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Investments (Tables)

12 Months Ended

Dec. 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 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 RMBS, ABS and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”).



	December 31, 2016											December 31, 2015
	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	$	94,558	$	7,351	$	1,056	$	—		$	100,853	$	96,466	$	6,583	$	2,255	$	—		$	100,794
U.S. government and agency	53,326		4,977		780		—			57,523		56,499		5,373		226		—			61,646
Foreign government	50,923		6,600		385		—			57,138		45,451		5,269		221		—			50,499
Foreign corporate (1)	55,676		3,132		1,752		(1		)	57,057		56,003		3,019		1,822		2			57,198
RMBS (1)	36,293		1,244		554		(10		)	36,993		37,914		1,366		424		59			38,797
State and political subdivision	14,566		1,733		122		1			16,176		13,723		1,795		67		10			15,441
ABS	13,920		101		141		3			13,877		14,498		131		229		6			14,394
CMBS (1)	11,092		282		103		(1		)	11,272		12,410		347		125		(1		)	12,633
Total fixed maturity securities	$	330,354	$	25,420	$	4,893	$	(8	)	$	350,889	$	332,964	$	23,883	$	5,369	$	76		$	351,402
Equity securities:
Common stock	$	1,927	$	488	$	14	$	—		$	2,401	$	1,962	$	397	$	107	$	—		$	2,252
Non-redeemable preferred stock	817		25		49		—			793		1,035		85		51		—			1,069
Total equity securities	$	2,744	$	513	$	63	$	—		$	3,194	$	2,997	$	482	$	158	$	—		$	3,321

__________________

(1)

The noncredit loss component of OTTI losses for foreign corporate, RMBS and CMBS was in an unrealized gain position of $1 million, $10 million and $1 million, respectively, at December 31, 2016, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. The noncredit loss component of OTTI for CMBS was in an unrealized gain position of $1 million at 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 December 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	$	15,423	$	68,766	$	67,522	$	117,338	$	61,305	$	330,354
Estimated fair value	$	15,517	$	72,018	$	70,282	$	130,930	$	62,142	$	350,889

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 at:



	December 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
	(Dollars in millions)
Fixed maturity securities:
U.S. corporate	$	16,147	$	656	$	3,684	$	400	$	27,526	$	1,629	$	3,762	$	626
U.S. government and agency	13,500		760		141		20		19,628		222		298		4
Foreign government	6,228		271		924		114		3,530		166		429		55
Foreign corporate	11,613		639		6,127		1,112		14,447		911		5,251		913
RMBS	12,943		403		2,618		141		13,467		287		2,431		196
State and political subdivision	2,636		114		85		9		1,618		55		168		22
ABS	2,702		33		2,789		111		7,329		124		2,823		111
CMBS	2,570		48		735		54		4,876		81		637		43
Total fixed maturity securities	$	68,339	$	2,924	$	17,103	$	1,961	$	92,421	$	3,475	$	15,799	$	1,970
Equity securities:
Common stock	$	105	$	14	$	11	$	—	$	203	$	105	$	20	$	2
Non-redeemable preferred stock	196		9		165		40		79		2		200		49
Total equity securities	$	301	$	23	$	176	$	40	$	282	$	107	$	220	$	51
Total number of securities in an unrealized loss position	5,321				1,790				6,366				1,489

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	December 31,
	2016					2015
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	48,035		64.4	%	$	44,012		65.6	%
Agricultural	14,456			19.4		13,188			19.6
Residential	11,696			15.7		9,734			14.5
Subtotal (1)	74,187			99.5		66,934			99.7
Valuation allowances	(344		)	(0.5	)	(318		)	(0.5	)
Subtotal mortgage loans, net	73,843			99.0		66,616			99.2
Residential — FVO	566			0.8		314			0.5
Commercial mortgage loans held by CSEs — FVO	136			0.2		172			0.3
Total mortgage loans, net	$	74,545		100.0	%	$	67,102		100.0	%

__________________


(1)	Purchases of mortgage loans were $3.6 billion and $4.2 billion for the years ended December 31, 2016 and 2015, respectively, and were primarily comprised of residential mortgage loans.

