Fair Value (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value [Abstract]

Recurring Fair Value Measurements

	September 30, 2012
	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	106,243	$	7,699	$	113,942
Foreign corporate securities		—		59,947		5,310		65,257
Foreign government securities		—		54,815		2,590		57,405
U.S. Treasury and agency securities		28,672		22,702		74		51,448
RMBS		1,009		37,009		2,573		40,591
CMBS		—		18,226		1,214		19,440
ABS		—		12,155		2,850		15,005
State and political subdivision securities		—		14,852		65		14,917
Total fixed maturity securities		29,681		325,949		22,375		378,005
Equity securities:
Common stock		860		947		262		2,069
Non-redeemable preferred stock		—		308		426		734
Total equity securities		860		1,255		688		2,803
Trading and other securities:
Actively Traded Securities		3		548		14		565
FVO general account securities		—		147		31		178
FVO contractholder-directed unit-linked investments		8,565		5,513		1,121		15,199
FVO securities held by CSEs		—		53		—		53
Total trading and other securities		8,568		6,261		1,166		15,995
Short-term investments (1)		7,108		5,590		1,097		13,795
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,879		—		2,879
Mortgage loans held-for-sale (2), (3)		—		—		64		64
Total mortgage loans		—		2,879		64		2,943
Other invested assets:
Mortgage Servicing Rights (“MSRs”)		—		—		490		490
Other investments		269		127		—		396
Derivative assets: (4)
Interest rate		10		11,106		244		11,360
Foreign currency exchange rate		—		864		62		926
Credit		—		59		41		100
Equity market		65		2,714		563		3,342
Total derivative assets		75		14,743		910		15,728
Total other invested assets		344		14,870		1,400		16,614
Net embedded derivatives within asset host contracts (5)		—		1		428		429
Separate account assets (6)		34,037		201,929		1,407		237,373
Total assets	$	80,598	$	558,734	$	28,625	$	667,957
Liabilities:
Derivative liabilities: (4)
Interest rate	$	20	$	2,730	$	27	$	2,777
Foreign currency exchange rate		—		1,297		4		1,301
Credit		—		40		1		41
Equity market		2		352		238		592
Total derivative liabilities		22		4,419		270		4,711
Net embedded derivatives within liability host contracts (5)		—		19		4,350		4,369
Long-term debt of CSEs		—		2,685		48		2,733
Liability related to securitized reverse residential mortgage loans (3), (7)		—		—		—		—
Trading liabilities (7)		118		3		—		121
Total liabilities	$	140	$	7,126	$	4,668	$	11,934

	December 31, 2011
	Fair Value Measurements at Reporting Date Using						Total Estimated Fair Value
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate securities	$	—	$	99,001	$	6,784	$	105,785
Foreign corporate securities		—		59,648		4,370		64,018
Foreign government securities		76		50,138		2,322		52,536
U.S. Treasury and agency securities		19,911		20,070		31		40,012
RMBS		—		41,035		1,602		42,637
CMBS		—		18,316		753		19,069
ABS		—		11,129		1,850		12,979
State and political subdivision securities		—		13,182		53		13,235
Total fixed maturity securities		19,987		312,519		17,765		350,271
Equity securities:
Common stock		819		1,105		281		2,205
Non-redeemable preferred stock		—		380		438		818
Total equity securities		819		1,485		719		3,023
Trading and other securities:
Actively Traded Securities		—		473		—		473
FVO general account securities		—		244		23		267
FVO contractholder-directed unit-linked investments		7,572		8,453		1,386		17,411
FVO securities held by CSEs		—		117		—		117
Total trading and other securities		7,572		9,287		1,409		18,268
Short-term investments (1)		8,150		8,120		590		16,860
Mortgage loans:
Commercial mortgage loans held by CSEs		—		3,138		—		3,138
Mortgage loans held-for-sale (2)		—		9,302		1,414		10,716
Total mortgage loans		—		12,440		1,414		13,854
Other invested assets:
MSRs		—		—		666		666
Other investments		312		124		—		436
Derivative assets: (4)
Interest rate		32		10,426		338		10,796
Foreign currency exchange rate		1		1,316		61		1,378
Credit		—		301		29		330
Equity market		29		2,703		964		3,696
Total derivative assets		62		14,746		1,392		16,200
Total other invested assets		374		14,870		2,058		17,302
Net embedded derivatives within asset host contracts (5)		—		1		362		363
Separate account assets (6)		28,191		173,507		1,325		203,023
Total assets	$	65,093	$	532,229	$	25,642	$	622,964
Liabilities:
Derivative liabilities: (4)
Interest rate	$	91	$	2,351	$	38	$	2,480
Foreign currency exchange rate		—		1,103		17		1,120
Credit		—		85		28		113
Equity market		12		211		75		298
Total derivative liabilities		103		3,750		158		4,011
Net embedded derivatives within liability host contracts (5)		—		19		4,565		4,584
Long-term debt of CSEs		—		2,952		116		3,068
Liability related to securitized reverse residential mortgage loans (7)		—		6,451		1,175		7,626
Trading liabilities (7)		124		3		—		127
Total liabilities	$	227	$	13,175	$	6,014	$	19,416

