MetLife 2012 Annual Report Download - page 135

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MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
Net Investment Gains (Losses)
Components of Net Investment Gains (Losses)
The components of net investment gains (losses) were as follows:
Years Ended December 31,
2012 2011 2010
(In millions)
Total gains (losses) on fixed maturity securities:
Total OTTI losses recognized — by sector and industry:
U.S. and foreign corporate securities — by industry:
Utility ........................................................................................ $ (61) $ (10) $ (3)
Finance ...................................................................................... (32) (56) (126)
Consumer .................................................................................... (19) (50) (36)
Communications ............................................................................... (19) (41) (16)
Transportation ................................................................................. (17) — —
Technology ................................................................................... (6) (1) —
Industrial ...................................................................................... (5) (11) (2)
Total U.S. and foreign corporate securities ......................................................... (159) (169) (183)
RMBS ......................................................................................... (97) (214) (117)
CMBS ......................................................................................... (51) (32) (86)
ABS ........................................................................................... (9) (54) (84)
State and political subdivision ....................................................................... (1) — —
Foreign government ............................................................................... — (486) —
OTTI losses on fixed maturity securities recognized in earnings ............................................... (317) (955) (470)
Fixed maturity securities — net gains (losses) on sales and disposals .......................................... 253 25 215
Total gains (losses) on fixed maturity securities (1) ........................................................ (64) (930) (255)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Common ....................................................................................... (34) (22) (7)
Non-redeemable preferred ......................................................................... — (38) (7)
OTTI losses on equity securities recognized in earnings ..................................................... (34) (60) (14)
Equity securities — net gains (losses) on sales and disposals ................................................ 38 37 118
Total gains (losses) on equity securities ................................................................ 4 (23) 104
FVO and trading securities — FVO general account securities — changes in estimated fair value subsequent to
consolidation .................................................................................... 17 (2) —
Mortgage loans (1) .................................................................................. 57 175 22
Real estate and real estate joint ventures ................................................................ (36) 134 (54)
Other limited partnership interests ...................................................................... (36) 4 (18)
Other investment portfolio gains (losses) ................................................................. (151) (7) (6)
Subtotal — investment portfolio gains (losses) (1) ...................................................... (209) (649) (207)
FVO CSEs — changes in estimated fair value subsequent to consolidation:
Commercial mortgage loans .......................................................................... 7 (84) 758
Securities ......................................................................................... — — (78)
Long-term debt — related to commercial mortgage loans ................................................... 25 97 (722)
Long-term debt — related to securities .................................................................. (7) (8) 48
Non-investment portfolio gains (losses) (2) ................................................................. (168) (223) (207)
Subtotal FVO CSEs and non-investment portfolio gains (losses) ......................................... (143) (218) (201)
Total net investment gains (losses) ............................................................. $(352) $(867) $(408)
(1) Investment portfolio gains (losses) for the years ended December 31, 2012 and 2011 includes a net gain (loss) of $37 million and ($153) million,
respectively, as a result of the MetLife Bank Divestiture, which is comprised of gains (losses) on investments sold of $78 million and $1 million, and
impairments of ($41) million and ($154) million, respectively. See Note 3.
(2) Non-investment portfolio gains (losses) for the year ended December 31, 2012 includes a gain of $33 million related to certain dispositions as more
fully described in Note 3. Non-investment portfolio gains (losses) for the year ended December 31, 2011 includes a loss of $106 million related to
certain dispositions and a goodwill impairment loss of $65 million. See Notes 3 and 11. Non-investment portfolio gains (losses) for the year ended
December 31, 2010 includes a loss of $209 million related to a disposition. See Note 3.
MetLife, Inc. 129