MetLife 2013 Annual Report Download - page 144

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MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
8. Investments (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,
2013 2012 2011
(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 ........................................................................................ $ (48) $ (61) $ (10)
Consumer .................................................................................... (11) (19) (50)
Finance ...................................................................................... (10) (32) (56)
Transportation ................................................................................. (3) (17) —
Communications ............................................................................... (2) (19) (41)
Technology ................................................................................... — (6) (1)
Industrial ...................................................................................... — (5) (11)
Total U.S. and foreign corporate securities ......................................................... (74) (159) (169)
RMBS ......................................................................................... (80) (97) (214)
CMBS ......................................................................................... (12) (51) (32)
ABS ........................................................................................... — (9) (54)
State and political subdivision ....................................................................... — (1) —
Foreign government ............................................................................... — — (486)
OTTI losses on fixed maturity securities recognized in earnings ............................................... (166) (317) (955)
Fixed maturity securities — net gains (losses) on sales and disposals .......................................... 561 253 25
Total gains (losses) on fixed maturity securities (1) ........................................................ 395 (64) (930)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock ..................................................................... (20) — (38)
Common stock .................................................................................. (6) (34) (22)
OTTI losses on equity securities recognized in earnings ..................................................... (26) (34) (60)
Equity securities — net gains (losses) on sales and disposals ................................................ 31 38 37
Total gains (losses) on equity securities ................................................................ 5 4 (23)
FVO and trading securities — FVO general account securities ................................................ 15 17 (2)
Mortgage loans (1) .................................................................................. 22 57 175
Real estate and real estate joint ventures ................................................................ (19) (36) 134
Other limited partnership interests ...................................................................... (48) (36) 4
Other investment portfolio gains (losses) ................................................................. 22 (151) (7)
Subtotal — investment portfolio gains (losses) (1) ...................................................... 392 (209) (649)
FVO CSEs:
Commercial mortgage loans .......................................................................... (52) 7 (84)
Securities ......................................................................................... 2 — —
Long-term debt — related to commercial mortgage loans ................................................... 85 25 97
Long-term debt — related to securities .................................................................. (2) (7) (8)
Non-investment portfolio gains (losses) (2) ................................................................. (264) (168) (223)
Subtotal FVO CSEs and non-investment portfolio gains (losses) ......................................... (231) (143) (218)
Total net investment gains (losses) ............................................................. $161 $(352) $(867)
(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,
respectively, and impairments on mortgage loans of ($41) million and ($154) million, respectively. See Note 3.
136 MetLife, Inc.