(1) Short-term investments as presented in the tables above differ from the amounts presented in the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis.

(2) Mortgage loans held-for-sale are comprised of securitized reverse residential mortgage loans and other mortgage loans held-for-sale. The amounts in the preceding tables differ from the amount presented in the consolidated balance sheets as these tables do not include mortgage loans that are stated at lower of amortized cost or estimated fair value.

(3) As described in Note 2, the Company is exiting the businesses of originating forward and reverse residential mortgage loans, intends to dispose of the depository business of MetLife Bank and has sold MetLife Bank’s reverse mortgage servicing rights resulting in the disposition of certain mortgage loans and the de-recognition of its securitized reverse residential mortgage loans and corresponding liabilities presented in the table above and in the related fair value disclosures.

(4) Derivative liabilities are presented within other liabilities in the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation in the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(5) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables in the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented primarily within PABs in the consolidated balance sheets. At September 30, 2012, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($97) million, respectively. At December 31, 2011, fixed maturity securities and equity securities included embedded derivatives of $2 million and ($72) million, respectively.

(6) Separate account assets are measured at estimated fair value. Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

(7) The liability related to securitized reverse residential mortgage loans and trading liabilities are presented within other liabilities in the consolidated balance sheets.

Fair Value Inputs, Quantitative Information

	Valuation Techniques	Significant Unobservable Inputs	Range						Weighted Average
Fixed maturity securities:
U.S. corporate and foreign corporate securities	• Matrix pricing	• Delta spread adjustments (1)		(100	)	–	512			91
		• Illiquidity premium (1)		30		–	30
		• Spreads from below investment grade curves (1)		(179	)	–	879			231
		• Offered quotes (2)		—		–	255
	• Market pricing	• Quoted prices (2)		(1,411	)	–	826			141
	• Consensus pricing	• Offered quotes (2)		—		–	600
Foreign government securities	• Matrix pricing	• Spreads from below investment grade curves (1)		(69	)	–	150			64
	• Market pricing	• Quoted prices (2)		—			143			100
	• Consensus pricing	• Offered quotes (2)		82		–	189
RMBS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	4,537			470
	• Market pricing	• Quoted prices (2)		13		–	109			104
	• Consensus pricing	• Offered quotes (2)		45		–	100
CMBS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	9,069			366
	• Market pricing	• Quoted prices (2)		11		–	106			98
ABS	• Matrix pricing and DCF	• Spreads from below investment grade curves (1)		—		–	1,830			131
	• Market pricing	• Quoted prices (2)		40		–	102			100
	• Consensus pricing	• Offered quotes (2)		—		–	111
Derivatives:
Interest rate	• Present value techniques	•Swap yield (1)		227		–	352
Foreign currency exchange rate	• Present value techniques	• Swap yield (1)		194		–	231
		• Currency correlation		41	%	–	57	%
Credit	• Present value techniques	•Credit spreads (1)		—		–	100
	• Consensus pricing	•Offered quotes (3)
Equity market	• Present value techniques	• Volatility		13	%	–	34	%
	or option pricing models	• Correlation		65	%	–	65	%
Embedded derivatives:
Direct and assumed guaranteed minimum benefits	• Option pricing techniques	• Mortality rates:
		Ages 0 - 40		0	%	–	0.13	%
		Ages 41 - 60		0.05	%	–	0.88	%
		Ages 61 – 115		0.26	%	–	100	%
		• Lapse rates:
		Durations 1 - 10		0.50	%	–	100	%
		Durations 11 - 20		2.00	%	–	100	%
		Durations 21 - 116		1.25	%	–	100	%
		• Utilization rates (4)		20	%	–	50	%
		• Withdrawal rates		0.07	%	–	20	%
		• Long-term equity volatilities		15.18	%	–	40	%
		• Nonperformance risk spread		0.15	%	–	2.05	%

(1) For this unobservable input, range and weighted average are presented in basis points.

