10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2013

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM                  TO                 

Commission file number: 001-15787

MetLife, Inc.

(Exact name of registrant as specified in its charter)

Delaware	13-4075851
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
200 Park Avenue, New York, N.Y.	10166-0188
(Address of principal executive offices)	(Zip Code)

(212) 578-2211

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ    No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes þ    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ		Accelerated filer ¨
Non-accelerated filer ¨	(Do not check if a smaller reporting company)	Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨    No þ

At April 30, 2013, 1,095,013,165 shares of the registrant’s common stock, $0.01 par value per share, were outstanding.

Table of Contents

	Page
Part I — Financial Information
Item 1.    Financial Statements (at March  31, 2013 (Unaudited) and December 31, 2012 and for the Three Months Ended March 31, 2013 and 2012 (Unaudited))		5
Interim Condensed Consolidated Balance Sheets		5
Interim Condensed Consolidated Statements of Operations and Comprehensive Income		6
Interim Condensed Consolidated Statements of Equity		7
Interim Condensed Consolidated Statements of Cash Flows		9
Notes to the Interim Condensed Consolidated Financial Statements:
Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies		10
Note 2 — Segment Information		12
Note 3 — Acquisitions and Dispositions		18
Note 4 — Insurance		19
Note 5 — Closed Block		21
Note 6 — Investments		24
Note 7 — Derivatives		40
Note 8 — Fair Value		56
Note 9 — Equity		83
Note 10 — Other Expenses		86
Note 11 — Employee Benefit Plans		87
Note 12 — Earnings Per Common Share		88
Note 13 — Contingencies, Commitments and Guarantees		89
Note 14 — Subsequent Event		97
Item 2.     Management’s Discussion and Analysis of Financial Condition and Results of Operations		98
Item 3.    Quantitative and Qualitative Disclosures About Market Risk		164
Item 4.    Controls and Procedures		173
Part II — Other Information		173
Item 1.    Legal Proceedings		173
Item 1A.  Risk Factors		176
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds		180
Item 6.    Exhibits		181
Signatures		182
Exhibit Index		E-1

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As used in this Form 10-Q, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates.

Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission (the “SEC”). These factors include: (1) difficult conditions in the global capital markets; (2) increased volatility and disruption of the capital and credit markets, which may affect our ability to meet liquidity needs and access capital, including through our credit facilities, generate fee income and market-related revenue and finance statutory reserve requirements and may require us to pledge collateral or make payments related to declines in value of specified assets, including assets supporting risks ceded to certain of our captive reinsurers or hedging arrangements associated with those risks; (3) exposure to financial and capital market risk, including as a result of the disruption in Europe and possible withdrawal of one or more countries from the Euro zone; (4) impact of comprehensive financial services regulation reform on us, as a potential non-bank systemically important financial institution, or otherwise; (5) numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall Street Reform and Consumer Protection Act which may impact how we conduct our business, including those compelling the liquidation of certain financial institutions; (6) regulatory, legislative or tax changes relating to our insurance, international, or other operations that may affect the cost of, or demand for, our products or services, or increase the cost or administrative burdens of providing benefits to employees; (7) adverse results or other consequences from litigation, arbitration or regulatory investigations; (8) potential liquidity and other risks resulting from our participation in a securities lending program and other transactions; (9) investment losses and defaults, and changes to investment valuations; (10) changes in assumptions related to investment valuations, deferred policy acquisition costs, deferred sales inducements, value of business acquired or goodwill; (11) impairments of goodwill and realized losses or market value impairments to illiquid assets; (12) defaults on our mortgage loans; (13) the defaults or deteriorating credit of other financial institutions that could adversely affect us; (14) economic, political, legal, currency and other risks relating to our international operations, including with respect to fluctuations of exchange rates; (15) downgrades in our claims paying ability, financial strength or credit ratings; (16) a deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (17) availability and effectiveness of reinsurance or indemnification arrangements, as well as any default or failure of counterparties to perform; (18) differences between actual claims experience and underwriting and reserving assumptions; (19) ineffectiveness of risk management policies and procedures; (20) catastrophe losses; (21) increasing cost and limited market capacity for statutory life insurance reserve financings; (22) heightened competition, including with respect to pricing, entry of new competitors, consolidation of distributors, the development of new products by new and existing competitors, and for personnel; (23) exposure to losses related to variable annuity guarantee benefits, including from significant and sustained downturns or extreme volatility in equity markets, reduced interest rates, unanticipated policyholder behavior, mortality or longevity, and the adjustment for nonperformance risk; (24) our ability to address unforeseen liabilities, asset impairments, or rating actions arising from acquisitions or dispositions, including our acquisition of American Life Insurance Company and Delaware American Life Insurance Company (collectively, “ALICO”) and to successfully integrate and manage the growth of acquired

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businesses with minimal disruption; (25) uncertainty with respect to the outcome of the closing agreement entered into with the United States Internal Revenue Service in connection with the acquisition of ALICO; (26) the dilutive impact on our stockholders resulting from the settlement of our outstanding common equity units; (27) regulatory and other restrictions affecting MetLife, Inc.’s ability to pay dividends and repurchase common stock; (28) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (29) the possibility that MetLife, Inc.’s Board of Directors may control the outcome of stockholder votes through the voting provisions of the MetLife Policyholder Trust; (30) changes in accounting standards, practices and/or policies; (31) increased expenses relating to pension and postretirement benefit plans, as well as health care and other employee benefits; (32) inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; (33) inability to attract and retain sales representatives; (34) provisions of laws and our incorporation documents may delay, deter or prevent takeovers and corporate combinations involving MetLife; (35) the effects of business disruption or economic contraction due to disasters such as terrorist attacks, cyberattacks, other hostilities, or natural catastrophes, including any related impact on the value of our investment portfolio, our disaster recovery systems, cyber- or other information security systems and management continuity planning; (36) the effectiveness of our programs and practices in avoiding giving our associates incentives to take excessive risks; and (37) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the SEC.

MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if MetLife, Inc. later becomes aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.

Note Regarding Reliance on Statements in Our Contracts

See “Exhibit Index — Note Regarding Reliance on Statements in Our Contracts” for information regarding agreements included as exhibits to this Quarterly Report on Form 10-Q.

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Part I — Financial Information

Item 1.  Financial Statements

MetLife, Inc.

Interim Condensed Consolidated Balance Sheets

March 31, 2013 (Unaudited) and December 31, 2012

(In millions, except share and per share data)

	March 31, 2013		December 31, 2012
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	$	374,294	$	374,266
Equity securities available-for-sale, at estimated fair value (cost: $2,898 and $2,838, respectively)		3,188		2,891
Fair value option and trading securities, at estimated fair value (includes $792 and $659, respectively, of actively traded securities; and $101 and $112, respectively, relating to variable interest entities)		16,588		16,348
Mortgage loans:
Held-for-investment, principally at amortized cost (net of valuation allowances of $332 and $347, respectively; includes $2,454 and $2,715, respectively, at estimated fair value, relating to variable interest entities)		55,343		56,592
Held-for-sale, principally at estimated fair value (includes $2 and $49, respectively, under the fair value option)		271		414
Mortgage loans, net		55,614		57,006
Policy loans (includes $3 and $0, respectively, relating to variable interest entities)		11,781		11,884
Real estate and real estate joint ventures (includes $10 and $10, respectively, relating to variable interest entities)		9,998		9,918
Other limited partnership interests (includes $156 and $274, respectively, relating to variable interest entities)		7,087		6,688
Short-term investments, principally at estimated fair value (includes $14 and $0, respectively, relating to variable interest entities)		13,653		16,906
Other invested assets, principally at estimated fair value (includes $81 and $81, respectively, relating to variable interest entities)		20,269		21,145
Total investments		512,472		517,052
Cash and cash equivalents, principally at estimated fair value (includes $208 and $99, respectively, relating to variable interest entities)		9,983		15,738
Accrued investment income (includes $30 and $13, respectively, relating to variable interest entities)		4,555		4,374
Premiums, reinsurance and other receivables (includes $20 and $5, respectively, relating to variable interest entities)		23,052		21,634
Deferred policy acquisition costs and value of business acquired (includes $299 and $0, respectively, relating to variable interest entities)		24,645		24,761
Goodwill		9,696		9,953
Other assets (includes $149 and $5, respectively, relating to variable interest entities)		8,062		7,876
Separate account assets (includes $1,218 and $0, respectively, relating to variable interest entities)		249,220		235,393
Total assets	$	841,685	$	836,781
Liabilities and Equity
Liabilities
Future policy benefits (includes $475 and $0, respectively, relating to variable interest entities)	$	190,054	$	192,351
Policyholder account balances (includes $71 and $0, respectively, relating to variable interest entities)		224,044		225,821
Other policy-related balances (includes $145 and $0, respectively, relating to variable interest entities)		15,472		15,463
Policyholder dividends payable		713		728
Policyholder dividend obligation		3,599		3,828
Payables for collateral under securities loaned and other transactions		34,215		33,687
Bank deposits		—		6,416
Short-term debt		100		100
Long-term debt (includes $2,268 and $2,527, respectively, at estimated fair value, relating to variable interest entities)		18,721		19,062
Collateral financing arrangements		4,196		4,196
Junior subordinated debt securities		3,193		3,192
Current income tax payable		231		401
Deferred income tax liability		8,699		8,693
Other liabilities (includes $109 and $40, respectively, relating to variable interest entities)		24,260		22,492
Separate account liabilities (includes $1,218 and $0, respectively, relating to variable interest entities)		249,220		235,393
Total liabilities		776,717		771,823
Contingencies, Commitments and Guarantees (Note 13)
Redeemable noncontrolling interests in partially-owned consolidated subsidiaries		96		121
Equity
MetLife, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; 200,000,000 shares authorized: 84,000,000 shares issued and outstanding; $2,100 aggregate liquidation preference		1		1
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,097,412,771 and 1,094,880,623 shares issued at March 31, 2013 and December 31, 2012, respectively; 1,094,218,884 and 1,091,686,736 shares outstanding at March 31, 2013 and December 31, 2012, respectively		11		11
Additional paid-in capital		28,072		28,011
Retained earnings		25,958		25,205
Treasury stock, at cost; 3,193,887 shares at March 31, 2013 and December 31, 2012		(172)		(172)
Accumulated other comprehensive income (loss)		10,580		11,397
Total MetLife, Inc.’s stockholders’ equity		64,450		64,453
Noncontrolling interests		422		384
Total equity		64,872		64,837
Total liabilities and equity	$	841,685	$	836,781

