MetLife 2012 Annual Report Download - page 120

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Information regarding the closed block liabilities and assets designated to the closed block was as follows:
December 31,
2012 2011
(In millions)
Closed Block Liabilities
Future policy benefits .................................................................................... $42,586 $43,169
Other policy-related balances .............................................................................. 298 358
Policyholder dividends payable ............................................................................. 466 514
Policyholder dividend obligation ............................................................................ 3,828 2,919
Other liabilities .......................................................................................... 602 613
Total closed block liabilities .............................................................................. 47,780 47,573
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value ................................................ 30,546 30,407
Equity securities available-for-sale, at estimated fair value ...................................................... 41 35
Mortgage loans ....................................................................................... 6,192 6,206
Policy loans .......................................................................................... 4,670 4,657
Real estate and real estate joint ventures ................................................................... 459 364
Other invested assets .................................................................................. 953 857
Total investments ................................................................................... 42,861 42,526
Cash and cash equivalents ................................................................................ 381 249
Accrued investment income ............................................................................... 481 509
Premiums, reinsurance and other receivables ................................................................. 107 109
Current income tax recoverable ............................................................................ 2 53
Deferred income tax assets ............................................................................... 319 362
Total assets designated to the closed block ................................................................ 44,151 43,808
Excess of closed block liabilities over assets designated to the closed block ......................................... 3,629 3,765
Amounts included in accumulated other comprehensive income (loss):
Unrealized investment gains (losses), net of income tax .......................................................... 2,891 2,394
Unrealized gains (losses) on derivatives, net of income tax ....................................................... 9 11
Allocated to policyholder dividend obligation, net of income tax .................................................... (2,488) (1,897)
Total amounts included in accumulated other comprehensive income (loss) ....................................... 412 508
Maximum future earnings to be recognized from closed block assets and liabilities ..................................... $ 4,041 $ 4,273
Information regarding the closed block policyholder dividend obligation was as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
Balance at January 1, ............................................................................... $2,919 $ 876 $ —
Change in unrealized investment and derivative gains (losses) ................................................ 909 2,043 876
Balance at December 31, ............................................................................ $3,828 $2,919 $876
114 MetLife, Inc.