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Insurance (Tables)

12 Months Ended

Dec. 31, 2016

Insurance liabilities are comprised of future policy benefits, policyholder account balances and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2016			2015
	(In millions)
U.S.	$	128,745		$	123,060
Asia	89,422			83,510
Latin America	14,760			14,022
EMEA	18,075			19,009
MetLife Holdings	105,017			102,853
Corporate & Other	(3,120		)	(2,667		)
Total	$	352,899		$	339,787

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:



	Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Paid-Up Guarantees		Total
	(In millions)
Direct and Assumed:
Balance at January 1, 2014	$	268		$	521		$	2,912		$	266	$	3,967
Incurred guaranteed benefits (1)	74			(58		)	(184		)	22		(146		)
Paid guaranteed benefits	(35		)	—			(17		)	—		(52		)
Balance at December 31, 2014	307			463			2,711			288		3,769
Incurred guaranteed benefits (1)	68			62			43			18		191
Paid guaranteed benefits	(11		)	(1		)	(28		)	—		(40		)
Balance at December 31, 2015	364			524			2,726			306		3,920
Incurred guaranteed benefits (1)	102			78			291			25		496
Paid guaranteed benefits	(15		)	(1		)	(28		)	—		(44		)
Balance at December 31, 2016	$	451		$	601		$	2,989		$	331	$	4,372
Ceded:
Balance at January 1, 2014	$	26		$	7		$	168		$	186	$	387
Incurred guaranteed benefits	—			(1		)	19			15		33
Paid guaranteed benefits	(3		)	—			—			—		(3		)
Balance at December 31, 2014	23			6			187			201		417
Incurred guaranteed benefits	(1		)	—			31			13		43
Paid guaranteed benefits	(3		)	—			—			—		(3		)
Balance at December 31, 2015	19			6			218			214		457
Incurred guaranteed benefits	—			(1		)	(27		)	17		(11		)
Paid guaranteed benefits	5			—			—			—		5
Balance at December 31, 2016	$	24		$	5		$	191		$	231	$	451
Net:
Balance at January 1, 2014	$	242		$	514		$	2,744		$	80	$	3,580
Incurred guaranteed benefits	74			(57		)	(203		)	7		(179		)
Paid guaranteed benefits	(32		)	—			(17		)	—		(49		)
Balance at December 31, 2014	284			457			2,524			87		3,352
Incurred guaranteed benefits	69			62			12			5		148
Paid guaranteed benefits	(8		)	(1		)	(28		)	—		(37		)
Balance at December 31, 2015	345			518			2,508			92		3,463
Incurred guaranteed benefits	102			79			318			8		507
Paid guaranteed benefits	(20		)	(1		)	(28		)	—		(49		)
Balance at December 31, 2016	$	427		$	596		$	2,798		$	100	$	3,921

__________________


(1)	Secondary guarantees include the effects of foreign currency translation of $119 million, ($80) million and ($343) million at December 31, 2016, 2015 and 2014, respectively.

Fund Groupings

Account balances of contracts with guarantees were invested in separate account asset classes as follows at:



	December 31,
	2016		2015
	(In millions)
Fund Groupings:
Equity	$	23,649	$	23,563
Balanced	23,620		24,338
Bond	6,169		6,033
Money Market	528		349
Total	$	53,966	$	54,283

Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or reinsurance, if any, was as follows at:



	December 31,
	2016							2015
	In the Event of Death			At Annuitization				In the Event of Death			At Annuitization
	(Dollars in millions)
Annuity Contracts (1):
Variable Annuity Guarantees:
Total account value (2), (3)	$	66,176		$	25,335			$	67,425		$	25,365
Separate account value	$	43,359		$	23,330			$	43,209		$	23,446
Net amount at risk (2)	$	1,842	(4)	$	521	(5)		$	1,932	(4)	$	384	(5)
Average attained age of contractholders	64 years			65 years				64 years			64 years
Other Annuity Guarantees:
Total account value (3)	N/A			$	1,393			N/A			$	1,560
Net amount at risk	N/A			$	490	(6	)	N/A			$	422	(6)
Average attained age of contractholders	N/A			50 years				N/A			51 years