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Operations and Comprehensive Income

For the Three Months Ended March 31, 2013 and 2012 (Unaudited)

(In millions, except per share data)

	Three Months Ended March 31,
	2013		2012
Revenues
Premiums	$	9,151	$	9,129
Universal life and investment-type product policy fees		2,291		2,078
Net investment income		6,077		6,200
Other revenues		480		597
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities		(29)		(135)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)		(31)		2
Other net investment gains (losses)		374		23
Total net investment gains (losses)		314		(110)
Net derivative gains (losses)		(630)		(1,978)
Total revenues		17,683		15,916
Expenses
Policyholder benefits and claims		9,395		9,104
Interest credited to policyholder account balances		2,590		2,557
Policyholder dividends		313		343
Other expenses		4,138		4,321
Total expenses		16,436		16,325
Income (loss) from continuing operations before provision for income tax		1,247		(409)
Provision for income tax expense (benefit)		252		(275)
Income (loss) from continuing operations, net of income tax		995		(134)
Income (loss) from discontinued operations, net of income tax		(3)		14
Net income (loss)		992		(120)
Less: Net income (loss) attributable to noncontrolling interests		6		24
Net income (loss) attributable to MetLife, Inc.		986		(144)
Less: Preferred stock dividends		30		30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	(174)
Comprehensive income (loss)	$	178	$	1,054
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax		9		15
Comprehensive income (loss) attributable to MetLife, Inc.	$	169	$	1,039
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share:
Basic	$	0.87	$	(0.17)
Diluted	$	0.87	$	(0.17)
Net income (loss) available to MetLife, Inc.’s common shareholders per common share:
Basic	$	0.87	$	(0.16)
Diluted	$	0.87	$	(0.16)
Cash dividends declared per common share	$	0.185	$	—

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Equity

For the Three Months Ended March 31, 2013 (Unaudited)

(In millions)

											Accumulated Other Comprehensive Income (Loss)
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained  Earnings		Treasury Stock at Cost		Net Unrealized Investment Gains (Losses)		Other-Than- Temporary Impairments		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total MetLife, Inc.’s Stockholders’ Equity		Noncontrolling Interests (1)		Total     Equity
Balance at December 31, 2012	$	1	$	11	$	28,011	$	25,205	$	(172)	$	14,642	$	(223)	$	(533)	$	(2,489)	$	64,453	$	384	$	64,837
Stock-based compensation						100														100				100
Dividends on preferred stock								(30)												(30)				(30)
Dividends on common stock								(203)												(203)				(203)
Change in equity of noncontrolling interests						(39)														(39)		29		(10)
Net income (loss)								986												986		6		992
Other comprehensive income (loss), net of income tax												(241)		59		(672)		37		(817)		3		(814)
Balance at March 31, 2013	$	1	$	11	$	28,072	$	25,958	$	(172)	$	14,401	$	(164)	$	(1,205)	$	(2,452)	$	64,450	$	422	$	64,872

(1) Net income (loss) attributable to noncontrolling interests excludes gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million.

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Equity — (Continued)

For the Three Months Ended March 31, 2012 (Unaudited)

(In millions)

											Accumulated Other Comprehensive Income (Loss)
	Preferred Stock		Common Stock		Additional Paid-in Capital		Retained  Earnings		Treasury Stock at Cost		Net Unrealized Investment Gains (Losses)		Other-Than- Temporary Impairments		Foreign Currency Translation Adjustments		Defined Benefit Plans Adjustment		Total MetLife, Inc.’s Stockholders’ Equity		Noncontrolling Interests (1)		Total     Equity
Balance at December 31, 2011	$	1	$	11	$	26,782	$	24,814	$	(172)	$	9,115	$	(441)	$	(648)	$	(1,943)	$	57,519	$	370	$	57,889
Stock-based compensation						138														138				138
Dividends on preferred stock								(30)												(30)				(30)
Change in equity of noncontrolling interests																						(41)		(41)
Net income (loss)								(144)												(144)		8		(136)
Other comprehensive income (loss), net of income tax												814		31		313		25		1,183		7		1,190
Balance at March 31, 2012	$	1	$	11	$	26,920	$	24,640	$	(172)	$	9,929	$	(410)	$	(335)	$	(1,918)	$	58,666	$	344	$	59,010

(1) Net income (loss) attributable to noncontrolling interests excludes gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of $16 million.

