MetLife) of any interest in Intellectual Property and/or Confidential and Proprietary lnformation conceived, developed, made or reduced to·practice by me except insofar as copies of such contracts, if any, have been supplied to MetLife. I further represent and warrant that the MetLife lntellectual Property and/or Confidential and Proprietary information created by me and MetLife’s use of such MetLife Intellectual Property and/or
Confidential and Proprietary Information, does not and will not violate, infringe or misappropriate any intellectual property and/or confidential information rights of any third party or the laws or regulations of any governmental or judicial authority.
|
5.
|
Non-lnterference
:
For 18 months following the termination of my employment with MetLife for any reason, I will not, directly or indirectly divert business away from MetLife or seek to have any MetLife customer, person or organization reduce, lapse or terminate any financial products or services obtained from or through MetLife, in such circumstances· where I serviced, contacted, solicited or sold to such customer, person or organization, or supervised any MetLife employee in connection ·with such customer, person or organization during the course of my employment with MetLife, or for whom I possess or have possessed any Confidential and Proprietary lnformation regarding MetLife’s services to such customer, person or organization.
|
6.
|
Non-Solicitation
:
For 18 months following the termination of my employment with MetLife for any reason, I will not, directly or indirectly induce, divert, recruit, encourage or attempt to influence anyone in the employ of
MetLife (hereinafter "Employee"), or who is a party to a Senior Partner Contract (055 Contract), any New England Financial Agent Contract or Retired Agent Contract (hereinafter ''lndependent Contractor") to reduce, lapse or terminate his or her employment and/or business relationship with MetLife. For example, I will not inform an Employee or Independent Contractor of a job opportunity with me or any other company or entity, or suggest that any· person or entity contact an Employee or Independent Contractor to discuss or mention such a job opportunity. I also will not interview an Employee or Independent Contractor for a job, or offer, authorize, approve or agree to hire an Employee or Independent Contractor for any job opportunity with me or any other· company.
|
7.
|
Non-Disparagement
:
I will not make statements that damage, disparage or otherwise diminish the reputation and business practices of MetLife and its affiliated entities, and its and their current and/or former officers, agents, directors and employees. This includes statements made verbally, in writing or electronically. The only exception is if I am compelled by a court of law or I am otherwise authorized to do this pursuant to legal or administrative process.
|
8.
|
Agreement is Reasonable and Necessary to Protect MetLife's Legitimate Business Interests
:
I acknowledge and agree that: (1) the restrictions set forth in this Agreement are reasonable and necessary for the protection of MetLife's legitimate business interests in the intensely competitive insurance, securities, advisory services, retail banking and financial services industries, including without limitation MetLife's longstanding relationships with customers, and are reasonable and necessary to protect MetLife's Intellectual Property and/or Confidential and Proprietary Information, in which MetLife has invested significant time and money; and (2) but for my employment by MetLife, I would not have access to the Intellectual Property and/or Confidential and Proprietary Information identified above.
|
9.
|
Presentation of Agreement to Subsequent Employers
:
For a period of 18 months following the termination of my employment with MetLife for any reason, I will present a copy of this agreement to each of my subsequent employers or affiliations, and I will inform MetLife promptly of the identity of any such employers or affiliations. I hereby authorize MetLife to present a copy of this Agreement to such employers or affiliations.
|
10.
|
Return of Property
:
Upon the termination of my employment with MetLife for any reason or at any other time requested by MetLife, I shall immediately deliver to MetLife or its designee all MetLife Confidential and Proprietary Information, Intellectual Property, and all copies thereof in whatever format stored, in my possession, custody or control, as well as any other property and information of MetLife including, but not limited to any computing device provided to or used by me during the course of my employment with MetLife, including, but not limited to, computer, disks, drives, memory sticks, telephones, personal digital assistants, or other electronic media, including any leased, borrowed or purchased laptop computer, even if I purchased the computing devices. I understand that MetLife will return any computing devices I purchased after wiping the computing devices clean of all MetLife software and information.
|
11.
|
Geographic Scope
:
I acknowledge that the business of MetLife is conducted in all states and in certain foreign countries and that the employees of MetLife and its affiliated entities are working to further the interests of MetLife in those states and foreign countries. I also acknowledge that the MetLife Intellectual Property and/or Confidential Information I obtain in the course of my employment involves and affects MetLife's activities in all states and in those foreign countries in which it conducts its business. Therefore, it is not appropriate or feasible for MetLife to establish geographic limitations on the restrictions to which I am now agreeing. Accordingly, I agree to abide by these restrictions in all states and in those foreign countries in which MetLife is conducting business at the time that my employment terminates, or in any state or foreign countries where MetLife is planning to conduct business and I was or am in possession of any Intellectual Property and/or Confidential and Proprietary Information relating to such plans.
|
12.
|
Injunctive Relief and Attorney's Fees
:
I acknowledge that, if I violate any provision of this Agreement, MetLife will suffer irreparable harm. Therefore, in addition to any other rights or remedies of MetLife, MetLife will have the right to obtain an injunction without posting a bond enjoining any such violation. If MetLife succeeds in any lawsuit or proceeding against me brought to enforce this Agreement, or to establish damages sustained by MetLife as a result of my violation of this Agreement, I will reimburse MetLife's attorney's fees and costs, as these may be fixed by the court in which MetLife sues me or brings a proceeding against me.
|
13.
|
Tolling Provision
:
In the event that I violate any of the post-employment restrictions of this Agreement, the eighteen (18) month time period of the post-employment restrictions set forth in Sections 5, 6, and/or 9 above shall be extended for a period of time equal to the time between the start of the eighteen (18) month period and the date of the last violation. Such extension does not in any way operate to limit the types of remedies available to MetLife to address any violation of this Agreement.
|
14.
|
Entire Agreement, Severability, and No Waiver
:
This document is the entire agreement between me and MetLife with respect to the contents contained herein. No previous promises or agreements, oral or written, including any prior Agreements to Protect Corporate Property, will remain in effect. I further agree that my signature on any subsequent agreement with MetLife shall not impair the enforcement of these provisions, unless such subsequent agreement is in writing and expressly identifies this Agreement. If any provision of this Agreement is invalidated in any jurisdiction either by statute or by a court, it is the parties' intention that such provision will be deemed modified to comply with the law or deemed stricken from this Agreement, if that is necessary to comply with the law. If any provision is stricken for this reason, however, the remainder of this Agreement remains in effect. This Agreement cannot be waived by MetLife unless agreed to in writing by an officer of MetLife. Failure to strictly enforce any provision of this Agreement shall not operate as a waiver of such provision or release either party from its obligation to perform strictly in accordance with such provision. While you are required to return your original signature below to MetLife, you acknowledge and agree that a facsimile of your signature shall be deemed to be binding upon you, unless prohibited by law.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 1
|
|
Table 2
|
||||||||||||||
Company Change in Annual
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Operating Income
|
|
First Percentage (Averaged
|
|
Index Proportionate Total
|
|
|
||||||||||
Available to Common
|
|
For Each Year of
|
|
Shareholder Return
|
|
|
||||||||||
Shareholders Percentile
|
|
Performance Period) For
|
|
subtracted from Company
|
|
Second Percentage For
|
||||||||||
Relative to Other Companies
|
|
Purposes of Determining
|
|
Proportionate Total
|
|
Purposes of Determining
|
||||||||||
in the Index
|
|
Performance Factor
*
|
|
Shareholder Return
|
|
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
|
|
|
|
|
69
|
|
|
|
88
|
|
|
|
22.8
|
%
|
|
|
88
|
|
|
|
|
70
|
|
|
|
90
|
|
|
|
24.0
|
%
|
|
|
90
|
|
|
|
|
71
|
|
|
|
92
|
|
|
|
25.2
|
%
|
|
|
92
|
|
|
|
|
72
|
|
|
|
94
|
|
|
|
26.4
|
%
|
|
|
94
|
|
|
|
|
73
|
|
|
|
96
|
|
|
|
27.6
|
%
|
|
|
96
|
|
|
|
|
74
|
|
|
|
98
|
|
|
|
28.8
|
%
|
|
|
98
|
|
|
|
|
75-99
|
|
|
|
100
|
|
|
30.0% or greater
|
|
|
100
|
|
|
|
|
*
|
|
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 the 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 Section 1 of this Agreement.
|
MetLife, Inc.