	December 31,
	2016				2015
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(Dollars in millions)
Universal and Variable Life Contracts (1):
Total account value (3)	$	8,363	$	3,337	$	8,097	$	3,461
Net amount at risk (7)	$	70,225	$	17,785	$	72,310	$	19,047
Average attained age of policyholders	55 years		62 years		54 years		62 years

__________________


(1)	The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.


(2)	Includes amounts, which are not reported on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.


(3)	Includes the contractholder’s investments in the general account and separate account, if applicable.


(4)	Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death.

(5)

Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved.

(6)

Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date.


(7)	Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank

Certain of the Company’s subsidiaries are members of regional banks in the Federal Home Loan Bank (“FHLB”) system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at:



	December 31,
	2016		2015
	(In millions)
FHLB of New York	$	748	$	666
FHLB of Des Moines	$	35	$	40
FHLB of Pittsburgh	$	11	$	11

Schedule of liability recorded and collateral pledged for funding agreements

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)	$	625	$	750	$	811	(2)	$	851	(2)
FHLB of Pittsburgh (1)	$	250	$	250	$	383	(2)	$	322	(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)	$	1,925	$	1,838
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	2,057		2,359
Invested assets pledged as collateral (1)	23,882		20,345
Total invested assets on deposit, held in trust and pledged as collateral	$	27,864	$	24,542

__________________


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

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows:



	Years Ended December 31,
	2016			2015 (1)			2014 (1)
	(In millions)
Balance at December 31,	$	9,669		$	9,525		$	9,280
Less: Reinsurance recoverables	476			454			406
Net balance at December 31,	9,193			9,071			8,874
Cumulative adjustment (2)	4,897			—			—
Net balance at January 1,	14,090			9,071			8,874
Incurred related to:
Current year	24,360			9,533			9,355
Prior years (3)	384			(78		)	(73		)
Total incurred	24,744			9,455			9,282
Paid related to:
Current year	(16,658		)	(6,759		)	(6,714		)
Prior years	(7,251		)	(2,574		)	(2,371		)
Total paid	(23,909		)	(9,333		)	(9,085		)
Net balance at December 31,	14,925			9,193			9,071
Add: Reinsurance recoverables	1,226			476			454
Balance at December 31,	$	16,151		$	9,669		$	9,525

__________________


(1)	Limited to property & casualty, group accident and non-medical health policies and contracts.

(2)

Reflects the accumulated adjustment, net of reinsurance, upon implementation of the new short-duration contracts guidance which clarified the requirement to include claim information for long-duration contracts. The accumulated adjustment primarily reflects unpaid claim liabilities, net of reinsurance, for long-duration contracts as of the beginning of the period presented. Prior periods have not been restated. See Note 1.

(3)

During 2016, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years increased due to the implementation of new guidance related to short-duration contracts. During 2015 and 2014, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year automobile bodily injury and homeowners’ severity.

Short-duration Insurance Contracts, Claims Development

Group Life - Term



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance													At December 31, 2016
	For the Years Ended December 31,													Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2011	$	6,318	$	6,290	$	6,293	$	6,269	$	6,287	$	6,295		$	3	207,139
2012			6,503		6,579		6,569		6,546		6,568			3		208,441
2013					6,637		6,713		6,719		6,720			8		210,597
2014							6,986		6,919		6,913			13		210,347
2015									7,040		7,015			27		210,838
2016											7,125			825		184,085
Total											40,636
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance											(38,879		)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance											12
Total unpaid claims and claim adjustment expenses, net of reinsurance											$	1,769



