Equity (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Dividends Paid, Preferred Stock

Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A and Series B preferred shares was as follows:



			Dividend
Declaration Date	Record Date	Payment Date	Series A Per Share		Series A Aggregate		Series B Per Share		Series B Aggregate
			(In millions, except per share data)
November 15, 2013	November 30, 2013	December 16, 2013	$	0.253	$	7	$	0.406	$	24
August 15, 2013	August 31, 2013	September 16, 2013	$	0.256	6		$	0.406	24
May 15, 2013	May 31, 2013	June 17, 2013	$	0.256	7		$	0.406	24
March 5, 2013	February 28, 2013	March 15, 2013	$	0.250	6		$	0.406	24
					$	26			$	96
November 15, 2012	November 30, 2012	December 17, 2012	$	0.253	$	7	$	0.406	$	24
August 15, 2012	August 31, 2012	September 17, 2012	$	0.256	6		$	0.406	24
May 15, 2012	May 31, 2012	June 15, 2012	$	0.256	7		$	0.406	24
March 5, 2012	February 29, 2012	March 15, 2012	$	0.253	6		$	0.406	24
					$	26			$	96
November 15, 2011	November 30, 2011	December 15, 2011	$	0.253	$	7	$	0.406	$	24
August 15, 2011	August 31, 2011	September 15, 2011	$	0.256	6		$	0.406	24
May 16, 2011	May 31, 2011	June 15, 2011	$	0.256	7		$	0.406	24
March 7, 2011	February 28, 2011	March 15, 2011	$	0.250	6		$	0.406	24
					$	26			$	96

Schedule of Dividends Paid, Common Stock

The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock:



			Dividend
Declaration Date	Record Date	Payment Date	Per Share		Aggregate
			(In millions, except per share data)
October 22, 2013	November 8, 2013	December 13, 2013	$	0.275	$	311
June 25, 2013	August 9, 2013	September 13, 2013	$	0.275	303
April 23, 2013	May 9, 2013	June 13, 2013	$	0.275	302
January 4, 2013	February 6, 2013	March 13, 2013	$	0.185	203
					$	1,119

October 23, 2012	November 9, 2012	December 14, 2012	$	0.740	$	811
October 25, 2011	November 9, 2011	December 14, 2011	$	0.740	$	787

Components of compensation expense related to stock based compensation

The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards, and excludes the insignificant compensation expense related to the 2005 Directors Stock Plan. Those components were:



	Years Ended December 31,
	2013		2012		2011
	(In millions)
Stock Options and Unit Options	$	39	$	61	$	58
Performance Shares and Units (1)	91		80		68
Restricted Stock Units and Restricted Units	45		27		18
Total compensation expense	$	175	$	168	$	144
Income tax benefit	$	61	$	59	$	50

______________


(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.

Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized

The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at:



	December 31, 2013
	Expense		Weighted Average Period
	(In millions)		(Years)
Stock Options	$	25	1.27
Performance Shares	$	61	1.71
Restricted Stock Units	$	42	1.88

Activity related to Stock Options

A summary of the activity related to Stock Options was as follows:



	Shares Under Option		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
					(Years)	(In millions)
Outstanding at January 1, 2013	35,153,071		$	40.89	5.50	$	51
Granted	1,310,019		$	35.96
Exercised	(6,357,522	)	$	31.80
Expired	(183,662	)	$	50.46
Forfeited	(170,530	)	$	39.86
Outstanding at December 31, 2013	29,751,376		$	42.56	5.19	$	379
Expected to vest at a future date as of December 31, 2013	29,536,674		$	42.60	5.16	$	376
Exercisable at December 31, 2013	22,786,277		$	43.56	4.32	$	277

______________


(1)	The aggregate intrinsic value was computed using the closing Share price on December 31, 2013 of $53.92 and December 31, 2012 of $32.94, as applicable.

Weighted average assumptions used to determine the fair value of Stock Options issued

The following table presents the weighted average assumptions, with the exception of risk-free rate, which is expressed as a range, used to determine the fair value of Stock Options issued:



	Years Ended December 31,
	2013		2012		2011
Dividend yield	2.13%		1.95%		1.65%
Risk-free rate of return	0.16%-3.89%		0.21%-4.17%		0.29%-5.51%
Expected volatility	32.98%		35.59%		32.64%
Exercise multiple	1.51		1.58		1.69
Post-vesting termination rate	3.16%		3.14%		3.36%
Contractual term (years)	10		10		10
Expected life (years)	7		7		7
Weighted average exercise price of stock options granted	$	35.96	$	37.91	$	45.16
Weighted average fair value of stock options granted	$	9.88	$	11.33	$	14.27

