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Investments (Tables)

12 Months Ended

Dec. 31, 2017

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, 2017											December 31, 2016
	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 (1)			Estimated Fair Value		Cost or Amortized Cost		Gains		Temporary Losses		OTTI Losses (1)			Estimated Fair Value
	(In millions)
Fixed maturity securities:
U.S. corporate	$	76,005	$	7,007	$	351	$	—		$	82,661	$	73,280	$	6,027	$	764	$	—		$	78,543
Foreign government	55,351		6,495		312		—			61,534		49,864		6,485		373		—			55,976
Foreign corporate	52,409		3,836		676		—			55,569		49,308		2,926		1,572		(1		)	50,663
U.S. government and agency	43,446		4,227		279		—			47,394		41,294		3,682		543		—			44,433
RMBS	27,846		1,145		233		(42		)	28,800		28,393		1,039		410		(10		)	29,032
State and political subdivision	10,752		1,717		13		1			12,455		10,977		1,340		85		1			12,231
ABS	12,213		116		39		(1		)	12,291		11,266		90		128		3			11,225
CMBS	8,047		222		42		—			8,227		7,294		237		71		—			7,460
Total fixed maturity securities	$	286,069	$	24,765	$	1,945	$	(42	)	$	308,931	$	271,676	$	21,826	$	3,946	$	(7	)	$	289,563
Equity securities:
Common stock	$	1,687	$	364	$	16	$	—		$	2,035	$	1,827	$	464	$	13	$	—		$	2,278
Non-redeemable preferred stock	453		29		4		—			478		637		19		40		—			616
Total equity securities	$	2,140	$	393	$	20	$	—		$	2,513	$	2,464	$	483	$	53	$	—		$	2,894

__________________


(1)	Noncredit OTTI losses included in AOCI in an unrealized gain position are 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, 2017:



	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	$	11,378	$	62,647	$	61,043	$	102,895	$	48,106	$	286,069
Estimated fair value	$	11,437	$	65,423	$	64,499	$	118,254	$	49,318	$	308,931

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, 2017								December 31, 2016
	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	$	5,604	$	92	$	4,115	$	259	$	11,471	$	466	$	2,938	$	298
Foreign government	4,234		83		3,251		229		5,955		260		918		113
Foreign corporate	4,422		99		6,802		577		10,147		573		5,493		998
U.S. government and agency	18,273		93		3,560		186		9,104		523		141		20
RMBS	6,359		50		4,159		141		9,449		291		1,800		109
State and political subdivision	182		2		346		12		1,747		80		56		6
ABS	1,695		7		729		31		2,224		28		2,328		103
CMBS	1,174		9		413		33		998		22		564		49
Total fixed maturity securities	$	41,943	$	435	$	23,375	$	1,468	$	51,095	$	2,243	$	14,238	$	1,696
Equity securities:
Common stock	$	126	$	16	$	4	$	—	$	105	$	13	$	11	$	—
Non-redeemable preferred stock	42		1		41		3		139		7		125		33
Total equity securities	$	168	$	17	$	45	$	3	$	244	$	20	$	136	$	33
Total number of securities in an unrealized loss position	2,651				1,965				3,580				1,307

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:



	December 31,
	2017					2016
	Carrying Value			% of Total		Carrying Value			% of Total
	(Dollars in millions)
Mortgage loans:
Commercial	$	44,375		64.6	%	$	41,512		63.7	%
Agricultural	13,014			18.9		12,564			19.3
Residential	11,136			16.2		10,829			16.6
Subtotal (1)	68,525			99.7		64,905			99.6
Valuation allowances	(314		)	(0.5	)	(304		)	(0.5	)
Subtotal mortgage loans, net	68,211			99.2		64,601			99.1
Residential — FVO	520			0.8		566			0.9
Total mortgage loans, net	$	68,731		100.0	%	$	65,167		100.0	%

__________________


(1)	Purchases of mortgage loans, primarily residential, were $3.1 billion and $2.9 billion for the years ended December 31, 2017 and 2016, respectively

