MetLife 2013 Annual Report Download - page 119

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
4. Insurance (continued)
Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and
variable life contracts was as follows:
Annuity Contracts Universal and Variable Life Contracts
GMDBs GMIBs Secondary Guarantees Paid-Up Guarantees Total
(In millions)
Direct and Assumed
Balance at January 1, 2011 .................................. $272 $ 623 $3,991 $198 $ 5,084
Incurred guaranteed benefits (1) ............................... 273 269 496 23 1,061
Paid guaranteed benefits .................................... (113) (10) (24) — (147)
Balance at December 31, 2011 ............................... 432 882 4,463 221 5,998
Incurred guaranteed benefits (1) ............................... 252 771 348 25 1,396
Paid guaranteed benefits .................................... (117) (18) (26) — (161)
Balance at December 31, 2012 ............................... 567 1,635 4,785 246 7,233
Incurred guaranteed benefits (1) ............................... 200 229 (64) 20 385
Paid guaranteed benefits .................................... (82) (13) (23) — (118)
Balance at December 31, 2013 ............................... $685 $1,851 $4,698 $266 $7,500
Ceded
Balance at January 1, 2011 .................................. $ 39 $ (1) $ 594 $139 $ 771
Incurred guaranteed benefits ................................. 35 9 20 16 80
Paid guaranteed benefits .................................... (20) — — — (20)
Balance at December 31, 2011 ............................... 54 8 614 155 831
Incurred guaranteed benefits ................................. 22 1 139 18 180
Paid guaranteed benefits .................................... (20) — — — (20)
Balance at December 31, 2012 ............................... 56 9 753 173 991
Incurred guaranteed benefits ................................. (5) — 175 14 184
Paid guaranteed benefits .................................... (10) (2) — — (12)
Balance at December 31, 2013 ............................... $ 41 $ 7 $ 928 $187 $1,163
Net
Balance at January 1, 2011 .................................. $233 $ 624 $3,397 $ 59 $4,313
Incurred guaranteed benefits ................................. 238 260 476 7 981
Paid guaranteed benefits .................................... (93) (10) (24) — (127)
Balance at December 31, 2011 ............................... 378 874 3,849 66 5,167
Incurred guaranteed benefits ................................. 230 770 209 7 1,216
Paid guaranteed benefits .................................... (97) (18) (26) — (141)
Balance at December 31, 2012 ............................... 511 1,626 4,032 73 6,242
Incurred guaranteed benefits ................................. 205 229 (239) 6 201
Paid guaranteed benefits .................................... (72) (11) (23) — (106)
Balance at December 31, 2013 ............................... $644 $1,844 $3,770 $ 79 $6,337
(1) Secondary guarantees include the effects of foreign currency translation of ($597) million, ($39) million and $231 million at December 31, 2013,
2012 and 2011, respectively.
Account balances of contracts with insurance guarantees were invested in separate account asset classes as follows at:
December 31,
2013 2012
(In millions)
Fund Groupings:
Equity .............................................................................................. $ 79,036 $ 66,469
Balanced ........................................................................................... 75,928 67,230
Bond ............................................................................................... 10,632 11,188
Money Market ........................................................................................ 1,157 1,291
Total ............................................................................................. $166,753 $146,178
MetLife, Inc. 111