_____________________________
Board of Directors
|
|
(1)
|
That the Annual Variable Incentive Plan (“AVIP”) awards for 2015 performance shall constitute Cash-Based Awards under the MetLife, Inc. 2015 Stock and Incentive Compensation Plan (the “Stock and Incentive Plan”);
|
(2)
|
That the measures to be used to determine performance results of MetLife, Inc. (the “Company”) for establishing the amount to be available for payment of awards under AVIP for 2015 performance (the “2015 Available Amount”) are approved in all respects substantially in the form described in the materials presented to the Committee and filed with the records of the meeting, subject to Committee discretion to increase or decrease and otherwise determine the 2015 Available Amount and subject, with respect to the eligibility of the Chief Executive Officer of the Company and each other member of the Company’s Executive Group for an AVIP award for 2015, to the Company meeting the Section 162(m) Goals as described elsewhere in these resolutions;
|
(3)
|
That the 2015 Section 162(m) Goals shall be the following:
|
(a)
|
Positive Company income from continuing operations before provision for income tax, excluding net investment gains (losses) (determined in accordance with Section 3(a) of Article 7.04 of SEC Regulation S-X), which includes total net investment gains (losses) and net derivatives gains (losses), measured for 2015.
|
(b)
|
Positive Company Total Shareholder Return for the Performance Period. “Total Shareholder Return” means the change (plus or minus) from the Initial Closing Price to the Final Closing Price, plus dividends (if any) actually paid on shares of MetLife, Inc. common stock on a reinvested basis during the Performance Period. “Initial Closing Price” means the average Closing Price for the twenty (20) trading days prior to the first day of the Performance Period. “Final Closing Price” means, in the case of the
|
(4)
|
That the Chief Executive Officer of the Company (“CEO”) and each other member of the Company’s Executive Group shall be eligible for an AVIP award for 2015 of $10 million (or the maximum aggregate amount that may be awarded or credited with respect to cash-based awards to a participant in a single year under the Stock and Incentive Compensation Plan, if lower) if any one or more of the 2015 Section 162(m) Goals is met;
provided, however
, that the Committee shall retain the ability, in its discretion, to reduce the amount of the award payable (including reducing the amount payable to zero) based on such factors or considerations that the Committee shall deem appropriate, including but not limited to the amounts that would have been payable to the CEO or other member of the Company’s Executive Group, respectively, under the methodology applicable to other employees under AVIP;
|
(5)
|
That if the Company does not meet any of the 2015 Section 162(m) Goals, neither the CEO nor any of the other members of the Company’s Executive Group shall be eligible for any AVIP award for 2015 and
|
(6)
|
That the officers of the Company (the “Officers”) be and hereby are authorized, in the name and on behalf of the Company, to (a) take or cause to be taken any and all such further actions and to prepare, execute and deliver or cause to be prepared, executed and delivered, and where necessary or appropriate, file or cause to be filed with the appropriate governmental authorities, all such other instruments and documents, including but not limited to all certificates, contracts, bonds, agreements, documents, instruments, receipts or other papers, (b) incur and pay or cause to be paid all fees and expenses and (c) engage such persons, in each case as such Officer shall in that Officer’s judgment determine to be necessary or appropriate to carry out fully the intent and purposes of the foregoing resolutions and each of the transactions contemplated thereby.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Andrew J. Bernstein
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ATTEST:
|
|
|
|
|
|
/s/ Candice Martin
|
|
|
“8.
|
|
Matching Contribution
. If a Participant has a valid deferral election to make contributions to SIP or the MetLife Bank 401(k) Plan throughout a calendar year, the Participant’s Matching Contribution Account shall be credited with the amount of Matching Contribution (if any) with which the Participant’s SIP or MetLife Bank 401(k) Plan account would have been credited under the terms and provisions of such plan without application of certain Tax Code limitations under Code sections 415 and 401(a)(17) with respect to compensation deferred into this Plan. Notwithstanding the foregoing, no Matching Contributions shall be credited in favor of a Participant during the suspension of such Participant’s deferrals pursuant to Section 4.7 of this Plan. A Participant’s Matching Contribution Account shall vest or be forfeited to the same extent, and on the same vesting schedule, that such Matching Contributions would have vested or been forfeited under the terms of SIP, notwithstanding any accelerated vesting under the SIP for individuals who transfer to MetLife Bank.”
|
|
|
|
“(d) an individual to whom an offer of employment in compensation grades 120 through 123 has been made, who is selected by the Plan Administrator for eligibility and has been so notified.”
|
|
“22.24.
|
|
“Officer” shall mean each individual who is employed by a MetLife Company paid from the United States in United States currency and whose compensation is in an officer or officer-equivalent grades level, each as determined by the Plan Administrator in its discretion. For eligibility to defer compensation, grade levels 32 and 120 through 123 are included in this definition.”
|
|
|
|
(a) classified in compensation grade 090, 112 through 119 or 152 through 161 and who earned annual total cash compensation (without regard to benefitability under the terms of SIP), for the twelve (12) months immediately preceding October 1 of the year prior to the year subject to the Deferral Election or in such twelve (12) month period otherwise designated by the Plan Administrator, in excess of the compensation limit under Section 401(a)(17) of the Code (as indexed annually for inflation) for the year the deferral election is filed;”
|
|
|
|
|
|
|
|
|
|
|
|
|
PLAN ADMINISTRATOR
|
|
|
|
|
|
|
|
|
|
/s/ Andrew J. Bernstein
|
|
|
|
|
Andrew J. Bernstein
|
|
|
•
|
The percentage of your cash retainer fees you want deferred into a Deferred Cash Account (if you choose to defer any of your cash fees, your deferral for the immediately subsequent calendar year must equal at least $1 0,000);
|
•
|
A future distribution date and number of payments for that Deferred Cash Account (paid in cash).
|
•
|
The future distribution date and number of payments for your MetLife Deferred Stock Account.
|
|
|
|
|
|
1.
|
|
Part I, Article 4, Section 4.2 is hereby amended by adding the following after the final paragraph:
|
|
|
|
|
|
“Notwithstanding the provisions of (a) above, Final Average Compensation that can be taken into account to determine each Participant’s benefit under this Plan cannot exceed $4.6 million.”
|
||
|
|
|
|
|
2.
|
|
Part I, Article 4, Section 4.6 is hereby amended by adding the following after the final paragraph:
|
|
|
|
|
|
“Notwithstanding any other provisions of this Section 4.6, Final Average Compensation that can be taken into account to determine each Participant’s benefit under this Plan cannot exceed $4.6 million.”
|
||
|
|
|
|
|
IN WITNESS WHEREOF, the Company has caused this Amendment to be adopted in its name and behalf this 25
th
day of March, 2009, by its officer thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY
|
||
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Margery Brittain
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margery Brittain, Plan Administrator
|
|
|
|
|
|
|
|
ATTEST:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Bonita Haskins
|
|
|
|
|
|
|
“(b)
|
|
The annual variable incentive component (“AVIC”) of the Participant’s Final Average Compensation representing the MetLife Annual Variable Incentive Plan or successor annual cash bonus plan or program shall have the same meaning given to this term under the Retirement Plan. However, this component of Final Average Compensation will be determined using the average of the Participant’s highest 5 annual variable incentives (not necessarily consecutive) with respect to the 10 annual variable incentives preceding such Participant’s date of Retirement or termination (including any projected payment(s) to be made beyond the Participant’s date of Retirement or termination calculated as provided immediately below).”
|
|
(i)
|
|
the highest of the last 3 annual variable incentives paid while the Participant was in active Company service multiplied by
|
|
|
|
|
|
(ii)
|
|
a fraction, the numerator of which is the number of months (or part thereof) that the Participant was actively employed in the calendar year(s) for which the annual variable incentive would be payable and the denominator of which is 12.
