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Investments (Tables)

9 Months Ended

Sep. 30, 2015

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the fixed maturity and equity securities available-for-sale (“AFS”) by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”).



	September 30, 2015											December 31, 2014
	Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value
	Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses			Estimated Fair Value		Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses			Estimated Fair Value
	(In millions)
Fixed maturity securities
U.S. corporate	$	95,156	$	7,525	$	1,717	$	7		$	100,957	$	96,235	$	10,343	$	624	$	—		$	105,954
Foreign corporate	56,545		3,465		1,606		—			58,404		57,695		4,651		664		7			61,675
U.S. Treasury and agency	53,624		6,216		169		—			59,671		54,654		6,892		30		—			61,516
Foreign government	45,346		5,361		184		—			50,523		47,327		5,500		161		—			52,666
RMBS	38,696		1,720		288		78			40,050		38,064		2,102		214		106			39,846
State and political subdivision	13,678		1,863		53		9			15,479		12,922		2,291		26		—			15,187
CMBS (1)	12,001		437		77		(1		)	12,362		13,762		615		46		(1		)	14,332
ABS	14,157		162		181		6			14,132		14,121		240		112		—			14,249
Total fixed maturity securities	$	329,203	$	26,749	$	4,275	$	99		$	351,578	$	334,780	$	32,634	$	1,877	$	112		$	365,425
Equity securities
Common stock	$	2,040	$	375	$	99	$	—		$	2,316	$	1,990	$	554	$	28	$	—		$	2,516
Non-redeemable preferred stock	1,056		75		48		—			1,083		1,086		68		39		—			1,115
Total equity securities	$	3,096	$	450	$	147	$	—		$	3,399	$	3,076	$	622	$	67	$	—		$	3,631

__________________


(1)	The noncredit loss component of other-than-temporary-impairment (“OTTI”) losses for CMBS was in an unrealized gain position of $1 million at both September 30, 2015 and December 31, 2014, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities by contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2015:



	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	$	13,401	$	72,334	$	70,970	$	107,644	$	64,854	$	329,203
Estimated fair value	$	13,476	$	75,724	$	74,741	$	121,093	$	66,544	$	351,578

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position.



	September 30, 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	$	23,232	$	1,323	$	3,027	$	401	$	11,389	$	331	$	4,658	$	293
Foreign corporate	14,386		1,043		3,343		563		9,410		505		2,074		166
U.S. Treasury and agency	3,180		167		303		2		8,927		12		1,314		18
Foreign government	2,881		118		433		66		1,085		80		630		81
RMBS	6,431		179		2,077		187		4,180		92		2,534		228
State and political subdivision	1,415		43		100		19		83		1		297		25
CMBS	2,401		46		600		30		1,268		23		934		22
ABS	5,772		116		2,240		71		4,456		57		1,440		55
Total fixed maturity securities	$	59,698	$	3,035	$	12,123	$	1,339	$	40,798	$	1,101	$	13,881	$	888
Equity securities
Common stock	$	292	$	98	$	9	$	1	$	111	$	28	$	1	$	—
Non-redeemable preferred stock	89		3		183		45		67		2		192		37
Total equity securities	$	381	$	101	$	192	$	46	$	178	$	30	$	193	$	37
Total number of securities in an unrealized loss position	5,256				1,275				3,153				1,435

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	September 30, 2015					December 31, 2014
	Carrying Value			% of Total		Carrying Value			% of Total
	(In millions)					(In millions)
Mortgage loans:
Commercial	$	41,619		65.5	%	$	41,088		68.3	%
Agricultural	12,771			20.1		12,378			20.6
Residential	8,955			14.1		6,369			10.6
Subtotal (1)	63,345			99.7		59,835			99.5
Valuation allowances	(311		)	(0.5	)	(305		)	(0.5	)
Subtotal mortgage loans, net	63,034			99.2		59,530			99.0
Residential — fair value option (“FVO”)	315			0.5		308			0.5
Commercial mortgage loans held by CSEs — FVO	204			0.3		280			0.5
Total mortgage loans, net	$	63,553		100.0	%	$	60,118		100.0	%

__________________


(1)	Purchases of mortgage loans were $1.0 billion and $3.2 billion for the three months and nine months ended September 30, 2015, respectively. Purchases of mortgage loans were $2.1 billion and $3.5 billion for the three months and nine months ended September 30, 2014, respectively.

Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss

Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at:



	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
	(In millions)
September 30, 2015
Commercial	$	7	$	7	$	7	$	76	$	76	$	41,536	$	208	$	76
Agricultural	50		47		3		12		12		12,712		38		56
Residential	—		—		—		118		109		8,846		55		109
Total	$	57	$	54	$	10	$	206	$	197	$	63,094	$	301	$	241
December 31, 2014
Commercial	$	75	$	75	$	24	$	101	$	100	$	40,913	$	200	$	151
Agricultural	51		48		2		14		13		12,317		37		59
Residential	—		—		—		40		37		6,332		42		37
Total	$	126	$	123	$	26	$	155	$	150	$	59,562	$	279	$	247

Allowance for Loan and Lease Losses, Provision for Loss, Net

The changes in the valuation allowance, by portfolio segment, were as follows:



	Nine Months Ended September 30,
	2015											2014
	Commercial			Agricultural		Residential			Total			Commercial			Agricultural			Residential			Total
	(In millions)
Balance, beginning of period	$	224		$	39	$	42		$	305		$	258		$	44		$	20		$	322
Provision (release)	3			2		27			32			(8		)	(5		)	25			12
Charge-offs, net of recoveries	(12		)	—		(14		)	(26		)	(23		)	(1		)	(3		)	(27		)
Balance, end of period	$	215		$	41	$	55		$	311		$	227		$	38		$	42		$	307

Schedule of Financing Receivables, Non Accrual Status

The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:



	Past Due				Nonaccrual Status
	September 30, 2015		December 31, 2014		September 30, 2015		December 31, 2014
	(In millions)
Commercial	$	9	$	10	$	7	$	75
Agricultural	109		1		46		41
Residential	259		173		248		163
Total	$	377	$	184	$	301	$	279

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

The components of net unrealized investment gains (losses), included in AOCI, were as follows:



	September 30, 2015			December 31, 2014
	(In millions)
Fixed maturity securities	$	22,105		$	30,367
Fixed maturity securities with noncredit OTTI losses in AOCI	(99		)	(112		)
Total fixed maturity securities	22,006			30,255
Equity securities	372			608
Derivatives	2,145			1,761
Other	287			149
Subtotal	24,810			32,773
Amounts allocated from:
Future policy benefits	(183		)	(2,886		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	—			(4		)
DAC, VOBA and DSI	(1,456		)	(1,946		)
Policyholder dividend obligation	(2,309		)	(3,155		)
Subtotal	(3,948		)	(7,991		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	26			42
Deferred income tax benefit (expense)	(7,210		)	(8,556		)
Net unrealized investment gains (losses)	13,678			16,268
Net unrealized investment gains (losses) attributable to noncontrolling interests	(44		)	(33		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	13,634		$	16,235

Other than temporary impairment, credit losses recognized earnings

The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows:



	Nine Months Ended September 30, 2015			Year Ended December 31, 2014
	(In millions)
Balance, beginning of period	$	(112	)	$	(218	)
Noncredit OTTI losses and subsequent changes recognized	(4		)	17
Securities sold with previous noncredit OTTI loss	107			53
Subsequent changes in estimated fair value	(90		)	36
Balance, end of period	$	(99	)	$	(112	)

The changes in net unrealized investment gains (losses) were as follows:



	Nine Months Ended September 30, 2015
	(In millions)
Balance, beginning of period	$	16,235
Fixed maturity securities on which noncredit OTTI losses have been recognized	13
Unrealized investment gains (losses) during the period	(7,976		)
Unrealized investment gains (losses) relating to:
Future policy benefits	2,703
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	4
DAC, VOBA and DSI	490
Policyholder dividend obligation	846
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(16		)
Deferred income tax benefit (expense)	1,346
Net unrealized investment gains (losses)	13,645
Net unrealized investment gains (losses) attributable to noncontrolling interests	(11		)
Balance, end of period	$	13,634
Change in net unrealized investment gains (losses)	$	(2,590	)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(11		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(2,601	)

Securities Lending

Elements of the securities lending program are presented below at:



	September 30, 2015		December 31, 2014
	(In millions)
Securities on loan: (1)
Amortized cost	$	27,147	$	26,989
Estimated fair value	$	29,848	$	30,269
Cash collateral on deposit from counterparties (2)	$	30,384	$	30,826
Security collateral on deposit from counterparties (3)	$	175	$	83
Reinvestment portfolio — estimated fair value	$	30,560	$	31,314

__________________


(1)	Included within fixed maturity securities and short-term investments. At September 30, 2015, both amortized cost and estimated fair value also include $227 million, at estimated fair value, of securities which are not reflected in the consolidated financial statements.


