Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

The following table presents the fixed maturity and equity securities AFS by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including RMBS, ABS and commercial mortgage-backed securities (“CMBS”).

	December 31, 2014										December 31, 2013
	Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized							Estimated Fair Value
			Gains		Temporary Losses		OTTI Losses						Gains		Temporary Losses		OTTI Losses
									(In millions)
Fixed maturity securities
U.S. corporate	$	59,532	$	6,246	$	421	$	—	$	65,357	$	60,244	$	4,678	$	693	$	—		$	64,229
U.S. Treasury and agency	34,391		4,698		19		—		39,070		29,508		1,730		694		—			30,544
Foreign corporate	28,395		1,934		511		—		29,818		27,082		1,959		285		—			28,756
RMBS	26,893		1,493		157		66		28,163		24,119		1,109		368		150			24,710
ABS (1)	8,206		102		82		—		8,226		7,789		151		117		(1		)	7,824
CMBS	7,705		241		33		—		7,913		8,203		262		89		—			8,376
State and political subdivision	5,329		1,197		6		—		6,520		5,386		467		76		—			5,777
Foreign government	3,153		761		70		—		3,844		3,040		597		107		—			3,530
Total fixed maturity securities	$	173,604	$	16,672	$	1,299	$	66	$	188,911	$	165,371	$	10,953	$	2,429	$	149		$	173,746
Equity securities
Common stock	$	1,236	$	142	$	26	$	—	$	1,352	$	1,070	$	97	$	3	$	—		$	1,164
Non-redeemable preferred stock	690		53		30		—		713		743		62		77		—			728
Total equity securities	$	1,926	$	195	$	56	$	—	$	2,065	$	1,813	$	159	$	80	$	—		$	1,892

______________

(1) The noncredit loss component of OTTI losses was in an unrealized gain position of $1 million for ABS at December 31, 2013, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “—Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities contractual maturity date

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at:

	December 31,
	2014				2013
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(In millions)
Due in one year or less	$	5,841	$	5,902	$	6,411	$	6,516
Due after one year through five years	36,600		38,115		34,696		36,556
Due after five years through ten years	39,257		41,519		35,725		38,347
Due after ten years	49,102		59,073		48,428		51,417
Subtotal	130,800		144,609		125,260		132,836
Structured securities (RMBS, ABS and CMBS)	42,804		44,302		40,111		40,910
Total fixed maturity securities	$	173,604	$	188,911	$	165,371	$	173,746

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

The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position.

	December 31, 2014								December 31, 2013
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions, except number of securities)
Fixed maturity securities
U.S. corporate	$	8,950	$	260	$	2,251	$	161	$	8,512	$	426	$	1,948	$	267
U.S. Treasury and agency	3,933		6		982		13		10,077		687		33		7
Foreign corporate	7,052		397		1,165		114		4,217		176		952		109
RMBS	3,141		63		1,900		160		8,194		291		1,675		227
ABS	3,147		45		732		37		1,701		28		530		88
CMBS	772		20		461		13		2,022		74		221		15
State and political subdivision	26		—		76		6		737		44		92		32
Foreign government	327		32		265		38		763		94		54		13
Total fixed maturity securities	$	27,348	$	823	$	7,832	$	542	$	36,223	$	1,820	$	5,505	$	758
Equity securities
Common stock	$	98	$	26	$	1	$	—	$	37	$	3	$	—	$	—
Non-redeemable preferred stock	32		—		139		30		222		41		125		36
Total equity securities	$	130	$	26	$	140	$	30	$	259	$	44	$	125	$	36
Total number of securities in an unrealized loss position	1,997				642				2,211				469

Disclosure of Mortgage Loans Net of Valuation Allowance

Mortgage loans are summarized as follows at:

	December 31,
	2014					2013
	Carrying Value			% of Total		Carrying Value			% of Total
	(In millions)					(In millions)
Mortgage loans held-for-investment:
Commercial	$	32,482		66.2	%	$	33,072		71.9	%
Agricultural	11,033			22.5		11,025			24.0
Residential	5,494			11.2		1,858			4.0
Subtotal (1)	49,009			99.9		45,955			99.9
Valuation allowances	(258		)	(0.5	)	(272		)	(0.6	)
Subtotal mortgage loans held-for-investment, net	48,751			99.4		45,683			99.3
Residential — FVO	308			0.6		338			0.7
Total mortgage loans held-for-investment, net	49,059			100.0		46,021			100.0
Mortgage loans held-for-sale	—			—		3			—
Total mortgage loans, net	$	49,059		100.0	%	$	46,024		100.0	%

______________

(1) Purchases of mortgage loans were $4.7 billion and $2.2 billion for the years ended December 31, 2014 and 2013, respectively.

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

The changes in the valuation allowance, by portfolio segment, were as follows:

	Commercial			Agricultural			Residential			Total
	(In millions)
Balance at January 1, 2012	$	318		$	75		$	—		$	393
Provision (release)	(50		)	2			—			(48		)
Charge-offs, net of recoveries	(12		)	(24		)	—			(36		)
Transfers to held-for-sale	—			(5		)	—			(5		)
Balance at December 31, 2012	256			48			—			304
Provision (release)	(43		)	3			19			(21		)
Charge-offs, net of recoveries	—			(11		)	—			(11		)
Transfers to held-for-sale	—			—			—			—
Balance at December 31, 2013	213			40			19			272
Provision (release)	(8		)	(4		)	27			15
Charge-offs, net of recoveries	(23		)	(1		)	(5		)	(29		)
Transfers to held-for-sale	—			—			—			—
Balance at December 31, 2014	$	182		$	35		$	41		$	258

Schedule of Financing Receivables, Non Accrual Status

The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at:

	Past Due				Nonaccrual Status
	December 31, 2014		December 31, 2013		December 31, 2014		December 31, 2013
	(In millions)
Commercial	$	—	$	—	$	75	$	169
Agricultural	1		44		41		47
Residential	149		46		149		46
Total	$	150	$	90	$	265	$	262

Investment in leveraged leases

Investment in leveraged and direct financing leases consisted of the following at:

	December 31,
	2014						2013
	Leveraged Leases			Direct Financing Leases			Leveraged Leases			Direct Financing Leases
	(In millions)
Rental receivables, net	$	1,320		$	406		$	1,393		$	413
Estimated residual values	827			57			853			52
Subtotal	2,147			463			2,246			465
Unearned income	(686		)	(178		)	(742		)	(177		)
Investment in leases, net of non-recourse debt	$	1,461		$	285		$	1,504		$	288

Net income from investment in leveraged leases

The components of income from investments in leveraged and direct financing leases, excluding net investment gains (losses), were as follows:

	Years Ended December 31,
	2014				2013				2012
	Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases		Leveraged Leases		Direct Financing Leases
	(In millions)
Income from investment in leases	$	51	$	19	$	60	$	17	$	34	$	15
Less: Income tax expense on leases	18		7		21		6		12		5
Investment income after income tax	$	33	$	12	$	39	$	11	$	22	$	10

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

The components of net unrealized investment gains (losses), included in AOCI, were as follows:

	Years Ended December 31,
	2014			2013			2012
	(In millions)
Fixed maturity securities	$	15,374		$	8,521		$	19,120
Fixed maturity securities with noncredit OTTI losses in AOCI	(66		)	(149		)	(256		)
Total fixed maturity securities	15,308			8,372			18,864
Equity securities	173			83			(13		)
Derivatives	1,649			361			1,052
Short-term investments	—			—			(2		)
Other	87			5			18
Subtotal	17,217			8,821			19,919
Amounts allocated from:
Future policy benefits	(1,964		)	(610		)	(5,120		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(3		)	5			12
DAC, VOBA and DSI	(918		)	(721		)	(1,231		)
Policyholder dividend obligation	(3,155		)	(1,771		)	(3,828		)
Subtotal	(6,040		)	(3,097		)	(10,167		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	25			51			86
Deferred income tax benefit (expense)	(3,928		)	(2,070		)	(3,498		)
Net unrealized investment gains (losses)	7,274			3,705			6,340
Net unrealized investment gains (losses) attributable to noncontrolling interests	(1		)	(1		)	(1		)
Net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company	$	7,273		$	3,704		$	6,339