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

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



	Commercial			Agricultural			Residential			Total
	(In millions)
Balance at January 1, 2014	$	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
Provision (release) (1)	160			3			23			186
Charge-offs, net of recoveries (1)	(143		)	(1		)	(16		)	(160		)
Balance at December 31, 2016	$	234		$	44		$	66		$	344

__________________

(1)

In connection with an acquisition in 2010, certain impaired commercial mortgage loans were acquired and accordingly, were not originated by the Company. Such commercial mortgage loans have been accounted for as purchased credit impaired (“PCI”) commercial mortgage loans. Decreases in cash flows expected to be collected on PCI commercial mortgage loans can result in provisions for losses on mortgage loans. For the year ended December 31, 2016, in connection with the maturity of an acquired PCI commercial mortgage loan, an increase to the commercial mortgage loan valuation allowance of $143 million was recorded and charged-off upon maturity. The Company will recover a substantial portion of the loss on the loan incurred through an indemnification agreement entered into in connection with the acquisition in 2010.

Schedule of Financing Receivables, Non Accrual Status

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



	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual
	December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015		December 31, 2016		December 31, 2015
	(In millions)
Commercial	$	3	$	2	$	3	$	—	$	—	$	—
Agricultural	127		103		104		73		23		46
Residential	392		326		37		—		355		318
Total	$	522	$	431	$	144	$	73	$	378	$	364

Impaired mortgage loans held-for-investment

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 and for the years ended:



	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, 2016
Commercial	$	—	$	—	$	—	$	12	$	12	$	48,023	$	234	$	12	$	90
Agricultural	15		13		1		27		27		14,416		43		39		52
Residential	—		—		—		266		242		11,454		66		242		188
Total	$	15	$	13	$	1	$	305	$	281	$	73,893	$	343	$	293	$	330
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

Investment in leveraged leases

Investment in leveraged and direct financing leases consisted of the following at:



	December 31,
	2016						2015
	Leveraged Leases			Direct Financing Leases			Leveraged Leases			Direct Financing Leases
	(In millions)
Rental receivables, net	$	1,259		$	1,683		$	1,329		$	1,508
Estimated residual values	966			71			1,076			80
Subtotal	2,225			1,754			2,405			1,588
Unearned income	(635		)	(639		)	(693		)	(512		)
Investment in leases, net of non-recourse debt	$	1,590		$	1,115		$	1,712		$	1,076

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:



	Years Ended December 31,
	2016			2015			2014
	(In millions)
Fixed maturity securities	$	20,300		$	18,164		$	30,367
Fixed maturity securities with noncredit OTTI losses included in AOCI	8			(76		)	(112		)
Total fixed maturity securities	20,308			18,088			30,255
Equity securities	485			422			608
Derivatives	2,923			2,350			1,761
Other	23			287			149
Subtotal	23,739			21,147			32,773
Amounts allocated from:
Future policy benefits	(1,114		)	(163		)	(2,886		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(3		)	—			(4		)
DAC, VOBA and DSI	(1,430		)	(1,273		)	(1,946		)
Policyholder dividend obligation	(1,931		)	(1,783		)	(3,155		)
Subtotal	(4,478		)	(3,219		)	(7,991		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(1		)	27			42
Deferred income tax benefit (expense)	(6,623		)	(6,151		)	(8,556		)
Net unrealized investment gains (losses)	12,637			11,804			16,268
Net unrealized investment gains (losses) attributable to noncontrolling interests	(6		)	(31		)	(33		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	12,631		$	11,773		$	16,235