|
|
|
|
|
|
(iii)
|
|
If the fraction determined under (ii) immediately above, is less than 1, then, the fractional amount determined under (ii) shall replace an equivalent fractional amount in the lowest of the 5 highest annual variable incentives used in (b) above. This replacement shall occur only if the fractional amount determined under (ii) is greater than the fractional amount it is replacing in the lowest of the 5 highest annual variable incentives.
|
|
|
|
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY
|
|
||
|
By:
|
/s/ Andrew J. Bernstein
|
|
|
|
|
|
|
|
|
|
Andrew J. Bernstein, Plan Administrator
|
|
|
|
|
|
|
|
|
|
ATTEST:
|
|
|
|
|
|
/s/ Candice Martin
|
|
|
|
METROPOLITAN LIFE INSURANCE COMPANY OF
|
HONG KONG LIMITED
|
|
HEALTHCARE PLAN
|
|
MEMBER’S EXPLANATORY HANDBOOK
|
|
|
|
|
|
|
|
|
|
|
Prepared by:
|
|
2014
|
Contents
|
Page
|
Foreword
|
|
1. General Information
|
2
|
2. Healthcare Benefits
|
4
|
3. Direct Settlement of Medical Expenses
|
6
|
4. Reimbursement of Medical Expenses
|
8
|
5. Emergency Assistance
|
13
|
6. Exclusions
|
15
|
•
|
medical expenses arising from sickness or injury;
|
•
|
maternity related expenses;
|
•
|
dental expenses;
|
•
|
emergency assistance, including evacuation and repatriation.
|
1.
|
GENERAL INFORMATION
|
1.1
|
Coverage
|
1.2
|
Enrolment
|
a)
|
full name;
|
b)
|
date of birth;
|
c)
|
sex;
|
d)
|
nationality;
|
e)
|
employee’s bank details, i.e. bank name, bank address, account number, account holder’s name, swift code and currency (for reimbursement of claims);
|
f)
|
employee’s personal correspondence address;
|
g)
|
employee’s email address
|
1.3
|
Dependant's Coverage
|
1.4
|
Maximum Insured Age
|
1.5
|
Termination of Benefits
|
a)
|
cessation of membership in the Plan;
|
b)
|
the termination of your employment;
|
c)
|
the eve of your 65th birthday;
|
d)
|
the termination of the insurance policy by your employer;
|
e)
|
in respect of a dependent child, the eve of his/her 21
st
birthday or 26
th
birthday if still in full-time education.
|
2.
|
HEALTHCARE BENEFITS
|
2.1
|
Outpatient Benefits
|
2.2
|
Hospitalisation Benefits
|
2.3
|
Ambulance Costs
|
2.4
|
Maternity Benefit
|
2.5
|
Dental Benefits
|
a)
|
General treatment (consultations, conservative care, surgery, routine care, cleaning, fillings, extractions, etc) - up to US$1,500 per person per year.
|
b)
|
Dental prosthesis (crowns, pinned teeth, inlays, on lays, fixed or removable dentures, implants, except temporary) - limited to US$700 per tooth (up to an annual maximum of US$3,500 per person). “
Prior Agreement” from the Insurer is required
(see section 4.1).
|
c)
|
Orthodontics (for children only) - up to US$1,800 per year for a maximum of 2 years. Treatment must be before the child’s 16th birthday and “
Prior Agreement” from the Insurer is required
(see section 4.1).
|
2.6
|
Other Prostheses
|
3.
|
DIRECT SETTLEMENT OF MEDICAL EXPENSES
|
3.1
|
Outpatient
|
a)
|
Connect to
w
ww.henner.com
and go to “My Personal Space”.
|
b)
|
Identify yourself by entering your GMC number (as it appears on your GMC Card) and password (which will be your date of birth for the first time login – dd/mm/yyyy).
|
c)
|
Click “GMC” logo on the right and enter country and city of your choice under “CSU & Healthcare Network Contact”.
|
d)
|
Download GMC Direct Settlement document which can be folded into a more convenient size for carriage.
|
e)
|
If your dependants are also covered, their names will appear on the document. You may download additional documents for your covered dependants to use.
|
f)
|
Each document carries a six-month validity period from the issuance date, but you can download a new document before the expiry of the old document.
|
3.2
|
Hospitalisation – Planned Admission
|
3.3
|
Hospitalisation – Emergency Admission
|
Hospitalisation in Asia Pacific
|
Hong Kong: (852) 800 96 5656 or
Singapore: (65) 6887 2488
|
Hospitalisation in the USA and Canada
|
Toll free: 1 866 936 1225 or From outside the USA and Canada: +1 305 459 4856
|
Elsewhere in the World
|
Singapore: (65) 6887 2488
|
4.
|
REIMBURSEMENT OF MEDICAL EXPENSES
|
a)
|
Follow the login procedures set out in Section 3.1.
|
b)
|
By clicking on “Create”, you are able to submit claims for reimbursement online.
|
c)
|
The screenshot below will appear for you to complete the claim form and attach any supporting documents.
|
d)
|
Fill in each of the tabs: Member Information, Invoice Details, Attach Supporting Documents and Submit Request.
|
e)
|
You are required to keep
all original claims documents for 2 years
from the date of submission of the claim as the insurer reserve the right to request for verification.
|
f)
|
Medical care which requires prior approval (see Section 4.1)
is not to
be processed under the online system
. For claims larger than US$500 per invoice, originals are still required to be sent to the insurer.
|
4.1
|
Prior Agreement
|
•
|
Protracted forms of medical treatment, which requires more than one session, such as Physiotherapy, Chiropractors, Chemotherapy, Radiotherapy, Dialysis, Electrotherapy, Kinesitherapy, Speech Therapy, Nursing Care or Psychiatric Treatment, etc
|
4.2
|
Outpatient Expenses (including Pre and Post Natal)
|
a)
|
Always obtain an original official receipt from your doctor/hospital for the expenses incurred.
|
b)
|
The receipt
must
include the following information:
|
•
|
Date of consultation
|
•
|
Full name of the patient (as shown on the GMC Card)
|
•
|
Breakdown of charges incurred
|
•
|
Diagnosis/disability
|
c)
|
No claim form is required. Simply submit the original receipt, making sure the information set out in (b) above is complete.
|
4.3
|
Hospitalisation Expenses
|
a)
|
Always obtain an original official receipt, discharge summary and medical report from your doctor/hospital for the expenses incurred.
|
b)
|
The receipt
must
include the following information:-
|
•
|
Date of admission, discharge and (if applicable) surgery
|
•
|
Full name of the patient (as shown on the GMC Card)
|
•
|
Breakdown of charges incurred
|
•
|
Diagnosis/disability
|
c)
|
No claim form is required. Simply submit the original discharge summary and receipt, making sure the information set out in (b) above is complete.
|
5.
|
EMERGENCY ASSISTANCE
|
5.1
|
Telephone Medical
Advice
|
5.2
|
Emergency Medical Evacuation for reasons of Health
|
5.3
|
Return to Country of Employment
|
5.4
|
Return of Unaccompanied Children
|
5.5
|
Compassionate Visit
|
5.6
|
Return of Bodily Remains
|
5.7
|
Transmission of Urgent Messages
|
5.8
|
Advance of Bail
|
5.9
|
Lawyer’s Fees
|
6.
|
EXCLUSIONS
|
6.1
|
For the whole Plan
|
a)
|
Additional expenses that are a consequence of using a deluxe or VIP room.
|
b)
|
Treatment by any person other than a registered medical practitioner; medical practices that are not recognized by the World Health Organisation.
|
c)
|
Non-medicinal everyday-use products such as absorbent cotton, alcohol, sun creams, toothpaste, bandages, shampoo, etc.
|
d)
|
Stays in convalescent homes, rest homes (or similar facilities), establishments for alcoholics or drug addicts (or related facilities) during the first two years of membership. After two years membership cover will be limited to 30 days per person per year.
|
e)
|
Expenses relating to health comfort items (e.g. orthopaedic shoes, inhalators, massage devices, sun lamps, heating pads, etc.)
|
f)
|
Stays in geriatric facilities under partial or permanent supervision.
|
g)
|
Care that presents no direct medical necessity for the treatment of illness, especially cosmetic procedures and the results thereof.