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, 2015	$	202		$	35		$	42		$	279
Provision (release)	5			2			30			37
Charge-offs, net of recoveries	(19		)	—			(16		)	(35		)
Balance at December 31, 2015	188			37			56			281
Provision (release) (1)	157			3			23			183
Charge-offs, net of recoveries (1)	(143		)	(1		)	(16		)	(160		)
Balance at December 31, 2016	202			39			63			304
Provision (release)	12			4			8			24
Charge-offs, net of recoveries	—			(2		)	(12		)	(14		)
Balance at December 31, 2017	$	214		$	41		$	59		$	314

__________________

(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 has recovered 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, 2017		December 31, 2016		December 31, 2017		December 31, 2016		December 31, 2017		December 31, 2016
	(In millions)
Commercial	$	—	$	3	$	—	$	3	$	—	$	—
Agricultural	134		127		125		104		36		23
Residential	514		381		33		37		481		344
Total	$	648	$	511	$	158	$	144	$	517	$	367

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, 2017
Commercial	$	—	$	—	$	—	$	—	$	—	$	44,375	$	214	$	—	$	5
Agricultural	22		21		2		27		27		12,966		39		46		32
Residential	—		—		—		358		324		10,812		59		324		285
Total	$	22	$	21	$	2	$	385	$	351	$	68,153	$	312	$	370	$	322
December 31, 2016
Commercial	$	—	$	—	$	—	$	12	$	12	$	41,500	$	202	$	12	$	90
Agricultural	11		10		1		27		27		12,527		38		36		49
Residential	—		—		—		265		241		10,588		63		241		188
Total	$	11	$	10	$	1	$	304	$	280	$	64,615	$	303	$	289	$	327

Investment in leveraged leases

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



	December 31,
	2017						2016
	Leveraged Leases			Direct Financing Leases			Leveraged Leases			Direct Financing Leases
	(In millions)
Rental receivables, net	$	912		$	2,303		$	1,172		$	1,683
Estimated residual values	838			42			952			71
Subtotal	1,750			2,345			2,124			1,754
Unearned income	(472		)	(1,022		)	(603		)	(639		)
Investment in leases, net of non-recourse debt	$	1,278		$	1,323		$	1,521		$	1,115

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,
	2017			2016			2015
	(In millions)
Fixed maturity securities	$	22,645		$	20,330		$	18,158
Fixed maturity securities with noncredit OTTI losses included in AOCI	41			8			(76		)
Total fixed maturity securities	22,686			20,338			18,082
Equity securities	421			485			422
Derivatives	1,453			2,923			2,350
Other	46			23			287
Subtotal	24,606			23,769			21,141
Amounts allocated from:
Future policy benefits	(77		)	(1,114		)	(163		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	—			(3		)	—
DAC, VOBA and DSI	(1,768		)	(1,430		)	(1,273		)
Policyholder dividend obligation	(2,121		)	(1,931		)	(1,783		)
Subtotal	(3,966		)	(4,478		)	(3,219		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(12		)	(1		)	27
Deferred income tax benefit (expense)	(6,958		)	(6,634		)	(6,149		)
Net unrealized investment gains (losses)	13,670			12,656			11,800
Net unrealized investment gains (losses) attributable to noncontrolling interests	(8		)	(6		)	(31		)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	13,662		$	12,650		$	11,769

Net unrealized investment gains (losses) attributable to MetLife, Inc. in the above table include, on a net of income tax basis, $1,250 million and $1,554 million for the years ended December 31, 2016 and 2015, respectively, related to assets and liabilities of a disposed subsidiary.

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



	Years Ended December 31,
	2017			2016			2015
	(In millions)
Balance at January 1,	$	12,650		$	11,769		$	16,300
Fixed maturity securities on which noncredit OTTI losses have been recognized	33			84			36
Unrealized investment gains (losses) during the year	804			2,544			(11,668		)
Unrealized investment gains (losses) relating to:
Future policy benefits	1,037			(951		)	2,723
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	3			(3		)	4
DAC, VOBA and DSI	(338		)	(157		)	673
Policyholder dividend obligation	(190		)	(148		)	1,372
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(11		)	(28		)	(15		)
Deferred income tax benefit (expense)	(324		)	(485		)	2,342
Net unrealized investment gains (losses)	13,664			12,625			11,767
Net unrealized investment gains (losses) attributable to noncontrolling interests	(2		)	25			2
Balance at December 31,	$	13,662		$	12,650		$	11,769
Change in net unrealized investment gains (losses)	$	1,014		$	856		$	(4,533	)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	(2		)	25			2
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	1,012		$	881		$	(4,531	)

Net unrealized investment gains (losses) attributable to MetLife, Inc. in the above table include, on a net of income tax basis, ($304) million and ($1,128) million for the years ended December 31, 2016 and 2015, respectively, related to assets and liabilities of a disposed subsidiary.

