MetLife 2009 Annual Report Download - page 129
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The table below presents certain information about the Company’s trading securities portfolios:
2009 2008
December 31,
(In millions)
Tradingsecurities—atestimatedfairvalue ....................................... $2,384 $946
Short sale agreement liabilities — at estimated fair value (included in other liabilities) . . . . . . . . . . . . . $ 106 $ 57
Investmentspledgedtosecureshortsaleagreementliabilities........................... $ 496 $346
2009 2008 2007
Years Ended December 31,
(In millions)
Netinvestmentincome(1) ............................................ $400 $(193) $50
Changesinestimatedfairvalueincludedinnetinvestmentincome ................. $309 $(174) $(4)
(1) Includes interest and dividends earned on trading securities, in addition to the net realized gains (losses) and changes in estimated fair
value subsequent to purchase, recognized on the trading securities and the related short sale agreement liabilities.
Mortgage Loans
Mortgage loans, net of valuation allowances, are categorized as follows:
Carrying
Value %of
Total Carrying
Value %of
Total
2009 2008
December 31,
(In millions)
Mortgage loans held-for-investment:
Commercialmortgageloans................................. $34,587 67.9% $35,965 70.1%
Agriculturalmortgageloans ................................. 12,140 23.8 12,234 23.8
Residentialandconsumerloans .............................. 1,454 2.9 1,153 2.2
Totalmortgageloansheld-for-investment....................... 48,181 94.6% 49,352 96.1%
Mortgage loans held-for-sale:
Residential—fairvalueoption ............................... 2,470 4.9 1,975 3.8
Commercial and residential — lower of amortized cost or estimated fair
value .............................................. 258 0.5 37 0.1
Totalmortgageloansheld-for-sale .............................. 2,728 5.4 2,012 3.9
Total mortgage loans, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $50,909 100.0% $51,364 100.0%
F-45MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)