|
h)
|
Preventive medical care and health check-ups.
|
i)
|
Treatments for mental disorders such as nervous disorders or mental illness, psychoanalysis, psychotherapy.
|
j)
|
Thermal cures and spa
|
k)
|
Occupational rehabilitation.
|
l)
|
Non-medical expenses such as for telephone calls, alcoholic beverages and guests’ meals.
|
m)
|
Expenses resulting from intentional acts including suicide and self inflicted injuries; war, riots, brawls, acts of terrorism in which you have played an active role; sports practised as a professional activity; deliberate exposure of extreme danger.
|
6.2
|
Additional Exclusions applicable to Emergency Assistance Benefits (as defined in Section 5):-
|
a)
|
Any repatriation or emergency transportation or other expenses not approved in writing by ISOS and/or under the auspices of ISOS.
|
b)
|
Any expenses incurred against medical advice or when the condition is not serious.
|
c)
|
Medical examinations or surgical procedures scheduled prior to the request for assistance and not of an emergency nature or intended to protect life or prevent substantial worsening of the condition.
|
d)
|
Injuries or illnesses due to the practice of hazardous sports such as microlight flying, hang-gliding, paragliding, mountain climbing, rock climbing, contact sports and martial arts, caving, sledge, skiing, ski jumping, bobsleighing, bungee-jumping, gliding, rafting or the operation of personal watercraft.
|
e)
|
Injuries or illnesses directly or indirectly arising from civil or foreign war, insurrections, riots, rebellions or popular uprising, whenever the member is in breach of existing laws by taking part although cases of legitimate self-defence and assistance to persons in danger are covered.
|
f)
|
Self-inflicted injuries or illnesses including suicide, attempted suicide and self-mutilation.
|
g)
|
Injures or illnesses resulting from or occurring in conjunction with competitive sports other than those in which the member participates purely as an amateur.
|
h)
|
Flying unless as a passenger in an aircraft that has a valid flying certificate and is flown by a licensed pilot.
|
i)
|
Injuries or illnesses incurred prior to the effective date of coverage and not declared to the Insurer.
|
j)
|
Participation in brawls, other than in self-defence or to the rescue of a third party.
|
k)
|
Injuries or illnesses resulting directly or indirectly from radioactivity.
|
G M C
|
|
|
|
|
gestion
|
|
GMC Services - 20 Cecil Street, #05-05 Equity Plaza, Singapore #049705
|
||
Département International
|
|
Tél : +65 6887 2488
|
E-mail :
g
mcg.ug32@henner.com
|
Fax : +65 6849 4092
|
|
PRIOR AGREEMENT APPLICATION – HOSPITALIZATION
|
|
Insured person’s surname and first name:
|
|
GMC ID No.:
|
|
|
|
|
|
||
Patient's surname and first name:
|
|
Date of birth:
|
|
Sex:
|
|
|
|
|
|
|
TO BE COMPLETED BY THE ATTENDING PRACTITIONER
|
|
|
|
|
|
|
G M C
|
|
|
|
|
gestion
|
|
GMC Services - 20 Cecil Street, #05-05 Equity Plaza, Singapore #049705
|
||
Département International
|
|
Tél : +65 6887 2488
|
E-mail :
g
mcg.ug32@henner.com
|
Fax : +65 6849 4092
|
|
PRIOR AGREEMENT APPLICATION – SERIES OF PROCEDURES / MEDICAL PROSTHETIC DEVICES
|
|
Subscribing Company (see membership card):
|
|
GMC ID No. (see membership card):
|
|
|
|
|
|
||
Patient's surname and first name:
|
|
Date of birth:
|
|
Sex:
|
|
|
|
|
|
|
TO BE COMPLETED BY THE ATTENDING PRACTITIONER
|
|
Type 1 treatments:
|
Chemotherapy, dialysis, electrotherapy, physiotherapy, radiotherapy, kinesitherapy, speech therapy, orthoptics, nursing care
|
Type 2 treatments:
|
Psychiatric or psychotherapeutic treatments (may be refunded only if treatments given by a physician)
|
Medical prosthetic devices:
|
Hearing aids, orthotic insoles, neck brace
|
|
TYPE 1 TREATMENTS
|
|
Pathology presented:
|
|
|
|
|
|
||||
Nature of procedures:
|
|
Number of employees:
|
|
Total cost:
|
|
|
|
|
|
|
TYPE 2 TREATMENTS
|
|
Description of the clinical symptoms:
|
|
|
|
|
|
|
|||||
Diagnosis:
|
|
|
|
|
|
|
|||||
Medical history:
|
|
|
Family history:
|
|
|
|
|
|
|||
Patient's personality:
|
|
|
|
|
|
|
|||||
Type of therapy considered:
|
|
|
|
|
|
|
|||||
Behavioural contract:
|
|
Purpose of the therapy with expected results:
|
|||
|
|
|
|||
Total number of sessions:
|
|
Frequency of sessions:
|
|
Cost of each session:
|
|
|
|
|
|
|
|
MEDICAL PROSTHETIC DEVICES
|
|
Diagnosis:
|
|
|
|
||
Pathology presented:
|
|
Cost:
|
|
|
|
Devices required:
|
|
|
|
Physician’s seal and signature:
|
|
Patient’s signature:
|
|
Date:
|
|
|
|
For medical information +65 6887 2488
|
|
I hereby authorise my Physician to send to GMC International’s medical consultant all the medical information required for making a decision on my case.
|
G M C
|
|
|
|
|
gestion
|
|
GMC Services - 20 Cecil Street, #05-05 Equity Plaza, Singapore #049705
|
||
Département International
|
|
Tél : +65 6887 2488
|
E-mail : gmcg.ug32@henner.com
|
Fax : +65 6849 4092
|
|
PRIOR AGREEMENT APPLICATION – DENTAL TREATMENTS
|
|
Subscribing Company (see membership card):
|
|
GMC ID No. (see membership card):
|
|
|
|
|
|
||
Patient's surname and first name:
|
|
Date of birth:
|
|
Sex:
|
|
|
|
|
|
Note!
|
The documents that must be submitted with this form are written in italic below.
In all cases (orthodontics / dental prostheses / periodontics / implantology,
a detailed cost estimate of the entire treatment MUST be included.
|
|
TO BE COMPLETED BY THE ATTENDING PRACTITIONER
|
|
ORTHODONTICS
|
If the application pertains to a mixed dentition intervention:
|
|
|
|
|
||
Does it concern a proscia rehabilitation (y/n)?
|
|
|
Does it concern an early and interceptive orthodontic apparatus (y/n)?
|
|
||
Anticipated duration of the mixed dentition treatment (months):
|
|
|
|
No anomaly:
|
|
Isolated anomaly of a tooth:
|
|
Multiple anomalies
|
|
|
Pathology of at least an entire area:
|
8. Lower incisor angle / NaPog in degrees:
|
|
9. Angle 11/41 or 21/31 in degrees:
|
|
10. Free margin distance 11/41 or 21/31 in millimetres:
|
|
11. Anticipated duration of the final dentition treatment (in months):
|
|
|
|
|
|
|
DENTAL PROSTHESES
|
||||
Return this application and include the following documents and information:
|
||||
Dental panoramic radiograph of more than 3 teeth and alveolar retrusion or RVG images after endodontic treatment or resumption of treatment
|
||||
Devitalised tooth (teeth n°)
|
|
|
Vital tooth (teeth n°)
|
|
PERIODONTICS
|
Return this application and include the following documents and information:
|
Alveolar retrusion assessment (status) + Number of dental quadrants/area concerned + Diagnosis + Treatment plan
|
IMPLANTOLOGY
|
Return this application and include the following documents and information:
|
Dental panoramic radiograph + Implant area (number of teeth to be replaced by implants) +
Report including available bone height in implant area + Possible contraindications
|
Physician’s seal and signature:
|
|
Patient’s signature:
|
|
Date:
|
|
|
|
For medical information +65 6887 2488
|
|
I hereby authorize my Physician to send to GMC International’s medical consultant all the medical information required for making a decision on my case.
