MetLife 2012 Annual Report Download - page 134

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MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Net Investment Income
The components of net investment income were as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
Investment income:
Fixed maturity securities ......................................................................... $15,218 $15,037 $12,407
Equity securities ............................................................................... 133 141 128
FVO and trading securities — Actively Traded Securities and FVO general account securities (1) ................ 88 31 73
Mortgage loans ............................................................................... 3,191 3,164 2,824
Policy loans .................................................................................. 626 641 649
Real estate and real estate joint ventures ............................................................ 834 688 372
Other limited partnership interests ................................................................. 845 681 879
Cash, cash equivalents and short-term investments ................................................... 163 167 101
International joint ventures ....................................................................... 19 (12) (92)
Other ....................................................................................... 131 178 236
Subtotal ................................................................................. 21,248 20,716 17,577
Less: Investment expenses .................................................................... 1,090 1,019 882
Subtotal, net .............................................................................. 20,158 19,697 16,695
FVO and trading securities — FVO contractholder-directed unit-linked investments (1) ......................... 1,473 (453) 372
Securitized reverse residential mortgage loans ........................................................ 177 — —
FVO CSEs - interest income:
Commercial mortgage loans .................................................................... 172 332 411
Securities ................................................................................... 4 9 15
Subtotal ................................................................................. 1,826 (112) 798
Net investment income .................................................................... $21,984 $19,585 $17,493
(1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment
income were:
Years Ended December 31,
2012 2011 2010
(In millions)
Actively Traded Securities and FVO general account securities ................................................. $ 51 $ (3) $ 30
FVO contractholder-directed unit-linked investments ......................................................... $1,170 $(647) $322
See “— Variable Interest Entities” for discussion of CSEs included in the table above.
128 MetLife, Inc.