Derivatives (Tables)

6 Months Ended

Jun. 30, 2013

Derivatives [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

		June 30, 2013						December 31, 2012
		Notional      Amount		Estimated Fair Value				Notional      Amount		Estimated Fair Value
	Primary Underlying Risk Exposure			Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments
Fair value hedges:
Interest rate swaps	Interest rate	$	5,434	$	1,469	$	58	$	5,397	$	1,921	$	90
Foreign currency swaps	Foreign currency exchange rate		3,004		211		167		3,187		332		85
Subtotal			8,438		1,680		225		8,584		2,253		175
Cash flow hedges:
Interest rate swaps	Interest rate		3,382		273		48		3,642		705		—
Interest rate forwards	Interest rate		1,035		79		—		675		139		—
Foreign currency swaps	Foreign currency exchange rate		11,666		366		410		9,038		219		355
Credit forwards	Credit		60		—		3		—		—		—
Subtotal			16,143		718		461		13,355		1,063		355
Foreign operations hedges:
Foreign currency forwards	Foreign currency exchange rate		4,015		91		6		2,552		43		61
Currency options	Foreign currency exchange rate		5,154		272		2		4,375		43		3
Subtotal			9,169		363		8		6,927		86		64
Total qualifying hedges			33,750		2,761		694		28,866		3,402		594
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate		104,030		3,606		1,684		83,250		5,201		2,043
Interest rate floors	Interest rate		63,064		646		515		56,246		1,174		837
Interest rate caps	Interest rate		34,960		193		—		49,465		74		—
Interest rate futures	Interest rate		6,836		11		13		11,684		1		38
Interest rate options	Interest rate		34,585		352		181		16,328		640		60
Synthetic GICs	Interest rate		4,309		—		—		4,162		—		—
Foreign currency swaps	Foreign currency exchange rate		8,671		296		485		8,208		199		736
Foreign currency forwards	Foreign currency exchange rate		11,340		148		171		9,202		26		288
Currency futures	Foreign currency exchange rate		1,238		—		2		1,408		4		—
Currency options	Foreign currency exchange rate		1,010		65		9		129		1		—
Credit default swaps -purchased	Credit		3,299		13		32		3,674		11		34
Credit default swaps -written	Credit		9,644		92		10		8,879		79		5
Equity futures	Equity market		5,982		11		54		7,008		14		132
Equity options	Equity market		30,381		2,044		610		22,920		2,825		356
Variance swaps	Equity market		21,888		114		441		19,830		122		310
Total rate of return swaps	Equity market		3,736		82		44		3,092		4		103
Total non-designated or non-qualifying derivatives			344,973		7,673		4,251		305,485		10,375		4,942
Total		$	378,723	$	10,434	$	4,945	$	334,351	$	13,777	$	5,536

Components of Net Derivatives Gains (Losses)

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(In millions)
Derivatives and hedging gains (losses) (1)	$	(2,769)	$	3,470	$	(5,083)	$	(332)
Embedded derivatives		1,079		(1,378)		2,763		446
Total net derivative gains (losses)	$	(1,690)	$	2,092	$	(2,320)	$	114

(1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.

Earned Income On Derivatives And Income Statement Location

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(In millions)
Qualifying hedges:
Net investment income	$	35	$	31	$	71	$	55
Interest credited to policyholder account balances		36		38		71		83
Other expenses		(1)		(1)		(4)		(2)
Non-qualifying hedges:
Net investment income		(2)		(2)		(3)		(3)
Other revenues		—		15		—		33
Net derivative gains (losses)		200		240		215		229
Policyholder benefits and claims		9		52		(56)		(10)
Total	$	277	$	373	$	294	$	385

Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments

	Net Derivative  Gains  (Losses)		Net Investment   Income (1)		Policyholder   Benefits and Claims (2)		Other   Revenues (3)
	(In millions)
Three Months Ended June 30, 2013:
Interest rate derivatives	$	(2,128)	$	—	$	(19)	$	—
Foreign currency exchange rate derivatives		(533)		—		—		—
Credit derivatives - purchased		1		(1)		—		—
Credit derivatives - written		(5)		—		—		—
Equity derivatives		(329)		(4)		(82)		—
Total	$	(2,994)	$	(5)	$	(101)	$	—
Three Months Ended June 30, 2012:
Interest rate derivatives	$	2,177	$	—	$	—	$	119
Foreign currency exchange rate derivatives		320		—		—		—
Credit derivatives - purchased		17		2		—		—
Credit derivatives - written		(53)		—		—		—
Equity derivatives		792		(15)		50		—
Total	$	3,253	$	(13)	$	50	$	119
Six Months Ended June 30, 2013:
Interest rate derivatives	$	(2,361)	$	—	$	(17)	$	—
Foreign currency exchange rate derivatives		(984)		—		—		—
Credit derivatives - purchased		(5)		(4)		—		—
Credit derivatives - written		27		—		—		—
Equity derivatives		(1,882)		(11)		(356)		—
Total	$	(5,205)	$	(15)	$	(373)	$	—
Six Months Ended June 30, 2012:
Interest rate derivatives	$	718	$	—	$	—	$	5
Foreign currency exchange rate derivatives		(22)		—		—		—
Credit derivatives - purchased		(171)		(7)		—		—
Credit derivatives - written		51		—		—		—
Equity derivatives		(1,146)		(8)		(213)		—
Total	$	(570)	$	(15)	$	(213)	$	5

(1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.

(2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

(3) Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities prior to the MetLife Bank Divestiture.

Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items

Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized   for Derivatives		Net Derivative Gains (Losses) Recognized for   Hedged Items		Ineffectiveness Recognized in Net Derivative   Gains (Losses)
		(In millions)
Three Months Ended June 30, 2013:
Interest rate swaps:	Fixed maturity securities	$	30	$	(30)	$	—
	Policyholder liabilities (1)		(383)		381		(2)
Foreign currency swaps:	Foreign-denominated fixed maturity securities		13		(11)		2
	Foreign-denominated PABs (2)		(55)		63		8
Foreign currency forwards:	Foreign-denominated fixed maturity securities		—		—		—
Total		$	(395)	$	403	$	8
Three Months Ended June 30, 2012:
Interest rate swaps:	Fixed maturity securities	$	(10)	$	9	$	(1)
	Policyholder liabilities (1)		414		(406)		8
Foreign currency swaps:	Foreign-denominated fixed maturity securities		(1)		1		—
	Foreign-denominated PABs (2)		(133)		124		(9)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		51		(50)		1
Total		$	321	$	(322)	$	(1)
Six Months Ended June 30, 2013:
Interest rate swaps:	Fixed maturity securities	$	38	$	(38)	$	—
	Policyholder liabilities (1)		(536)		533		(3)
Foreign currency swaps:	Foreign-denominated fixed maturity securities		17		(16)		1
	Foreign-denominated PABs (2)		(194)		196		2
Foreign currency forwards:	Foreign-denominated fixed maturity securities		—		—		—
Total		$	(675)	$	675	$	—
Six Months Ended June 30, 2012:
Interest rate swaps:	Fixed maturity securities	$	(4)	$	3	$	(1)
	Policyholder liabilities (1)		114		(105)		9
Foreign currency swaps:	Foreign-denominated fixed maturity securities		1		(1)		—
	Foreign-denominated PABs (2)		(76)		61		(15)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		(7)		6		(1)
Total		$	28	$	(36)	$	(8)

(1) Fixed rate liabilities reported in PABs or future policy benefits.

(2) Fixed rate or floating rate liabilities.

Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships

	Amount of Gains (Losses) Deferred in AOCI
Derivatives in Net Investment Hedging Relationships (1), (2)	(Effective Portion)
	(In millions)
Three Months Ended June 30, 2013:
Foreign currency forwards	$	85
Currency options		131
Total	$	216
Three Months Ended June 30, 2012:
Foreign currency forwards	$	42
Currency options		(25)
Total	$	17
Six Months Ended June 30, 2013:
Foreign currency forwards	$	165
Currency options		221
Total	$	386
Six Months Ended June 30, 2012:
Foreign currency forwards	$	(10)
Currency options		(24)
Total	$	(34)

(1) During the three months and six months ended June 30, 2013 and 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.

(2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

	June 30, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated  Fair Value  of Credit Default Swaps		Maximum Amount of Future  Payments under  Credit Default Swaps (2)		Weighted Average Years to  Maturity (3)		Estimated  Fair Value  of  Credit Default Swaps		Maximum Amount of Future  Payments under  Credit Default Swaps (2)		Weighted Average Years to  Maturity (3)
	(In millions)						(In millions)
Aaa/Aa/A
Single name credit default swaps (corporate)	$	9	$	732		2.4	$	10	$	777		2.7
Credit default swaps referencing indices		26		2,914		1.7		42		2,713		2.1
Subtotal		35		3,646		1.8		52		3,490		2.2
Baa
Single name credit default swaps (corporate)		12		1,668		3.7		8		1,314		3.4
Credit default swaps referencing indices		24		3,900		4.9		11		3,750		4.9
Subtotal		36		5,568		4.6		19		5,064		4.5
Ba
Single name credit default swaps (corporate)		—		55		3.8		—		25		2.7
Credit default swaps referencing indices		—		—		—		—		—		—
Subtotal		—		55		3.8		—		25		2.7
B
Single name credit default swaps (corporate)		—		—		—		—		—		—
Credit default swaps referencing indices		11		375		4.9		3		300		4.9
Subtotal		11		375		4.9		3		300		4.9
Total	$	82	$	9,644		3.5	$	74	$	8,879		3.6

(1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2) Assumes the value of the referenced credit obligations is zero.

(3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

	June 30, 2013				December 31, 2012
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
OTC-bilateral (1)	$	10,620	$	4,908	$	14,048	$	5,480
OTC-cleared (1)		5		1		—		—
Exchange-traded		22		69		19		170
Total gross estimated fair value of derivatives (1)		10,647		4,978		14,067		5,650
Amounts offset in the consolidated balance sheets		—		—		—		—
Estimated fair value of derivatives presented in the consolidated balance sheets (1)		10,647		4,978		14,067		5,650
Gross amounts not offset in the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
OTC-bilateral		(4,147)		(4,147)		(4,562)		(4,562)
OTC-cleared		—		—		—		—
Exchange-traded		(20)		(20)		(19)		(19)
Cash collateral: (3)
OTC-bilateral		(3,099)		(2)		(5,960)		(1)
OTC-cleared		(5)		(1)		—		—
Exchange-traded		—		(49)		—		(151)
Securities collateral: (4)
OTC-bilateral		(3,012)		(611)		(3,526)		(875)
OTC-cleared		—		—		—		—
Exchange-traded		—		—		—		—
Net amount after application of master netting agreements and collateral	$	364	$	148	$	—	$	42

(1) At June 30, 2013 and December 31, 2012, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $213 million and $290 million, respectively, and derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $33 million and $114 million, respectively.

(2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3) Cash collateral received is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets. The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables in the consolidated balance sheets. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At June 30, 2013 and December 31, 2012, the Company received excess cash collateral of $62 million and $0, respectively, and provided excess cash collateral of $329 million and $290 million, respectively, which is not included in the table above due to the foregoing limitation.