|
|
Years Ended December 31,
|
||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
|
(In millions, except ratios)
|
||||||||||||||||||
Income (loss) from continuing operations before provision for income tax
|
$
|
7,470
|
|
|
$
|
8,804
|
|
|
$
|
4,052
|
|
|
$
|
1,442
|
|
|
$
|
9,184
|
|
Less: Undistributed income (loss) from equity investees
|
620
|
|
|
669
|
|
|
587
|
|
|
377
|
|
|
180
|
|
|||||
Adjusted earnings before fixed charges
|
$
|
6,850
|
|
|
$
|
8,135
|
|
|
$
|
3,465
|
|
|
$
|
1,065
|
|
|
$
|
9,004
|
|
Add: Fixed charges
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and debt issue costs (1)
|
1,585
|
|
|
1,257
|
|
|
1,352
|
|
|
1,389
|
|
|
1,666
|
|
|||||
Estimated interest component of rent expense
|
25
|
|
|
28
|
|
|
32
|
|
|
28
|
|
|
34
|
|
|||||
Interest credited to bank deposits
|
—
|
|
|
—
|
|
|
2
|
|
|
78
|
|
|
95
|
|
|||||
Interest credited to policyholder account balances
|
5,610
|
|
|
6,943
|
|
|
8,179
|
|
|
7,729
|
|
|
5,603
|
|
|||||
Total fixed charges
|
$
|
7,220
|
|
|
$
|
8,228
|
|
|
$
|
9,565
|
|
|
$
|
9,224
|
|
|
$
|
7,398
|
|
Preferred stock dividends (2)
|
221
|
|
|
169
|
|
|
146
|
|
|
134
|
|
|
385
|
|
|||||
Total fixed charges and preferred stock dividends
|
$
|
7,441
|
|
|
$
|
8,397
|
|
|
$
|
9,711
|
|
|
$
|
9,358
|
|
|
$
|
7,783
|
|
Total earnings and fixed charges
|
$
|
14,070
|
|
|
$
|
16,363
|
|
|
$
|
13,030
|
|
|
$
|
10,289
|
|
|
$
|
16,402
|
|
Ratio of earnings to fixed charges
|
1.95
|
|
|
1.99
|
|
|
1.36
|
|
|
1.12
|
|
|
2.22
|
|
|||||
Total earnings, including fixed charges and preferred stock dividends
|
$
|
14,291
|
|
|
$
|
16,532
|
|
|
$
|
13,176
|
|
|
$
|
10,423
|
|
|
$
|
16,787
|
|
Ratio of earnings to fixed charges and preferred stock dividends
|
1.92
|
|
|
1.97
|
|
|
1.36
|
|
|
1.11
|
|
|
2.16
|
|
(1)
|
Interest costs include $8 million, $38 million, $122 million, $163 million and $324 million related to variable interest entities for the years ended December 2015, 2014, 2013, 2012 and 2011, respectively. Excluding these costs would have no effect on both the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred stock dividends for each of the years ended December 31, 2015 and 2014, and would not have a significant effect on such ratios for each of the years ended December 31, 2013, 2012 and 2011.
|
(2)
|
For the year ended December 31, 2015, preferred stock dividends includes the repurchase premium of $59 million associated with the repurchased and canceled 6.50% non-cumulative Series B preferred stock. For the year ended December 31, 2011, preferred stock dividends includes the repurchase 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. 1075 PEACHTREE, LLC (DE)
|
8. 1320 GP LLC (DE)
|
9. 1320 OWNER LP (DE)
|
10. 1320 VENTURE LLC (DE)
|
11. 1900 MCKINNEY PROPERTIES, LP (DE)
|
12. 10420 MCKINLEY PARTNERS, LP (DE)
|
13. 10700 WILSHIRE, LLC (DE)
|
14. AFP GENESIS ADMINISTRADORA DE FONDOS Y FIDECOMISOS S.A. (ECUADOR)
|
15. AGENVITA S.R.L.(ITALY)
|
16. ALICO EUROPEAN HOLDINGS LIMITED (IRELAND)
|
17. ALICO FUNDS CENTRAL EUROPE SPRAV. SPOL., A.S.(SLOVAKIA)
|
18. ALICO HELLAS SINGLE MEMBER LIMITED LIABILITY COMPANY (GREECE)
|
19. ALICO MANAGEMENT SERVICES LIMITED (UK)
|
20. ALICO OPERATIONS, LLC. (DE)
|
21. ALPHA PROPERTIES, INC. (US)
|
22. ALTERNATIVE FUEL I, LLC (DE)
|
23. AMERICAN LIFE INSURANCE COMPANY (DE)
|
24. AMERICAN LIFE INSURANCE COMPANY (CY) LIMITED (CYPRUS)
|
25. ARDREY KELL TOWNHOMES, LLC (DE)
|
26. ASHTON JUDICIARY SQUARE, LLC (DE)
|
27. ASHTON SOUTHEND GP, LLC (DE)
|
28. BEST MARKET S.A. (ARGENTINA)
|
29. BETA PROPERTIES, INC. (DE)
|
30. BORDERLAND INVESTMENT LIMITED (DE)
|
31. BOULEVARD RESIDENTIAL, LLC (DE)
|
32.
BUFORD LOGISTICS CENTER, LLC (DE)
|
33. CC HOLDCO MANAGER, LLC (DE)
|
34. CHESTNUT FLATS WIND, LLC (DE)
|
35. CITYPOINT HOLDINGS II LIMITED (UK)
|
36. COMMUNICATION ONE KABUSHIKI KAISHA (JAPAN)
|
37. COMPANIA INVERSORA METLIFE S.A. (ARGENTINA)
|
38. CONVENT STATION EURO INVESTMENTS FOUR COMPANY (UK)
|
39. CORPORATE REAL ESTATE HOLDINGS, LLC (DE)
|
40. CORRIGAN TLP LLC (DE)
|
41. COVA LIFE MANAGEMENT COMPANY (DE)
|
42. DANIEL/METLIFE MIDTOWN LIMITED LIABILITY COMPANY (DE)
|
43. DELAWARE AMERICAN LIFE INSURANCE COMPANY (DE)
|
44. DELTA PROPERTIES JAPAN, INC. (DE)
|
45. ECONOMY FIRE & CASUALTY COMPANY (IL)
|
46. ECONOMY PREFERRED INSURANCE COMPANY (IL)
|
47. ECONOMY PREMIER ASSURANCE COMPANY (IL)
|
48. EL CONQUISTADOR MAH II LLC (DE)
|
49. ENTERPRISE GENERAL INSURANCE AGENCY, INC. (DE)
|
50. ENTRECAP REAL ESTATE II LLC (DE)
|
51. EPSILON PROPERTIES JAPAN, INC. (DE)
|
52. EURO CL INVESTMENTS, LLC (DE)
|
53. EURO TI INVESTMENTS LLC (DE)
|
54. EURO TL INVESTMENTS LLC (DE)
|
55. EXCELENCIA OPERATIVA Y TECNOLOGICA, S.A de C.V. (MEXICO)
|
56. FEDERAL FLOOD CERTIFICATION LLC (TX)
|
57. FIRST HUNGARIAN- AMERICAN INSURANCE AGENCY LIMITED (HUNGARY)
|
58. FIRST METLIFE INVESTORS INSURANCE COMPANY (NY)
|
59. FUNDACION METLIFE MEXICO, A.C. (MEXICO)
|
60. GALIC HOLDINGS LLC (DE)
|
61. GENERAL AMERICAN LIFE INSURANCE COMPANY (MO)
|
62. GLOBALMKT S.A. (URUGUAY)
|
63. GLOBAL PROPERTIES, INC. (DE)
|
64. GREATER SANDHILL I, LLC (DE)
|
65. GREENWICH STREET INVESTMENTS, L.L.C. (DE)
|
66. GREENWICH STREET INVESTMENTS, L.P. (DE)
|
67. HASKELL EAST VILLAGE, LLC (DE)
|
68. HEADLAND PROPERTIES ASSOCIATES (CA)
|
69. HEADLAND-PACIFIC PALISADES, LLC (CA)
|
70. HOUSING FUND MANAGER, LLC (DE)
|
71. HPZ ASSETS LLC (DE)
|
72. HYATT LEGAL PLANS OF FLORIDA, INC. (FL)
|
73. HYATT LEGAL PLANS, INC. (DE)
|
74. INTERNATIONAL INVESTMENT HOLDING COMPANY LIMITED (RUSSIA)
|
75. INTERNATIONAL TECHNICAL AND ADVISORY SERVICES LIMITED (DE)
|
76. INVERSIONES METLIFE HOLDCO DOS LIMITADA (CHILE)
|
77.