The changes in net unrealized investment gains (losses) were as follows:

	Years Ended December 31,
	2014			2013			2012
	(In millions)
Balance at January 1,	$	3,704		$	6,339		$	4,868
Fixed maturity securities on which noncredit OTTI losses have been recognized	83			107			266
Unrealized investment gains (losses) during the year	8,313			(11,205		)	4,679
Unrealized investment gains (losses) relating to:
Future policy benefits	(1,354		)	4,510			(1,625		)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI	(8		)	(7		)	(21		)
DAC, VOBA and DSI	(197		)	510			(129		)
Policyholder dividend obligation	(1,384		)	2,057			(909		)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI	(26		)	(35		)	(86		)
Deferred income tax benefit (expense)	(1,858		)	1,428			(704		)
Net unrealized investment gains (losses)	7,273			3,704			6,339
Net unrealized investment gains (losses) attributable to noncontrolling interests	—			—			—
Balance at December 31,	$	7,273		$	3,704		$	6,339
Change in net unrealized investment gains (losses)	$	3,569		$	(2,635	)	$	1,471
Change in net unrealized investment gains (losses) attributable to noncontrolling interests	—			—			—
Change in net unrealized investment gains (losses) attributable to Metropolitan Life Insurance Company	$	3,569		$	(2,635	)	$	1,471

Other than temporary impairment, credit losses recognized earnings

The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows:

	Years Ended December 31,
	2014			2013
	(In millions)
Balance at January 1,	$	(149	)	$	(256	)
Noncredit OTTI losses and subsequent changes recognized	10			47
Securities sold with previous noncredit OTTI loss	41			114
Subsequent changes in estimated fair value	32			(54		)
Balance at December 31,	$	(66	)	$	(149	)

Securities Lending

Elements of the securities lending program are presented below at:

	December 31,
	2014		2013
	(In millions)
Securities on loan: (1)
Amortized cost	$	19,099	$	18,829
Estimated fair value	$	21,185	$	19,153
Cash collateral on deposit from counterparties (2)	$	21,635	$	19,673
Security collateral on deposit from counterparties (3)	$	19	$	—
Reinvestment portfolio — estimated fair value	$	22,046	$	19,822

______________

(1) Included within fixed maturity securities, short-term investments and equity securities.

(2) Included within payables for collateral under securities loaned and other transactions.

(3) Security collateral on deposit from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.

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

Invested assets on deposit and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value at:

	December 31,
	2014		2013
	(In millions)
Invested assets on deposit (regulatory deposits)	$	1,421	$	1,338
Invested assets pledged as collateral (1)	20,712		19,555
Total invested assets on deposit and pledged as collateral	$	22,133	$	20,893

______________

(1) The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Note 4), and derivative transactions (see Note 9).

Purchased credit impaired investments, by invested asset class, held

The following table presents information about PCI fixed maturity securities acquired during the periods indicated:

	Years Ended December 31,
	2014		2013
	(In millions)
Contractually required payments (including interest)	$	820	$	1,612
Cash flows expected to be collected (1)	$	644	$	1,248
Fair value of investments acquired	$	433	$	841

______________

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

The following table presents activity for the accretable yield on PCI fixed maturity securities for:

	Years Ended December 31,
	2014			2013
	(In millions)
Accretable yield, January 1,	$	2,431		$	2,357
Investments purchased	211			407
Accretion recognized in earnings	(217		)	(236		)
Disposals	(47		)	(144		)
Reclassification (to) from nonaccretable difference	(495		)	47
Accretable yield, December 31,	$	1,883		$	2,431

The Company’s PCI fixed maturity securities were as follows at:

	December 31,
	2014		2013
	(In millions)
Outstanding principal and interest balance (1)	$	4,614	$	4,653
Carrying value (2)	$	3,651	$	3,601

______________

(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.

The Components of Net Investment Income

The components of net investment income were as follows:

	Years Ended December 31,
	2014		2013			2012
	(In millions)
Investment income:
Fixed maturity securities	$	8,260	$	8,279		$	8,295
Equity securities	86		78			68
Trading and FVO securities - Actively Traded and FVO general account securities (1)	23		43			77
Mortgage loans	2,378		2,405			2,528
Policy loans	448		440			451
Real estate and real estate joint ventures	725		699			593
Other limited partnership interests	721		633			555
Cash, cash equivalents and short-term investments	26		32			19
Operating joint ventures	2		(4		)	(2		)
Other	61		21			7
Subtotal	12,730		12,626			12,591
Less: Investment expenses	838		844			743
Subtotal, net	11,892		11,782			11,848
FVO CSEs - interest income:
Securities	1		3			4
Subtotal	1		3			4
Net investment income	$	11,893	$	11,785		$	11,852

______________

(1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment income were ($14) million, $4 million and $44 million for the years ended December 31, 2014, 2013 and 2012, respectively.

The components of net investment gains (losses)

The components of net investment gains (losses) were as follows:

	Years Ended December 31,
	2014			2013			2012
	(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector and industry:
U.S. and foreign corporate securities — by industry:
Consumer	$	(6	)	$	(12	)	$	(19	)
Utility	—			(48		)	(29		)
Finance	—			(4		)	(21		)
Communications	—			(2		)	(18		)
Industrial	—			—			(4		)
Transportation	—			—			(1		)
Total U.S. and foreign corporate securities	(6		)	(66		)	(92		)
RMBS	(20		)	(62		)	(70		)
CMBS	—			—			(28		)
ABS	—			—			(2		)
OTTI losses on fixed maturity securities recognized in earnings	(26		)	(128		)	(192		)
Fixed maturity securities — net gains (losses) on sales and disposals	(99		)	177			16
Total gains (losses) on fixed maturity securities	(125		)	49			(176		)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock	(16		)	(17		)	—
Common stock	(5		)	(2		)	(7		)
OTTI losses on equity securities recognized in earnings	(21		)	(19		)	(7		)
Equity securities — net gains (losses) on sales and disposals	42			6			15
Total gains (losses) on equity securities	21			(13		)	8
Trading and FVO securities — FVO general account securities	1			11			11
Mortgage loans	(36		)	31			84
Real estate and real estate joint ventures	252			(15		)	(27		)
Other limited partnership interests	(69		)	(41		)	(35		)
Other investment portfolio gains (losses)	(108		)	5			(192		)
Subtotal — investment portfolio gains (losses)	(64		)	27			(327		)
FVO CSEs:
Securities	—			2			—
Long-term debt — related to securities	(1		)	(2		)	(7		)
Non-investment portfolio gains (losses)	208			21			4
Subtotal FVO CSEs and non-investment portfolio gains (losses)	207			21			(3		)
Total net investment gains (losses)	$	143		$	48		$	(330	)

______________

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

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) are as shown in the table below. Investment gains and losses on sales of securities are determined on a specific identification basis.