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Interim Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2013 and 2012 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2013		2012
Net cash provided by (used in) operating activities	$	2,733	$	5,758
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities		30,024		25,815
Equity securities		249		166
Mortgage loans		2,510		2,160
Real estate and real estate joint ventures		86		251
Other limited partnership interests		225		188
Purchases of:
Fixed maturity securities		(34,698)		(27,657)
Equity securities		(389)		(108)
Mortgage loans		(1,764)		(1,802)
Real estate and real estate joint ventures		(426)		(117)
Other limited partnership interests		(481)		(278)
Cash received in connection with freestanding derivatives		330		417
Cash paid in connection with freestanding derivatives		(2,428)		(1,566)
Net change in securitized reverse residential mortgage loans		—		(561)
Sales of businesses (1)		373		—
Sale of bank deposits		(6,395)		—
Net change in policy loans		(52)		(53)
Net change in short-term investments		3,303		5,522
Net change in other invested assets		(226)		(170)
Other, net		40		(40)
Net cash provided by (used in) investing activities		(9,719)		2,167
Cash flows from financing activities
Policyholder account balances:
Deposits		21,370		25,069
Withdrawals		(20,034)		(23,247)
Net change in payables for collateral under securities loaned and other transactions		528		(1,220)
Net change in bank deposits		8		(50)
Net change in short-term debt		—		(585)
Long-term debt repaid		(240)		(349)
Net change in liability for securitized reverse residential mortgage loans		—		561
Dividends on preferred stock		(30)		(30)
Dividends on common stock		(203)		—
Other, net		(75)		91
Net cash provided by (used in) financing activities		1,324		240
Effect of change in foreign currency exchange rates on cash and cash equivalents balances		(93)		41
Change in cash and cash equivalents		(5,755)		8,206
Cash and cash equivalents, beginning of period		15,738		10,461
Cash and cash equivalents, end of period	$	9,983	$	18,667
Supplemental disclosures of cash flow information:
Net cash paid (received) for:
Interest	$	264	$	266
Income tax	$	217	$	83
Non-cash transactions:
Real estate and real estate joint ventures acquired in satisfaction of debt	$	55	$	123

(1) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

See accompanying notes to the interim condensed consolidated financial statements.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” or the “Company” refers to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is a leading global provider of insurance, annuities and employee benefit programs throughout the United States, Japan, Latin America, Asia, Europe and the Middle East. MetLife offers life insurance, annuities, property & casualty insurance, and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.

MetLife is organized into six segments: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; and Latin America (collectively, the “Americas”); Asia; and Europe, the Middle East and Africa (“EMEA”).

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from estimates.

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

Certain international subsidiaries have a fiscal year-end of November 30. Accordingly, the Company’s interim condensed consolidated financial statements reflect the assets and liabilities of such subsidiaries as of February 28, 2013 and November 30, 2012 and the operating results of such subsidiaries for the three months ended February 28, 2013 and February 29, 2012.

The Company uses the equity method of accounting for investments in equity securities when it has significant influence or at least a 20% interest and for investments in real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than minor influence over the investee’s operations, but does not have a controlling financial interest. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations.

Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2013 presentation as discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company at March 31, 2013, its consolidated results of operations and comprehensive income for the three months ended March 31, 2013 and 2012, its consolidated statements of equity for the three months ended March 31, 2013 and 2012, and its consolidated statements of cash flows for the three months ended March 31, 2013 and 2012, in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2012 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, (the “2012 Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”), which include all disclosures required by

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2012 Annual Report.

Adoption of New Accounting Pronouncements

Effective January 1, 2013, the Company adopted new guidance regarding comprehensive income that requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) (“AOCI”) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The adoption was prospectively applied and resulted in additional disclosures. See Note 9 for expanded disclosures.

Effective January 1, 2013, the Company adopted new guidance regarding balance sheet offsetting disclosures which requires an entity to disclose information about offsetting and related arrangements for derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, to enable users of its financial statements to understand the effects of those arrangements on its financial position. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of the guidance is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The adoption was retrospectively applied and resulted in additional disclosures related to derivatives. See Note 7 for such expanded disclosures.

Future Adoption of New Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding foreign currency (Accounting Standards Update (“ASU”) 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity), effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013. The amendments require an entity that ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity to apply the guidance in Subtopic 830-30, Foreign Currency Matters — Translation of Financial Statements, to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For an equity method investment that is a foreign entity, the partial sale guidance in section 830-30-40, Derecognition, still applies. As such, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In February 2013, the FASB issued new guidance regarding liabilities (ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

11

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

In July 2011, the FASB issued new guidance on other expenses (ASU 2011-06, Other Expenses (Topic 720): Fees Paid to the Federal Government by Health Insurers), effective for calendar years beginning after December 31, 2013. The objective of this standard is to address how health insurers should recognize and classify in their income statements fees mandated by the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act. The amendments in this standard specify that the liability for the fee should be estimated and recorded in full once the entity provides qualifying health insurance in the applicable calendar year in which the fee is payable with a corresponding deferred cost that is amortized to expense using the straight-line method of allocation unless another method better allocates the fee over the calendar year that it is payable. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

2. Segment Information

MetLife is organized into six segments, reflecting three broad geographic regions: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; and Latin America (collectively, the “Americas”); Asia; and EMEA. In addition, the Company reports certain of its results of operations in Corporate & Other, which included MetLife Bank, National Association (“MetLife Bank”) (see Note 3) and other business activities.

As anticipated, in the third quarter of 2012, the Company continued to realign certain products and businesses among its existing segments. Management realigned certain individual disability income and property & casualty products, which were previously reported in the Group, Voluntary & Worksite Benefits segment and began reporting such product results in the Retail segment. In accordance with this realignment, prior period operating earnings for the Retail segment increased by $61 million, net of $19 million of income tax, with a corresponding decrease in the Group, Voluntary & Worksite Benefits segment, for the three months ended March 31, 2012. Management also realigned the businesses in South Asia and India, which were previously reported in the EMEA segment and began reporting such results in the Asia segment. In accordance with this realignment, prior period operating earnings for the Asia segment increased by $4 million, net of $2 million of income tax, with a corresponding decrease in the EMEA segment, for the three months ended March 31, 2012.