(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.

The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:



	September 30, 2015
	Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		6 Months to 1 Year		Total		% of Total
	(In millions)
Cash collateral liability by loaned security type
U.S. Treasury and agency	$	10,199	$	11,215	$	5,398	$	435	$	27,247	89.7	%
Agency RMBS	—		986		658		—		1,644		5.4
Foreign government	2		979		216		—		1,197		3.9
U.S. corporate	10		285		—		—		295		1.0
Foreign corporate	1		—		—		—		1		—
Total	$	10,212	$	13,465	$	6,272	$	435	$	30,384	100.0	%



	December 31, 2014
	Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		6 Months to 1 Year		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.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at:



	September 30, 2015		December 31, 2014
	(In millions)
Invested assets on deposit (regulatory deposits)	$	9,146	$	9,437
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)	10,285		10,069
Invested assets pledged as collateral (1)	24,646		25,996
Total invested assets on deposit, held in trust and pledged as collateral	$	44,077	$	45,502

__________________

(1)

The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report), collateral financing arrangements (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report) and derivative transactions (see Note 6).

The Components of Net Investment Income

The components of net investment income were as follows:



	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015			2014
	(In millions)
Investment income:
Fixed maturity securities	$	3,525		$	3,695	$	10,738		$	11,106
Equity securities	36			31		102			98
FVO and trading securities — Actively Traded and FVO general account securities (1)	(35		)	14		4			95
Mortgage loans	786			775		2,317			2,192
Policy loans	147			158		450			473
Real estate and real estate joint ventures	233			245		767			724
Other limited partnership interests	216			299		681			834
Cash, cash equivalents and short-term investments	29			42		101			130
Operating joint ventures	(1		)	2		15			5
Other	28			60		180			136
Subtotal	4,964			5,321		15,355			15,793
Less: Investment expenses	308			298		923			873
Subtotal, net	4,656			5,023		14,432			14,920
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)	(701		)	379		(79		)	739
FVO CSEs — interest income:
Commercial mortgage loans	4			8		13			44
Securities	—			—		1			1
Subtotal	(697		)	387		(65		)	784
Net investment income	$	3,959		$	5,410	$	14,367		$	15,704

__________________


(1)	Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(In millions)
Actively Traded and FVO general account securities	$	(39	)	$	(18	)	$	(45	)	$	7
FVO contractholder-directed unit-linked investments	$	(833	)	$	248		$	(600	)	$	329

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(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	$	(17	)	$	—		$	(20	)	$	(7	)
Transportation	—			—			—			(2		)
Industrial	(3		)	—			(5		)	—
Total U.S. and foreign corporate securities	(20		)	—			(25		)	(9		)
RMBS	(1		)	(18		)	(16		)	(27		)
ABS	—			—			—			(7		)
CMBS	—			(13		)	—			(13		)
State and political subdivision	(6		)	—			(6		)	—
OTTI losses on fixed maturity securities recognized in earnings	(27		)	(31		)	(47		)	(56		)
Fixed maturity securities — net gains (losses) on sales and disposals	115			184			383			349
Total gains (losses) on fixed maturity securities	88			153			336			293
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock	(1		)	—			(1		)	(23		)
Common stock	(6		)	(1		)	(15		)	(12		)
OTTI losses on equity securities recognized in earnings	(7		)	(1		)	(16		)	(35		)
Equity securities — net gains (losses) on sales and disposals	14			15			39			99
Total gains (losses) on equity securities	7			14			23			64
FVO and trading securities — FVO general account securities	—			—			—			8
Mortgage loans	(26		)	(30		)	(78		)	(25		)
Real estate and real estate joint ventures	263			86			257			150
Other limited partnership interests	(59		)	(14		)	(52		)	(52		)
Other investment portfolio gains (losses)	18			(20		)	14			(26		)
Subtotal — investment portfolio gains (losses)	291			189			500			412
FVO CSEs:
Commercial mortgage loans	(4		)	1			(6		)	(14		)
Long-term debt — related to commercial mortgage loans	1			3			3			21
Long-term debt — related to securities	—			(1		)	—			(1		)
Non-investment portfolio gains (losses) (1)	94			(83		)	38			(845		)
Subtotal FVO CSEs and non-investment portfolio gains (losses)	91			(80		)	35			(839		)
Total net investment gains (losses)	$	382		$	109		$	535		$	(427	)

__________________

(1)

There were no non-investment portfolio gains (losses) for the three months ended September 30, 2014 related to the disposition of MetLife Assurance Limited (“MAL”). Non-investment portfolio gains (losses) for the nine months ended September 30, 2014 includes a loss of $633 million related to the disposition of MAL. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report.

