MetLife 2013 Annual Report Download - page 157

MetLife, Inc.
Notes to the Consolidated Financial Statements — (Continued)
10. Fair Value (continued)
December 31, 2012
Fair Value Hierarchy
Level 1 Level 2 Level 3
Total
Estimated
Fair Value
(In millions)
Assets
Fixed maturity securities:
U.S. corporate .................................................................... $ — $106,693 $ 7,433 $114,126
Foreign corporate ................................................................. — 60,976 6,208 67,184
Foreign government ............................................................... — 55,522 1,814 57,336
U.S. Treasury and agency ........................................................... 27,441 20,455 71 47,967
RMBS .......................................................................... — 35,442 2,037 37,479
CMBS .......................................................................... — 17,982 1,147 19,129
ABS............................................................................ — 12,341 3,656 15,997
State and political subdivision ........................................................ — 14,994 54 15,048
Total fixed maturity securities ....................................................... 27,441 324,405 22,420 374,266
Equity securities:
Common stock ................................................................... 932 1,040 190 2,162
Non-redeemable preferred stock ..................................................... — 310 419 729
Total equity securities ............................................................. 932 1,350 609 2,891
FVO and trading securities:
Actively Traded Securities ........................................................... 7 646 6 659
FVO general account securities ...................................................... — 151 32 183
FVO contractholder-directed unit-linked investments ...................................... 9,103 5,425 937 15,465
FVO securities held by CSEs ........................................................ — 41 — 41
Total FVO and trading securities ..................................................... 9,110 6,263 975 16,348
Short-term investments (1) ........................................................... 9,426 6,295 429 16,150
Mortgage loans:
Residential mortgage loans — FVO ................................................... — — — —
Commercial mortgage loans held by CSEs — FVO ....................................... — 2,666 — 2,666
Mortgage loans held-for-sale (2) ...................................................... — — 49 49
Total mortgage loans .......................................................... — 2,666 49 2,715
Other invested assets:
Other investments ................................................................. 303 123 — 426
Derivative assets: (3)
Interest rate ..................................................................... 1 9,648 206 9,855
Foreign currency exchange rate ..................................................... 4 819 44 867
Credit ......................................................................... — 47 43 90
Equity market ................................................................... 14 2,478 473 2,965
Total derivative assets ........................................................... 19 12,992 766 13,777
Total other invested assets ..................................................... 322 13,115 766 14,203
Net embedded derivatives within asset host contracts (4) ................................... — 1 505 506
Separate account assets (5) .......................................................... 31,620 202,568 1,205 235,393
Total assets ...................................................................... $78,851 $556,663 $26,958 $662,472
Liabilities
Derivative liabilities: (3)
Interest rate ...................................................................... $ 38 $ 3,001 $ 29 $ 3,068
Foreign currency exchange rate ...................................................... — 1,521 7 1,528
Credit .......................................................................... — 39 — 39
Equity market ..................................................................... 132 424 345 901
Total derivative liabilities ........................................................... 170 4,985 381 5,536
Net embedded derivatives within liability host contracts (4) ................................... — 17 3,667 3,684
Long-term debt of CSEs — FVO ....................................................... — 2,483 44 2,527
Trading liabilities (6) ................................................................. 163 — — 163
Total liabilities ..................................................................... $ 333 $ 7,485 $ 4,092 $ 11,910
(1) Short-term investments as presented in the tables above differ from the amounts presented in the consolidated balance sheets because certain
short-term investments are not measured at estimated fair value on a recurring basis.
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