INVERSIONES METLIFE HOLDCO TRES LIMITADA (CHILE)
|
78. IRIS PROPERTIES, INC. (DE)
|
79. JOINT STOCK COMPANY METLIFE INSURANCE COMPANY (RUSSIA)
|
80. KAPPA PROPERTIES JAPAN, INC. (DE)
|
81. LAR VIVIENDA XVII, S. DE R.L. DE C.V. (MEXICO)
|
82. LEGAGROUP S.A. (CHILE)
|
83. LEGAL CHILE S.A. (CHILE)
|
84. LHC HOLDINGS (US) LLC (DE)
|
85. LHCW HOLDINGS (US) LLC (DE)
|
86. LHCW HOTEL HOLDING LLC (DE)
|
87. LHCW HOTEL HOLDING (2002) LLC (DE)
|
88. LHCW HOTEL OPERATING COMPANY (2002) LLC (DE)
|
89. LONG ISLAND SOLAR FARM LLC (DE)
|
90. MANSELL OFFICE LLC (DE)
|
91. MANSELL RETAIL LLC (DE)
|
92. MARKETPLACE RESIDENCES, LLC (DE)
|
93. MCMIF HOLDCO I, LLC (DE)
|
94. MCP VOA HOLDINGS, LLC (DE)
|
95. MCP VOA I & III, LLC (DE)
|
96. MCP VOA II, LLC (DE)
|
97. MCPP OWNERS, LLC (DE)
|
98. MET0 SIEFORE, S.A. de C.V. (MEXICO)
|
99. MET1 SIEFORE, S.A. de C.V. (MEXICO)
|
100. MET2 SIEFORE, S.A. de C.V. (MEXICO)
|
101. MET3 SIEFORE BASICA, S.A. de C.V. (MEXICO)
|
102. MET4 SIEFORE, S.A. de C.V. (MEXICO)
|
103. META SIEFORE ADICIONAL, S.A. de C.V. (MEXICO)
|
104. MET CANADA SOLAR ULC (CANADA)
|
105. METLIFE 425 MKT MEMBER, LLC (DE)
|
106. METLIFE 555 12th MEMBER, LLC (DE)
|
107. METLIFE 1007 STEWART, LLC (DE)
|
108. METLIFE 1201 TAB MEMBER, LLC (DE)
|
109. METLIFE ADMINISTRADORA DE FUNDOS MULTIPATROCINADOS LTDA. (BRAZIL)
|
110. METLIFE ADVISERS, LLC (MA)
|
111. METLIFE AFORE, S.A. DE C.V. (MEXICO)
|
112. METLIFE AKCIONARSKO DRUSTVO za ZIVOTNO OSIGURANJE U LIKVIDACI JI (SERBIA)
|
113. METLIFE ALTERNATIVE GP, LLC (DE)
|
114. METLIFE ASIA HOLDING COMPANY PTE. LTD. (SINGAPORE)
|
115. METLIFE ASIA LIMITED (HONG KONG)
|
116. METLIFE ASSET MANAGEMENT CORP. (JAPAN)
|
117. METLIFE ASSOCIATES LLC (DE)
|
118. METLIFE AUTO & HOME INSURANCE AGENCY, INC. (RI)
|
119. METLIFE CABO HILTON MEMBER, LLC (DE)
|
120. METLIFE CAMINO RAMON MEMBER, LLC (DE)
|
121. METLIFE CANADIAN PROPERTY VENTURES LLC (NY)
|
122. METLIFE CAPITAL CREDIT L.P. (DE)
|
123. METLIFE CAPITAL TRUST IV (DE)
|
124. METLIFE CAPITAL TRUST X (DE)
|
125. METLIFE CAPITAL, LIMITED PARTNERSHIP (DE)
|
126. METLIFE CB W/A, LLC (DE)
|
127. METLIFE CC MEMBER, LLC (DE)
|
128. METLIFE CHILE ADMINISTRADORA DE MUTUOS HIPOTECARIOS S.A. (CHILE)
|
129. METLIFE CHILE INVERSIONES LIMITADA (CHILE)
|
130. METLIFE CHILE SEGUROS DE VIDA S.A. (CHILE)
|
131. METLIFE CHILE SEGUROS GENERALES S.A. (CHILE)
|
132. METLIFE COLOMBIA SEGUROS de VIDA S.A. (COLOMBIA)
|
133. METLIFE CONSUMER SERVICES, INC. (DE)
|
134. METLIFE COMMERCIAL MORTGAGE INCOME FUND GP, LLC (DE)
|
135. METLIFE CORE PROPERTY FUND GP, LLC (DE)
|
136. METLIFE CREDIT CORP.(DE)
|
137. METLIFE EMEKLILIK DE HAYAT A.S. (TURKEY)
|
138. METLIFE EU HOLDING COMPANY LIMITED (IRELAND)
|
139. METLIFE EUROPE INSURANCE LIMITED (IRELAND)
|
140. METLIFE EUROPE LIMITED (IRELAND)
|
141. METLIFE EUROPE SERVICES LIMITED (IRELAND)
|
142. METLIFE EUROPEAN HOLDINGS, LLC. (DE)
|
143. METLIFE EXCHANGE TRUST I (DE)
|
144. METLIFE FM HOTEL MEMBER, LLC (DE)
|
145. METLIFE FUNDING, INC. (DE)
|
146. METLIFE GENERAL INSURANCE LIMITED (AUSTRALIA)
|
147. METLIFE GLOBAL BENEFITS, LTD. (CAYMAN ISLANDS)
|
148. METLIFE GLOBAL HOLDING COMPANY I GmbH (SWISS I) (SWITZERLAND)
|
149. METLIFE GLOBAL HOLDING COMPANY II GmbH (SWISS II) (SWITZERLAND)
|
150. METLIFE GLOBAL HOLDINGS CORPORATION S.A. De C.V.(MEXICO)
|
151. METLIFE GLOBAL OPERATIONS SUPPORT CENTER PRIVATE LIMITED(INDIA)
|
152. METLIFE GLOBAL, INC. (DE)
|
153. METLIFE GREENSTONE SOUTHEAST VENTURES, LLC (DE)
|
154. METLIFE GROUP, INC. (NY)
|
155. METLIFE HCMJV 1 GP, LLC (DE)
|
156. METLIFE HCMJV LP, LLC (DE)
|
157. METLIFE HEALTH PLANS, INC. (DE)
|
158. METLIFE HOLDINGS, INC. (DE)
|
159. METLIFE HOLDINGS (CYPRUS) LIMITED (CYPRUS)
|
160. METLIFE HOME LOANS LLC (DE)
|
161. METLIFE INNOVATION CENTRE PTE. LTD. (SINGAPORE)
|
162. METLIFE INSURANCE AND INVESTMENT TRUST (AUSTRALIA)
|
163. METLIFE INSURANCE COMPANY USA (DE)
|
164. METLIFE INSURANCE K.K. (JAPAN)
|
165. METLIFE INSURANCE LIMITED (AUSTRALIA)
|
166.
