MetLife 2008 Annual Report Download - page 104

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The following table presents the amortized cost and valuation allowance for commercial mortgage loans held-for-investment distributed
by loan classification at:
Amortized
Cost (1) %of
Total Valuation
Allowance
%of
Amortized
Cost Amortized
Cost (1) %of
Total Valuation
Allowance
%of
Amortized
Cost
December 31, 2008 December 31, 2007
(In millions)
Performing . . . . . . . . . . . . . . . . . . . . . . . $36,192 100.0% $232 0.6% $34,820 100.0% $167 0.5%
Restructured...................... — — — —% — — — —%
Potentiallydelinquent ................ 2 — — —% 3 — — —%
Delinquentorunderforeclosure ......... 3 — — —% 1 — — —%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . $36,197 100.0% $232 0.6% $34,824 100.0% $167 0.5%
(1) Amortized cost is equal to carrying value before valuation allowances.
The following table presents the changes in valuation allowances for commercial mortgage loans held-for-investment for the:
2008 2007 2006
Years Ended December 31,
(In millions)
Balance,beginningofperiod.......................................... $167 $153 147
Additions ...................................................... 145 68 25
Deductions ..................................................... (80) (54) (19)
Balance,endofperiod.............................................. $232 $167 $153
Agricultural Mortgage Loans. The Company diversifies its agricultural mortgage loans held-for-investment by both geographic region
and product type.
Of the $12.2 billion of agricultural mortgage loans outstanding at December 31, 2008, 56% were subject to rate resets prior to maturity.
A substantial portion of these loans has been successfully renegotiated and remain outstanding to maturity. The process and policies for
monitoring the agricultural mortgage loans and classifying them by performance status are generally the same as those for the commercial
loans.
The following table presents the amortized cost and valuation allowances for agricultural mortgage loans held-for-investment distributed
by loan classification at:
Amortized
Cost (1) %of
Total Valuation
Allowance
%of
Amortized
Cost Amortized
Cost (1) %of
Total Valuation
Allowance
%of
Amortized
Cost
December 31, 2008 December 31, 2007
(In millions)
Performing ....................... $12,054 98.0% $16 0.1% $10,409 99.4% $12 0.1%
Restructured...................... 1 — — —% 2 — — —%
Potentially delinquent . . . . . . . . . . . . . . . . 133 1.1 18 13.5% 46 0.4 4 8.7%
Delinquent or under foreclosure . . . . . . . . . 107 0.9 27 25.2% 19 0.2 8 42.1%
Total . . . . . . . . . . . . . . . . . . . . . . . . . . $12,295 100.0% $61 0.5% $10,476 100.0% $24 0.2%
(1) Amortized cost is equal to carrying value before valuation allowances.
The following table presents the changes in valuation allowances for agricultural mortgage loans held-for-investment for the:
2008 2007 2006
Years Ended December 31,
(In millions)
Balance,beginningofperiod.......................................... $24 $18 $11
Additions ...................................................... 49 8 10
Deductions ..................................................... (12) (2) (3)
Balance,endofperiod.............................................. $61 $24 $18
Consumer Loans. Consumer loans consist of residential mortgages and auto loans held-for-investment.
101MetLife, Inc.