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Equity (Tables)
12 Months Ended
Dec. 31, 2012
Equity [Abstract]  
Schedule of Dividends Paid, Preferred Stock
                                         
            Dividend  

Declaration Date

 

Record Date

 

Payment Date

  Series A
  Per Share  
    Series A
  Aggregate  
    Series B
  Per Share  
    Series B
  Aggregate  
 
            (In millions, except per share data)  

November 15, 2012

  November 30, 2012   December 17, 2012   $ 0.253     $ 7     $ 0.406     $ 24  

August 15, 2012

  August 31, 2012   September 17, 2012   $ 0.256       6     $ 0.406       24  

May 15, 2012

  May 31, 2012   June 15, 2012   $ 0.256       7     $ 0.406       24  

March 5, 2012

  February 29, 2012   March 15, 2012   $ 0.253       6     $ 0.406       24  
                   

 

 

           

 

 

 
                    $ 26             $ 96  
                   

 

 

           

 

 

 

November 15, 2011

  November 30, 2011   December 15, 2011   $ 0.253     $ 7     $ 0.406     $ 24  

August 15, 2011

  August 31, 2011   September 15, 2011   $ 0.256       6     $ 0.406       24  

May 16, 2011

  May 31, 2011   June 15, 2011   $ 0.256       7     $ 0.406       24  

March 7, 2011

  February 28, 2011   March 15, 2011   $ 0.250       6     $ 0.406       24  
                   

 

 

           

 

 

 
                    $ 26             $ 96  
                   

 

 

           

 

 

 

November 15, 2010

  November 30, 2010   December 15, 2010   $ 0.253     $ 7     $ 0.406     $ 24  

August 16, 2010

  August 31, 2010   September 15, 2010   $ 0.256       6     $ 0.406       24  

May 17, 2010

  May 31, 2010   June 15, 2010   $ 0.256       7     $ 0.406       24  

March 5, 2010

  February 28, 2010   March 15, 2010   $       0.250       6     $       0.406       24  
                   

 

 

           

 

 

 
                    $     26             $     96  
                   

 

 

           

 

 

 
Schedule of Dividends Paid, Common Stock
                         
            Dividend  
              Per Share         Aggregate    

Declaration Date

 

Record Date

 

Payment Date

  (In millions, except per
share data)
 

October 23, 2012

  November 9, 2012   December 14, 2012   $ 0.74     $ 811  

October 25, 2011

  November 9, 2011   December 14, 2011   $ 0.74     $ 787  

October 26, 2010

  November 9, 2010   December 14, 2010   $ 0.74     $ 784  (1) 

 

 

 

(1)

Includes dividends on convertible preferred stock (see “— Convertible Preferred Stock”)

Components of compensation expense related to stock based compensation
                         
    Years Ended December 31,  
    2012     2011     2010  
    (In millions)  

Stock Options

  $ 61     $ 58     $ 45  

Performance Shares (1)

    80       68       29  

Restricted Stock Units

    27       18       10  
   

 

 

   

 

 

   

 

 

 

Total compensation expense

  $ 168     $ 144     $ 84  
   

 

 

   

 

 

   

 

 

 

Income tax benefit

  $ 59     $ 50     $ 29  
   

 

 

   

 

 

   

 

 

 

 

 

 

(1)

Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period.

Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized
             
    December 31, 2012
    Expense     Weighted Average
Period
    (In millions)     (Years)

Stock Options

  $ 56     1.74

Performance Shares

  $ 52     1.65

Restricted Stock Units

  $ 28     1.73
Activity related to Stock Options
                         
    Shares Under
Option
    Weighted Average
Exercise Price
  Weighted
Average
Remaining
Contractual
Term
  Aggregate
Intrinsic
Value (1)
 
              (Years)   (In millions)  

Outstanding at January 1, 2012

    34,713,526     $        40.22           5.35   $  

Granted

    6,247,050     $        37.91                    

Exercised

    (3,817,301   $        28.44                    

Expired

    (1,017,994   $        47.35                    

Forfeited

    (972,210   $        40.23                    
   

 

 

                 

Outstanding at December 31, 2012

    35,153,071     $        40.89           5.50   $ 51  
   

 

 

   

 

 

 

 

 

 

 

Expected to vest at a future date as of December 31, 2012

    34,684,396     $        40.94           5.41   $ 51  
   

 

 

   

 

 

 

 

 

 

 

Exercisable at December 31, 2012

    24,530,711     $        41.36           4.16   $ 50  
   

 

 

   

 

 

 

 

 

 

 

 

 

 

(1)

The aggregate intrinsic value was computed using the closing Share price on December 31, 2012 of $32.94 and December 30, 2011 of $31.18, as applicable.

Weighted average assumptions used to determine the fair value of Stock Options issued
             
    Years Ended December 31,
    2012   2011   2010

Dividend yield

  1.95%   1.65%   2.11%

Risk-free rate of return

  0.21%-4.17%   0.29%-5.51%   0.35%-5.88%

Expected volatility

  35.59%   32.64%   34.41%

Exercise multiple

  1.58   1.69   1.75

Post-vesting termination rate

  3.14%   3.36%   3.64%

Contractual term (years)

  10   10   10

Expected life (years)

  7   7   7

Weighted average exercise price of stock options granted

  $      37.91   $      45.16   $      35.06

Weighted average fair value of stock options granted

  $      11.33   $      14.27   $      11.29
Stock Option exercise activity
                         
            Years Ended December 31,           
        2012             2011             2010      
    (In millions)  

Total intrinsic value of stock options exercised

  $ 29     $ 41     $ 22  

Cash received from exercise of stock options

  $ 109     $ 88     $ 52  

Income tax benefit realized from stock options exercised

  $ 10     $ 14     $ 8  
Performance Share and Restricted Stock Unit Activity
                         
    Performance Shares   Restricted Stock Units
    Shares     Weighted Average
Grant Date

Fair Value
  Units     Weighted Average
Grant Date

Fair Value

Outstanding at January 1, 2012

    5,024,094     $        31.50             1,562,849     $        34.74        

Granted

    2,042,133     $        35.38             971,304     $        35.39        

Forfeited

    (452,590   $        37.36             (171,475   $        37.62        

Payable (1)

    (1,791,609   $        20.71             (282,530   $        21.88        
   

 

 

       

 

 

     

Outstanding at December 31, 2012

    4,822,028     $        36.93             2,080,148     $        36.55        
   

 

 

   

 

 

 

 

   

 

Expected to vest at a future date as of December 31, 2012

    4,817,941     $        36.98             2,080,148     $        36.55        
   

 

 

   

 

 

 

 

   

 

 

 

 

(1)

Includes both Shares paid and Shares deferred for later payment.

Liability Award Unit Activity
                         
    Unit
Options
    Restricted
Units
    Performance
Units
 

Outstanding at January 1, 2012

    1,083,370       510,681       233,257  

Granted

    440,185       395,765       158,724  

Exercised

    (26,855            

Forfeited

    (126,383     (75,930     (39,823

Paid

          (90,080     (46,994
   

 

 

   

 

 

   

 

 

 

Outstanding at December 31, 2012

    1,370,317       740,436       305,164  
   

 

 

   

 

 

   

 

 

 

Expected to vest at a future date as of December 31, 2012

    1,281,440       666,392       274,648  
   

 

 

   

 

 

   

 

 

 
Schedules of statutory net income, and capital and surplus by subsidiary
                             
        Years Ended December 31,  
         

Company

  State of Domicile   2012     2011     2010  
        (In millions)  

Metropolitan Life Insurance Company

  New York   $       1,320     $       1,970     $       2,066  

American Life Insurance Company

  Delaware   $ 317     $ 334     $ 803  

MetLife Insurance Company of Connecticut

  Connecticut   $ 848     $ 46     $ 668  

Metropolitan Property and Casualty Insurance Company

  Rhode Island   $ 235     $ 41     $ 273  

Metropolitan Tower Life Insurance Company

  Delaware   $ 61     $ 63     $ 151  
                 
    December 31,  

Company

  2012     2011  
    (In millions)  

Metropolitan Life Insurance Company

  $   14,295     $   13,507  

American Life Insurance Company

  $ 3,044     $ 3,310  

MetLife Insurance Company of Connecticut

  $ 5,331     $ 5,133  

Metropolitan Property and Casualty Insurance Company

  $ 1,987     $ 1,857  

Metropolitan Tower Life Insurance Company

  $ 781     $ 828  
Dividend Payment Restrictions
                                 
    2013     2012     2011  

Company

  Permitted w/o
    Approval (1)    
    Paid (2)   Permitted w/o
    Approval (3)    
    Paid (2)   Permitted w/o
    Approval (3)    
 
    (In millions)  

Metropolitan Life Insurance Company

  $ 1,428     $    1,023   $ 1,350     $    1,321 (4)   $ 1,321  

American Life Insurance Company

  $ 523     $    1,300 (5)   $ 168     $       661   $ 661  

MetLife Insurance Company of Connecticut

  $ 1,330     $       706 (6)   $ 504     $       517   $ 517  

Metropolitan Property and Casualty Insurance Company

  $ 74     $       100   $     $         30   $  

Metropolitan Tower Life Insurance Company

  $ 77     $         82   $ 82     $         80   $ 80  

MetLife Investors Insurance Company

  $ 129     $         18   $ 18     $         —   $  

Delaware American Life Insurance Company

  $ 7     $         —   $ 12     $         —   $  

 

 

 

(1)

Reflects dividend amounts that may be paid during 2013 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2013, some or all of such dividends may require regulatory approval.

 

(2)

Reflects all amounts paid, including those requiring regulatory approval.

 

(3)

Reflects dividend amounts that could have been paid during the relevant year without prior regulatory approval.

 

(4)

Includes securities transferred to MetLife, Inc. of $170 million during the year ended December 31, 2011.

 

(5)

During May 2012, American Life received regulatory approval to pay an extraordinary dividend for an amount up to the funds remitted in connection with the restructuring of American Life’s business in Japan. Subsequently, $1.5 billion was remitted to American Life. See Note 19. Of this approved amount, $1.3 billion was paid to MetLife, Inc. as an extraordinary dividend.

 

(6)

During June 2012, MICC distributed shares of an affiliate to its stockholders as an in-kind extraordinary dividend of $202 million as calculated on a statutory basis. Regulatory approval for this extraordinary dividend was obtained due to the timing of payment. During December 2012, MICC paid a dividend to its stockholders in the amount of $504 million, which represented its ordinary dividend capacity at year-end 2012. Due to the June 2012 in-kind dividend, a portion of this was extraordinary and regulatory approval was obtained.

Other Comprehensive Income (Loss)
                         
    Years Ended December 31,  
    2012     2011     2010  
    (In millions)  

Holding gains (losses) on investments arising during the year

  $ 12,777     $ 13,945     $ 10,092  

Income tax effect of holding gains (losses)

    (4,738     (4,783     (3,516

Reclassification adjustments for recognized holding (gains) losses
included in current year income

    53       755       (733

Income tax effect of reclassification adjustments

    (20     (260     255  

Unrealized investment loss of subsidiary at the date of disposal

          (105      

Income tax on unrealized investment loss of subsidiary at the date of disposal

          37        

Allocation of holding (gains) losses on investments relating to other policyholder amounts

    (3,675     (6,248     (2,598

Income tax effect of allocation of holding (gains) losses to other policyholder amounts

    1,362       2,146       905  

Allocation of holding (gains) losses on investments relating to other policyholder amounts of subsidiary at the date of disposal

          93        

Income tax effect of allocation of holding (gains) losses on investments relating to
other policyholder amounts of subsidiary at the date of disposal

          (33      
   

 

 

   

 

 

   

 

 

 

Net unrealized investment gains (losses), net of income tax

    5,759       5,547       4,405  

Foreign currency translation adjustments, net of income tax expense (benefit)
of ($249) million, $162 million and ($226) million

    110       (146     (354

Foreign currency translation adjustments of subsidiary at the date of disposal

          (7      

Defined benefit plans adjustment, net of income tax expense (benefit)
of ($296) million, ($266) million and $69 million

    (546     (494     96  
   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss), net of income tax

    5,323       4,900       4,147  

Other comprehensive (income) loss attributable to noncontrolling interests

    (9     38       (5
   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) attributable to MetLife, Inc.,
excluding cumulative effect of change in accounting principle

    5,314       4,938       4,142  

Cumulative effect of change in accounting principle, net of income tax expense (benefit) of $0, $0 and $27 million (see Note 1)

                52  
   

 

 

   

 

 

   

 

 

 

Other comprehensive income (loss) attributable to MetLife, Inc.

  $ 5,314     $ 4,938     $ 4,194