METLIFE INSURANCE LIMITED (UNITED KINGDOM)
|
167. METLIFE INTERNATIONAL HF PARTNERS, LP (CAYMAN ISLANDS)
|
168. METLIFE INTERNATIONAL HOLDINGS, LLC (DE)
|
169. METLIFE INTERNATIONAL LIMITED, LLC (DE)
|
170. METLIFE INTERNATIONAL PE FUND I, LP (CAYMAN ISLANDS)
|
171. METLIFE INTERNATIONAL PE FUND II, LP (CAYMAN ISLANDS)
|
172. METLIFE INTERNATIONAL PE FUND III, LP (CAYMAN ISLANDS)
|
173. METLIFE INVESTMENT ADVISORS, LLC (DE)
|
174. METLIFE INVESTMENTS ASIA LIMITED (HONG KONG)
|
175. METLIFE INVESTMENTS LIMITED (UNITED KINGDOM)
|
176. METLIFE INVESTMENT MANAGEMENT LIMITED (UNITED KINGDOM)
|
177. METLIFE INVESTMENTS PTY LIMITED (AUSTRALIA)
|
178. METLIFE INVESTORS DISTRIBUTION COMPANY (MO)
|
179. METLIFE INVESTORS GROUP, LLC (DE)
|
180. METLIFE IRELAND HOLDINGS ONE LIMITED (IRELAND)
|
181. METLIFE IRELAND TREASURY LIMITED (IRELAND)
|
182. METLIFE LATIN AMERICA ASESORIAS E INVERSIONES LIMITADA (CHILE)
|
183. METLIFE LHH MEMBER, LLC (DE)
|
184. METLIFE LIFE INSURANCE S.A. (GREECE)
|
185. METLIFE LIMITED (HONG KONG)
|
186. METLIFE LIMITED (UNITED KINGDOM)
|
187. METLIFE LOAN ASSET MANAGEMENT LLC (DE)
|
188. METLIFE MALL VENTURES LIMITED PARTNERSHIP (DE)
|
189. METLIFE MAS, S.A. DE C.V. (MEXICO)
|
190. METLIFE MEXICO S.A. (MEXICO)
|
191. METLIFE MEXICO SERVICIOS, S.A. DE C.V. (MEXICO)
|
192. METLIFE OFC MEMBER, LLC (DE)
|
193. METLIFE OBS MEMBER, LLC (DE)
|
194. METLIFE PARK TOWER MEMBER, LLC (DE)
|
195. METLIFE PENSIONES MEXICO S.A. (MEXICO)
|
196. METLIFE PENSION TRUSTEES LIMITED (UK)
|
197. METLIFE PLANOS ODONTOLOGICOS LTDA. (BRAZIL)
|
198. METLIFE POWSZECHNE TOWARTZYSTWO EMERYTALNE S.A. (POLAND)
|
199. METLIFE PRIVATE EQUITY HOLDINGS, LLC (DE)
|
200. METLIFE PROPERTIES VENTURES, LLC (DE)
|
201. METLIFE PROPERTY VENTURES CANADA ULC (CANADA)
|
202. METLIFE RC SF MEMBER, LLC (DE)
|
203. METLIFE REINSURANCE COMPANY OF BERMUDA LTD. (BERMUDA)
|
204. METLIFE REINSURANCE COMPANY OF CHARLESTON (SC)
|
205. METLIFE REINSURANCE COMPANY OF DELAWARE (DE)
|
206. METLIFE REINSURANCE COMPANY OF SOUTH CAROLINA (SC)
|
207. METLIFE REINSURANCE COMPANY OF VERMONT (VT)
|
208. METLIFE RENEWABLES HOLDING, LLC (DE)
|
209. METLIFE RETIREMENT SERVICES LLC (NJ)
|
210. METLIFE SAENGMYOUNG INSURANCE COMPANY LTD. (SOUTH KOREA)- (also known as MetLife Insurance Company of Korea Limited)
|
211.
METLIFE SECURITIES, INC. (DE)
|
212. METLIFE SEGUROS DE RETIRO S.A. (ARGENTINA)
|
213. METLIFE SEGUROS S.A. (URUGUAY)
|
214. METLIFE SEGUROS S.A. (ARGENTINA)
|
215. METLIFE SERVICES AND SOLUTIONS, LLC (DE)
|
216. METLIFE SERVICES EAST PRIVATE LIMITED (INDIA)
|
217. METLIFE SERVICES EEIG (IRELAND)
|
218. METLIFE SERVICES EOOD (BULGARIA)
|
219. METLIFE SERVICES, SOCIEDAD LIMITADA (SPAIN)
|
220. METLIFE SERVICES SP Z.O.O (POLAND)
|
221. METLIFE SERVICIOS S.A. (ARGENTINA)
|
222. METLIFE SLOVAKIA S.R.O.(SLOVAKIA)
|
223. METLIFE SOLUTIONS PTE. LTD. (SINGAPORE)
|
224. METLIFE SOLUTIONS S.A.S. (FRANCE)
|
225. METLIFE SP HOLDINGS, LLC (DE)
|
226. METLIFE STANDBY I, LLC (DE)
|
227. METLIFE THR INVESTOR, LLC (DE)
|
228. METLIFE TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A. (POLAND)
|
229. METLIFE TOWARZYSTWO UBEZPIECZEN NA ZYCIE I REASEKURACJI S.A. (POLAND)
|
230. METLIFE TOWER RESOURCES GROUP, INC. (DE)
|
231. METLIFE TREAT TOWERS MEMBER, LLC (DE)
|
232. METLIFE USA ASSIGNMENT COMPANY (CT
|
233. METLIFE WORLDWIDE HOLDINGS, LLC (DE)
|
234. METROPOLITAN CASUALTY INSURANCE COMPANY (RI)
|
235. METROPOLITAN CONNECTICUT PROPERTIES VENTURES, LLC (DE)
|
236. METROPOLITAN DIRECT PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
237. METROPOLITAN GENERAL INSURANCE COMPANY (RI)
|
238. METROPOLITAN GLOBAL MANAGEMENT, LLC. (DE/ IRELAND)
|
239. METROPOLITAN GROUP PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
240. METROPOLITAN LIFE ASIGURARI S.A. (ROMANIA)
|
241. METROPOLITAN LIFE INSURANCE COMPANY (NY)
|
242. METROPOLITAN LIFE INSURANCE COMPANY OF HONG KONG LIMITED (HONG KONG)
|
243. METROPOLITAN LIFE SEGUROS E PREVIDÊNCIA PRIVADA S.A. (BRAZIL)
|
244. METROPOLITAN LIFE SOCIETATE de ADMINISTRARE a UNUI FOND de PENSII ADMINISTRAT PRIVAT S.A. (ROMANIA)
|
245. METROPOLITAN LIFE TRAINING & CONSULTING S.R.L. (ROMANIA)
|
246. METROPOLITAN LLOYDS, INC. (TX)
|
247. METROPOLITAN PROPERTY AND CASUALTY INSURANCE COMPANY (RI)
|
248. METROPOLITAN TOWER LIFE INSURANCE COMPANY (DE)
|
249. METROPOLITAN TOWER REALTY COMPANY, INC. (DE)
|
250. MEX DF PROPERTIES, LLC (DE)
|
251. MIDTOWN HEIGHTS, LLC (DE)
|
252. MIM PROPERTY MANAGEMENT, LLC (DE)
|
253. MISSOURI REINSURANCE, INC. (CAYMAN ISLANDS)
|
254. ML 1065 HOTEL, LLC (DE)
|
255. ML-AI METLIFE MEMBER 1, LLC (DE)
|
256. ML-AI METLIFE MEMBER 2, LLC (DE)
|
257. MLA COMERCIAL, S.A. DE C.V. (MEXICO)
|
258. MLA SERVICIOS, S.A. DE C.V. (MEXICO)
|
259. ML BRIDGESIDE APARTMENTS LLC (DE)
|
260. ML CAPACITACION COMERCIAL S.A. DE C.V. (MEXICO)
|
261. ML DOLPHIN GP, LLC (DE)
|
262. ML DOLPHIN MEZZ, LLC (DE)
|
263. ML MILILANI MEMBER, LLC (DE)
|
264. ML NEW RIVER VILLAGE III, LLC (DE)
|
265. ML NORTH BRAND MEMBER, 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. MM GLOBAL OPERATIONS SUPPORT CENTER, S.A. DE C.V. (MEXICO)
|
275. MSV IRVINE PROPERTY, LLC (DE)
|
276. MTC FUND I, LLC (DE)
|
277. MTC FUND II, LLC (DE)
|
278. MTC FUND III, LLC (DE)
|
279. MTL LEASING, LLC (DE)
|
280. NATILOPORTEM HOLDINGS, LLC (DE)
|
281. NEW ENGLAND LIFE INSURANCE COMPANY (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 TOWER JV MEMBER, LLC (DE)
|
292. PARK TOWER REIT, INC. (DE)
|
293. PARK TWENTY THREE INVESTMENTS COMPANY (UNITED KINGDOM)
|
294. PJSC METLIFE (UKRAINE)
|
295. PLAZA DRIVE PROPERTIES LLC (DE)
|
296. PREFCO DIX-HUIT LLC (CT)
|
297. PREFCO FOURTEEN LIMITED PARTNERSHIP (CT)
|
298. PREFCO IX REALTY LLC (CT)
|
299.