(2) For this unobservable input, range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(3) At September 30, 2012, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(4) This range is attributable to certain GMIB and lifetime withdrawal benefits.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities		RMBS			CMBS			ABS			State and Political Subdivision Securities			Other Fixed Maturity Securities
	(In millions)
Three Months Ended September 30, 2012:
Balance, beginning of period	$	7,394		$	4,813		$	2,386		$	74	$	2,363		$	1,038		$	2,680		$	76		$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		5			5			4			—		8			—			4			—			—
Net investment gains (losses)		(6	)		(13	)		6			—		(3	)		(1	)		—			—			—
Net derivative gains (losses)		—			—			—			—		—			—			—			—			—
Other revenues		—			—			—			—		—			—			—			—			—
Policyholder benefits and claims		—			—			—			—		—			—			—			—			—
Other expenses		—			—			—			—		—			—			—			—			—
Other comprehensive income (loss)		323			135			43			—		108			7			32			1			—
Purchases (3)		442			630			370			—		249			416			215			15			—
Sales (3)		(348	)		(276	)		(254	)		—		(114	)		(249	)		(47	)		(6	)		—
Issuances (3)		—			—			—			—		—			—			—			—			—
Settlements (3)		—			—			—			—		—			—			—			—			—
Transfers into Level 3 (4)		128			172			51			—		11			26			2			—			—
Transfers out of Level 3 (4)		(239	)		(156	)		(16	)		—		(49	)		(23	)		(36	)		(21	)		—
Balance, end of period	$	7,699		$	5,310		$	2,590		$	74	$	2,573		$	1,214		$	2,850		$	65		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	3		$	5		$	5		$	—	$	8		$	—		$	4		$	—		$	—
Net investment gains (losses)	$	(3	)	$	(10	)	$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	(In millions)
Three Months Ended September 30, 2012:
Balance, beginning of period	$	282		$	432		$	13		$	26		$	1,096		$	717		$	211		$	564
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			7			32			1			—			—
Net investment gains (losses)		8			1			—			—			—			—			—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(23	)		(37	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(2	)		4			—			—			—			15			—			—
Purchases (3)		76			1			14			—			903			515			—			—
Sales (3)		(102	)		(60	)		(11	)		(2	)		(909	)		(337	)		(145	)		—
Issuances (3)		—			—			—			—			—			—			2			4
Settlements (3)		—			—			—			—			—			—			(10	)		(41	)
Transfers into Level 3 (4)		—			48			—			—			1			186			30			—
Transfers out of Level 3 (4)		—			—			(2	)		—			(2	)		—			(1	)		—
Balance, end of period	$	262		$	426		$	14		$	31		$	1,121		$	1,097		$	64		$	490
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	6		$	6		$	—		$	—		$	—
Net investment gains (losses)	$	(1	)	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(22	)	$	(24	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)											Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs
	Interest Rate			Foreign Currency Exchange Rate			Credit		Equity Market												Liability Related to  Securitized Reverse Residential Mortgage Loans
	(In millions)
Three Months Ended September 30, 2012:
Balance, beginning of period	$	228		$	40		$	24	$	575		$	(3,961	)	$	1,445		$	(81	)	$	(98	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—		—			—			—			—			—
Net investment gains (losses)		—			—			—		—			—			18			7			—
Net derivative gains (losses)		(7	)		20			16		(187	)		291			—			—			—
Other revenues		—			—			—		—			—			—			—			—
Policyholder benefits and claims		—			—			—		11			(4	)		—			—			—
Other expenses		—			—			—		—			—			—			—			—
Other comprehensive income (loss)		(16	)		—			—		1			(78	)		—			—			—
Purchases (3)		—			—			—		7			—			144			—			—
Sales (3)		—			—			—		—			—			(74	)		—			97
Issuances (3)		—			—			—		—			—			—			—			—
Settlements (3)		12			(2	)		—		(82	)		(170	)		—			26			1
Transfers into Level 3 (4)		—			—			—		—			—			2			—			—
Transfers out of Level 3 (4)		—			—			—		—			—			(128	)		—			—
Balance, end of period	$	217		$	58		$	40	$	325		$	(3,922	)	$	1,407		$	(48	)	$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	7		$	—
Net derivative gains (losses)	$	(4	)	$	19		$	16	$	(195	)	$	283		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—	$	10		$	(3	)	$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities			RMBS (9)			CMBS			ABS (9)			State and Political Subdivision Securities			Other Fixed Maturity Securities
	(In millions)
Three Months Ended September 30, 2011:
Balance, beginning of period	$	6,871		$	5,844		$	3,161		$	26		$	1,499		$	781		$	1,386		$	89		$	2
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		4			9			9			—			2			5			6			—			—
Net investment gains (losses)		26			2			(206	)		—			—			(1	)		(5	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		227			(120	)		302			2			(52	)		(1	)		11			(1	)		—
Purchases (3)		455			199			427			—			208			115			431			11			—
Sales (3)		(185	)		(447	)		(30	)		(3	)		(49	)		(57	)		(94	)		(1	)		(2	)
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		—			172			498			6			1			1			184			—			—
Transfers out of Level 3 (4)		(27	)		(930	)		(272	)		—			—			(11	)		(147	)		(45	)		—
Balance, end of period	$	7,371		$	4,729		$	3,889		$	31		$	1,609		$	832		$	1,772		$	53		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	4		$	8		$	9		$	—		$	2		$	6		$	6		$	—		$	—
Net investment gains (losses)	$	(3	)	$	(5	)	$	(205	)	$	—		$	—		$	(2	)	$	(7	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities		FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	(In millions)
Three Months Ended September 30, 2011:
Balance, beginning of period	$	305		$	654		$	2	$	54		$	623		$	732		$	32		$	964
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—		(12	)		(5	)		(1	)		—			—
Net investment gains (losses)		3			7			—		—			—			(1	)		—			—
Net derivative gains (losses)		—			—			—		—			—			—			—			—
Other revenues		—			—			—		—			—			—			(1	)		(292	)
Policyholder benefits and claims		—			—			—		—			—			—			—			—
Other expenses		—			—			—		—			—			—			—			—
Other comprehensive income (loss)		(25	)		(69	)		—		—			—			(1	)		—			—
Purchases (3)		14			—			—		—			1,026			266			2			—
Sales (3)		(14	)		(84	)		—		—			(297	)		(368	)		—			—
Issuances (3)		—			—			—		—			—			—			—			46
Settlements (3)		—			—			—		—			—			—			(2	)		(32	)
Transfers into Level 3 (4)		—			1			—		—			—			—			4			—
Transfers out of Level 3 (4)		(44	)		—			—		(15	)		(84	)		(1	)		(5	)		—
Balance, end of period	$	239		$	509		$	2	$	27		$	1,263		$	626		$	30		$	686
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—	$	(11	)	$	(4	)	$	(1	)	$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—	$	—		$	—		$	(1	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—		$	—		$	—		$	(1	)	$	(280	)
Policyholder benefits and claims	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)											Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs
	Interest Rate			Foreign Currency Exchange Rate		Credit			Equity Market
	(In millions)
Three Months Ended September 30, 2011:
Balance, beginning of period	$	(67	)	$	49	$	42		$	55		$	(2,074	)	$	1,836		$	(134	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—		—			—			—			—			—
Net investment gains (losses)		—			—		—			—			—			3			(1	)
Net derivative gains (losses)		21			2		(76	)		677			(2,314	)		—			—
Other revenues		68			—		—			—			—			—			—
Policyholder benefits and claims		—			—		—			—			115			—			—
Other expenses		—			—		—			—			—			—			—
Other comprehensive income (loss)		317			—		15			1			(114	)		—			—
Purchases (3)		(1	)		16		—			119			—			187			—
Sales (3)		—			—		—			—			—			(152	)		—
Issuances (3)		—			—		—			(4	)		—			—			—
Settlements (3)		(41	)		—		(11	)		2			(121	)		(1	)		23
Transfers into Level 3 (4)		1			—		—			—			—			11			—
Transfers out of Level 3 (4)		—			—		—			—			—			(176	)		—
Balance, end of period	$	298		$	67	$	(30	)	$	850		$	(4,508	)	$	1,708		$	(112	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—	$	—		$	—		$	—		$	—		$	(1	)
Net derivative gains (losses)	$	17		$	2	$	(76	)	$	677		$	(2,319	)	$	—		$	—
Other revenues	$	79		$	—	$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—	$	—		$	—		$	115		$	—		$	—
Other expenses	$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities			RMBS			CMBS			ABS			State and Political Subdivision Securities			Other Fixed Maturity Securities
	(In millions)
Nine Months Ended September 30, 2012:
Balance, beginning of period	$	6,784		$	4,370		$	2,322		$	31		$	1,602		$	753		$	1,850		$	53		$	—
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		10			16			4			—			20			7			14			—			—
Net investment gains (losses)		4			(68	)		(1	)		—			(7	)		(37	)		2			—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		351			233			26			—			149			21			19			4			—
Purchases (3)		1,371			1,535			1,003			49			1,060			695			1,293			15			—
Sales (3)		(865	)		(708	)		(467	)		(6	)		(315	)		(253	)		(286	)		(7	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		266			254			53			—			76			40			6			—			—
Transfers out of Level 3 (4)		(222	)		(322	)		(350	)		—			(12	)		(12	)		(48	)		—			—
Balance, end of period	$	7,699		$	5,310		$	2,590		$	74		$	2,573		$	1,214		$	2,850		$	65		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	8		$	18		$	12		$	—		$	20		$	2		$	14		$	—		$	—
Net investment gains (losses)	$	(6	)	$	(27	)	$	—		$	—		$	(3	)	$	(4	)	$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities		FVO General Account Securities			FVO Contractholder- directed Unit- linked Investments			Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	(In millions)
Nine Months Ended September 30, 2012:
Balance, beginning of period	$	281		$	438		$	—	$	23		$	1,386		$	590		$	1,414		$	666
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—		10			12			1			—			—
Net investment gains (losses)		(1	)		1			—		—			—			—			—			—
Net derivative gains (losses)		—			—			—		—			—			—			—			—
Other revenues		—			—			—		—			—			—			(31	)		(122	)
Policyholder benefits and claims		—			—			—		—			—			—			—			—
Other expenses		—			—			—		—			—			—			—			—
Other comprehensive income (loss)		7			23			—		—			—			10			—			—
Purchases (3)		111			5			14		—			918			1,059			1			—
Sales (3)		(126	)		(89	)		—		(2	)		(1,159	)		(455	)		(1,348	)		—
Issuances (3)		—			—			—		—			—			—			6			109
Settlements (3)		—			—			—		—			—			—			(46	)		(163	)
Transfers into Level 3 (4)		3			48			—		—			2			—			72			—
Transfers out of Level 3 (4)		(13	)		—			—		—			(38	)		(108	)		(4	)		—
Balance, end of period	$	262		$	426		$	14	$	31		$	1,121		$	1,097		$	64		$	490
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—	$	9		$	1		$	(1	)	$	—		$	—
Net investment gains (losses)	$	(11	)	$	—		$	—	$	—		$	—		$	—		$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—	$	—		$	—		$	—		$	(25	)	$	(88	)
Policyholder benefits and claims	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—	$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
													Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs			Liability Related to Securitized Reverse Residential Mortgage Loans
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market
	(In millions)
Nine Months Ended September 30, 2012:
Balance, beginning of period	$	300		$	44		$	1		$	889		$	(4,203	)	$	1,325		$	(116	)	$	(1,175	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			—			—			—			—			—
Net investment gains (losses)		—			—			—			—			—			95			(2	)		—
Net derivative gains (losses)		16			30			44			(470	)		802			—			—			—
Other revenues		(67	)		—			—			—			—			—			—			1
Policyholder benefits and claims		—			—			—			22			(9	)		—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		13			—			—			(1	)		(39	)		—			—			—
Purchases (3)		—			—			—			16			—			294			—			—
Sales (3)		—			—			—			—			—			(289	)		—			1,149
Issuances (3)		—			—			(3	)		—			—			1			—			—
Settlements (3)		(45	)		(16	)		(3	)		(131	)		(473	)		(3	)		70			23
Transfers into Level 3 (4)		—			—			—			—			—			25			—			—
Transfers out of Level 3 (4)		—			—			1			—			—			(41	)		—			2
Balance, end of period	$	217		$	58		$	40		$	325		$	(3,922	)	$	1,407		$	(48	)	$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2012 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	—
Net derivative gains (losses)	$	2		$	10		$	43		$	(474	)	$	781		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	22		$	(7	)	$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S. Corporate Securities			Foreign Corporate Securities			Foreign Government Securities			U.S. Treasury and Agency Securities			RMBS (9)			CMBS			ABS (9)			State and Political Subdivision Securities			Other Fixed Maturity Securities
	(In millions)
Nine Months Ended September 30, 2011:
Balance, beginning of period	$	7,149		$	5,726		$	3,134		$	79		$	2,541		$	1,011		$	3,026		$	46		$	4
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		8			22			38			—			8			21			18			—			—
Net investment gains (losses)		14			(20	)		(220	)		—			(13	)		67			(22	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—			—
Other comprehensive income (loss)		372			44			332			2			(11	)		50			90			(8	)		—
Purchases (3)		1,016			1,571			1,164			—			251			287			754			11			—
Sales (3)		(674	)		(1,770	)		(411	)		(1	)		(247	)		(584	)		(471	)		(4	)		—
Issuances (3)		—			—			—			—			—			—			—			—			—
Settlements (3)		—			—			—			—			—			—			—			—			—
Transfers into Level 3 (4)		43			165			91			6			81			85			123			10			—
Transfers out of Level 3 (4)		(557	)		(1,009	)		(239	)		(55	)		(1,001	)		(105	)		(1,746	)		(2	)		(4	)
Balance, end of period	$	7,371		$	4,729		$	3,889		$	31		$	1,609		$	832		$	1,772		$	53		$	—
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	7		$	22		$	36		$	—		$	8		$	19		$	18		$	—		$	—
Net investment gains (losses)	$	(30	)	$	(20	)	$	(209	)	$	—		$	(13	)	$	(2	)	$	(10	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:						Trading and Other Securities:
	Common Stock			Non- redeemable Preferred Stock			Actively Traded Securities			FVO General Account Securities			FVO Contractholder- directed Unit-linked Investments			Short-term Investments			Mortgage Loans Held- for-sale			MSRs (5)
	(In millions)
Nine Months Ended September 30, 2011:
Balance, beginning of period	$	268		$	905		$	10		$	77		$	735		$	858		$	24		$	950
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(3	)		61			3			—			—
Net investment gains (losses)		7			(63	)		—			—			—			(2	)		—			—
Net derivative gains (losses)		—			—			—			—			—			—			—			—
Other revenues		—			—			—			—			—			—			(2	)		(310	)
Policyholder benefits and claims		—			—			—			—			—			—			—			—
Other expenses		—			—			—			—			—			—			—			—
Other comprehensive income (loss)		(12	)		31			—			—			—			7			—			—
Purchases (3)		53			4			—			1			1,032			562			3			—
Sales (3)		(21	)		(379	)		(8	)		(33	)		(447	)		(798	)		—			—
Issuances (3)		—			—			—			—			—			—			1			138
Settlements (3)		—			—			—			—			—			—			(3	)		(92	)
Transfers into Level 3 (4)		1			11			—			—			123			—			9			—
Transfers out of Level 3 (4)		(57	)		—			—			(15	)		(241	)		(4	)		(2	)		—
Balance, end of period	$	239		$	509		$	2		$	27		$	1,263		$	626		$	30		$	686
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	(5	)	$	55		$	(2	)	$	—		$	—
Net investment gains (losses)	$	(4	)	$	(19	)	$	—		$	—		$	—		$	(1	)	$	—		$	—
Net derivative gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other revenues	$	—		$	—		$	—		$	—		$	—		$	—		$	(2	)	$	(298	)
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)												Net Embedded Derivatives (7)			Separate Account Assets (8)			Long-term Debt of CSEs
	Interest Rate			Foreign Currency Exchange Rate			Credit			Equity Market
	(In millions)
Nine Months Ended September 30, 2011:
Balance, beginning of period	$	(86	)	$	73		$	44		$	142		$	(2,438	)	$	1,983		$	(184	)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—			—			—			(3	)		—			—			—
Net investment gains (losses)		—			—			—			—			—			48			(8	)
Net derivative gains (losses)		25			(1	)		(70	)		568			(1,722	)		—			—
Other revenues		75			—			—			—			—			—			—
Policyholder benefits and claims		—			—			—			—			107			—			—
Other expenses		—			—			—			—			—			—			—
Other comprehensive income (loss)		325			—			13			—			(116	)		—			—
Purchases (3)		(1	)		21			—			225			—			422			—
Sales (3)		—			—			—			—			—			(502	)		—
Issuances (3)		—			—			(3	)		(4	)		—			—			—
Settlements (3)		(40	)		—			(13	)		(3	)		(339	)		(3	)		80
Transfers into Level 3 (4)		—			—			(1	)		—			—			18			—
Transfers out of Level 3 (4)		—			(26	)		—			(75	)		—			(258	)		—
Balance, end of period	$	298		$	67		$	(30	)	$	850		$	(4,508	)	$	1,708		$	(112	)
Changes in unrealized gains (losses) relating to assets and liabilities still held at September 30, 2011 included in net income (loss):
Net investment income	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Net investment gains (losses)	$	—		$	—		$	—		$	—		$	—		$	—		$	(8	)
Net derivative gains (losses)	$	14		$	(1	)	$	(70	)	$	569		$	(1,738	)	$	—		$	—
Other revenues	$	80		$	—		$	—		$	—		$	—		$	—		$	—
Policyholder benefits and claims	$	—		$	—		$	—		$	—		$	107		$	—		$	—
Other expenses	$	—		$	—		$	—		$	—		$	—		$	—		$	—

(1) Amortization of premium/discount is included within net investment income. Impairments charged to earnings on securities and certain mortgage loans are included in net investment gains (losses) while changes in the estimated fair value of certain mortgage loans and MSRs are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).

(2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3) The amount reported within purchases, sales, issuances and settlements is the purchase or issuance price and the sales or settlement proceeds based upon the actual date purchased or issued and sold or settled, respectively. Items purchased/issued and sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4) Total gains and losses (in earnings and other comprehensive income (loss)) are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and/or out of Level 3 in the same period are excluded from the rollforward.

(5) Other revenues represent the changes in estimated fair value due to changes in valuation model inputs or assumptions. For the three months and nine months ended September 30, 2012 and 2011, there was no other change in estimated fair value affecting MSRs. The additions for purchases, originations and issuances are presented within issuances and the reductions for loan payments, sales and settlements, affecting MSRs are presented within settlements.

(6) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(7) Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(8) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(9) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2011 Annual Report for discussion of a reclassification from the ABS sector to the RMBS sector for securities backed by sub-prime residential mortgage loans.

Residential mortgage loans held-for-sale carried under the fair value option

	September 30, 2012			December 31, 2011
	(In millions)
Unpaid principal balance	$	91		$	2,935
Difference between estimated fair value and unpaid principal balance		(27	)		129
Carrying value at estimated fair value	$	64		$	3,064
Loans in non-accrual status	$	3		$	3
Loans more than 90 days past due	$	26		$	20
Loans in non-accrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(11	)	$	(2	)

Changes in estimated fair value residential mortgage loans held-for-sale

	Three Months Ended September 30,					Nine Months Ended September 30,
	2012			2011		2012		2011
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(2	)	$	—	$	—	$	(3	)
Other changes in estimated fair value		(27	)		174		71		353
Total gains (losses) recognized in other revenues	$	(29	)	$	174	$	71	$	350

Securitized reverse residential mortgage loans

	September 30, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	—	$	6,914
Difference between estimated fair value and unpaid principal balance		—		738
Carrying value at estimated fair value	$	—	$	7,652
Loans more than 90 days past due	$	—	$	59
Loans more than 90 days past due — difference between aggregate estimated fair value and unpaid principal balance	$	—	$	—

Fair value liabilities measured on recurring basis liability related to securitized reverse residential mortgage loans

	September 30, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	—	$	6,914
Difference between estimated fair value and contractual principal balance		—		712
Carrying value at estimated fair value	$	—	$	7,626

Mortgage Loans Held by Consolidated Securitization Entities carried under the Fair Value Option

	September 30, 2012		December 31, 2011
	(In millions)
Unpaid principal balance	$	2,752	$	3,019
Difference between estimated fair value and unpaid principal balance		127		119
Carrying value at estimated fair value	$	2,879	$	3,138

Commercial mortgage loans and securities classified as trading securities the related long-term debt carried under fair value option

	September 30, 2012		December 31, 2011
	(In millions)
Contractual principal balance	$	2,624	$	2,954
Difference between estimated fair value and contractual principal balance		109		114
Carrying value at estimated fair value	$	2,733	$	3,068

Estimated fair value of certain investments

	Three Months Ended September 30,
	2012							2011
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Gains (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	383	$	379	$	(4	)	$	289	$	245	$	(44	)
Held-for-sale		184		174		(10	)		71		68		(3	)
Mortgage loans, net	$	567	$	553	$	(14	)	$	360	$	313	$	(47	)
Other limited partnership interests (2)	$	36	$	27	$	(9	)	$	5	$	3	$	(2	)
Real estate joint ventures (3)	$	—	$	—	$	—		$	—	$	—	$	—
Goodwill (4)	$	1,868	$	—	$	(1,868	)	$	65	$	—	$	(65	)

