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Junior Subordinated Debt Securities (Tables)
12 Months Ended
Dec. 31, 2013
Junior Subordinated Notes [Abstract]  
Outstanding Junior Subordinated Debt Securities
Outstanding junior subordinated debt securities and trust securities which MetLife, Inc. will exchange for junior subordinated debt securities prior to redemption or repayment were as follows:

 

 

 

 

 

 

 
Carrying Value at December 31,
Issuer
 
Issue Date
 
Face Value
 
Interest Rate (2)
 
Scheduled
Redemption
Date
 
Interest Rate
Subsequent to
Scheduled
Redemption
Date (3)
 
Final
Maturity
 
2013
 
2012
 
 
 
(In millions)
 
 
 
 
 
 
 
 
(In millions)
MetLife, Inc.
 
July 2009
 
$
500

 
10.750
%
 
August 2039
 
LIBOR + 7.548%
 
August 2069
 
$
500

 
$
500

MetLife Capital Trust X (1)
 
April 2008
 
$
750

 
9.250
%
 
April 2038
 
LIBOR + 5.540%
 
April 2068
 
750

 
750

MetLife Capital Trust IV (1)
 
December 2007
 
$
700

 
7.875
%
 
December 2037
 
LIBOR + 3.960%
 
December 2067
 
695

 
694

MetLife, Inc.
 
December 2006
 
$
1,250

 
6.400
%
 
December 2036
 
LIBOR + 2.205%
 
December 2066
 
1,248

 
1,248

 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
3,193

 
$
3,192

______________
(1)
MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. The exchangeable surplus trust securities are classified as junior subordinated debt securities for purposes of financial statement presentation.
(2)
Prior to the scheduled redemption date, interest is payable semiannually in arrears.
(3)
In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears.