XML 107 R24.htm IDEA: XBRL DOCUMENT

Investments (Tables)

6 Months Ended

Jun. 30, 2011

Fixed Maturity and Equity Securities Available-for-Sale


	June 30, 2011
	Cost or		Gross Unrealized							Estimated
	Amortized				Temporary		OTTI			Fair		% of
	Cost		Gains		Losses		Losses			Value		Total
	(In millions)

Fixed Maturity Securities:
U.S. corporate securities	$	92,677	$	5,244	$	1,124	$	—		$	96,797		28.3	%
Foreign corporate securities (1)		67,518		3,877		858		(1	)		70,538		20.6
Foreign government securities		47,750		2,046		389		161			49,246		14.4
Residential mortgage-backed securities (“RMBS”)		42,845		1,870		652		513			43,550		12.8
U.S. Treasury and agency securities		34,691		1,462		588		—			35,565		10.4
Commercial mortgage-backed securities (“CMBS”) (1)		18,782		906		176		(6	)		19,518		5.7
Asset-backed securities (“ABS”)		15,082		330		483		72			14,857		4.4
State and political subdivision securities		11,554		443		328		—			11,669		3.4
Other fixed maturity securities		4		—		—		—			4		—

Total fixed maturity securities (2),(3)	$	330,903	$	16,178	$	4,598	$	739		$	341,744		100.0	%

Equity Securities:
Common stock	$	1,959	$	142	$	11	$	—		$	2,090		64.5	%
Non-redeemable preferred stock (2)		1,169		83		104		—			1,148		35.5

Total equity securities	$	3,128	$	225	$	115	$	—		$	3,238		100.0	%


	December 31, 2010
	Cost or		Gross Unrealized						Estimated
	Amortized				Temporary		OTTI		Fair		% of
	Cost		Gains		Losses		Losses		Value		Total
	(In millions)

Fixed Maturity Securities:
U.S. corporate securities	$	88,905	$	4,469	$	1,602	$	—	$	91,772		28.3	%
Foreign corporate securities		65,487		3,326		925		—		67,888		20.9
Foreign government securities		40,871		1,733		602		—		42,002		12.9
RMBS		44,468		1,652		917		470		44,733		13.8
U.S. Treasury and agency securities		32,469		1,394		559		—		33,304		10.2
CMBS		20,213		740		266		12		20,675		6.4
ABS		14,722		274		590		119		14,287		4.4
State and political subdivision securities		10,476		171		518		—		10,129		3.1
Other fixed maturity securities		6		1		—		—		7		—

Total fixed maturity securities (2),(3)	$	317,617	$	13,760	$	5,979	$	601	$	324,797		100.0	%

Equity Securities:
Common stock	$	2,059	$	146	$	12	$	—	$	2,193		60.9	%
Non-redeemable preferred stock (2)		1,562		76		229		—		1,409		39.1

Total equity securities	$	3,621	$	222	$	241	$	—	$	3,602		100.0	%


(1)		OTTI losses as presented above represent the noncredit portion of OTTI losses that is included in accumulated other comprehensive income (loss). OTTI losses include both the initial recognition of noncredit losses, and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities that were previously noncredit loss impaired. The noncredit loss component of OTTI losses for foreign corporate securities and CMBS were in an unrealized gain (loss) position of $1 million and $6 million, respectively, at June 30, 2011 due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

(2)		Upon acquisition, the Company classifies perpetual securities that have attributes of both debt and equity as fixed maturity securities if the security has an interest rate step-up feature which, when combined with other qualitative factors, indicates that the security has more debt-like characteristics; while those with more equity-like characteristics, are classified as equity securities within non-redeemable preferred stock. Many of such securities have been issued by non-U.S. financial institutions that are accorded Tier 1 and Upper Tier 2 capital treatment by their respective regulatory bodies and are commonly referred to as “perpetual hybrid securities.” The following table presents the perpetual hybrid securities held by the Company at:

June 30, 2011

December 31, 2010

Estimated

Classification

Fair

Consolidated Balance Sheets

Sector Table

Primary Issuers

Value

(In millions)

Fixed maturity securities

Foreign corporate securities

Non-U.S. financial institutions

1,094

2,008

Fixed maturity securities

U.S. corporate securities

U.S. financial institutions

Equity securities

Non-redeemable preferred stock

Non-U.S. financial institutions

841

1,043

Equity securities

Non-redeemable preferred stock

U.S. financial institutions

227

236


(3)		The Company’s holdings in redeemable preferred stock with stated maturity dates, commonly referred to as “capital securities,” were primarily issued by U.S. financial institutions and have cumulative interest deferral features. The Company held $2.2 billion and $2.7 billion at estimated fair value of such securities at June 30, 2011 and December 31, 2010, respectively, which are included in the U.S. and foreign corporate securities sectors within fixed maturity securities.

Selected information about certain fixed maturity securities


	June 30, 2011			December 31, 2010
	(In millions)

Below investment grade or non-rated fixed maturity securities:
Estimated fair value	$	25,941		$	24,870
Net unrealized gains (losses)	$	(819	)	$	(696	)
Non-income producing fixed maturity securities:
Estimated fair value	$	43		$	130
Net unrealized gains (losses)	$	(32	)	$	(23	)

Concentrations of Credit Risk (Fixed Maturity Securities) - Government and agency fixed maturity securities


	June 30, 2011		December 31, 2010
	Carrying Value (1)
	(In millions)

Government and agency fixed maturity securities:
United States	$	35,565	$	33,304
Japan	$	18,216	$	15,591
Mexico	$	5,573	$	5,050
U.S. Treasury and agency fixed-income securities included in:
Short-term investments	$	8,616	$	4,048
Cash equivalents	$	1,570	$	5,762


(1)		Represents estimated fair value for fixed maturity securities; amortized cost, which approximates estimated fair value or estimated fair value, if available, for short-term investments; and amortized cost, which approximates estimated fair value, for cash equivalents.