Americas

The Americas consists of the following segments:

Retail

The Retail segment offers a broad range of protection products and services and a variety of annuities to individuals and employees of corporations and other institutions, and is organized into two businesses: Life & Other and Annuities. Life & Other insurance products and services include variable life, universal life, term life and whole life products. Additionally, through broker-dealer affiliates, the Company offers a full range of mutual funds and other securities products. Life & Other products and services also include individual disability income products and personal lines property & casualty insurance, including private passenger automobile, homeowners and personal excess liability insurance. Annuities includes a variety of variable and fixed annuities which provide for both asset accumulation and asset distribution needs.

Group, Voluntary & Worksite Benefits

The Group, Voluntary & Worksite Benefits segment offers a broad range of protection products and services to individuals and corporations, as well as other institutions and their respective employees, and is organized into two businesses: Group and Voluntary & Worksite. Group insurance products and services include variable life, universal life and term life products. Group insurance products and services also include dental, group short- and long-term disability and accidental death & dismemberment coverages. The Voluntary & Worksite business includes personal lines property & casualty insurance, including private passenger automobile, homeowners and personal excess liability insurance offered to employees on a voluntary basis. The Voluntary & Worksite business also includes long-term care, prepaid legal plans and critical illness products.

12

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Corporate Benefit Funding

The Corporate Benefit Funding segment offers a broad range of annuity and investment products, including guaranteed interest products and other stable value products, income annuities, and separate account contracts for the investment management of defined benefit and defined contribution plan assets. This segment also includes certain products to fund postretirement benefits and company-, bank- or trust-owned life insurance used to finance non-qualified benefit programs for executives.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident and health insurance, group medical, dental, credit insurance, endowment and retirement & savings products written in Latin America. Starting in the first quarter of 2013, the Latin America segment includes U.S. sponsored direct business, comprised of group products sold through sponsoring organizations and affinity groups. Products included are life, dental, group short- and long-term disability, accidental death & dismemberment coverages, property & casualty and critical illness.

Asia

The Asia segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include whole life, term life, variable life, universal life, accident and health insurance, fixed and variable annuities and endowment products.

EMEA

The EMEA segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement & savings products.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments, external integration costs, internal resource costs for associates committed to acquisitions, enterprise-wide strategic initiative restructuring charges, and various start-up and certain run-off businesses. Start-up businesses include expatriate benefits insurance, as well as direct and digital marketing products. Corporate & Other also includes assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. Under this in-force reinsurance agreement, the Company reinsures living and death benefit guarantees issued in connection with variable annuity products. Additionally, Corporate & Other includes interest expense related to the majority of the Company’s outstanding debt and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts, which generally relate to intersegment loans, which bear interest rates commensurate with related borrowings.

Financial Measures and Segment Accounting Policies

Operating earnings is the measure of segment profit or loss the Company uses to evaluate segment performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is the Company’s measure of segment performance and is reported below. Operating earnings should not be viewed as a substitute for income (loss) from continuing operations, net of income tax. The Company believes the presentation of operating earnings as the Company measures it for management purposes enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax.

13

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested Businesses”). Operating revenues also excludes net investment gains (losses) and net derivative gains (losses). Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”);

• Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment, (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets, (iii) benefits and hedging costs related to GMIBs (“GMIB Costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”);

• Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances (“PABs”) but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;

• Amortization of negative VOBA excludes amounts related to Market Value Adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

14

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested Businesses. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. Consequently, prior period results for Corporate & Other have increased by $1 million, net of $0 of income tax, for the three months ended March 31, 2012.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2013 and 2012. The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for operating earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model aligns segment allocated equity with emerging standards and consistent risk principles. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, operating earnings or income (loss) from continuing operations, net of income tax.

15

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Operating Earnings
	Americas
Three Months Ended March 31, 2013	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,547	$	3,874	$	464	$	675	$	6,560	$	1,998	$	567	$	26	$	9,151	$	—	$	9,151
Universal life and investment-type product policy fees		1,167		180		68		225		1,640		444		91		36		2,211		80		2,291
Net investment income		1,961		453		1,435		277		4,126		732		128		146		5,132		945		6,077
Other revenues		243		108		73		4		428		13		27		13		481		(1)		480
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		314		314
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(630)		(630)
Total revenues		4,918		4,615		2,040		1,181		12,754		3,187		813		221		16,975		708		17,683
Expenses
Policyholder benefits and claims and policyholder dividends		2,153		3,640		1,098		554		7,445		1,415		237		9		9,106		602		9,708
Interest credited to policyholder account balances		579		39		343		104		1,065		442		35		12		1,554		1,036		2,590
Capitalization of DAC		(374)		(33)		(17)		(105)		(529)		(546)		(177)		(4)		(1,256)		—		(1,256)
Amortization of DAC and VOBA		331		34		11		74		450		401		165		—		1,016		(192)		824
Amortization of negative VOBA		—		—		—		(1)		(1)		(113)		(17)		—		(131)		(15)		(146)
Interest expense on debt		—		—		2		(1)		1		—		1		286		288		33		321
Other expenses		1,278		588		143		372		2,381		1,094		448		164		4,087		308		4,395
Total expenses		3,967		4,268		1,580		997		10,812		2,693		692		467		14,664		1,772		16,436
Provision for income tax expense (benefit)		325		117		161		41		644		161		34		(193)		646		(394)		252
Operating earnings	$	626	$	230	$	299	$	143	$	1,298	$	333	$	87	$	(53)		1,665
Adjustments to:
Total revenues																		708
Total expenses																		(1,772)
Provision for income tax (expense) benefit																		394
Income (loss) from continuing operations, net of income tax																	$	995			$	995

