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Investments (Tables)
3 Months Ended
Mar. 31, 2016
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”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”).
 
March 31, 2016
 
December 31, 2015
 
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
$
95,066

 
$
8,350

 
$
1,320

 
$

 
$
102,096

 
$
96,466

 
$
6,583

 
$
2,255

 
$

 
$
100,794

U.S. government and agency
57,060

 
7,969

 
38

 

 
64,991

 
56,499

 
5,373

 
226

 

 
61,646

Foreign corporate
56,756

 
3,612

 
1,273

 
4

 
59,091

 
56,003

 
3,019

 
1,822

 
2

 
57,198

Foreign government
48,940

 
7,848

 
132

 

 
56,656

 
45,451

 
5,269

 
221

 

 
50,499

RMBS
41,940

 
1,577

 
414

 
74

 
43,029

 
37,914

 
1,366

 
424

 
59

 
38,797

State and political subdivision
14,243

 
2,320

 
16

 
8

 
16,539

 
13,723

 
1,795

 
67

 
10

 
15,441

ABS
16,407

 
121

 
320

 
6

 
16,202

 
14,498

 
131

 
229

 
6

 
14,394

CMBS (1)
13,000

 
470

 
94

 
(1
)
 
13,377

 
12,410

 
347

 
125

 
(1
)
 
12,633

Total fixed maturity securities
$
343,412


$
32,267


$
3,607


$
91


$
371,981


$
332,964


$
23,883


$
5,369


$
76


$
351,402

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
2,051

 
$
412

 
$
48

 
$

 
$
2,415

 
$
1,962

 
$
397

 
$
107

 
$

 
$
2,252

Non-redeemable preferred stock
959

 
69

 
69

 

 
959

 
1,035

 
85

 
51

 

 
1,069

Total equity securities
$
3,010


$
481


$
117


$


$
3,374


$
2,997


$
482


$
158


$


$
3,321


__________________
(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 March 31, 2016 and December 31, 2015, 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 March 31, 2016:
 
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
$
13,348

 
$
77,283

 
$
69,960

 
$
111,474

 
$
71,347

 
$
343,412

Estimated fair value
$
13,428

 
$
81,212

 
$
74,104

 
$
130,629

 
$
72,608

 
$
371,981

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.
 
March 31, 2016
 
December 31, 2015
 
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
$
14,740

 
$
708

 
$
5,276

 
$
612

 
$
27,526

 
$
1,629

 
$
3,762

 
$
626

U.S. government and agency
1,549

 
13

 
500

 
25

 
19,628

 
222

 
298

 
4

Foreign corporate
8,960

 
479

 
6,210

 
798

 
14,447

 
911

 
5,251

 
913

Foreign government
1,996

 
83

 
535

 
49

 
3,530

 
166

 
429

 
55

RMBS
7,026

 
234

 
2,989

 
254

 
13,467

 
287

 
2,431

 
196

State and political subdivision
322

 
4

 
168

 
20

 
1,618

 
55

 
168

 
22

ABS
8,025

 
188

 
3,569

 
138

 
7,329

 
124

 
2,823

 
111

CMBS
1,697

 
32

 
967

 
61

 
4,876

 
81

 
637

 
43

Total fixed maturity securities
$
44,315

 
$
1,741

 
$
20,214

 
$
1,957

 
$
92,421

 
$
3,475

 
$
15,799

 
$
1,970

Equity securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
$
168

 
$
46

 
$
2

 
$
2

 
$
203

 
$
105

 
$
20

 
$
2

Non-redeemable preferred stock
130

 
9

 
176

 
60

 
79

 
2

 
200

 
49

Total equity securities
$
298


$
55


$
178


$
62


$
282

 
$
107


$
220


$
51

Total number of securities in an unrealized loss position
3,904

 
 
 
1,837

 
 
 
6,366

 
 
 
1,489

 
 
Disclosure of Mortgage Loans Net of Valuation Allowance
Mortgage loans are summarized as follows at:
 
March 31, 2016
 
December 31, 2015
 
Carrying
Value
 
% of
Total
 
Carrying
Value
 
% of
Total
 
(In millions)
 
 
 
(In millions)
 
 
Mortgage loans
 
 
 
 
 
 
 
Commercial
$
45,445

 
66.2
 %
 
$
44,012

 
65.6
 %
Agricultural
13,226

 
19.3

 
13,188

 
19.6

Residential
9,800

 
14.3

 
9,734

 
14.5

Subtotal (1)
68,471

 
99.8

 
66,934

 
99.7

Valuation allowances
(381
)
 
(0.6
)
 
(318
)
 
