MetLife 2010 Annual Report Download - page 179

December 31, 2009 Notional Amount Carrying Value
Estimated
Fair
Value
(In millions)
Assets
Mortgage loans:(1)
Held-for-investment ..................................................... $48,181 $46,315
Held-for-sale.......................................................... 258 258
Mortgageloans,net.................................................... $48,439 $46,573
Policyloans............................................................ $10,061 $11,294
Realestatejointventures(2) ................................................. $ 115 $ 127
Otherlimitedpartnershipinterests(2)............................................ $ 1,571 $ 1,581
Short-terminvestments(3)................................................... $ 201 $ 201
Otherinvestedassets(2).................................................... $ 1,241 $ 1,284
Cashandcashequivalents.................................................. $10,112 $10,112
Accruedinvestmentincome ................................................. $ 3,173 $ 3,173
Premiums,reinsuranceandotherreceivables(2) .................................... $ 3,375 $ 3,532
Otherassets(2) ......................................................... $ 425 $ 440
Liabilities
Policyholderaccountbalances(2).............................................. $97,131 $96,735
Payables for collateral under securities loaned and other transactions . . . . . . . . . . . . . . . . . . . . . . $24,196 $24,196
Bankdeposits .......................................................... $10,211 $10,300
Short-termdebt ......................................................... $ 912 $ 912
Long-termdebt(2)........................................................ $13,185 $13,831
Collateralfinancingarrangements.............................................. $ 5,297 $ 2,877
Juniorsubordinateddebtsecurities ............................................ $ 3,191 $ 3,167
Otherliabilities(2) ........................................................ $ 1,788 $ 1,788
Separateaccountliabilities(2) ................................................ $32,171 $32,171
Commitments (4)
Mortgageloancommitments................................................. $2,220 $ — $ (48)
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments . . . . $1,261 $ — $ (52)
(1) Mortgage loans held-for-investment as presented in the tables above differ from the amount presented in the consolidated balance
sheets because these tables do not include commercial mortgage loans held by CSEs. Mortgage loans held-for-sale as presented in the
tables above differ from the amount presented in the consolidated balance sheets because these tables do not include residential
mortgage loans held-for-sale accounted for under the FVO.
(2) Carrying values presented herein differ from those presented in the consolidated balance sheets because certain items within the
respective financial statement caption are not considered financial instruments. Financial statement captions excluded from the table
above are not considered financial instruments.
(3) Short-term investments as presented in the tables above differ from the amounts presented in the consolidated balance sheets because
these tables do not include short-term investments that meet the definition of a security, which are measured at estimated fair value on a
recurring basis.
(4) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities.
The methods and assumptions used to estimate the fair value of financial instruments are summarized as follows:
The assets and liabilities measured at estimated fair value on a recurring basis include: fixed maturity securities, equity securities, trading
and other securities, mortgage loans held by CSEs, mortgage loans held-for-sale accounted for under the FVO, MSRs, derivative assets and
liabilities, net embedded derivatives within asset and liability host contracts, separate account assets, long-term debt of CSEs and trading
liabilities. These assets and liabilities are described in the section “— Recurring Fair Value Measurements” and, therefore, are excluded from
the tables above. The estimated fair value for these financial instruments approximates carrying value.
Mortgage Loans
These mortgage loans are principally comprised of commercial and agricultural mortgage loans, which are originated for investment
purposes and are primarily carried at amortized cost. Residential mortgage and consumer loans are generally purchased from third parties for
F-90 MetLife, Inc.
MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)