MetLife 2013 Annual Report Download - page 143
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MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
8. Investments (continued)
Net Investment Income
The components of net investment income were as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Investment income:
Fixed maturity securities ....................................................................... $15,071 $15,218 $15,037
Equity securities ............................................................................. 127 133 141
FVO and trading securities — Actively Traded Securities and FVO general account securities (1) ............... 65 88 31
Mortgage loans .............................................................................. 3,020 3,191 3,164
Policy loans ................................................................................ 620 626 641
Real estate and real estate joint ventures .......................................................... 909 834 688
Other limited partnership interests ............................................................... 955 845 681
Cash, cash equivalents and short-term investments ................................................. 181 163 167
International joint ventures ...................................................................... 10 19 (12)
Other ..................................................................................... 165 131 178
Subtotal ................................................................................. 21,123 21,248 20,716
Less: Investment expenses .................................................................... 1,198 1,090 1,019
Subtotal, net ................................................................................ 19,925 20,158 19,697
FVO and trading securities — FVO contractholder-directed unit-linked investments (1) ......................... 2,172 1,473 (453)
Securitized reverse residential mortgage loans ........................................................ — 177 —
FVO CSEs - interest income:
Commercial mortgage loans .................................................................... 132 172 332
Securities ................................................................................... 3 4 9
Subtotal ................................................................................. 2,307 1,826 (112)
Net investment income .................................................................... $22,232 $21,984 $19,585
(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 as follows:
Years Ended December 31,
2013 2012 2011
(In millions)
Actively Traded Securities and FVO general account securities ............................................... $ 18 $ 51 $ (3)
FVO contractholder-directed unit-linked investments ....................................................... $1,579 $1,170 $(647)
See “— Variable Interest Entities” for discussion of CSEs.
MetLife, Inc. 135