Concentrations of Credit Risk (Fixed Maturity Securities) - U.S. and Foreign Corporate Securities


	June 30, 2011					December 31, 2010
	Estimated					Estimated
	Fair		% of			Fair		% of
	Value		Total			Value		Total
	(In millions)

Corporate fixed maturity securities — by sector:
Foreign corporate fixed maturity securities (1)	$	70,538		42.2	%	$	67,888		42.5	%
U.S. corporate fixed maturity securities — by industry:
Industrial		24,270		14.5			22,070		13.8
Consumer		22,910		13.7			21,482		13.5
Finance		20,397		12.2			20,785		13.0
Utility		18,242		10.9			16,902		10.6
Communications		7,733		4.6			7,335		4.6
Other		3,245		1.9			3,198		2.0

Total	$	167,335		100.0	%	$	159,660		100.0	%


(1)		Includes U.S. dollar-denominated debt obligations of foreign obligors and other foreign fixed maturity securities.


	June 30, 2011					December 31, 2010
	Estimated					Estimated
	Fair		% of Total			Fair		% of Total
	Value		Investments			Value		Investments
			(In millions)

Concentrations within corporate fixed maturity securities:
Largest exposure to a single issuer	$	2,207		0.5	%	$	2,291		0.5	%
Holdings in ten issuers with the largest exposures	$	13,328		2.8	%	$	14,247		3.1	%

Concentration of Credit Risk (Fixed Maturity Securities) - RMBS


	June 30, 2011					December 31, 2010
	Estimated					Estimated
	Fair		% of			Fair		% of
	Value		Total			Value		Total
			(In millions)

By security type:
Collateralized mortgage obligations	$	23,011		52.8	%	$	22,303		49.9	%
Pass-through securities		20,539		47.2			22,430		50.1

Total RMBS	$	43,550		100.0	%	$	44,733		100.0	%

By risk profile:
Agency	$	32,774		75.3	%	$	34,254		76.6	%
Prime		6,016		13.8			6,258		14.0
Alternative residential mortgage loans		4,760		10.9			4,221		9.4

Total RMBS	$	43,550		100.0	%	$	44,733		100.0	%

Rated Aaa/AAA	$	34,105		78.3	%	$	36,085		80.7	%

Rated NAIC 1	$	37,484		86.1	%	$	38,984		87.1	%

Alt-A RMBS by vintage year and certain other selected data


	June 30, 2011					December 31, 2010
	Estimated					Estimated
	Fair		% of			Fair		% of
	Value		Total			Value		Total
	(In millions)

Vintage Year:
2005 & Prior	$	1,704		35.8	%	$	1,576		37.3	%
2006		1,376		28.9			1,013		24.0
2007		1,016		21.3			922		21.8
2008		—		—			7		0.2
2009 (1)		627		13.2			671		15.9
2010 (1)		37		0.8			32		0.8
2011		—		—			—		—

Total	$	4,760		100.0	%	$	4,221		100.0	%


(1)		All of the Company’s Alt-A RMBS holdings in the 2009 and 2010 vintage years are resecuritization of real estate mortgage investment conduit (“Re-REMIC”) Alt-A RMBS that were purchased in 2009 and 2010 and are comprised of original issue vintage year 2005 through 2007 Alt-A RMBS. All of the Company’s Re-REMIC Alt-A RMBS holdings are NAIC 1 rated.


	June 30, 2011						December 31, 2010
				% of						% of
	Amount			Total			Amount			Total
	(In millions)

Net unrealized gains (losses)	$	(680	)				$	(670	)
Rated Aa/AA or better					12.4	%					15.9	%
Rated NAIC 1					39.4	%					39.5	%
Distribution of holdings — at estimated fair value — by collateral type:
Fixed rate mortgage loans collateral					92.3	%					90.7	%
Hybrid adjustable rate mortgage loans collateral					7.7						9.3

Total Alt-A RMBS					100.0	%					100.0	%

CMBS by rating agency designations and by vintage year


	June 30, 2011
																					Below
																					Investment
	Aaa					Aa					A					Baa					Grade					Total
			Estimated					Estimated					Estimated					Estimated					Estimated					Estimated
	Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair
	Cost		Value			Cost		Value			Cost		Value			Cost		Value			Cost		Value			Cost		Value
	(In millions)

2003 & Prior	$	6,311	$	6,481		$	184	$	186		$	105	$	103		$	63	$	61		$	21	$	20		$	6,684	$	6,851
2004		3,693		3,858			462		483			117		115			91		92			76		66			4,439		4,614
2005		2,905		3,141			363		389			307		325			169		175			37		29			3,781		4,059
2006		1,480		1,584			155		157			86		94			153		165			157		155			2,031		2,155
2007		674		687			369		342			155		151			43		44			117		115			1,358		1,339
2008		—		—			—		—			—		—			—		—			26		30			26		30
2009		2		2			—		—			—		—			—		—			—		—			2		2
2010		3		3			—		—			56		61			—		—			—		—			59		64
2011		402		404			—		—			—		—			—		—			—		—			402		404

Total	$	15,470	$	16,160		$	1,533	$	1,557		$	826	$	849		$	519	$	537		$	434	$	415		$	18,782	$	19,518

Ratings Distribution				82.8	%				8.0	%				4.3	%				2.8	%				2.1	%				100.0	%


	December 31, 2010
																					Below
																					Investment
	Aaa					Aa					A					Baa					Grade					Total
			Estimated					Estimated					Estimated					Estimated					Estimated					Estimated
	Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair			Amortized		Fair
	Cost		Value			Cost		Value			Cost		Value			Cost		Value			Cost		Value			Cost		Value
	(In millions)

2003 & Prior	$	7,411	$	7,640		$	282	$	282		$	228	$	227		$	74	$	71		$	28	$	24		$	8,023	$	8,244
2004		3,489		3,620			277		273			216		209			181		175			91		68			4,254		4,345
2005		3,113		3,292			322		324			286		280			263		255			73		66			4,057		4,217
2006		1,463		1,545			159		160			168		168			385		398			166		156			2,341		2,427
2007		840		791			344		298			96		95			119		108			122		133			1,521		1,425
2008		2		2			—		—			—		—			—		—			—		—			2		2
2009		3		3			—		—			—		—			—		—			—		—			3		3
2010		8		8			—		—			4		4			—		—			—		—			12		12

Total	$	16,329	$	16,901		$	1,384	$	1,337		$	998	$	983		$	1,022	$	1,007		$	480	$	447		$	20,213	$	20,675

Ratings Distribution				81.7	%				6.4	%				4.8	%				4.9	%				2.2	%				100.0	%

The tables above reflect rating agency designations assigned by nationally recognized rating agencies including Moody’s, S&P, Fitch and Realpoint, LLC.