(0.5
)
Subtotal mortgage loans, net
68,090

 
99.2

 
66,616

 
99.2

Residential — FVO
392

 
0.6

 
314

 
0.5

Commercial mortgage loans held by CSEs — FVO
169

 
0.2

 
172

 
0.3

Total mortgage loans, net
$
68,651

 
100.0
 %
 
$
67,102

 
100.0
 %
__________________
(1)
Purchases of mortgage loans were $292 million and $1.4 billion for the three months ended March 31, 2016 and 2015, 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)
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$
161

 
$
144

 
$
58

 
$
56

 
$
56

 
$
45,245

 
$
223

 
$
142

Agricultural
16

 
14

 
1

 
39

 
38

 
13,174

 
39

 
51

Residential

 

 

 
176

 
162

 
9,638

 
60

 
162

Total
$
177


$
158


$
59


$
271


$
256


$
68,057


$
322


$
355

December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial
$

 
$

 
$

 
$
57

 
$
57

 
$
43,955

 
$
217

 
$
57

Agricultural
49

 
47

 
3

 
22

 
21

 
13,120

 
39

 
65

Residential

 

 

 
141

 
131

 
9,603

 
59

 
131

Total
$
49


$
47


$
3


$
220


$
209


$
66,678


$
315


$
253

Allowance for Loan and Lease Losses, Provision for Loss, Net
The changes in the valuation allowance, by portfolio segment, were as follows:
 
Three Months 
 Ended 
 March 31,
 
2016
 
2015
 
Commercial
 
Agricultural
 
Residential
 
Total
 
Commercial
 
Agricultural
 
Residential
 
Total
 
(In millions)
Balance, beginning of period
$
217

 
$
42

 
$
59

 
$
318

 
$
224

 
$
39

 
$
42

 
$
305

Provision (release)
64

 

 
4

 
68

 
1

 

 
14

 
15

Charge-offs, net of recoveries

 
(2
)
 
(3
)
 
(5
)
 

 

 
(5
)
 
(5
)
Balance, end of period
$
281


$
40


$
60


$
381


$
225


$
39


$
51


$
315

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
 
March 31, 2016
 
December 31, 2015
 
March 31, 2016
 
December 31, 2015
 
(In millions)
Commercial
$

 
$
2

 
$

 
$

Agricultural
127

 
103

 
40

 
46

Residential
317

 
326

 
305

 
318

Total
$
444


$
431


$
345


$
364

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:
 
March 31, 2016
 
December 31, 2015
 
(In millions)
Fixed maturity securities
$
28,427

 
$
18,164

Fixed maturity securities with noncredit OTTI losses included in AOCI
(91
)
 
(76
)
Total fixed maturity securities
28,336

 
18,088

Equity securities
447

 
422

Derivatives
2,723

 
2,350

Other
359

 
287

Subtotal
31,865

 
21,147

Amounts allocated from:
 
 
 
Future policy benefits
(1,415
)
 
(163
)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
2

 

DAC, VOBA and DSI
(1,900
)
 
(1,273
)
Policyholder dividend obligation
(2,586
)
 
(1,783
)
Subtotal
(5,899
)
 
(3,219
)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
39

 
27

Deferred income tax benefit (expense)
(8,825
)
 
(6,151
)
Net unrealized investment gains (losses)
17,180

 
11,804

Net unrealized investment gains (losses) attributable to noncontrolling interests
(9
)
 
(31
)
Net unrealized investment gains (losses) attributable to MetLife, Inc.
$
17,171

 
$
11,773

Other than temporary impairment, credit losses recognized earnings
The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows:
 
Three Months 
 Ended 
 March 31, 2016
 
Year 
 Ended 
 December 31, 2015
 
(In millions)
Balance, beginning of period
$
(76
)
 
$
(112
)
Noncredit OTTI losses and subsequent changes recognized
(1
)
 
6

Securities sold with previous noncredit OTTI loss
9

 
125

Subsequent changes in estimated fair value
(23
)
 
(95
)
Balance, end of period
$
(91
)
 
$
(76
)
The changes in net unrealized investment gains (losses) were as follows:
 
Three Months 
 Ended 
 March 31, 2016
 
(In millions)
Balance, beginning of period
$
11,773

Fixed maturity securities on which noncredit OTTI losses have been recognized
(15
)
Unrealized investment gains (losses) during the period
10,733

Unrealized investment gains (losses) relating to:
 
Future policy benefits
(1,252
)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI
2

DAC, VOBA and DSI
(627
)
Policyholder dividend obligation
(803
)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI
12

Deferred income tax benefit (expense)
(2,674
)
Net unrealized investment gains (losses)
17,149

Net unrealized investment gains (losses) attributable to noncontrolling interests
22

Balance, end of period
$
17,171

Change in net unrealized investment gains (losses)
$
5,376

Change in net unrealized investment gains (losses) attributable to noncontrolling interests
22

Change in net unrealized investment gains (losses) attributable to MetLife, Inc.
$
5,398