PREFCO TEN LIMITED PARTNERSHIP (CT)
|
300. PREFCO TWENTY LIMITED PARTNERSHIP (CT)
|
301. PREFCO VINGT LLC (CT)
|
302. PREFCO X HOLDINGS LLC (CT)
|
303. PREFCO XIV HOLDINGS LLC (CT)
|
304. PROVIDA INTERNACIONAL S.A. (CHILE)
|
305. RIVERWAY RESIDENTIAL, LP (DE)
|
306. SAFEGUARD HEALTH PLANS, INC. (CA)
|
307. SAFEGUARD HEALTH PLANS, INC. (FL)
|
308. SAFEGUARD HEALTH PLANS, INC. (NV)
|
309. SAFEGUARD HEALTH PLANS, INC. (TX)
|
310. SAFEGUARD HEATLH ENTERPRISES, INC. (DE)
|
311. SAFEHEALTH LIFE INSURANCE COMPANY (CA)
|
312. SANDPIPER COVE ASSOCIATES, LLC (DE)
|
313. SANDPIPER COVE ASSOCIATES II, LLC
|
314. ST. JAMES FLEET INVESTMENTS TWO LIMITED (CAYMAN ISLANDS)
|
315. TEN PARK SPC (CAYMAN ISLANDS)
|
316. THE BUILDING AT 575 FIFTH AVENUE MEZZANINE LLC (DE)
|
317. THE BUILDING AT 575 FIFTH RETAIL HOLDING LLC (DE)
|
318. THE BUILDING AT 575 FIFTH RETAIL OWNER (DE)
|
319. THE DIRECT CALL CENTRE PTY LIMITED (AUSTRALIA)
|
320. THE PROSPECT COMPANY (DE)
|
321. THE WORTHINGTON SERIES TRUST (DE)
|
322. TIC EUROPEAN REAL ESTATE LP, LLC (DE)
|
323. TLA HOLDINGS II LLC (DE)
|
324. TLA HOLDINGS III LLC (DE)
|
325. TLA HOLDINGS LLC (DE)
|
326. TRAL & CO. (CT)
|
327. TRANSMOUNTAIN LAND & LIVESTOCK COMPANY (MT)
|
328. TREMONT PARTNERS, LP (DE)
|
329. VIRIDIAN MIRACLE MILE, LLC (DE)
|
330. WFP 1000 HOLDING COMPANY GP, LLC (DE)
|
331. WHITE OAK ROYALTY COMPANY (OK)
|
332. ZAO MASTER D (RUSSIA)
|
|
333.
AFP PROVIDA S.A. (CHILE) 94.7%
|
334. ALICO PROPERTIES, INC. (DE) 51%
|
335. AMMETLIFE INSURANCE BERHAD (MALAYSIA) 50.000001%
|
336. AMMETLIFE TAKAFUL BERHAD (MALAYSIA) 49.999999%
|
337. BIDV METLIFE LIFE INSURANCE LIMITED LIABILITY COMPANY (VIETNAM) 60%
|
338. HELLENIC ALICO LIFE INSURANCE COMPANY, Ltd. (CYPRUS) 27.5%
|
339. HMS MASTER LIMITED PARTNERSHIP (DE) 60%
|
340. HMS SOUTHPARK RESIDENTIAL LLC (DE) 60%
|
341. MAXIS GBN S.A.S. (FRANCE) 50%
|
342. MCP 7 RIVERWAY, LLC (DE) 20%
|
343. MCP 60 11TH STREET MEMBER, LLC (DE) 20%
|
344. MCP 100 CONGRESS, LLC (DE) 20%
|
345. MCP 3040 POST OAK, LLC (DE) 20%
|
346. MCP 550 WEST WASHINGTON, LLC (DE) 20%
|
347. MCP 1900 MCKINNEY, LLC (DE) 20%
|
348. MCP 4600 SOUTH SYRACUSE, LLC (DE) 20%
|
349. MCP 9020 MURPHY ROAD, LLC (DE) 20%
|
350. MCP ASHTON SOUTH END, LLC (DE) 20%
|
351. MCP BUFORD LOGISTICS CENTER 2 MEMBER, LLC (DE) 20%
|
352. MCP DMCBP PHASE II VENTURE, LLC (DE) 20%
|
353. MCP DENVER PAVILIONS MEMEBR, LLC (DE)20%
|
354. MCP ENV CHICAGO, LLC (DE) 20%
|
355. MCP FIFE ENTERPRISE MEMBER, LLC (DE) 20%
|
356. MCP HIGHLAND PARK LENDER, LLC (DE) 20%
|
357. MCPF ACQUISITION, LLC (DE) 20%
|
358. MCP LODGE AT LAKECREST, LLC (DE) 20%
|
359. MCP MAGNOLIA PARK MEMBER, LLC (DE) 20%
|
360. MCP MAIN STREET VILLAGE, LLC (DE) 20%
|
361. MCP ONE WESTSIDE, LLC (DE) 20%
|
362. MCP PARAGON POINT, LLC (DE) 20%
|
363. MCP PLAZA AT LEGACY, LLC (DE) 20%
|
364.
MCP PROPERTY MANAGEMENT, LLC (DE) 20%
|
365. MCP SOCAL INDUSTRIAL – ANAHEIM, LLC (DE) 20%
|
366. MCP SOCAL INDUSTRIAL – BERNADO, LLC (DE) 20%
|
367. MCP SOCAL INDUSTRIAL – CANYON, LLC (DE) 20%
|
368. MCP SOCAL INDUSTRIAL – CONCOURSE, LLC (DE) 20%
|
369. MCP SOCAL INDUSTRIAL – FULLERTON, LLC (DE) 20%
|
370. MCP SOCAL INDUSTRIAL – KELLWOOD, LLC (DE) 20%
|
371. MCP SOCAL INDUSTRIAL – LAX, LLC (DE) 20%
|
372. MCP SOCAL INDUSTRIAL – LOKER, LLC (DE) 20%
|
373. MCP SOCAL INDUSTRIAL – ONTARIO, LLC (DE) 20%
|
374. MCP SOCAL INDUSTRIAL – REDONDO, LLC (DE) 20%
|
375. MCP SOCAL INDUSTRIAL – SPRINGDALE, LLC (DE) 20%
|
376. MCP THE PALMS AT DORAL, LLC (DE) 20%
|
377. MCP TRIMBLE CAMPUS, LLC (DE) 20%
|
378. MCP WATERFORD ATRIUM, LLC (DE) 20%
|
379. METLIFE AMERICAN INTERNATIONAL GROUP AND ARAB NATIONAL BANK COOPERATIVE INSURANCE COMPANY (SAUDI ARABIA) 30%
|
380. METLIFE CORE PROPERTY FUND, LP (DE)
|
381. METLIFE CORE PROPERTY HOLDINGS, LLC (DE)
|
382. METLIFE CORE PROPERTY REIT, LLC (DE)
|
383. METLIFE MUTUAL FUND S.A. (GREECE) 90%
|
384. METROPOLITAN LLOYDS INSURANCE COMPANY OF TEXAS (TX)
|
385. PHARAONIC AMERICAN LIFE INSURANCE COMPANY (EGYPT) 84.125%
|
386. PNB METLIFE INDIA INSURANCE COMPANY LIMITED (INDIA) (26%)
|
387. SINO-US UNITED METLIFE INSURANCE CO., LTD. (CHINA) 50%
|
388. UBB-METLIFE 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 |