(4) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge this collateral, but at June 30, 2013 none of the collateral had been sold or repledged. Securities collateral pledged by the Company is reported in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At June 30, 2013 and December 31, 2012, the Company received excess securities collateral of $207 million and $161 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At June 30, 2013 and December 31, 2012, the Company provided excess securities collateral of $113 million and $0, respectively, for its OTC-bilateral derivatives, $47 million and $0, respectively, for its OTC-cleared derivatives, and $39 million and $40 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in   AOCI on  Derivatives		Amount and Location of Gains (Losses) Reclassified from AOCI into Income (Loss)						Amount and Location of Gains (Losses)  Recognized in Income (Loss)  on Derivatives
	(Effective Portion)		(Effective Portion)						(Ineffective Portion)
			Net Derivative   Gains (Losses)		Net Investment   Income		Other   Expenses		Net Derivative Gains (Losses)
					(In millions)
Three Months Ended June 30, 2013:
Interest rate swaps	$	(273)	$	10	$	2	$	—	$	6
Interest rate forwards		(5)		3		—		—		1
Foreign currency swaps		(30)		(68)		(1)		—		2
Credit forwards		(3)		—		1		—		—
Total	$	(311)	$	(55)	$	2	$	—	$	9
Three Months Ended June 30, 2012:
Interest rate swaps	$	491	$	(2)	$	—	$	(1)	$	(4)
Interest rate forwards		100		—		1		—		(1)
Foreign currency swaps		214		(6)		(2)		1		2
Credit forwards		—		—		1		—		—
Total	$	805	$	(8)	$	—	$	—	$	(3)
Six Months Ended June 30, 2013:
Interest rate swaps	$	(397)	$	14	$	4	$	—	$	4
Interest rate forwards		(30)		6		1		(1)		1
Foreign currency swaps		57		(257)		(2)		—		6
Credit forwards		(3)		—		1		—		—
Total	$	(373)	$	(237)	$	4	$	(1)	$	11
Six Months Ended June 30, 2012:
Interest rate swaps	$	198	$	(1)	$	1	$	(3)	$	—
Interest rate forwards		12		—		1		—		—
Foreign currency swaps		110		5		(3)		1		1
Credit forwards		—		—		1		—		—
Total	$	320	$	4	$	—	$	(2)	$	1

Schedule of Derivative Instruments

			Estimated Fair Value of Collateral Provided:				Fair Value of Incremental Collateral Provided Upon:
	Estimated Fair Value  of Derivatives in Net  Liability Position (1)		Fixed Maturity  Securities		Cash		One Notch      Downgrade     in the Company’s Credit Rating		Downgrade in the      Company’s Credit Rating     to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position
	(In millions)
June 30, 2013:
Derivatives subject to credit-contingent provisions	$	700	$	724	$	—	$	19	$	31
Derivatives not subject to credit-contingent provisions		14		—		2		—		—
Total	$	714	$	724	$	2	$	19	$	31
December 31, 2012:
Derivatives subject to credit-contingent provisions	$	771	$	775	$	—	$	35	$	73
Derivatives not subject to credit-contingent provisions		79		100		1		—		—
Total	$	850	$	875	$	1	$	35	$	73

(1) After taking into consideration the existence of netting agreements.

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
	(In millions)				(In millions)
Net derivative gains (losses) (1)	$	1,079	$	(1,378)	$	2,763	$	446
Policyholder benefits and claims	$	(33)	$	42	$	(80)	$	(5)

(1) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($236) million and ($650) million for the three months and six months ended June 30, 2013, respectively, and $608 million and ($636) million for the three months and six months ended June 30, 2012, respectively.

Schedule of Derivative Instruments

	Balance Sheet Location	June 30, 2013		December 31, 2012
		(In millions)
Net embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	293	$	439
Funds withheld on assumed reinsurance	Other invested assets		46		66
Options embedded in debt or equity securities	Investments		(143)		(88)
Other	Other invested assets		—		1
Net embedded derivatives within asset host contracts		$	196	$	418
Net embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	PABs	$	(736)	$	923
Assumed guaranteed minimum benefits	PABs		1,670		2,582
Funds withheld on ceded reinsurance	Other liabilities		83		162
Other	PABs		8		17
Net embedded derivatives within liability host contracts		$	1,025	$	3,684