	Years Ended December 31,
	2014			2013			2012			2014			2013			2012
	Fixed Maturity Securities									Equity Securities
	(In millions)
Proceeds	$	44,906		$	45,538		$	29,472		$	128		$	144		$	126
Gross investment gains	$	260		$	556		$	327		$	46		$	25		$	23
Gross investment losses	(359		)	(379		)	(311		)	(4		)	(19		)	(8		)
OTTI losses (1)	(26		)	(128		)	(192		)	(21		)	(19		)	(7		)
Net investment gains (losses)	$	(125	)	$	49		$	(176	)	$	21		$	(13	)	$	8

______________

(1) OTTI losses recognized in earnings include noncredit-related impairment losses of $0, $13 million and $67 million for the years ended December 31, 2014, 2013 and 2012, respectively, on (i) 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 (ii) 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.

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

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in OCI:

	Years Ended December 31,
	2014			2013
	(In millions)
Balance at January 1,	$	277		$	285
Additions:
Initial impairments — credit loss OTTI recognized on securities not previously impaired	1			4
Additional impairments — credit loss OTTI recognized on securities previously impaired	15			54
Reductions:
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI	(30		)	(65		)
Securities impaired to net present value of expected future cash flows	—			—
Increases in cash flows — accretion of previous credit loss OTTI	—			(1		)
Balance at December 31,	$	263		$	277

Schedule of Invested Assets Transferred To and From Affiliates

The Company transfers invested assets, primarily consisting of fixed maturity securities, to and from affiliates. Invested assets transferred to and from affiliates were as follows:

	Years Ended December 31,
	2014		2013		2012
	(In millions)
Estimated fair value of invested assets transferred to affiliates	$	97	$	781	$	4
Amortized cost of invested assets transferred to affiliates	$	89	$	688	$	4
Net investment gains (losses) recognized on transfers	$	8	$	93	$	—
Estimated fair value of invested assets transferred from affiliates	$	882	$	882	$	—

Mortgage Loans on Real Estate [Line Items]

Disclosure Of Mortgage Loans Held For Investment And Valuation Allowances By Method Of Evaluation Of Credit Loss [Table Text Block]

Mortgage loans held-for-investment by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at and for the years ended:

	Evaluated Individually for Credit Losses										Evaluated Collectively for Credit Losses				Impaired Loans
	Impaired Loans with a Valuation Allowance						Impaired Loans without a Valuation Allowance
	Unpaid Principal Balance		Recorded Investment		Valuation Allowances		Unpaid Principal Balance		Recorded Investment		Recorded Investment		Valuation Allowances		Carrying Value		Average Recorded Investment
	(In millions)
December 31, 2014
Commercial	$	75	$	75	$	24	$	84	$	84	$	32,323	$	158	$	135	$	298
Agricultural	47		45		2		14		13		10,975		33		56		76
Residential	—		—		—		40		37		5,457		41		37		17
Total	$	122	$	120	$	26	$	138	$	134	$	48,755	$	232	$	228	$	391
December 31, 2013
Commercial	$	173	$	169	$	49	$	247	$	246	$	32,657	$	164	$	366	$	430
Agricultural	64		62		7		35		34		10,929		33		89		151
Residential	—		—		—		5		4		1,854		19		4		2
Total	$	237	$	231	$	56	$	287	$	284	$	45,440	$	216	$	459	$	583

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at December 31, 2014 and 2013. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

	December 31,
	2014				2013
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
Fixed maturity securities (1)	$	163	$	78	$	159	$	80
Other invested assets	59		—		82		7
Other limited partnership interests	37		—		61		—
CSEs (assets (primarily securities) and liabilities (primarily debt)) (2)	16		15		23		22
Real estate joint ventures (3)	9		15		1,181		443
Total	$	284	$	108	$	1,506	$	552

______________

(1) The Company consolidates certain fixed maturity securities purchased in an investment vehicle which was partially funded with affiliated long-term debt. The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was $2 million for both the years ended December 31, 2014 and 2013 and was $1 million for the year ended December 31, 2012.