	Nine Months Ended September 30,
	2012							2011
	Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Gains (Losses)			Carrying Value Prior to Measurement		Estimated Fair Value After Measurement		Gains (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	370	$	379	$	9		$	273	$	245	$	(28	)
Held-for-sale		213		174		(39	)		72		68		(4	)
Mortgage loans, net	$	583	$	553	$	(30	)	$	345	$	313	$	(32	)
Other limited partnership interests (2)	$	84	$	61	$	(23	)	$	18	$	13	$	(5	)
Real estate joint ventures (3)	$	15	$	10	$	(5	)	$	—	$	—	$	—
Goodwill (4)	$	1,868	$	—	$	(1,868	)	$	65	$	—	$	(65	)

(1) Mortgage loans — These impaired mortgage loans are written down to their estimated fair values which are reported as losses. Subsequent improvements in estimated fair value on previously impaired loans recorded through a reduction in the previously established valuation allowance are reported as gains. Estimated fair values for impaired mortgage loans are based on market prices or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, on the estimated fair value of the underlying collateral, or the present value of the expected future cash flows.

(2) Other limited partnership interests — These impaired investments were accounted for using the cost method. Impairments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. The estimated fair values of these investments have been determined using NAV data. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments were $6 million and $1 million at September 30, 2012 and 2011, respectively.

(3) Real estate joint ventures — These impaired investments were accounted for using the cost method. Impairments were recognized at estimated fair value determined from information provided in the financial statements of the underlying entities. These investments include several real estate funds that typically invest primarily in commercial real estate. The estimated fair values of these investments have been determined using NAV data. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments were $10 million at September 30, 2012. There were no unfunded commitments for these investments at September 30, 2011.

(4) Goodwill — As discussed in Note 7, in September 2012, the Company recorded an impairment of goodwill associated with the Retail Annuities reporting unit. In addition, as discussed in Note 7 of the Notes to the Consolidated Financial Statements included in the 2011 Annual Report, in September 2011, the Company recorded an impairment of goodwill associated with MetLife Bank. These impairments have been categorized as Level 3 due to the significant unobservable inputs used in the determination of the associated estimated fair value.

Fair value of financial instruments

	September 30, 2012
	Carrying Value		Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Estimated Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	55,005	$	—	$	—	$	58,346	$	58,346
Held-for-sale		1,222		—		—		1,222		1,222
Mortgage loans, net	$	56,227	$	—	$	—	$	59,568	$	59,568
Policy loans	$	11,949	$	—	$	1,698	$	12,802	$	14,500
Real estate joint ventures	$	115	$	—	$	—	$	168	$	168
Other limited partnership interests	$	1,203	$	—	$	—	$	1,434	$	1,434
Other invested assets	$	1,467	$	321	$	64	$	1,082	$	1,467
Premiums, reinsurance and other receivables	$	3,064	$	—	$	526	$	2,973	$	3,499
Other assets	$	252	$	—	$	214	$	70	$	284
Liabilities:
PABs	$	151,826	$	—	$	—	$	160,480	$	160,480
Bank deposits	$	6,515	$	—	$	1,982	$	4,533	$	6,515
Long-term debt	$	16,854	$	—	$	19,327	$	—	$	19,327
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,807	$	3,807
Junior subordinated debt securities	$	3,192	$	—	$	3,870	$	—	$	3,870
Other liabilities	$	5,164	$	—	$	3,789	$	1,378	$	5,167
Separate account liabilities	$	62,122	$	—	$	62,122	$	—	$	62,122
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	5	$	5
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	43	$	—	$	43

	December 31, 2011
	Carrying Value		Estimated Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,777	$	56,422
Held-for-sale		4,462		4,462
Mortgage loans, net	$	58,239	$	60,884
Policy loans	$	11,892	$	14,213
Real estate joint ventures	$	130	$	183
Other limited partnership interests	$	1,318	$	1,656
Other invested assets	$	1,434	$	1,434
Premiums, reinsurance and other receivables	$	4,639	$	5,232
Other assets	$	310	$	308
Liabilities:
PABs	$	146,890	$	153,304
Bank deposits	$	10,507	$	10,507
Long-term debt	$	20,587	$	22,514
Collateral financing arrangements	$	4,647	$	4,136
Junior subordinated debt securities	$	3,192	$	3,491
Other liabilities	$	4,087	$	4,087
Separate account liabilities	$	49,610	$	49,610
Commitments: (1)
Mortgage loan commitments	$	—	$	3
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	51

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 12 for additional information on these off-balance sheet obligations.