The NAIC rating distribution of the Company’s holdings of CMBS was as follows at:


	June 30, 2011			December 31, 2010

NAIC 1		94.1	%		93.7	%
NAIC 2		3.7	%		3.2	%
NAIC 3		1.2	%		1.8	%
NAIC 4		0.9	%		1.0	%
NAIC 5		0.1	%		0.3	%
NAIC 6		—	%		—	%

ABS


	June 30, 2011					December 31, 2010
	Estimated					Estimated
	Fair		% of			Fair		% of
	Value		Total			Value		Total
	(In millions)

By collateral type:
Credit card loans	$	5,202		35.0	%	$	6,027		42.2	%
Student loans		2,903		19.5			2,416		16.9
Collateralized debt obligations		2,447		16.5			1,798		12.6
RMBS backed by sub-prime mortgage loans		1,065		7.2			1,119		7.8
Automobile loans		836		5.6			605		4.2
Other loans		2,404		16.2			2,322		16.3

Total	$	14,857		100.0	%	$	14,287		100.0	%

Rated Aaa/AAA	$	9,809		66.0	%	$	10,411		72.9	%

Rated NAIC 1	$	13,683		92.1	%	$	13,133		91.9	%

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


	June 30, 2011				December 31, 2010
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
	(In millions)

Due in one year or less	$	10,716	$	10,857	$	8,580	$	8,702
Due after one year through five years		69,032		71,319		65,143		66,796
Due after five years through ten years		82,006		86,268		76,508		79,571
Due after ten years		92,440		95,375		87,983		90,033

Subtotal		254,194		263,819		238,214		245,102
RMBS, CMBS and ABS		76,709		77,925		79,403		79,695

Total fixed maturity securities	$	330,903	$	341,744	$	317,617	$	324,797

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


	June 30, 2011			December 31, 2010
	(In millions)

Fixed maturity securities	$	11,576		$	7,817
Fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss)		(739	)		(601	)

Total fixed maturity securities		10,837			7,216
Equity securities		132			(3	)
Derivatives		(165	)		(59	)
Other		(5	)		42

Subtotal		10,799			7,196

Amounts allocated from:
Insurance liability loss recognition		(1,061	)		(672	)
DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)		34			38
DAC and VOBA		(1,430	)		(1,205	)
Policyholder dividend obligation		(1,281	)		(876	)

Subtotal		(3,738	)		(2,715	)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)		245			197
Deferred income tax benefit (expense)		(2,651	)		(1,692	)

Net unrealized investment gains (losses)		4,655			2,986
Net unrealized investment gains (losses) attributable to noncontrolling interests		9			4

Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	4,664		$	2,990

Other than temporary impairment, credit losses recognized in earnings


	June 30, 2011			December 31, 2010
	(In millions)

Balance, beginning of period	$	(601	)	$	(859	)
Noncredit OTTI losses recognized (1)		(184	)		(212	)
Transferred to retained earnings (2)		—			16
Securities sold with previous noncredit OTTI loss		77			137
Subsequent changes in estimated fair value		(31	)		317

Balance, end of period	$	(739	)	$	(601	)


(1)		Noncredit OTTI losses recognized, net of deferred policy acquisition costs (“DAC”), were ($188) million and ($202) million for the periods ended June 30, 2011 and December 31, 2010, respectively.

(2)		Amounts transferred to retained earnings were in connection with the adoption of guidance related to the consolidation of VIEs as described in Note 1 of the Notes to the Consolidated Financial Statements included in the 2010 Annual Report.

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


	Six Months
	Ended
	June 30, 2011
	(In millions)

Balance, beginning of period	$	2,990
Fixed maturity securities on which noncredit OTTI losses have been recognized		(138	)
Unrealized investment gains (losses) during the period		3,741
Unrealized investment gains (losses) relating to:
Insurance liability gain (loss) recognition		(389	)
DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)		(4	)
DAC and VOBA		(225	)
Policyholder dividend obligation		(405	)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)		48
Deferred income tax benefit (expense)		(959	)

Net unrealized investment gains (losses)		4,659
Net unrealized investment gains (losses) attributable to noncontrolling interests		5

Balance, end of period	$	4,664

Change in net unrealized investment gains (losses)	$	1,669
Change in net unrealized investment gains (losses) attributable to noncontrolling interests		5

Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	1,674

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


	June 30, 2011
					Equal to or Greater
	Less than 12 Months				than 12 Months				Total
	Estimated		Gross		Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In millions, except number of securities)

Fixed Maturity Securities:
U.S. corporate securities	$	15,021	$	289	$	6,662	$	835	$	21,683	$	1,124
Foreign corporate securities		17,137		592		1,953		265		19,090		857
Foreign government securities		21,463		539		153		11		21,616		550
RMBS		5,742		159		5,540		1,006		11,282		1,165
U.S. Treasury and agency securities		11,586		562		108		26		11,694		588
CMBS		1,606		32		926		138		2,532		170
ABS		2,212		22		2,723		533		4,935		555
State and political subdivision securities		2,684		96		1,000		232		3,684		328
Other fixed maturity securities		2		—		—		—		2		—

Total fixed maturity securities	$	77,453	$	2,291	$	19,065	$	3,046	$	96,518	$	5,337

