Insurance (Tables)

12 Months Ended

Dec. 31, 2014

Insurance liabilities, including affiliated insurance liabilities on reinsurance assumed and ceded, are comprised of future policy benefits, PABs and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at:



	December 31,
	2014		2013
	(In millions)
Retail	$	91,868	$	91,575
Group, Voluntary & Worksite Benefits	28,805		28,035
Corporate Benefit Funding	97,953		89,941
Corporate & Other	518		581
Total	$	219,144	$	210,132

Liabilities for Guarantees

Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows:



	Annuity Contracts						Universal and Variable Life Contracts
	GMDBs			GMIBs			Secondary Guarantees			Paid-Up Guarantees		Total
	(In millions)
Direct
Balance at January 1, 2012	$	84		$	158		$	261		$	58	$	561
Incurred guaranteed benefits	31			174			79			10		294
Paid guaranteed benefits	(6		)	—			—			—		(6		)
Balance at December 31, 2012	109			332			340			68		849
Incurred guaranteed benefits	44			58			77			6		185
Paid guaranteed benefits	(5		)	—			—			—		(5		)
Balance at December 31, 2013	148			390			417			74		1,029
Incurred guaranteed benefits	51			68			124			8		251
Paid guaranteed benefits	(3		)	—			—			—		(3		)
Balance at December 31, 2014	$	196		$	458		$	541		$	82	$	1,277
Ceded
Balance at January 1, 2012	$	62		$	52		$	212		$	41	$	367
Incurred guaranteed benefits	30			58			53			6		147
Paid guaranteed benefits	(6		)	—			—			—		(6		)
Balance at December 31, 2012	86			110			265			47		508
Incurred guaranteed benefits	39			14			49			4		106
Paid guaranteed benefits	(5		)	—			—			—		(5		)
Balance at December 31, 2013	120			124			314			51		609
Incurred guaranteed benefits (1)	(80		)	(100		)	(9		)	6		(183		)
Paid guaranteed benefits	(3		)	—			—			—		(3		)
Balance at December 31, 2014	$	37		$	24		$	305		$	57	$	423
Net
Balance at January 1, 2012	$	22		$	106		$	49		$	17	$	194
Incurred guaranteed benefits	1			116			26			4		147
Paid guaranteed benefits	—			—			—			—		—
Balance at December 31, 2012	23			222			75			21		341
Incurred guaranteed benefits	5			44			28			2		79
Paid guaranteed benefits	—			—			—			—		—
Balance at December 31, 2013	28			266			103			23		420
Incurred guaranteed benefits	131			168			133			2		434
Paid guaranteed benefits	—			—			—			—		—
Balance at December 31, 2014	$	159		$	434		$	236		$	25	$	854

______________


(1)	See Note 6.

Fund Groupings

Account balances of contracts with insurance guarantees were invested in separate account asset classes as follows at:



	December 31,
	2014		2013
	(In millions)
Fund Groupings:
Equity	$	24,995	$	24,915
Balanced	22,759		22,481
Bond	4,561		4,551
Money Market	150		179
Total	$	52,465	$	52,126

Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at:



	December 31,
	2014				2013
	In the Event of Death		At Annuitization		In the Event of Death		At Annuitization
	(In millions)
Annuity Contracts (1)
Variable Annuity Guarantees
Total contract account value	$	62,810	$	29,474	$	62,763	$	28,934
Separate account value	$	51,077	$	28,347	$	50,700	$	27,738
Net amount at risk	$	702	$	244	$	641	$	123
Average attained age of contractholders	65 years		63 years		64 years		62 years
Two Tier and Other Annuities
Account value	N/A		$	456	N/A		$	397
Net amount at risk	N/A		$	153	N/A		$	123
Average attained age of contractholders	N/A		55 years		N/A		54 years



	December 31,
	2014				2013
	Secondary Guarantees		Paid-Up Guarantees		Secondary Guarantees		Paid-Up Guarantees
	(In millions)
Universal and Variable Life Contracts (1)
Account value (general and separate account)	$	8,213	$	1,091	$	7,871	$	1,125
Net amount at risk	$	78,758	$	8,164	$	81,888	$	8,701
Average attained age of policyholders	54 years		60 years		53 years		59 years

______________


(1)	The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank

Metropolitan Life Insurance Company and General American Life Insurance Company (“GALIC”), a subsidiary, are members of regional banks in the Federal Home Loan Bank (“FHLB”) system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at:



	December 31,
	2014		2013
	(In millions)
FHLB of NY	$	661	$	700
FHLB of Des Moines	$	50	$	50

Schedule of liability recorded and collateral pledged for funding agreements

The Company has also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in PABs. Information related to such funding agreements was as follows at:



	Liability				Collateral
	December 31,
	2014		2013		2014			2013
	(In millions)
FHLB of NY (1)	$	12,570	$	12,770	$	15,255	(2)	$	14,287	(2)
Farmer Mac (3)	$	2,550	$	2,550	$	2,932		$	2,929
FHLB of Des Moines (1)	$	1,000	$	1,000	$	1,141	(2)	$	1,118	(2)

______________

(1)

Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank.


(2)	Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value.

(3)

Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these funding agreements are secured by a pledge of certain eligible agricultural real estate mortgage loans and may, under certain circumstances, be secured by other qualified collateral. The amount of collateral presented is at carrying value.

Liabilities for Unpaid Claims and Claim Expenses

Information regarding the liabilities for unpaid claims and claim expenses relating to group accident and non-medical health policies and contracts, which are reported in future policy benefits and other policy-related balances, was as follows:



	Years Ended December 31,
	2014			2013			2012
	(In millions)
Balance at January 1,	$	7,022		$	6,826		$	6,622
Less: Reinsurance recoverables	290			301			324
Net balance at January 1,	6,732			6,525			6,298
Incurred related to:
Current year	5,099			4,762			4,320
Prior years (1)	—			(12		)	(42		)
Total incurred	5,099			4,750			4,278
Paid related to:
Current year	(3,228		)	(3,035		)	(2,626		)
Prior years	(1,579		)	(1,508		)	(1,425		)
Total paid	(4,807		)	(4,543		)	(4,051		)
Net balance at December 31,	7,024			6,732			6,525
Add: Reinsurance recoverables	286			290			301
Balance at December 31,	$	7,310		$	7,022		$	6,826

______________

(1)

During 2014, there were no changes to claims and claim adjustment expenses associated with prior years. During 2013 and 2012, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year dental and AD&D claims and improved loss ratio for non-medical health claim liabilities.