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016
	(In millions)
2011	$	4,982	$	6,194	$	6,239	$	6,256	$	6,281	$	6,290
2012			5,132		6,472		6,518		6,532		6,558
2013					5,216		6,614		6,664		6,678
2014							5,428		6,809		6,858
2015									5,524		6,913
2016											5,582
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance											$	38,879

Group Long-Term Disability



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance													At December 31, 2016
	For the Years Ended December 31,													Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2011	$	955	$	916	$	894	$	914	$	924	$	923		$	—	21,187
2012			966		979		980		1,014		1,034			—		19,502
2013					1,008		1,027		1,032		1,049			—		20,547
2014							1,076		1,077		1,079			6		22,233
2015									1,082		1,105			29		18,172
2016											1,131			534		8,960
Total											6,321
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance											(2,277		)
All outstanding liabilities for incurral years prior to 2011, net of reinsurance											2,933
Total unpaid claims and claim adjustment expenses, net of reinsurance											$	6,977



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2011		2012		2013		2014		2015		2016
	(In millions)
2011	$	44	$	217	$	337	$	411	$	478	$	537
2012			43		229		365		453		524
2013					43		234		382		475
2014							51		266		428
2015									50		264
2016											49
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance											$	2,277

Property & Casualty - Auto Liability



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																					At December 31, 2016
	For the Years Ended December 31,																					Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2007		2008		2009		2010		2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2007	$	861	$	840	$	825	$	804	$	786	$	784	$	781	$	780	$	780	$	780		$	—	207,285
2008			818		839		828		805		799		794		793		791		790			—		200,514
2009					862		877		853		826		823		817		815		815			1		201,577
2010							863		873		853		847		833		826		825			3		202,094
2011									863		876		869		855		846		843			3		202,494
2012											882		881		869		851		846			6		196,900
2013													911		900		882		878			10		201,192
2014															897		910		913			25		203,233
2015																	975		984			66		206,368
2016																			1,012			160		192,197
Total																			8,686
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(7,509		)
All outstanding liabilities for incurral years prior to 2007, net of reinsurance																			28
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	1,205



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2007		2008		2009		2010		2011		2012		2013		2014		2015		2016
	(In millions)
2007	$	299	$	535	$	649	$	715	$	751	$	765	$	773	$	777	$	778	$	779
2008			304		553		657		725		764		778		785		787		788
2009					321		563		681		755		789		803		810		813
2010							319		572		695		762		796		810		816
2011									324		590		711		777		810		825
2012											333		600		715		783		815
2013													346		618		743		809
2014															352		648		777
2015																	384		691
2016																			396
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	7,509

Property & Casualty - Home



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																					At December 31, 2016
	For the Years Ended December 31,																					Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2007		2008		2009		2010		2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2007	$	445	$	436	$	423	$	421	$	415	$	414	$	414	$	414	$	412	$	412		$	—	86,408
2008			644		636		599		590		588		589		588		586		585			—		127,474
2009					506		523		510		507		503		501		498		497			—		106,614
2010							573		589		587		584		582		581		580			2		115,495
2011									891		868		843		840		835		835			2		166,443
2012											714		713		703		698		696			4		146,512
2013													654		652		635		635			5		107,469
2014															707		702		704			8		113,448
2015																	759		753			18		106,650
2016																			740			60		98,986
Total																			6,437
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			(6,210		)
All outstanding liabilities for incurral years prior to 2007, net of reinsurance																			2
Total unpaid claims and claim adjustment expenses, net of reinsurance																			$	229



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2007		2008		2009		2010		2011		2012		2013		2014		2015		2016
	(In millions)
2007	$	303	$	385	$	399	$	405	$	408	$	409	$	411	$	412	$	412	$	412
2008			446		558		574		579		582		583		584		584		584
2009					385		476		486		492		495		495		496		496
2010							436		546		562		571		574		577		578
2011									690		804		819		825		827		830
2012											559		668		681		687		689
2013													505		604		618		626
2014															574		670		685
2015																	603		717
2016																			593
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																			$	6,210