Equity Securities:
Common stock	$	96	$	11	$	23	$	—	$	119	$	11
Non-redeemable preferred stock		174		6		462		98		636		104

Total equity securities	$	270	$	17	$	485	$	98	$	755	$	115

Total number of securities in an
unrealized loss position		4,834				1,351


	December 31, 2010
					Equal to or Greater
	Less than 12 Months				than 12 Months				Total
	Estimated		Gross		Estimated		Gross		Estimated		Gross
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
	Value		Losses		Value		Losses		Value		Losses
	(In millions, except number of securities)

Fixed Maturity Securities:
U.S. corporate securities	$	22,954	$	447	$	8,319	$	1,155	$	31,273	$	1,602
Foreign corporate securities		22,415		410		3,976		515		26,391		925
Foreign government securities		26,659		585		189		17		26,848		602
RMBS		7,588		212		6,700		1,175		14,288		1,387
U.S. Treasury and agency securities		13,401		530		118		29		13,519		559
CMBS		3,787		29		1,363		249		5,150		278
ABS		2,713		42		3,026		667		5,739		709
State and political subdivision securities		5,061		246		988		272		6,049		518
Other fixed maturity securities		1		—		—		—		1		—

Total fixed maturity securities	$	104,579	$	2,501	$	24,679	$	4,079	$	129,258	$	6,580

Equity Securities:
Common stock	$	89	$	12	$	1	$	—	$	90	$	12
Non-redeemable preferred stock		191		9		824		220		1,015		229

Total equity securities	$	280	$	21	$	825	$	220	$	1,105	$	241

Total number of securities in an
unrealized loss position		5,609				1,704

Aging Of Gross Unrealized Loss And OTTI Loss For Debt And Equity Securities Available For Sale


	June 30, 2011
	Cost or Amortized Cost				Gross Unrealized Losses						Number of Securities
	Less than		20% or		Less than			20% or			Less than		20% or
	20%		more		20%			more			20%		more
	(In millions, except number of securities)

Fixed Maturity Securities:
Less than six months	$	26,453	$	2,874	$	367		$	825			1,963		167
Six months or greater but less than nine months		50,011		420		1,329			104			2,639		31
Nine months or greater but less than twelve months		1,985		186		130			64			260		12
Twelve months or greater		16,861		3,065		1,489			1,029			1,025		196

Total	$	95,310	$	6,545	$	3,315		$	2,022

Percentage of amortized cost						3	%		31	%

Equity Securities:
Less than six months	$	132	$	8	$	6		$	4			74		16
Six months or greater but less than nine months		144		1		6			—			32		9
Nine months or greater but less than twelve months		—		1		—			—			—		4
Twelve months or greater		355		229		30			69			23		11

Total	$	631	$	239	$	42		$	73

Percentage of cost						7	%		31	%


	December 31, 2010
	Cost or Amortized Cost				Gross Unrealized Losses						Number of Securities
	Less than		20% or		Less than			20% or			Less than		20% or
	20%		more		20%			more			20%		more
	(In millions, except number of securities)

Fixed Maturity Securities:
Less than six months	$	105,301	$	1,403	$	2,348		$	368			5,320		121
Six months or greater but less than nine months		1,125		376		29			102			104		29
Nine months or greater but less than twelve months		371		89		28			27			50		9
Twelve months or greater		21,627		5,546		1,863			1,815			1,245		311

Total	$	128,424	$	7,414	$	4,268		$	2,312

Percentage of amortized cost						3	%		31	%

Equity Securities:
Less than six months	$	247	$	94	$	10		$	22			106		33
Six months or greater but less than nine months		29		65		5			16			3		2
Nine months or greater but less than twelve months		6		47		—			16			3		2
Twelve months or greater		518		340		56			116			35		14

Total	$	800	$	546	$	71		$	170

Percentage of cost						9	%		31	%

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


	June 30, 2011			December 31, 2010

Sector:
RMBS		21	%		20	%
U.S. corporate securities		21			23
Foreign corporate securities		16			14
U.S. Treasury and agency securities		11			8
ABS		10			10
Foreign government securities		10			9
State and political subdivision securities		6			8
CMBS		3			4
Other		2			4

Total		100	%		100	%

Industry:
Mortgage-backed		24	%		24	%
Finance		15			21
U.S. Treasury and agency securities		11			8
Asset-backed		10			10
Foreign government securities		10			9
Utility		10			5
State and political subdivision securities		6			8
Consumer		4			4
Communications		2			2
Industrial		1			2
Other		7			7

Total		100	%		100	%

Gross unrealized loss greater than $10 million for fixed maturity and equity securities


	June 30, 2011						December 31, 2010
	Fixed Maturity			Equity			Fixed Maturity			Equity
	Securities			Securities			Securities			Securities
	(In millions, except number of securities)

Number of securities		88			3			107			6
Total gross unrealized losses	$	1,846		$	43		$	2,014		$	103
Percentage of total gross unrealized losses		35	%		37	%		31	%		43	%

Equity securities available-for-sale with a gross unrealized loss of 20% or more


			Non-Redeemable Preferred Stock
			All Types of
	All Equity		Non-Redeemable					Investment Grade
	Securities		Preferred Stock					All Industries					Financial Services Industry
	Gross		Gross		% of All			Gross		% of All			Gross					% A
	Unrealized		Unrealized		Equity			Unrealized		Non-Redeemable			Unrealized		% of All			Rated or
	Losses		Losses		Securities			Losses		Preferred Stock			Losses		Industries			Better
								(In millions)

Less than six months	$	4	$	—		—	%	$	—		—	%	$	—		—	%		—	%
Six months or greater but less than twelve months		—		—		—	%		—		—	%		—		—	%		—	%
Twelve months or greater		69		69		100	%		69		100	%		69		100	%		72	%

All equity securities with gross unrealized losses of 20% or more	$	73	$	69		95	%	$	69		100	%	$	69		100	%		72	%