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



	Years Ended December 31,
	2016			2015			2014
	(In millions)
Balance at January 1,	$	11,773		$	16,235		$	8,414
Fixed maturity securities on which noncredit OTTI losses have been recognized	84			36			106
Unrealized investment gains (losses) during the year	2,508			(11,662		)	15,521
Unrealized investment gains (losses) relating to:
Future policy benefits	(951		)	2,723			(1,988		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(3		)	4			(10		)
DAC, VOBA and DSI	(157		)	673			(756		)
Policyholder dividend obligation	(148		)	1,372			(1,384		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(28		)	(15		)	(31		)
Deferred income tax benefit (expense)	(472		)	2,405			(3,600		)
Net unrealized investment gains (losses)	12,606			11,771			16,272
Net unrealized investment gains (losses) attributable to noncontrolling interests	25			2			(37		)
Balance at December 31,	$	12,631		$	11,773		$	16,235
Change in net unrealized investment gains (losses)	$	833		$	(4,464	)	$	7,858
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	25			2			(37		)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	858		$	(4,462	)	$	7,821

Other than temporary impairment, credit losses recognized earnings

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



	Years Ended December 31,
	2016			2015
	(In millions)
Balance at January 1,	$	(76	)	$	(112	)
Noncredit OTTI losses and subsequent changes recognized	14			6
Securities sold with previous noncredit OTTI loss	64			125
Subsequent changes in estimated fair value	6			(95		)
Balance at December 31,	$	8		$	(76	)

Securities Lending

Elements of the securities lending program are presented below at:



	December 31,
	2016		2015
	(In millions)
Securities on loan: (1)
Amortized cost	$	24,692	$	27,223
Estimated fair value	$	26,308	$	29,646
Cash collateral on deposit from counterparties (2)	$	26,755	$	30,197
Security collateral on deposit from counterparties (3)	$	46	$	50
Reinvestment portfolio — estimated fair value	$	26,704	$	30,258

__________________


(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 on the consolidated financial statements.

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



	December 31, 2016								December 31, 2015
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		1 to 6 Months		Total		Open (1)		1 Month or Less		1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency	$	6,608	$	8,403	$	10,125	$	25,136	$	10,116	$	11,157	$	5,986	$	27,259
Foreign government	—		620		144		764		2		510		486		998
U.S. corporate	—		523		—		523		9		380		—		389
Agency RMBS	—		—		274		274		—		951		600		1,551
Foreign corporate	—		58		—		58		—		—		—		—
Total	$	6,608	$	9,604	$	10,543	$	26,755	$	10,127	$	12,998	$	7,072	$	30,197

__________________


(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.

Schedule of Repurchase Agreements [Table Text Block]

Elements of the short-term repurchase agreements are presented below at:



	December 31, 2016		December 31, 2015
	(In millions)
Securities on loan included within fixed maturity securities:
Amortized cost	$	98	$	51
Estimated fair value	$	113	$	56
Cash collateral received included within other liabilities	$	102	$	50
Reinvestment portfolio — estimated fair value	$	100	$	50

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



	December 31, 2016						December 31, 2015
	Remaining Tenor of Repurchase Agreements						Remaining Tenor of Repurchase Agreements
	1 Month or Less		1 to 6 Months		Total		1 Month or Less		1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
Foreign corporate	$	12	$	10	$	22	$	—	$	25	$	25
All other corporate and government	39		41		80		—		25		25
Total	$	51	$	51	$	102	$	—	$	50	$	50

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

Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in policyholder account balances. Information related to such funding agreements was as follows at:



	Liability				Collateral
	December 31,
	2016		2015		2016			2015
	(In millions)
FHLB of New York (1)	$	14,445	$	12,570	$	16,828	(2)	$	14,085	(2)
Farmer Mac (3)	$	2,550	$	2,550	$	2,645		$	2,643
FHLB of Des Moines (1)	$	720	$	845	$	1,077	(2)	$	999	(2)
FHLB of Boston (1)	$	50	$	250	$	144	(2)	$	311	(2)
FHLB of Pittsburgh (1)	$	750	$	1,820	$	4,148	(2)	$	2,112	(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 a subsidiary of Farmer Mac, as well as 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 mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

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:



	December 31,
	2016		2015
	(In millions)
Invested assets on deposit (regulatory deposits)	$	9,573	$	9,089
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)	11,111		10,443
Invested assets pledged as collateral (1)	27,431		23,145
Total invested assets on deposit, held in trust and pledged as collateral	$	48,115	$	42,677

__________________


(1)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4), collateral financing arrangements (see Note 13) and derivative transactions (see Note 9).