Stock Option exercise activity

The following table presents a summary of Stock Option exercise activity:



	Years Ended December 31,
	2013		2012		2011
	(In millions)
Total intrinsic value of stock options exercised	$	79	$	29	$	41
Cash received from exercise of stock options	$	202	$	109	$	88
Income tax benefit realized from stock options exercised	$	28	$	10	$	14

Performance Share and Restricted Stock Unit Activity

The following table presents a summary of Performance Share and Restricted Stock Unit activity:



	Performance Shares				Restricted Stock Units
	Shares		Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2013	4,822,028		$	36.93	2,080,148		$	36.55
Granted	1,749,212		$	50.86	2,182,213		$	32.34
Forfeited	(151,075	)	$	40.87	(395,365	)	$	33.97
Payable (1)	(1,346,025	)	$	32.24	(538,480	)	$	33.17
Outstanding at December 31, 2013	5,074,140		$	42.86	3,328,516		$	33.35
Expected to vest at a future date as of December 31, 2013	5,067,337		$	38.60	2,995,664		$	33.34

______________


(1)	Includes both Shares paid and Shares deferred for later payment.

Liability Award Unit Activity

The following table presents a summary of Liability Awards activity:



	Unit Options		Restricted Units		Performance Units
Outstanding at January 1, 2013	1,370,317		740,436		305,164
Granted	48,301		445,740		297,834
Exercised	(127,386	)	—		—
Forfeited	(69,606	)	(127,329	)	(15,761	)
Paid	—		(79,325	)	(55,349	)
Outstanding at December 31, 2013	1,221,626		979,522		531,888
Expected to vest at a future date as of December 31, 2013	1,137,832		881,570		478,699

Schedules of statutory net income, and capital and surplus by subsidiary

Statutory net income (loss) was as follows:



		Years Ended December 31,
Company	State of Domicile	2013		2012		2011
		(In millions)
Metropolitan Life Insurance Company	New York	$	369	$	1,320	$	1,970
American Life Insurance Company	Delaware	$	631	$	317	$	334
MetLife Insurance Company of Connecticut	Connecticut	$	790	$	848	$	46
Metropolitan Property and Casualty Insurance Company	Rhode Island	$	282	$	235	$	41
Metropolitan Tower Life Insurance Company	Delaware	$	52	$	61	$	63

Statutory capital and surplus was as follows at:



	December 31,
Company	2013		2012
	(In millions)
Metropolitan Life Insurance Company	$	12,428	$	14,295
American Life Insurance Company	$	2,711	$	3,044
MetLife Insurance Company of Connecticut	$	4,795	$	5,331
Metropolitan Property and Casualty Insurance Company	$	2,225	$	1,987
Metropolitan Tower Life Insurance Company	$	735	$	781

Dividend Payment Restrictions

The table below sets forth the dividends permitted to be paid by the respective insurance subsidiary without insurance regulatory approval and the respective dividends paid:



	2014		2013						2012
Company	Permitted w/o Approval (1)		Paid (2)				Permitted w/o Approval (3)		Paid (2)			Permitted w/o Approval (3)
	(In millions)
Metropolitan Life Insurance Company	$	1,116	$	1,428			$	1,428	$	1,023		$	1,350
American Life Insurance Company	$	—	$	—			$	523	$	1,300	(4)	$	168
MetLife Insurance Company of Connecticut	$	1,061	$	1,000			$	1,330	$	706	(5)	$	504
Metropolitan Property and Casualty Insurance Company	$	218	$	100			$	74	$	100		$	—
Metropolitan Tower Life Insurance Company	$	73	$	109	(6	)	$	77	$	82		$	82
MetLife Investors Insurance Company	$	99	$	129			$	129	$	18		$	18
Delaware American Life Insurance Company	$	16	$	—			$	7	$	—		$	12

______________


(1)	Reflects dividend amounts that may be paid during 2014 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 2014, some or all of such dividends may require regulatory approval.


(2)	Reflects all amounts paid, including those requiring regulatory approval.


(3)	Reflects dividend amounts that could have been paid during the relevant year without prior regulatory approval.


(4)	During May 2012, American Life received regulatory approval to pay an extraordinary dividend for an amount up to the funds remitted in connection with the restructuring of American Life’s business in Japan. Subsequently, $1.5 billion was remitted to American Life. See Note 3. Of this approved amount, $1.3 billion was paid to MetLife, Inc. as an extraordinary dividend.