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) were as shown in the tables below. Investment gains and losses on sales of securities are determined on a specific identification basis.



	Three Months Ended September 30,
	2015			2014			2015			2014
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	27,264		$	20,105		$	55		$	96
Gross investment gains	$	371		$	297		$	20		$	21
Gross investment losses	(256		)	(113		)	(6		)	(6		)
OTTI losses	(27		)	(31		)	(7		)	(1		)
Net investment gains (losses)	$	88		$	153		$	7		$	14



	Nine Months Ended September 30,
	2015			2014			2015			2014
	Fixed Maturity Securities						Equity Securities
	(In millions)
Proceeds	$	86,590		$	62,096		$	211		$	523
Gross investment gains	$	1,047		$	787		$	54		$	108
Gross investment losses	(664		)	(438		)	(15		)	(9		)
OTTI losses	(47		)	(56		)	(16		)	(35		)
Net investment gains (losses)	$	336		$	293		$	23		$	64

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
	(In millions)
Balance, beginning of period	$	280		$	359		$	357		$	378
Additions:
Initial impairments — credit loss OTTI on securities not previously impaired	—			1			2			1
Additional impairments — credit loss OTTI on securities previously impaired	1			15			14			23
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(22		)	(11		)	(113		)	(31		)
Securities impaired to net present value of expected future cash flows	—			—			—			(7		)
Increase in cash flows — accretion of previous credit loss OTTI	(1		)	—			(2		)	—
Balance, end of period	$	258		$	364		$	258		$	364

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at September 30, 2015 and December 31, 2014. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.



	September 30, 2015				December 31, 2014
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,399	$	—	$	3,471	$	—
Operating joint venture (2)	2,445		2,045		2,405		1,999
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)	219		74		297		155
Investments:
Mortgage loans	86		86		—		—
Other invested assets	46		—		59		—
FVO and trading securities	—		—		45		—
Other limited partnership interests	29		—		37		—
Real estate joint ventures	—		—		9		15
Total	$	6,224	$	2,205	$	6,323	$	2,169

__________________


(1)	See Note 13 of the Notes to the Consolidated Financial Statements included in the 2014 Annual Report 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 $126 million and $123 million at estimated fair value at September 30, 2015 and December 31, 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 and $10 million for the three months and nine months ended September 30, 2015, respectively, and $3 million and $34 million for the three months and nine months ended September 30, 2014, respectively.

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:



	September 30, 2015				December 31, 2014
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, CMBS and ABS) (2)	$	66,544	$	66,544	$	68,427	$	68,427
U.S. and foreign corporate	3,324		3,324		3,829		3,829
Other limited partnership interests	6,004		8,162		6,250		8,402
Other invested assets	1,587		2,007		1,720		2,050
FVO and trading securities	577		577		565		565
Real estate joint ventures	72		90		100		125
Mortgage loans	34		34		51		51
Equity securities AFS:
Non-redeemable preferred stock	39		39		41		41
Total	$	78,181	$	80,777	$	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 $188 million and $212 million at September 30, 2015 and December 31, 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.

Commercial

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of commercial mortgage loans was as follows at:



	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios								% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(In millions)										(In millions)
September 30, 2015
Loan-to-value ratios
Less than 65%	$	34,881	$	1,034	$	527	$	36,442	87.6	%	$	37,984	88.0	%
65% to 75%	3,997		217		68		4,282		10.3		4,296		10.0
76% to 80%	47		—		8		55		0.1		55		0.1
Greater than 80%	356		258		226		840		2.0		838		1.9
Total	$	39,281	$	1,509	$	829	$	41,619	100.0	%	$	43,173	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	%

Agricultural

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of agricultural mortgage loans was as follows at:



	September 30, 2015				December 31, 2014
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Loan-to-value ratios
Less than 65%	$	12,093	94.7	%	$	11,743	94.9	%
65% to 75%	588		4.6		533		4.3
76% to 80%	22		0.2		17		0.1
Greater than 80%	68		0.5		85		0.7
Total	$	12,771	100.0	%	$	12,378	100.0	%

Residential

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

The credit quality of residential mortgage loans was as follows at:



	September 30, 2015				December 31, 2014
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Performance indicators
Performing	$	8,696	97.1	%	$	6,196	97.3	%
Nonperforming	259		2.9		173		2.7
Total	$	8,955	100.0	%	$	6,369	100.0	%