Purchased credit impaired investments, by invested asset class, held

The following table presents information about PCI investments acquired during the periods indicated:



	Years Ended December 31,
	2016		2015		2016		2015
	Fixed Maturity Securities				Mortgage Loans
	(In millions)
Contractually required payments (including interest)	$	2,031	$	2,220	$	—	$	—
Cash flows expected to be collected (1)	$	1,828	$	1,951	$	—	$	—
Fair value of investments acquired	$	1,331	$	1,439	$	—	$	—

__________________


(1)	Represents undiscounted principal and interest cash flow expectations, at the date of acquisition.

The Company’s PCI investments, by invested asset class, were as follows at:



	December 31,
	2016		2015		2016		2015
	Fixed Maturity Securities				Mortgage Loans
	(In millions)
Outstanding principal and interest balance (1)	$	7,121	$	6,410	$	—	$	148
Carrying value (2)	$	5,569	$	4,883	$	—	$	129

__________________


(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.

The following table presents activity for the accretable yield on PCI investments:



	Years Ended December 31,
	2016			2015			2016			2015
	Fixed Maturity Securities						Mortgage Loans
	(In millions)
Accretable yield, January 1,	$	2,200		$	2,143		$	21		$	48
Investments purchased	497			512			—			—
Accretion recognized in earnings	(337		)	(325		)	(9		)	(56		)
Disposals	(15		)	(56		)	—			—
Reclassification (to) from nonaccretable difference	(183		)	(74		)	(12		)	29
Accretable yield, December 31,	$	2,162		$	2,200		$	—		$	21

The Components of Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2016		2015		2014
	(In millions)
Investment income:
Fixed maturity securities	$	14,313	$	14,235	$	14,868
Equity securities	140		144		133
FVO and trading securities — FVO general account and Actively traded securities (1)	37		21		103
Mortgage loans	3,259		3,136		2,928
Policy loans	589		603		629
Real estate and real estate joint ventures	684		981		951
Other limited partnership interests	641		669		1,033
Cash, cash equivalents and short-term investments	173		148		168
Operating joint ventures	33		25		10
Other	263		248		192
Subtotal	20,132		20,210		21,015
Less: Investment expenses	1,147		1,209		1,178
Subtotal, net	18,985		19,001		19,837
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)	950		264		1,266
FVO CSEs — interest income:
Commercial mortgage loans	12		16		49
Securities	—		—		1
Subtotal	962		280		1,316
Net investment income	$	19,947	$	19,281	$	21,153

__________________

(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 principally from FVO contractholder-directed unit-linked investments and, to a much lesser extent, actively traded and FVO general account securities, and were $427 million, ($456) million and $642 million for the years ended December 31, 2016, 2015, and 2014, respectively.

The components of net investment gains (losses)

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



	Years Ended December 31,
	2016			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:
Industrial	$	(79	)	$	(5	)	$	—
Utility	(21		)	(21		)	—
Consumer	—			(28		)	(7		)
Transportation	—			—			(2		)
Communications	(3		)	—			—
Total U.S. and foreign corporate securities	(103		)	(54		)	(9		)
RMBS	(24		)	(30		)	(31		)
ABS	(2		)	—			(7		)
CMBS	—			—			(13		)
State and political subdivision	—			(6		)	—
OTTI losses on fixed maturity securities recognized in earnings	(129		)	(90		)	(60		)
Fixed maturity securities — net gains (losses) on sales and disposals	154			204			598
Total gains (losses) on fixed maturity securities	25			114			538
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Common stock	(77		)	(39		)	(13		)
Non-redeemable preferred stock	—			(1		)	(23		)
OTTI losses on equity securities recognized in earnings	(77		)	(40		)	(36		)
Equity securities — net gains (losses) on sales and disposals	29			61			101
Total gains (losses) on equity securities	(48		)	21			65
FVO and trading securities — FVO general account securities	—			—			9
Mortgage loans	(224		)	(105		)	(36		)
Real estate and real estate joint ventures	147			531			222
Other limited partnership interests	(71		)	(67		)	(78		)
Other	(87		)	(6		)	(110		)
Subtotal	(258		)	488			610
FVO CSEs:
Commercial mortgage loans	(2		)	(7		)	(13		)
Securities	1			—			—
Long-term debt — related to commercial mortgage loans	1			4			19
Long-term debt — related to securities	—			—			(1		)
Non-investment portfolio gains (losses) (1)	429			112			(812		)
Subtotal	429			109			(807		)
Total net investment gains (losses)	$	171		$	597		$	(197	)