Securities Lending

Elements of the securities lending program are presented below at:



	December 31,
	2017		2016
	(In millions)
Securities on loan: (1)
Amortized cost	$	17,801	$	18,798
Estimated fair value	$	19,028	$	19,753
Cash collateral received from counterparties (2)	$	19,417	$	20,114
Security collateral received from counterparties (3)	$	19	$	20
Reinvestment portfolio — estimated fair value	$	19,508	$	20,133

__________________


(1)	Included within fixed maturity securities.


(2)	Included within payables for collateral under securities loaned and other transactions.


(3)	Security collateral received 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 was as follows at:



	December 31, 2017								December 31, 2016
	Remaining Tenor of Securities Lending Agreements								Remaining Tenor of Securities Lending Agreements
	Open (1)		1 Month or Less		Over 1 to 6 Months		Total		Open (1)		1 Month or Less		Over 1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency	$	3,753	$	6,031	$	8,607	$	18,391	$	4,480	$	6,496	$	8,383	$	19,359
Foreign government	—		192		834		1,026		—		569		143		712
U.S. corporate	—		—		—		—		—		43		—		43
Total	$	3,753	$	6,223	$	9,441	$	19,417	$	4,480	$	7,108	$	8,526	$	20,114

__________________


(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, 2017		December 31, 2016
	(In millions)
Securities on loan: (1)
Amortized cost	$	994	$	98
Estimated fair value	$	1,141	$	113
Cash collateral received from counterparties (2)	$	1,102	$	102
Reinvestment portfolio — estimated fair value	$	1,102	$	100

__________________


(1)	Included within fixed maturity securities, short-term investments and cash equivalents.


(2)	Included within payables for collateral under securities loaned and other transactions and other liabilities.

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



	December 31, 2017						December 31, 2016
	Remaining Tenor of Repurchase Agreements						Remaining Tenor of Repurchase Agreements
	1 Month or Less		Over 1 to 6 Months		Total		1 Month or Less		Over 1 to 6 Months		Total
	(In millions)
Cash collateral liability by loaned security type:
U.S. government and agency	$	1,005	$	—	$	1,005	$	5	$	—	$	5
All other corporate and government	44		53		97		46		51		97
Total	$	1,049	$	53	$	1,102	$	51	$	51	$	102

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

Such subsidiaries have also entered into funding agreements with FHLBanks and a subsidiary of 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,
	2017		2016		2017			2016
	(In millions)
FHLB of New York (1)	$	14,445	$	14,445	$	16,605	(2)	$	16,828	(2)
Farmer Mac (3)	$	2,550	$	2,550	$	2,644		$	2,645
FHLB of Des Moines (1)	$	625	$	625	$	701	(2)	$	811	(2)
FHLB of Pittsburgh (1)	$	250	$	250	$	311	(2)	$	383	(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 applicable subsidiary of 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 such subsidiary, the applicable FHLBank’s recovery on the collateral is limited to the amount of such subsidiary’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,
	2017		2016
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,879	$	1,925
Invested assets held in trust (collateral financing arrangement and reinsurance agreements)	2,490		2,057
Invested assets pledged as collateral (1)	24,174		23,882
Total invested assets on deposit, held in trust and pledged as collateral	$	28,543	$	27,864

__________________


(1)	The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), derivative transactions (see Note 9), secured debt (see Note 12), and a collateral financing arrangement (see Note 13).

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,
	2017		2016
	Fixed Maturity Securities
	(In millions)
Contractually required payments (including interest)	$	95	$	1,464
Cash flows expected to be collected (1)	$	73	$	1,338
Fair value of investments acquired	$	67	$	984

__________________


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

The Company’s PCI investments were as follows at:



	December 31,
	2017		2016
	Fixed Maturity Securities
	(In millions)
Outstanding principal and interest balance (1)	$	4,763	$	5,624
Carrying value (2)	$	3,954	$	4,427

__________________


(1)	Represents the contractually required payments, which include contractual principal, whether or not currently due, and accrued interest.