16

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Operating Earnings
	Americas
Three Months Ended March 31, 2012	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,624	$	3,585	$	507	$	686	$	6,402	$	2,039	$	652	$	14	$	9,107	$	22	$	9,129
Universal life and investment-type product policy fees		1,114		166		51		196		1,527		362		80		40		2,009		69		2,078
Net investment income		1,911		436		1,401		299		4,047		681		157		192		5,077		1,123		6,200
Other revenues		209		108		64		5		386		16		36		14		452		145		597
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		(110)		(110)
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(1,978)		(1,978)
Total revenues		4,858		4,295		2,023		1,186		12,362		3,098		925		260		16,645		(729)		15,916
Expenses
Policyholder benefits and claims and policyholder dividends		2,228		3,313		1,092		592		7,225		1,360		343		11		8,939		508		9,447
Interest credited to policyholder account balances		596		42		339		100		1,077		429		33		—		1,539		1,018		2,557
Capitalization of DAC		(476)		(31)		(7)		(84)		(598)		(587)		(177)		—		(1,362)		(2)		(1,364)
Amortization of DAC and VOBA		404		30		10		55		499		373		146		—		1,018		(304)		714
Amortization of negative VOBA		—		—		—		(2)		(2)		(131)		(4)		—		(137)		(18)		(155)
Interest expense on debt		—		—		2		1		3		1		—		311		315		43		358
Other expenses		1,397		575		128		326		2,426		1,191		471		155		4,243		525		4,768
Total expenses		4,149		3,929		1,564		988		10,630		2,636		812		477		14,555		1,770		16,325
Provision for income tax expense (benefit)		240		123		161		50		574		161		41		(180)		596		(871)		(275)
Operating earnings	$	469	$	243	$	298	$	148	$	1,158	$	301	$	72	$	(37)		1,494
Adjustments to:
Total revenues																		(729)
Total expenses																		(1,770)
Provision for income tax (expense) benefit																		871
Income (loss) from continuing operations, net of income tax																	$	(134)			$	(134)

17

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	March 31, 2013		December 31, 2012
	(In millions)
Retail	$	342,524	$	332,387
Group, Voluntary & Worksite Benefits		45,158		44,138
Corporate Benefit Funding		227,839		217,352
Latin America		25,640		23,272
Asia		124,510		131,138
EMEA		23,080		23,474
Corporate & Other		52,934		65,020
Total	$	841,685	$	836,781

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolio adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

3. Acquisitions and Dispositions

2013 Pending Acquisition

Provida

On February 1, 2013, MetLife, Inc. announced that it has entered into a definitive agreement with Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) and BBVA Inversiones Chile S.A. (“BBVA Inversiones,” and, together with BBVA, the “BBVA Sellers”) to acquire Administradora de Fondos de Pensiones Provida S.A. (“Provida”), the largest private pension fund administrator in Chile by assets under management and number of contributors. Under the terms of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, and the BBVA Sellers have agreed to transfer their 64.3% stake to MetLife. Assuming all publicly-held shares are tendered, the purchase price, which MetLife, Inc. and certain of its subsidiaries will fund from their existing cash balances, would be approximately $2 billion. The transaction is anticipated to close in the third quarter of 2013, subject to receipt of certain regulatory approvals and other customary conditions.

2013 Disposition

MetLife Bank

On January 11, 2013, MetLife Bank and MetLife, Inc. completed the sale of MetLife Bank’s $6.4 billion of deposits to GE Capital Retail Bank for $6.4 billion in net consideration paid. On February 14, 2013, MetLife, Inc. announced that it had received the required approvals from both the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve (the “Federal Reserve Board”) to de-register as a bank holding company.

MetLife Bank has sold or has otherwise committed to exit substantially all of its operations. In conjunction with exiting its businesses (the “MetLife Bank Divestiture”), for the three months ended March 31, 2013 and 2012, the Company recorded net gains (losses) of ($59) million and $7 million, respectively, net of income tax, related to the gain on disposal of the depository business and other costs related to MetLife Bank’s businesses. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. The Company expects to incur additional charges of $80 million to $105 million, net of income tax, exclusive of incremental legal settlements, related to exiting MetLife Bank’s businesses. See Note 13.

Each of the businesses that were exited could not be separated from the rest of the MetLife Bank operations since the Company did not separately manage or report the businesses as a reportable segment, operating segment, or reporting unit. As a result, the businesses have not been reported as discontinued operations in the consolidated financial statements.