(2) The Company consolidates entities 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 liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its remaining investment in these entities of less than $1 million at estimated fair value at both December 31, 2014 and 2013. The long-term debt bears interest primarily at variable rates, payable on a bi-annual basis. Interest expense related to these obligations, included in other expenses, was $1 million, $3 million and $4 million for the years ended December 31, 2014, 2013 and 2012, respectively.

(3) At December 31, 2013, the Company consolidated an open ended core real estate fund formed in the fourth quarter of 2013 (the “MetLife Core Property Fund”), which represented the majority of the balances at December 31, 2013. As a result of the quarterly reassessment in the first quarter of 2014, the Company no longer consolidated the MetLife Core Property Fund, effective March 31, 2014, based on the terms of the revised partnership agreement. The Company accounts for its retained interest in the real estate fund under the equity method. Assets of the real estate fund are a real estate investment trust which holds primarily traditional core income-producing real estate which has associated liabilities that are primarily non-recourse debt secured by certain real estate assets of the fund. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The Company’s exposure was limited to that of its investment in the real estate fund of $178 million at carrying value at December 31, 2013. The long-term debt bears interest primarily at fixed rates ranging from 1.39% to 4.45%, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was less than $1 million for the year ended December 31, 2013.

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	December 31,
	2014				2013
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, ABS and CMBS) (2)	$	44,302	$	44,302	$	40,910	$	40,910
U.S. and foreign corporate	1,919		1,919		2,251		2,251
Other limited partnership interests	3,722		4,833		3,168		4,273
Other invested assets	1,683		2,003		1,498		1,852
Real estate joint ventures	52		74		31		31
Total	$	51,678	$	53,131	$	47,858	$	49,317

______________

(1) The maximum exposure to loss relating to fixed maturity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures 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 creditworthy third parties. 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 $212 million and $257 million at December 31, 2014 and 2013, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity.

Commercial

Mortgage Loans on Real Estate [Line Items]

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

The credit quality of commercial mortgage loans held-for-investment, were as follows at:

	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios						Total		% of  Total
	> 1.20x		1.00x - 1.20x		< 1.00x
	(In millions)										(In millions)
December 31, 2014
Loan-to-value ratios:
Less than 65%	$	26,810	$	746	$	761	$	28,317	87.2	%	$	29,860	87.7	%
65% to 75%	2,783		391		86		3,260		10.0		3,322		9.8
76% to 80%	109		—		8		117		0.4		121		0.3
Greater than 80%	384		256		148		788		2.4		736		2.2
Total	$	30,086	$	1,393	$	1,003	$	32,482	100.0	%	$	34,039	100.0	%
December 31, 2013
Loan-to-value ratios:
Less than 65%	$	24,585	$	476	$	596	$	25,657	77.6	%	$	26,900	78.4	%
65% to 75%	5,219		438		104		5,761		17.4		5,852		17.1
76% to 80%	444		157		189		790		2.4		776		2.3
Greater than 80%	583		205		76		864		2.6		769		2.2
Total	$	30,831	$	1,276	$	965	$	33,072	100.0	%	$	34,297	100.0	%

Agricultural

Mortgage Loans on Real Estate [Line Items]

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

The credit quality of agricultural mortgage loans held-for-investment were as follows at:

	December 31,
	2014				2013
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Loan-to-value ratios:
Less than 65%	$	10,462	94.8	%	$	10,165	92.2	%
65% to 75%	469		4.2		659		6.0
76% to 80%	17		0.2		84		0.8
Greater than 80%	85		0.8		117		1.0
Total	$	11,033	100.0	%	$	11,025	100.0	%

Residential

Mortgage Loans on Real Estate [Line Items]

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

The credit quality of residential mortgage loans held-for-investment were as follows at:

	December 31,
	2014				2013
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Performance indicators:
Performing	$	5,345	97.3	%	$	1,812	97.5	%
Nonperforming	149		2.7		46		2.5
Total	$	5,494	100.0	%	$	1,858	100.0	%