Group Disability & Group Life



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance															At December 31, 2016
	For the Years Ended December 31,															Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2010		2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2010	$	76	$	72	$	77	$	99	$	99	$	96	$	125		$	20	2,717
2011			72		62		82		82		87		115			21		1,863
2012					91		96		95		109		110			11		2,014
2013							137		139		161		156			30		2,379
2014									274		259		240			70		3,173
2015											258		248			102		2,667
2016													213			151		1,441
Total													1,207
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance													(795		)
All outstanding liabilities for incurral years prior to 2010, net of reinsurance													41
Total unpaid claims and claim adjustment expenses, net of reinsurance													$	453



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2010		2011		2012		2013		2014		2015		2016
	(In millions)
2010	$	19	$	37	$	49	$	60	$	73	$	82	$	106
2011			12		37		50		62		75		94
2012					28		60		79		91		99
2013							41		92		112		126
2014									64		133		167
2015											75		142
2016													61
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance													$	795

Average Annual Percentage Payout

Protection Life



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																			At December 31, 2016
	For the Years Ended December 31,																			Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2008		2009		2010		2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2008	$	201	$	267	$	271	$	273	$	273	$	273	$	273	$	274	$	274		$	—	32,175
2009			228		308		312		314		314		314		314		314			—		32,470
2010					250		322		329		330		330		330		330			—		33,001
2011							323		224		230		231		232		232			—		27,667
2012									155		210		215		217		218			—		28,088
2013											172		240		247		248			1		32,048
2014													245		369		380			3		40,661
2015															320		456			15		45,852
2016																	350			163		28,762
Total																	2,802
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																	(2,500		)
All outstanding liabilities for incurral years prior to 2008, net of reinsurance																	39
Total unpaid claims and claim adjustment expenses, net of reinsurance																	$	341



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2008		2009		2010		2011		2012		2013		2014		2015		2016
	(In millions)
2008	$	198	$	262	$	266	$	267	$	268	$	268	$	268	$	268	$	268
2009			226		300		305		306		306		306		306		306
2010					230		301		307		308		308		309		309
2011							144		219		225		226		226		227
2012									153		207		212		213		214
2013											168		233		238		239
2014													220		326		331
2015															263		368
2016																	238
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																	$	2,500

Protection Health



	Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance																			At December 31, 2016
	For the Years Ended December 31,																			Total IBNR Liabilities Plus Expected Development on Reported Claims		Cumulative Number of Reported Claims
	(Unaudited)
Incurral Year	2008		2009		2010		2011		2012		2013		2014		2015		2016
	(Dollars in millions)
2008	$	127	$	142	$	144	$	144	$	144	$	145	$	145	$	145	$	145		$	—	91,276
2009			146		163		165		165		166		166		166		166			4		92,466
2010					172		192		193		194		194		194		194			—		96,316
2011							192		229		231		232		232		232			—		105,917
2012									199		224		226		226		227			3		99,446
2013											216		244		245		246			30		103,077
2014													224		249		251			24		96,075
2015															192		219			71		84,206
2016																	253			825		89,884
Total																	1,933
Cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																	(1,915		)
All outstanding liabilities for incurral years prior to 2008, net of reinsurance																	51
Total unpaid claims and claim adjustment expenses, net of reinsurance																	$	69



	Cumulative Paid Claims and Paid Allocated Claim Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
	(Unaudited)
Incurral Year	2008		2009		2010		2011		2012		2013		2014		2015		2016
	(In millions)
2008	$	127	$	142	$	144	$	144	$	144	$	145	$	145	$	145	$	145
2009			146		163		165		165		166		166		166		166
2010					172		192		193		194		194		194		194
2011							206		229		231		232		232		232
2012									199		224		226		226		227
2013											216		244		245		246
2014													222		247		249
2015															192		219
2016																	237
Total cumulative paid claims and paid allocated claim adjustment expenses, net of reinsurance																	$	1,915

Short-duration Insurance Contracts, Schedule of Historical Claims Duration