(2)	Estimated fair value plus accrued interest.

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



	Years Ended December 31,
	2017			2016
	Fixed Maturity Securities
	(In millions)
Accretable yield, January 1,	$	1,733		$	1,780
Investments purchased	6			354
Accretion recognized in earnings	(281		)	(269		)
Disposals	(42		)	(2		)
Reclassification (to) from nonaccretable difference	104			(130		)
Accretable yield, December 31,	$	1,520		$	1,733

The Components of Net Investment Income

The components of net investment income were as follows:



	Years Ended December 31,
	2017		2016		2015
	(In millions)
Investment income:
Fixed maturity securities	$	11,497	$	11,721	$	11,809
Equity securities	129		121		124
FVO securities — FVO general account securities (1)	68		37		21
Mortgage loans	3,082		2,858		2,772
Policy loans	517		511		525
Real estate and real estate joint ventures	646		652		872
Other limited partnership interests	798		478		535
Cash, cash equivalents and short-term investments	228		153		140
Operating joint ventures	28		33		25
Other	192		248		200
Subtotal	17,185		16,812		17,023
Less: Investment expenses	1,122		972		1,082
Subtotal, net	16,063		15,840		15,941
FVO securities — FVO contractholder-directed unit-linked investments (1)	1,300		950		264
Net investment income	$	17,363	$	16,790	$	16,205

__________________


(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 were $662 million, $427 million and ($456) million for the years ended December 31, 2017, 2016, and 2015, respectively.

The components of net investment gains (losses)

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



	Years Ended December 31,
	2017			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	$	(4	)	$	—		$	(20	)
Industrial	—			(63		)	(2		)
Utility	—			(21		)	(15		)
Communications	—			(3		)	—
Total U.S. and foreign corporate securities	(4		)	(87		)	(37		)
ABS	(3		)	(2		)	—
RMBS	—			(18		)	(16		)
State and political subdivision	(3		)	—			(6		)
OTTI losses on fixed maturity securities recognized in earnings	(10		)	(107		)	(59		)
Fixed maturity securities — net gains (losses) on sales and disposals (1)	328			251			318
Total gains (losses) on fixed maturity securities	318			144			259
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Common stock	(24		)	(75		)	(36		)
Non-redeemable preferred stock	(1		)	—			(1		)
OTTI losses on equity securities recognized in earnings	(25		)	(75		)	(37		)
Equity securities — net gains (losses) on sales and disposals	117			19			43
Total gains (losses) on equity securities	92			(56		)	6
FVO securities — FVO general account securities	—			—			—
Mortgage loans (2)	14			(231		)	(93		)
Real estate and real estate joint ventures	603			182			433
Other limited partnership interests	(59		)	(64		)	(66		)
Other	(113		)	(130		)	1
Subtotal	855			(155		)	540
FVO CSEs:
Securities	—			1			—
Long-term debt — related to securities	(1		)	—			—
Non-investment portfolio gains (losses) (3) (4) (5) (6)	(1,162		)	471			69
Subtotal	(1,163		)	472			69
Total net investment gains (losses)	$	(308	)	$	317		$	609

__________________


(1)	Fixed maturity securities net gains (losses) on sales and disposals for the year ended December 31, 2017 includes $276 million in previously deferred gains on prior period transfers of securities to Brighthouse, as such gains are no longer eliminated in consolidation after the Separation. See Note 3.


(2)	Mortgage loans gains (losses) for the year ended December 31, 2017 include $47 million of previously deferred gains on prior period transfers of mortgage loans to Brighthouse as such gains are no longer eliminated in consolidation after the Separation. See Note 3.


(3)	Non-investment portfolio gains (losses) for the year ended December 31, 2017 includes a loss of $1,016 million which represents a mark-to-market loss attributable to the FVO Brighthouse Common Stock held by the Company at Separation. See Note 3.


(4)	Non-investment portfolio gains (losses) for the year ended December 31, 2017 includes a loss of $95 million which represents the change in estimated fair value of FVO Brighthouse Common Stock held by the Company from the date of Separation to December 31, 2017. See Note 3.


(5)	Non-investment portfolio gains (losses) for the year ended December 31, 2017 includes a $98 million loss due to the disposition of MetLife Afore. See Note 3.