The components of net investment gains (losses)


	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)

Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized	$	(298	)	$	(244	)	$	(430	)	$	(395	)
Less: Noncredit portion of OTTI losses transferred to and recognized in other comprehensive income (loss)		175			98			184			157

Net OTTI losses on fixed maturity securities recognized in earnings		(123	)		(146	)		(246	)		(238	)
Fixed maturity securities — net gains (losses) on sales and disposals		18			19			(22	)		45

Total gains (losses) on fixed maturity securities		(105	)		(127	)		(268	)		(193	)

Other net investment gains (losses):
Equity securities		(70	)		74			(34	)		101
Mortgage loans		68			11			115			(17	)
Real estate and real estate joint ventures		4			(27	)		5			(49	)
Other limited partnership interests		5			(10	)		8			(11	)
Other investment portfolio gains (losses)		(6	)		17			(2	)		76

Subtotal — investment portfolio gains (losses)		(104	)		(62	)		(176	)		(93	)

Fair value option (“FVO”) consolidated securitization entities — changes in estimated fair value:
Commercial mortgage loans		7			172			25			653
Securities		39			(17	)		(1	)		(21	)
Long-term debt — related to commercial mortgage loans		(8	)		(156	)		(8	)		(635	)
Long-term debt — related to securities		(54	)		(1	)		(7	)		11
Other gains (losses) (1)		(35	)		50			(87	)		103

Subtotal FVO consolidated securitization entities and other gains (losses)		(51	)		48			(78	)		111

Total net investment gains (losses)	$	(155	)	$	(14	)	$	(254	)	$	18


(1)		Other gains (losses) for the three months and six months ended June 30, 2011 includes a loss of $7 million and $87 million, respectively, related to the sale of the Company’s investment in MSI MetLife. See Note 2.

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”) included in the table above.

Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($49) million and ($14) million for the three months and six months ended June 30, 2011, respectively, and $56 million and $206 million for the three months and six months ended June 30, 2010, respectively.

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 below. 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 and losses


	Three Months Ended June 30,
	2011			2010			2011			2010			2011			2010
	Fixed Maturity Securities						Equity Securities						Total
	(In millions)

Proceeds	$	19,316		$	13,466		$	489		$	298		$	19,805		$	13,764

Gross investment gains	$	235		$	214		$	26		$	76		$	261		$	290

Gross investment losses		(217	)		(195	)		(49	)		(1	)		(266	)		(196	)

Total OTTI losses recognized in earnings:
Credit-related		(70	)		(146	)		—			—			(70	)		(146	)
Other (1)		(53	)		—			(47	)		(1	)		(100	)		(1	)

Total OTTI losses recognized in earnings		(123	)		(146	)		(47	)		(1	)		(170	)		(147	)

Net investment gains (losses)	$	(105	)	$	(127	)	$	(70	)	$	74		$	(175	)	$	(53	)


	Six Months Ended June 30,
	2011			2010			2011			2010			2011			2010
	Fixed Maturity Securities						Equity Securities						Total
	(In millions)

Proceeds	$	35,848		$	21,838		$	805		$	443		$	36,653		$	22,281

Gross investment gains	$	428		$	378		$	74		$	107		$	502		$	485

Gross investment losses		(450	)		(333	)		(55	)		(4	)		(505	)		(337	)

Total OTTI losses recognized in earnings:
Credit-related		(113	)		(232	)		—			—			(113	)		(232	)
Other (1)		(133	)		(6	)		(53	)		(2	)		(186	)		(8	)

Total OTTI losses recognized in earnings		(246	)		(238	)		(53	)		(2	)		(299	)		(240	)

Net investment gains (losses)	$	(268	)	$	(193	)	$	(34	)	$	101		$	(302	)	$	(92	)


(1)		Other OTTI losses recognized in earnings include impairments on equity securities, impairments on perpetual hybrid securities classified within fixed maturity securities where the primary reason for the impairment was the severity and/or the duration of an unrealized loss position and fixed maturity securities where there is an intent to sell or it is more likely than not that the Company will be required to sell the security before recovery of the decline in estimated fair value.

Fixed maturity security OTTI losses recognized in earnings


	Three Months				Six Months
	Ended				Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In millions)

Sector:
U.S. and foreign corporate securities — by industry:
Finance	$	40	$	20	$	41	$	28
Consumer		27		1		29		23
Communications		1		—		14		3
Utility		—		3		1		3

Total U.S. and foreign corporate securities		68		24		85		57
Foreign government securities		13		—		89		—
RMBS		36		27		54		57
ABS		6		44		15		63
CMBS		—		51		3		61

Total	$	123	$	146	$	246	$	238

Equity security OTTI losses recognized in earnings


	Three Months				Six Months
	Ended				Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In millions)

Sector:
Non-redeemable preferred stock	$	38	$	—	$	38	$	—
Common stock		9		1		15		2

Total	$	47	$	1	$	53	$	2

Industry:
Financial services industry — perpetual hybrid securities	$	38	$	—	$	38	$	—
Other industries		9		1		15		2

Total	$	47	$	1	$	53	$	2

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


	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)

Balance, beginning of period	$	389		$	424		$	443		$	581
Additions:
Initial impairments — credit loss OTTI recognized on securities not previously impaired		18			62			26			81
Additional impairments — credit loss OTTI recognized on securities previously impaired		24			39			40			70
Reductions:
Due to sales (maturities, pay downs or prepayments) during the period of securities previously credit loss OTTI impaired		(26	)		(30	)		(55	)		(134	)
Due to securities de-recognized in connection with the adoption of new guidance related to the consolidation of VIEs		—			—			—			(100	)
Due to securities impaired to net present value of expected future cash flows		—			—			(44	)		—
Due to increases in cash flows — accretion of previous credit loss OTTI		(4	)		(4	)		(9	)		(7	)

Balance, end of period	$	401		$	491		$	401		$	491

The Components of Net Investment Income


	Three Months						Six Months
	Ended						Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)