Securities Lending
Elements of the securities lending program are presented below at:
 
March 31, 2016
 
December 31, 2015
 
(In millions)
Securities on loan: (1)
 
 
 
Amortized cost
$
26,599

 
$
27,223

Estimated fair value
$
30,474

 
$
29,646

Cash collateral on deposit from counterparties (2)
$
30,986

 
$
30,197

Security collateral on deposit from counterparties (3)
$
88

 
$
50

Reinvestment portfolio — estimated fair value
$
31,173

 
$
30,258

__________________
(1)
Included within fixed maturity securities and short-term investments. At March 31, 2016, both amortized cost and estimated fair value also included $105 million, at estimated fair value, of securities which are not reflected on 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 on the consolidated financial statements.
The cash collateral liability by loaned security type and remaining tenor of the agreements were as follows at:
 
March 31, 2016
 
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. government and agency
$
8,665

 
$
10,353

 
$
9,476

 
$
28,494

 
92.0
%
Agency RMBS
12

 
665

 
600

 
1,277

 
4.1

Foreign government
2

 
803

 

 
805

 
2.6

U.S. corporate
11

 
387

 

 
398

 
1.3

Foreign corporate

 
12

 

 
12

 

Total
$
8,690


$
12,220


$
10,076


$
30,986


100
%
 
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. government 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
%
__________________
(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:
 
March 31, 2016
 
December 31, 2015
 
(In millions)
Invested assets on deposit (regulatory deposits)
$
9,696

 
$
9,089

Invested assets held in trust (collateral financing arrangements and reinsurance agreements)
10,770

 
10,443

Invested assets pledged as collateral (1)
25,524

 
23,145

Total invested assets on deposit, held in trust and pledged as collateral
$
45,990


$
42,677

__________________
(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 2015 Annual Report), collateral financing arrangements (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2015 Annual Report) and derivative transactions (see Note 7).
The Components of Net Investment Income
The components of net investment income were as follows:
 
 
Three Months 
 Ended 
 March 31,
 
 
2016
 
2015
 
(In millions)
Investment income:
 
 
 
 
Fixed maturity securities
 
$
3,654

 
$
3,541

Equity securities
 
37

 
31

FVO and trading securities — Actively traded and FVO general account securities (1)
 
6

 
37

Mortgage loans
 
807

 
730

Policy loans
 
149

 
152

Real estate and real estate joint ventures
 
157

 
211

Other limited partnership interests
 
46

 
215

Cash, cash equivalents and short-term investments
 
40

 
35

Operating joint ventures
 
12

 
8

Other
 
41

 
122

Subtotal

4,949


5,082

Less: Investment expenses
 
296

 
302

Subtotal, net

4,653


4,780

FVO and trading securities — FVO contractholder-directed unit-linked investments (1)
 
(97
)
 
677

FVO CSEs — interest income:
 
 
 
 
Commercial mortgage loans
 
3

 
4

Subtotal

(94
)

681

Net investment income

$
4,559


$
5,461

__________________
(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 
 March 31,
 
2016
 
2015
 
(In millions)
Actively traded and FVO general account securities
$
5

 
$
6

FVO contractholder-directed unit-linked investments
$
(191
)
 
$
536

The components of net investment gains (losses)
The components of net investment gains (losses) were as follows:
 
 
Three Months 
 Ended 
 March 31,
 
 
2016
 
2015
 
(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
 
$

 
$
(3
)
Industrial
 
(71
)
 
(2
)
Communications
 
(3
)
 

Total U.S. and foreign corporate securities

(74
)

(5
)
RMBS
 
(4
)
 
(13
)
OTTI losses on fixed maturity securities recognized in earnings

(78
)

(18
)
Fixed maturity securities — net gains (losses) on sales and disposals
 
98

 
151

Total gains (losses) on fixed maturity securities

20


133

Total gains (losses) on equity securities:
 
 
 
 
Total OTTI losses recognized — by sector:
 
 
 
 
Common stock
 
(51
)
 

OTTI losses on equity securities recognized in earnings

(51
)


Equity securities — net gains (losses) on sales and disposals
 
6

 
8

Total gains (losses) on equity securities

(45
)
 
8

Mortgage loans
 
(64
)
 
(43
)
Real estate and real estate joint ventures
 
2

 
27

Other limited partnership interests
 
(27
)
 
16

Other
 
(18
)
 
23

Subtotal

(132
)

164

FVO CSEs:
 
 
 
 
Commercial mortgage loans
 
1

 
(3
)
Securities
 
1

 

Long-term debt — related to commercial mortgage loans
 

 
1

Non-investment portfolio gains (losses)

145

 
124

Subtotal
 
147

 
122

Total net investment gains (losses)

$
15


$
286

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 table below.
 