(5)

During June 2012, MICC distributed shares of an affiliate to its stockholders as an in-kind extraordinary dividend of $202 million as calculated on a statutory basis. Regulatory approval for this extraordinary dividend was obtained due to the timing of payment. During December 2012, MICC paid a dividend to its stockholders in the amount of $504 million, which represented its ordinary dividend capacity at December 31, 2012. Due to the June 2012 in-kind dividend, a portion of this was extraordinary and regulatory approval was obtained.

(6)

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.

Components of Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc., net of income tax, was as follows:



	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, 2010	$	3,161		$	(39	)	$	(528	)	$	(1,449	)	$	1,145
OCI before reclassifications	7,637			1,595			42			(893		)	8,381
Income tax expense (benefit)	(2,604		)	(557		)	(162		)	312			(3,011		)
OCI before reclassifications, net of income tax	8,194			999			(648		)	(2,030		)	6,515
Amounts reclassified from AOCI	(766		)	(21		)	—			133			(654		)
Income tax expense (benefit)	261			7			—			(46		)	222
Amounts reclassified from AOCI, net of income tax	(505		)	(14		)	—			87			(432		)
Balance at December 31, 2011	7,689			985			(648		)	(1,943		)	6,083
OCI before reclassifications	9,321			(262		)	(134		)	(996		)	7,929
Income tax expense (benefit)	(3,457		)	92			249			350			(2,766		)
OCI before reclassifications, net of income tax	13,553			815			(533		)	(2,589		)	11,246
Amounts reclassified from AOCI	58			24			—			154			236
Income tax expense (benefit)	(23		)	(8		)	—			(54		)	(85		)
Amounts reclassified from AOCI, net of income tax	35			16			—			100			151
Balance at December 31, 2012	13,588			831			(533		)	(2,489		)	11,397
OCI before reclassifications	(8,487		)	(937		)	(937		)	1,078			(9,283		)
Income tax expense (benefit)	2,807			312			(189		)	(379		)	2,551
OCI before reclassifications, net of income tax	7,908			206			(1,659		)	(1,790		)	4,665
Amounts reclassified from AOCI	411			36			—			214			661
Income tax expense (benefit)	(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

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(1)	See Note 8 for information on offsets to investments related to insurance liabilities, DAC and VOBA and the policyholder dividend obligation.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

Information regarding amounts reclassified out of each component of AOCI, was as follows:



AOCI Components	Amounts Reclassified from AOCI									Statement of Operations and Comprehensive Income (Loss) Location
	Years Ended December 31,
	2013			2012			2011
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	404		$	(34	)	$	(952	)	Other net investment gains (losses)
Net unrealized investment gains (losses)	93			73			73			Net investment income
Net unrealized investment gains (losses)	(26		)	(10		)	144			Net derivative gains (losses)
OTTI	(60		)	29			(31		)	OTTI on fixed maturity securities
Net unrealized investment gains (losses), before income tax	411			58			(766		)
Income tax (expense) benefit	(136		)	(23		)	261
Net unrealized investment gains (losses), net of income tax	$	275		$	35		$	(505	)
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	$	20		$	1		$	(42	)	Net derivative gains (losses)
Interest rate swaps	8			4			1			Net investment income
Interest rate swaps	—			(3		)	(10		)	Other expenses
Interest rate forwards	10			1			31			Net derivative gains (losses)
Interest rate forwards	3			2			1			Net investment income
Interest rate forwards	(1		)	(1		)	(1		)	Other expenses
Foreign currency swaps	(3		)	23			—			Net derivative gains (losses)
Foreign currency swaps	(3		)	(5		)	(6		)	Net investment income
Foreign currency swaps	1			1			2			Other expenses
Credit forwards	—			—			2			Net derivative gains (losses)
Credit forwards	1			1			1			Net investment income
Gains (losses) on cash flow hedges, before income tax	36			24			(21		)
Income tax (expense) benefit	(11		)	(8		)	7
Gains (losses) on cash flow hedges, net of income tax	$	25		$	16		$	(14	)

Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	$	283		$	252		$	237
Amortization of prior service (costs) credit	(69		)	(98		)	(104		)
Amortization of defined benefit plan items, before income tax	214			154			133
Income tax (expense) benefit	(75		)	(54		)	(46		)
Amortization of defined benefit plan items, net of income tax	$	139		$	100		$	87
Total reclassifications, net of income tax	$	439		$	151		$	(432	)

__________________


(1)	These AOCI components are included in the computation of net periodic benefit costs. See Note 18.