(6)	Non-investment portfolio gains (losses) for the year ended December 31, 2016 includes a gain of $102 million in connection with the U.S. Retail Advisor Force Divestiture. See 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

Investment gains and losses on sales of securities are determined on a specific identification basis. 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,
	2017			2016			2015			2017			2016			2015
	Fixed Maturity Securities									Equity Securities
	(In millions)
Proceeds	$	56,509		$	86,179		$	82,871		$	1,255		$	278		$	278
Gross investment gains	$	753		$	1,048		$	1,144		$	131		$	36		$	73
Gross investment losses	(425		)	(797		)	(826		)	(14		)	(17		)	(30		)
OTTI losses	(10		)	(107		)	(59		)	(25		)	(75		)	(37		)
Net investment gains (losses)	$	318		$	144		$	259		$	92		$	(56	)	$	6

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,
	2017			2016
	(In millions)
Balance at January 1,	$	187		$	211
Additions:
Initial impairments — credit loss OTTI on securities not previously impaired	—			1
Additional impairments — credit loss OTTI on securities previously impaired	—			18
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(48		)	(43		)
Securities impaired to net present value of expected future cash flows	—			(1		)
Increase in cash flows — accretion of previous credit loss OTTI	(1		)	1
Balance at December 31,	$	138		$	187

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

Consolidated VIEs

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 investment related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at December 31, 2017 and 2016.



	December 31,
	2017				2016
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Renewable energy partnership (1)	$	116	$	3	$	—	$	—
Securitization entities (assets (primarily FVO securities) and liabilities (primarily debt)) (2)	7		6		9		12
Other investments (3)	25		—		50		—
Total	$	148	$	9	$	59	$	12

__________________


(1)	Assets of the renewable energy partnership, primarily consisting of other invested assets, were consolidated in earlier periods as the two investors are subsidiaries of MLIC and Brighthouse, respectively. As a result of the Separation and a reassessment in 2017, the renewable energy partnership was determined to be a consolidated VIE.


(2)	The Company consolidates entities that are structured 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.


(3)	Other investments is primarily comprised of other invested assets.

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

Unconsolidated VIEs

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,
	2017				2016
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured Securities (2)	$	47,614	$	47,614	$	46,773	$	46,773
U.S. and foreign corporate	1,560		1,560		1,940		1,940
Other limited partnership interests	4,834		8,543		4,714		8,990
Other invested assets	2,291		2,625		2,206		2,777
Other (3)	82		87		199		215
Total	$	56,381	$	60,429	$	55,832	$	60,695

__________________

(1)

The maximum exposure to loss relating to fixed maturity 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 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 $117 million and $150 million at December 31, 2017 and 2016, 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 primarily comprised of real estate joint ventures and a joint venture related loan.

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, 2017
Loan-to-value ratios:
Less than 65%	$	37,073	$	1,483	$	201	$	38,757	87.4	%	$	39,528	87.7	%
65% to 75%	4,183		98		119		4,400		9.9		4,408		9.8
76% to 80%	235		210		57		502		1.1		476		1.0
Greater than 80%	401		168		147		716		1.6		672		1.5
Total	$	41,892	$	1,959	$	524	$	44,375	100.0	%	$	45,084	100.0	%
December 31, 2016
Loan-to-value ratios:
Less than 65%	$	36,067	$	1,077	$	707	$	37,851	91.2	%	$	38,237	91.5	%
65% to 75%	3,044		—		202		3,246		7.8		3,185		7.6
76% to 80%	195		—		—		195		0.5		182		0.4
Greater than 80%	118		27		75		220		0.5		213		0.5
Total	$	39,424	$	1,104	$	984	$	41,512	100.0	%	$	41,817	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,
	2017				2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Loan-to-value ratios:
Less than 65%	$	12,347	94.9	%	$	12,023	95.7	%
65% to 75%	618		4.7		436		3.5
76% to 80%	40		0.3		17		0.1
Greater than 80%	9		0.1		88		0.7
Total	$	13,014	100.0	%	$	12,564	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,
	2017				2016
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(Dollars in millions)
Performance indicators:
Performing	$	10,622	95.4	%	$	10,448	96.5	%
Nonperforming	514		4.6		381		3.5
Total	$	11,136	100.0	%	$	10,829	100.0	%