18

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

2010 Acquisition

American Life Insurance Company

Branch Restructuring

During the first quarter of 2013, and in accordance with the closing agreement, American Life Insurance Company (“American Life”) entered into on March 4, 2010 (the “Closing Agreement”) with the Commissioner of the Internal Revenue Service (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report), the Company transferred the business of Portugal and Spain to wholly-owned subsidiaries. The deferred tax asset valuation allowance associated with this branch restructuring was reduced from $25 million at December 31, 2012 to $0 at March 31, 2013. For further information, see Note 19 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

A liability of $277 million was recognized in purchase accounting at November 1, 2010 for the anticipated and estimated costs associated with restructuring American Life’s foreign branches into subsidiaries in connection with the Closing Agreement. This liability has been reduced based on payments and revised estimates through March 31, 2013 resulting in a liability of $56 million at March 31, 2013.

Japan Income Tax Refund

In December 2012, the Tokyo District Court ruled in favor of the Japan branch of American Life in a tax case related to the deduction of unrealized foreign exchange losses on certain securities held by American Life prior to its acquisition by MetLife. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. During the first quarter of 2013, American Life received a refund of ¥16 billion ($176 million) related to income tax, interest and penalties. Under the indemnification provisions of the stock purchase agreement dated March 7, 2010, as amended, by and among MetLife, Inc., American International Group, Inc. (“AIG”) and AM Holdings LLC (formerly known as ALICO Holdings LLC), MetLife Inc. is required to remit the refund to AIG, net of certain amounts it can retain as a counter claim. The receipt of the refund, net of obligations to AIG with related foreign currency exchange impact and corresponding U.S. tax effects, resulted in a net charge of $24 million in the interim condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2013, which was comprised of a $154 million charge included in other expenses, an $11 million gain included in other net investment gains (losses) and a $119 million benefit included in provision for income tax expense (benefit).

4. Insurance

Guarantees

As discussed in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report, the Company issues variable annuity products with guaranteed minimum benefits. The non-life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that does not require annuitization are accounted for as embedded derivatives in PABs and are further discussed in Note 7.

The Company also issues annuity contracts that apply a lower rate of funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize (“two tier annuities”). These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit.

Based on the type of guarantee, the Company defines net amount at risk as listed below. These amounts include direct and assumed business, but exclude offsets from hedging or reinsurance, if any.

19

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Variable Annuity Guarantees

In the Event of Death

Defined as the guaranteed minimum death benefit less the total contract account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

At Annuitization

Defined as the amount (if any) that would be required to be added to the total contract account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that only allow annuitization of the guaranteed amount after the 10th anniversary of the contract, which not all contractholders have achieved.

Two Tier Annuities

Defined as the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date. These contracts apply a lower rate of funds if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize.

Universal and Variable Life Contracts

Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at:

	March 31, 2013				December 31, 2012
	In the   Event of Death		At   Annuitization		In the   Event of Death		At   Annuitization
	(In millions)
Annuity Contracts (1)
Variable Annuity Guarantees
Total contract account value (2)	$	191,877	$	94,429	$	184,095	$	89,137
Separate account value	$	152,741	$	89,992	$	143,893	$	84,354
Net amount at risk	$	6,279	$	2,978	$	9,501	$	4,593
Average attained age of contractholders		63 years		64 years		62 years		62 years
Two Tier Annuities
General account value		N/A	$	856		N/A	$	848
Net amount at risk		N/A	$	224		N/A	$	232
Average attained age of contractholders		N/A		52 years		N/A		51 years

20

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	March 31, 2013				December 31, 2012
	Secondary      Guarantees		Paid-Up      Guarantees		Secondary      Guarantees		Paid-Up      Guarantees
	(In millions)
Universal and Variable Life Contracts (1)
Account value (general and separate account)	$	14,743	$	3,790	$	14,256	$	3,828
Net amount at risk	$	187,848	$	22,835	$	189,197	$	23,276
Average attained age of policyholders		55 years		60 years		54 years		60 years

(1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2) Includes amounts, which are not reported in the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.

5. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

21

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Information regarding the closed block liabilities and assets designated to the closed block was as follows:

	March 31, 2013		December 31, 2012
	(In millions)
Closed Block Liabilities
Future policy benefits	$	42,366	$	42,586
Other policy-related balances		310		298
Policyholder dividends payable		480		466
Policyholder dividend obligation		3,599		3,828
Current income tax payable		14		—
Other liabilities		646		602
Total closed block liabilities		47,415		47,780
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value		30,109		30,546
Equity securities available-for-sale, at estimated fair value		91		41
Mortgage loans		6,068		6,192
Policy loans		4,661		4,670
Real estate and real estate joint ventures		460		459
Other invested assets		1,198		953
Total investments		42,587		42,861
Cash and cash equivalents		321		381
Accrued investment income		506		481
Premiums, reinsurance and other receivables		85		107
Current income tax recoverable		—		2
Deferred income tax assets		320		319
Total assets designated to the closed block		43,819		44,151
Excess of closed block liabilities over assets designated to the closed block		3,596		3,629
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax		2,714		2,891
Unrealized gains (losses) on derivatives, net of income tax		17		9
Allocated to policyholder dividend obligation, net of income tax		(2,339)		(2,488)
Total amounts included in AOCI		392		412
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,988	$	4,041