Investment income:
Fixed maturity securities	$	3,791		$	3,013		$	7,474		$	6,066
Equity securities		48			39			78			64
Trading and other securities — Actively Traded Securities and FVO general account securities (1)		16			(4	)		44			11
Mortgage loans		766			695			1,525			1,368
Policy loans		160			157			320			333
Real estate and real estate joint ventures		200			135			354			179
Other limited partnership interests		159			161			402			426
Cash, cash equivalents and short-term investments		44			20			90			38
International joint ventures (2)		9			(97	)		(10	)		(80	)
Other		101			102			69			188

Subtotal		5,294			4,221			10,346			8,593
Less: Investment expenses		260			217			511			442

Subtotal, net		5,034			4,004			9,835			8,151

Trading and other securities — FVO contractholder-directed unit-linked investments (1)		(32	)		(52	)		387			12
FVO consolidated securitization entities:
Commercial mortgage loans		96			105			191			210
Securities		—			4			1			8

Subtotal		64			57			579			230

Net investment income	$	5,098		$	4,061		$	10,414		$	8,381


(1)		Changes in estimated fair value subsequent to purchase included in net investment income were:


Trading and other securities — Actively Traded Securities and FVO general account securities	$	—		$	(19	)	$	21	$	(15	)
Trading and other securities— FVO contractholder-directed unit-linked investments	$	(84	)	$	(71	)	$	232	$	(14	)


(2)		Amounts are presented net of changes in estimated fair value of derivatives related to economic hedges of the Company’s investment in these equity method international joint venture investments that do not qualify for hedge accounting of less than $1 million and $23 million for the three months and six months ended June 30, 2011, respectively, and $109 million and $77 million for the three months and six months ended June 30, 2010, respectively.

Securities Lending


	June 30, 2011		December 31, 2010
	(In millions)

Securities on loan:
Amortized cost	$	25,336	$	23,715
Estimated fair value	$	25,938	$	24,230
Aging of cash collateral liability:
Open (1)	$	3,477	$	2,752
Less than thirty days		15,609		12,301
Thirty days or greater but less than sixty days		5,351		4,399
Sixty days or greater but less than ninety days		1,020		2,291
Ninety days or greater		1,124		2,904

Total cash collateral liability	$	26,581	$	24,647

Security collateral on deposit from counterparties	$	22	$	—

Reinvestment portfolio — estimated fair value	$	26,482	$	24,177


(1)		Open — meaning that the related loaned security could be returned to the Company on the next business day requiring the Company to immediately return the cash collateral.

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


	June 30, 2011		December 31, 2010
	(In millions)

Invested assets on deposit:
Regulatory agencies	$	1,950	$	2,110
Invested assets held in trust:
Collateral financing arrangements		5,408		5,340
Reinsurance arrangements		2,971		3,090
Invested assets pledged as collateral:
Funding agreements and advances — Federal Home Loan Bank (“FHLB”) of New York		20,589		21,975
Funding agreements — Federal Agricultural Mortgage Corporation		3,160		3,159
Funding agreements — FHLB of Des Moines		850		—
Funding agreements — FHLB of Boston		534		211
Federal Reserve Bank of New York		1,654		1,822
Collateral financing arrangements		93		112
Derivative transactions		971		1,726
Short sale agreements		568		465

Total invested assets on deposit, held in trust and pledged as collateral	$	38,748	$	40,010

Trading Securities Portfolio


	June 30, 2011			December 31, 2010
	(In millions)

Actively Traded Securities	$	560		$	463
FVO general account securities		303			131
FVO contractholder-directed unit-linked investments		18,690			17,794
FVO securities held by consolidated securitization entities		147			201

Total trading and other securities — at estimated fair value	$	19,700		$	18,589

Actively Traded Securities — at estimated fair value	$	560		$	463
Short sale agreement liabilities — at estimated fair value		(54	)		(46	)

Net long/short position — at estimated fair value	$	506		$	417

Investments pledged to secure short sale agreement liabilities	$	568		$	465

Disclosure of Mortgage Loans Net of Valuation Allowance


	June 30, 2011						December 31, 2010
	Carrying			% of			Carrying			% of
	Value			Total			Value			Total
	(In millions)

Mortgage loans held-for-investment:
Commercial	$	39,050			61.4	%	$	37,818			60.7	%
Agricultural		12,981			20.4			12,751			20.4
Residential		2,657			4.2			2,231			3.7

Subtotal		54,688			86.0			52,800			84.8
Valuation allowances		(566	)		(0.9	)		(664	)		(1.1	)

Subtotal mortgage loans held-for-investment, net		54,122			85.1			52,136			83.7
Commercial mortgage loans held by consolidated securitization entities — FVO		6,697			10.5			6,840			11.0

Total mortgage loans held-for-investment, net		60,819			95.6			58,976			94.7

Mortgage loans held-for-sale:
Residential — FVO		1,863			2.9			2,510			4.0
Agricultural and residential mortgage loans — lower of amortized cost or estimated fair value		942			1.5			811			1.3

Total mortgage loans held-for-sale		2,805			4.4			3,321			5.3

Total mortgage loans, net	$	63,624			100.0	%	$	62,297			100.0	%

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


	Commercial		Agricultural		Residential		Total
	(In millions)

June 30, 2011:
Mortgage loans:
Evaluated individually for credit losses	$	126	$	128	$	11	$	265
Evaluated collectively for credit losses		38,924		12,853		2,646		54,423

Total mortgage loans		39,050		12,981		2,657		54,688

Valuation allowances:
Specific credit losses		28		43		1		72
Non-specifically identified credit losses		441		36		17		494

Total valuation allowances		469		79		18		566

Mortgage loans, net of valuation allowance	$	38,581	$	12,902	$	2,639	$	54,122


December 31, 2010:
Mortgage loans:
Evaluated individually for credit losses	$	120	$	146	$	13	$	279
Evaluated collectively for credit losses		37,698		12,605		2,218		52,521