Three Months 
 Ended 
 March 31,
 
2016
 
2015
 
2016
 
2015
 
Fixed Maturity Securities
 
Equity Securities
 
(In millions)
Proceeds
$
31,994

 
$
30,006

 
$
59

 
$
53

Gross investment gains
$
433

 
$
338

 
$
11

 
$
15

Gross investment losses
(335
)
 
(187
)
 
(5
)
 
(7
)
OTTI losses
(78
)
 
(18
)
 
(51
)
 

Net investment gains (losses)
$
20


$
133


$
(45
)

$
8

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 
 March 31,
 
 
2016
 
2015
 
(In millions)
Balance, beginning of period
 
$
277

 
$
357

Additions:
 
 
 
 
Initial impairments — credit loss OTTI on securities not previously impaired
 

 
2

Additional impairments — credit loss OTTI on securities previously impaired
 
2

 
11

Reductions:
 
 
 
 
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI
 
(9
)
 
(13
)
Balance, end of period

$
270


$
357

Variable Interest Entity, Primary Beneficiary [Member]  
Variable Interest Entity [Line Items]  
Schedule of Variable Interest Entities [Table Text Block]
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.
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 March 31, 2016 and December 31, 2015.
 
March 31, 2016
 
December 31, 2015
 
Total
Assets
 
Total
Liabilities
 
Total
Assets
 
Total
Liabilities
 
(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)
$
3,412

 
$

 
$
3,374

 
$

Operating joint venture (2)

 

 
2,465

 
2,079

CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)
182

 
55

 
186

 
62

Other investments (4)
76

 

 
76

 

Total
$
3,670


$
55


$
6,101


$
2,141

__________________
(1)
See Note 13 of the Notes to the Consolidated Financial Statements included in the 2015 Annual Report for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement.
(2)
Following a change in the foreign investment law in India, the Company no longer consolidated its India operating joint venture, effective January 1, 2016. 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 policy-related balances 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 $107 million and $105 million at estimated fair value at March 31, 2016 and December 31, 2015, 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 $1 million for both the three months ended March 31, 2016 and 2015.
(4)
Other investments is primarily comprised of other invested assets and other limited partnership interests.
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:
 
March 31, 2016
 
December 31, 2015
 
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)
$
72,608

 
$
72,608

 
$
65,824

 
$
65,824

U.S. and foreign corporate
3,075

 
3,075

 
3,261

 
3,261

Other limited partnership interests
6,348

 
10,791

 
5,186

 
7,074

Other invested assets
2,160

 
2,770

 
1,604

 
2,161

FVO and trading securities
541

 
541

 
586

 
586

Real estate joint ventures
251

 
284

 
65

 
82

Equity securities AFS:
 
 
 
 
 
 
 
Common stock
157

 
157

 

 

Other investments (3)
72

 
72

 
71

 
71

Total
$
85,212


$
90,298


$
76,597


$
79,059

__________________
(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 $170 million and $179 million at March 31, 2016 and December 31, 2015, 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.
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
 
 
(In millions)
 
 
 
(In millions)
 
 
March 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan-to-value ratios
 
 
 
 
 
 
 
 
 
 
 
 
 
Less than 65%
$
39,658

 
$
888

 
$
594

 
$
41,140

 
90.5
%
 
$
42,534

 
91.0
%
65% to 75%
3,371

 
106

 
206

 
3,683

 
8.1

 
3,673

 
7.8

76% to 80%
89

 

 

 
89

 
0.2

 
93

 
0.2

Greater than 80%
438

 
42

 
53

 
533

 
1.2

 
452

 
1.0

Total
$
43,556


$
1,036


$
853


$
45,445


100
%

$
46,752


100
%
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
%
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:
 
March 31, 2016
 
December 31, 2015
 
Recorded
Investment
 
% of
Total
 
Recorded
Investment
 
% of
Total
 
(In millions)
 
 
 
(In millions)
 
 
Loan-to-value ratios
 
 
 
 
 
 
 
Less than 65%
$
12,583

 
95.1
%
 
$
12,399

 
94.0
%
65% to 75%
575

 
4.3

 
710

 
5.4

76% to 80%
20

 
0.2

 
21

 
0.2

Greater than 80%
48

 
0.4

 
58

 
0.4

Total
$
13,226

 
100.0
%
 
$
13,188

 
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:
 
March 31, 2016
 
December 31, 2015
 
Recorded
Investment
 
% of
Total
 
Recorded
Investment
 
% of
Total
 
(In millions)
 
 
 
(In millions)
 
 
Performance indicators
 
 
 
 
 
 
 
Performing
$
9,483

 
96.8
%
 
$
9,408

 
96.7
%
Nonperforming
317

 
3.2

 
326

 
3.3

Total
$
9,800

 
100.0
%
 
$
9,734

 
100.0
%