MetLife 2013 Annual Report Download - page 129

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
7. Closed Block (continued)
Information regarding the closed block liabilities and assets designated to the closed block was as follows at:
December 31,
2013 2012
(In millions)
Closed Block Liabilities
Future policy benefits .................................................................................... $42,076 $42,586
Other policy-related balances .............................................................................. 298 298
Policyholder dividends payable ............................................................................. 456 466
Policyholder dividend obligation ............................................................................ 1,771 3,828
Current income tax payable ............................................................................... 18 —
Other liabilities .......................................................................................... 582 602
Total closed block liabilities .............................................................................. 45,201 47,780
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value ................................................ 28,374 30,546
Equity securities available-for-sale, at estimated fair value ...................................................... 86 41
Mortgage loans ....................................................................................... 6,155 6,192
Policy loans .......................................................................................... 4,669 4,670
Real estate and real estate joint ventures ................................................................... 492 459
Other invested assets .................................................................................. 814 953
Total investments ................................................................................... 40,590 42,861
Cash and cash equivalents ................................................................................ 238 381
Accrued investment income ............................................................................... 477 481
Premiums, reinsurance and other receivables ................................................................. 98 107
Current income tax recoverable ............................................................................ — 2
Deferred income tax assets ............................................................................... 293 319
Total assets designated to the closed block ................................................................ 41,696 44,151
Excess of closed block liabilities over assets designated to the closed block ......................................... 3,505 3,629
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax ........................................................ 1,502 2,891
Unrealized gains (losses) on derivatives, net of income tax ...................................................... (3) 9
Allocated to policyholder dividend obligation, net of income tax .................................................. (1,151) (2,488)
Total amounts included in AOCI .......................................................................... 348 412
Maximum future earnings to be recognized from closed block assets and liabilities ..................................... $ 3,853 $ 4,041
Information regarding the closed block policyholder dividend obligation was as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Balance at January 1, ............................................................................. $3,828 $2,919 $ 876
Change in unrealized investment and derivative gains (losses) .............................................. (2,057) 909 2,043
Balance at December 31, .......................................................................... $1,771 $3,828 $2,919
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