Total mortgage loans		37,818		12,751		2,231		52,800

Valuation allowances:
Specific credit losses		36		52		—		88
Non-specifically identified credit losses		526		36		14		576

Total valuation allowances		562		88		14		664

Mortgage loans, net of valuation allowance	$	37,256	$	12,663	$	2,217	$	52,136

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


	Mortgage Loan Valuation Allowances
	Commercial			Agricultural			Residential			Total
	(In millions)

For the Three Months Ended June 30, 2011:
Balance, beginning of period	$	532		$	76		$	13		$	621
Provision (release)		(63	)		3			5			(55	)
Charge-offs, net of recoveries		—			—			—			—

Balance, end of period	$	469		$	79		$	18		$	566

For the Three Months Ended June 30, 2010:
Balance, beginning of period	$	624		$	110		$	17		$	751
Provision (release)		(3	)		(7	)		2			(8	)
Charge-offs, net of recoveries		—			(7	)		(2	)		(9	)

Balance, end of period	$	621		$	96		$	17		$	734

For the Six Months Ended June 30, 2011:
Balance, beginning of period	$	562		$	88		$	14		$	664
Provision (release)		(93	)		(6	)		5			(94	)
Charge-offs, net of recoveries		—			(3	)		(1	)		(4	)

Balance, end of period	$	469		$	79		$	18		$	566

For the Six Months Ended June 30, 2010:
Balance, beginning of period	$	589		$	115		$	17		$	721
Provision (release)		32			(1	)		2			33
Charge-offs, net of recoveries		—			(18	)		(2	)		(20	)

Balance, end of period	$	621		$	96		$	17		$	734

Disclosure of the commercial mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by the indicated loan-to-value ratio categories and debt service coverage ratio categories and estimated fair value of such mortgage loans by the indicated loan-to-value ratio categories


	Commercial
	Recorded Investment
	Debt Service Coverage Ratios											Estimated
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total			Fair Value		% of Total
	(In millions)											(In millions)

June 30, 2011:
Loan-to-value ratios:
Less than 65%	$	20,130	$	480	$	432	$	21,042		53.9	%	$	22,463		55.2	%
65% to 75%		9,292		520		478		10,290		26.4			10,811		26.6
76% to 80%		2,528		131		53		2,712		6.9			2,748		6.8
Greater than 80%		3,432		931		643		5,006		12.8			4,638		11.4

Total	$	35,382	$	2,062	$	1,606	$	39,050		100.0	%	$	40,660		100.0	%

December 31, 2010:
Loan-to-value ratios:
Less than 65%	$	16,663	$	125	$	483	$	17,271		45.7	%	$	18,183		46.9	%
65% to 75%		9,022		765		513		10,300		27.2			10,685		27.6
76% to 80%		3,033		304		135		3,472		9.2			3,535		9.1
Greater than 80%		4,155		1,813		807		6,775		17.9			6,374		16.4

Total	$	32,873	$	3,007	$	1,938	$	37,818		100.0	%	$	38,777		100.0	%

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


	Agricultural
	June 30, 2011					December 31, 2010
	Recorded Investment		% of Total			Recorded Investment		% of Total
	(In millions)					(In millions)

Loan-to-value ratios:
Less than 65%	$	11,639		89.7	%	$	11,483		90.1	%
65% to 75%		888		6.8			885		6.9
76% to 80%		12		0.1			48		0.4
Greater than 80%		442		3.4			335		2.6

Total	$	12,981		100.0	%	$	12,751		100.0	%

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


	Residential
	June 30, 2011					December 31, 2010
	Recorded Investment		% of Total			Recorded Investment		% of Total
	(In millions)					(In millions)

Performance indicators:
Performing	$	2,584		97.3	%	$	2,149		96.3	%
Nonperforming		73		2.7			82		3.7

Total	$	2,657		100.0	%	$	2,231		100.0	%

Schedule of Financing Receivables, Non Accrual Status


					Greater than 90 Days Past Due
	Past Due				Still Accruing Interest				Nonaccrual Status
	June 30, 2011		December 31, 2010		June 30, 2011		December 31, 2010		June 30, 2011		December 31, 2010
	(In millions)

Commercial	$	161	$	58	$	115	$	1	$	41	$	7
Agricultural		161		159		17		13		147		177
Residential		35		79		10		11		28		25

Total	$	357	$	296	$	142	$	25	$	216	$	209

Disclosure of the unpaid prinicipal balance, recorded investment, valuation allowances and carrying value, net of valuation allowances, for impaired mortgage loans held-for-investment


	Impaired Mortgage Loans
									Loans without
	Loans with a Valuation Allowance								a Valuation Allowance				All Impaired Loans
	Unpaid								Unpaid				Unpaid
	Principal		Recorded		Valuation		Carrying		Principal		Recorded		Principal		Carrying
	Balance		Investment		Allowances		Value		Balance		Investment		Balance		Value
	(In millions)

June 30, 2011:
Commercial	$	126	$	126	$	28	$	98	$	105	$	95	$	231	$	193
Agricultural		131		128		43		85		105		100		236		185
Residential		11		11		1		10		15		15		26		25

Total	$	268	$	265	$	72	$	193	$	225	$	210	$	493	$	403

December 31, 2010:
Commercial	$	120	$	120	$	36	$	84	$	99	$	87	$	219	$	171
Agricultural		146		146		52		94		123		119		269		213
Residential		3		3		—		3		16		16		19		19

Total	$	269	$	269	$	88	$	181	$	238	$	222	$	507	$	403

Average investment and the related interest income in impaired mortgage loans held-for-investment


	Impaired Mortgage Loans
	Average Investment		Interest Income Recognized
			Cash Basis		Accrual Basis
	(In millions)

For the Three Months Ended June 30, 2011:
Commercial	$	292	$	—	$	—
Agricultural		255		—		1
Residential		32		—		—

Total	$	579	$	—	$	1


For the Three Months Ended June 30, 2010:
Commercial	$	182	$	2	$	—
Agricultural		278		2		—
Residential		7		—		—

Total	$	467	$	4	$	—


For the Six Months Ended June 30, 2011:
Commercial	$	264	$	3	$	1
Agricultural		268		2		1
Residential		28		—		—

Total	$	560	$	5	$	2


For the Six Months Ended June 30, 2010:
Commercial	$	156	$	4	$	1
Agricultural		289		3		—
Residential		7		—		—

Total	$	452	$	7	$	1

Purchased credit impaired investments, by invested asset class, held


	Fixed Maturity Securities				Mortgage Loans
	June 30, 2011		December 31, 2010		June 30, 2011		December 31, 2010
	(In millions)

Outstanding principal and interest balance (1)	$	3,360	$	1,548	$	510	$	504
Carrying value (2)	$	2,377	$	1,050	$	205	$	195


(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.