__________________


(1)	Non-investment portfolio gains (losses) for the year ended December 31, 2016 includes a gain from the U.S. Retail Advisor Force Divestiture of $102 million as more fully described in Note 3. 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.

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.



	Years Ended December 31,
	2016			2015			2014			2016			2015			2014
	Fixed Maturity Securities									Equity Securities
	(In millions)
Proceeds	$	125,979		$	115,395		$	82,075		$	326		$	358		$	544
Gross investment gains	$	1,231		$	1,262		$	1,165		$	46		$	99		$	112
Gross investment losses	(1,077		)	(1,058		)	(567		)	(17		)	(38		)	(11		)
OTTI losses	(129		)	(90		)	(60		)	(77		)	(40		)	(36		)
Net investment gains (losses)	$	25		$	114		$	538		$	(48	)	$	21		$	65

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 OCI:



	Years Ended December 31,
	2016			2015
	(In millions)
Balance at January 1,	$	277		$	357
Additions:
Initial impairments — credit loss OTTI on securities not previously impaired	1			20
Additional impairments — credit loss OTTI on securities previously impaired	23			26
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(85		)	(124		)
Securities impaired to net present value of expected future cash flows	(1		)	—
Increase in cash flows — accretion of previous credit loss OTTI	—			(2		)
Balance at December 31,	$	215		$	277

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 December 31, 2016 and 2015.



	December 31,
	2016				2015
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,422	$	—	$	3,374	$	—
Operating joint venture (2)	—		—		2,465		2,079
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)	146		35		186		62
Other investments (4)	50		—		76		—
Total	$	3,618	$	35	$	6,101	$	2,141

__________________


(1)	See Note 13 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 $95 million and $105 million at estimated fair value at December 31, 2016 and 2015, respectively.


(4)	Other investments is 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:



	December 31,
	2016				2015
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	59,773	$	59,773	$	65,824	$	65,824
U.S. and foreign corporate	2,845		2,845		3,261		3,261
Other limited partnership interests	6,208		11,282		5,186		7,074
Other invested assets	2,261		2,837		1,604		2,161
Other (3)	252		271		722		739
Total	$	71,339	$	77,008	$	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 $150 million and $179 million at December 31, 2016 and 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 is comprised of mortgage loans, common stock, non-redeemable preferred stock, real estate joint ventures and FVO and trading securities.

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						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(Dollars in millions)
December 31, 2016
Loan-to-value ratios:
Less than 65%	$	41,811	$	1,307	$	874	$	43,992	91.6	%	$	44,459	91.8	%
65% to 75%	3,335		—		221		3,556		7.4		3,488		7.2
76% to 80%	229		—		—		229		0.5		215		0.5
Greater than 80%	142		41		75		258		0.5		250		0.5
Total	$	45,517	$	1,348	$	1,170	$	48,035	100.0	%	$	48,412	100.0	%
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 Portfolio Segment [Member]

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:



	December 31,
	2016				2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	13,872	96.0	%	$	12,399	94.0	%
65% to 75%	479		3.3		710		5.4
76% to 80%	17		0.1		21		0.2
Greater than 80%	88		0.6		58		0.4
Total	$	14,456	100.0	%	$	13,188	100.0	%

Residential mortgage loans portfolio segment [Member]

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:



	December 31,
	2016				2015
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	11,304	96.6	%	$	9,408	96.7	%
Nonperforming	392		3.4		326		3.3
Total	$	11,696	100.0	%	$	9,734	100.0	%