MetLife 2011 Annual Report Download - page 137

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Past Due and Interest Accrual Status of Mortgage Loans. The Company has a high quality, well performing, mortgage loan portfolio, with
approximately 99% of all mortgage loans classified as performing at both December 31, 2011 and December 31, 2010. The Company defines
delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial mortgage loans
— 60 days or more; agricultural mortgage loans — 90 days or more; and residential mortgage loans — 60 days or more. The recorded investment in
mortgage loans held-for-investment, prior to valuation allowances, past due according to these aging categories, greater than 90 days past due and still
accruing interest and in nonaccrual status, by portfolio segment, were as follows at:
Past Due Greater than 90 Days Past Due Still Accruing Interest Nonaccrual Status
December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010
(In millions)
Commercial .................. $ 63 $ 58 $— $ 1 $ 63 $ 7
Agricultural .................. 146 159 29 13 157 177
Residential .................. 8 79 — 11 17 25
Total ..................... $217 $296 $29 $25 $237 $209
Impaired Mortgage Loans. The unpaid principal balance, recorded investment, valuation allowances and carrying value, net of valuation
allowances, for impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, by portfolio segment, were as
follows at:
Impaired Mortgage Loans
Loans with a Valuation Allowance Loans without a Valuation Allowance All Impaired Loans
Unpaid
Principal
Balance Recorded Investment Valuation Allowances Carrying Value
Unpaid
Principal
Balance Recorded Investment
Unpaid
Principal
Balance Carrying Value
(In millions)
December 31, 2011:
Commercial ...................................... $ 96 $ 96 $ 59 $ 37 $252 $237 $348 $274
Agricultural ....................................... 160 159 45 114 71 69 231 183
Residential ....................................... 13 13 1 12 1 1 14 13
Total ........................................ $269 $268 $105 $163 $324 $307 $593 $470
December 31, 2010:
Commercial ...................................... $120 $120 $ 36 $ 84 $ 99 $ 87 $219 $171
Agricultural ....................................... 146 146 52 94 123 119 269 213
Residential ....................................... 3 3 — 3 16 16 19 19
Total ........................................ $269 $269 $ 88 $181 $238 $222 $507 $403
Unpaid principal balance is generally prior to any charge-offs.
The average investment in impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, and the related
interest income, by portfolio segment, for the years ended December 31, 2011 and 2010, respectively, and for all mortgage loans for the year ended
December 31, 2009, was:
Impaired Mortgage Loans
Average Investment Interest Income Recognized
Cash Basis Accrual Basis
(In millions)
For the Year Ended December 31, 2011:
Commercial ..................................................... $313 $ 5 $ 1
Agricultural ...................................................... 252 4 1
Residential ...................................................... 23 — —
Total ......................................................... $588 $ 9 $ 2
For the Year Ended December 31, 2010:
Commercial ..................................................... $192 $ 5 $ 1
Agricultural ...................................................... 284 6 2
Residential ...................................................... 16 — —
Total ......................................................... $492 $11 $ 3
For the Year Ended December 31, 2009 ............................. $338 $ 8 $ 1
MetLife, Inc. 133