Purchased credit impaired investments, as of their respective acquisition dates


	Fixed Maturity Securities				Mortgage Loans
	Six Months				Six Months
	Ended				Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In millions)

Contractually required payments (including interest)	$	4,651	$	1,083	$	—	$	—
Cash flows expected to be collected (1)	$	2,724	$	1,021	$	—	$	—
Fair value of investments acquired	$	1,503	$	633	$	—	$	—


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

Activity for the accretable yield on purchased distressed assets acquired


	Fixed Maturity Securities												Mortgage Loans
	Three Months						Six Months						Three Months					Six Months
	Ended						Ended						Ended					Ended
	June 30,						June 30,						June 30,					June 30,
	2011			2010			2011			2010			2011			2010		2011			2010
	(In millions)

Accretable yield, beginning of period	$	708		$	70		$	541		$	—		$	176		$	—	$	170		$	—
Investments purchased		1,089			317			1,221			388			—			—		—			—
Accretion recognized in net investment income		(32	)		(6	)		(49	)		(7	)		(20	)		—		(32	)		—
Disposals		(18	)		—			(69	)		—			—			—		—			—
Reclassification (to) from nonaccretable difference		144			(12	)		247			(12	)		102			—		120			—

Accretable yield, end of period	$	1,891		$	369		$	1,891		$	369		$	258		$	—	$	258		$	—

Variable Interest Entity Primary Beneficiary


	June 30, 2011				December 31, 2010
	Total		Total		Total		Total
	Assets		Liabilities		Assets		Liabilities
	(In millions)

Consolidated securitization entities (1)	$	6,899	$	6,606	$	7,114	$	6,892
MRSC collateral financing arrangement (2)		3,381		—		3,333		—
Other limited partnership interests		354		26		319		85
Trading and other securities		212		—		186		—
Other invested assets		102		1		108		1
Real estate joint ventures		17		18		20		17

Total	$	10,965	$	6,651	$	11,080	$	6,995


(1)		The Company consolidated former qualified special purpose entities (“QSPEs”) that are structured as CMBS and former QSPEs 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 or any of its subsidiaries or affiliates liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in the former QSPEs of $280 million and $201 million at estimated fair value at June 30, 2011 and December 31, 2010, respectively. The long-term debt referred to below bears interest at primarily fixed rates ranging from 2.25% to 5.57%, payable primarily on a monthly basis and is expected to be repaid over the next 7 years. Interest expense related to these obligations, included in other expenses, was $92 million and $184 million for the three months and six months ended June 30, 2011, respectively, and $103 million and $209 million for the three months and six months ended June 30, 2010, respectively. The assets and liabilities of these CSEs were as follows at:


	June 30, 2011		December 31, 2010
	(In millions)

Assets:
Mortgage loans held-for-investment (commercial mortgage loans)	$	6,697	$	6,840
Trading and other securities		147		201
Cash and cash equivalents		21		39
Accrued investment income		34		34

Total assets	$	6,899	$	7,114

Liabilities:
Long-term debt	$	6,547	$	6,820
Other liabilities		59		72

Total liabilities	$	6,606	$	6,892


(2)		See Note 12 of the Notes to the Consolidated Financial Statements included in the 2010 Annual Report for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. These assets consist of the following, at estimated fair value at:


	June 30, 2011		December 31, 2010
	(In millions)

Fixed maturity securities available-for-sale:
ABS	$	1,447	$	1,333
U.S. corporate securities		745		893
RMBS		547		547
CMBS		412		383
Foreign corporate securities		166		139
State and political subdivision securities		40		30
Foreign government securities		—		5
Cash and cash equivalents		24		3

Total	$	3,381	$	3,333

Variable interest entities, not primary beneficiary


	June 30, 2011				December 31, 2010
			Maximum				Maximum
	Carrying		Exposure		Carrying		Exposure
	Amount		to Loss (1)		Amount		to Loss (1)
	(In millions)

Fixed maturity securities available-for-sale:
RMBS (2)	$	43,550	$	43,550	$	44,733	$	44,733
CMBS (2)		19,518		19,518		20,675		20,675
ABS (2)		14,857		14,857		14,287		14,287
Foreign corporate securities		3,350		3,350		2,950		2,950
U.S. corporate securities		2,610		2,610		2,435		2,435
Other limited partnership interests		4,381		6,180		4,383		6,479
Trading and other securities		784		784		789		789
Other invested assets		582		909		576		773
Mortgage loans		475		475		350		350
Real estate joint ventures		58		104		40		108
Equity securities available-for-sale:
Non-redeemable preferred stock		33		33		—		—

Total	$	90,198	$	92,370	$	91,218	$	93,579


(1)		The maximum exposure to loss relating to the fixed maturity, equity and trading and other securities is equal to the carrying amounts or carrying amounts of retained interests. The maximum exposure to loss relating to the other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments of the Company. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. The maximum exposure to loss relating to the mortgage loans is equal to the carrying amounts plus any unfunded commitments of the Company. 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 a creditworthy third party. 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 $333 million and $231 million at June 30, 2011 and December 31, 2010, respectively.

(2)		For these variable interests, the Company’s involvement is limited to that of a passive investor.