Information regarding the closed block policyholder dividend obligation was as follows:

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	3,828	$	2,919
Change in unrealized investment and derivative gains (losses)		(229)		909
Balance, end of period	$	3,599	$	3,828

22

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Revenues
Premiums	$	464	$	498
Net investment income		533		550
Net investment gains (losses)		3		11
Net derivative gains (losses)		8		(9)
Total revenues		1,008		1,050
Expenses
Policyholder benefits and claims		643		662
Policyholder dividends		242		268
Other expenses		42		45
Total expenses		927		975
Revenues, net of expenses before provision for income tax expense (benefit)		81		75
Provision for income tax expense (benefit)		27		27
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations		54		48
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations		—		4
Revenues, net of expenses and provision for income tax expense (benefit)	$	54	$	52

MLIC charges the closed block with federal income taxes, state and local premium taxes and other additive state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

23

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

6. Investments

Fixed Maturity and Equity Securities Available-for-Sale

Fixed Maturity and Equity Securities Available-for-Sale by Sector

The following table presents the fixed maturity and equity securities available-for-sale (“AFS”) by sector. The unrealized loss amounts presented below include the noncredit loss component of other-than-temporary impairments (“OTTI”) losses. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”).

	March 31, 2013										December 31, 2012
	Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value
			Gains		Temporary Losses		OTTI Losses						Gains		Temporary Losses		OTTI Losses
	(In millions)
Fixed maturity securities:
U.S. corporate	$	102,086	$	11,364	$	444	$	—	$	113,006	$	102,669	$	11,887	$	430	$	—	$	114,126
Foreign corporate (1)		61,067		5,322		305		(2)		66,086		61,806		5,654		277		(1)		67,184
Foreign government		49,951		5,552		68		—		55,435		51,967		5,440		71		—		57,336
U.S. Treasury and agency		49,258		5,229		30		—		54,457		41,874		6,104		11		—		47,967
RMBS		34,403		2,391		198		249		36,347		35,666		2,477		315		349		37,479
CMBS		17,015		935		53		—		17,897		18,177		1,009		57		—		19,129
ABS		15,841		423		137		13		16,114		15,762		404		156		13		15,997
State and political subdivision		12,912		2,110		70		—		14,952		12,949		2,169		70		—		15,048
Total fixed maturity securities	$	342,533	$	33,326	$	1,305	$	260	$	374,294	$	340,870	$	35,144	$	1,387	$	361	$	374,266
Equity securities:
Common stock	$	1,985	$	305	$	8	$	—	$	2,282	$	2,034	$	147	$	19	$	—	$	2,162
Non-redeemable preferred stock		913		71		78		—		906		804		65		140		—		729
Total equity securities	$	2,898	$	376	$	86	$	—	$	3,188	$	2,838	$	212	$	159	$	—	$	2,891

(1) OTTI losses, as presented above, represent the noncredit portion of OTTI losses that is included in AOCI. OTTI losses include both the initial recognition of noncredit losses, and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities that were previously noncredit loss impaired. The noncredit loss component of OTTI losses for foreign corporate securities was in an unrealized gain position of $2 million and $1 million at March 31, 2013 and December 31, 2012, respectively, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

The Company held non-income producing fixed maturity securities with an estimated fair value of $80 million and $85 million with unrealized gains (losses) of $19 million and $11 million at March 31, 2013 and December 31, 2012, respectively.

24

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at:

	March 31, 2013				December 31, 2012
	Amortized   Cost		Estimated   Fair Value		Amortized   Cost		Estimated   Fair Value
	(In millions)
Due in one year or less	$	23,879	$	24,118	$	24,177	$	24,394
Due after one year through five years		70,432		74,386		66,973		70,759
Due after five years through ten years		80,420		89,648		82,376		91,975
Due after ten years		100,543		115,784		97,739		114,533
Subtotal		275,274		303,936		271,265		301,661
Structured securities (RMBS, CMBS and ABS)		67,259		70,358		69,605		72,605
Total fixed maturity securities	$	342,533	$	374,294	$	340,870	$	374,266

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. RMBS, CMBS and ABS are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position. The unrealized loss amounts include the noncredit component of OTTI loss.

	March 31, 2013								December 31, 2012
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions, except number of securities)
Fixed maturity securities:
U.S. corporate	$	5,868	$	171	$	2,663	$	273	$	3,799	$	88	$	3,695	$	342
Foreign corporate		4,884		146		2,144		157		2,783		96		2,873		180
Foreign government		1,428		28		462		40		1,431		22		543		49
U.S. Treasury and agency		2,645		30		—		—		1,951		11		—		—
RMBS		1,284		42		3,235		405		735		31		4,098		633
CMBS		1,440		16		401		37		842		11		577		46
ABS		2,356		43		1,015		107		1,920		30		1,410		139
State and political subdivision		525		10		243		60		260		4		251		66
Total fixed maturity securities	$	20,430	$	486	$	10,163	$	1,079	$	13,721	$	293	$	13,447	$	1,455
Equity securities:
Common stock	$	67	$	7	$	12	$	1	$	201	$	18	$	14	$	1
Non-redeemable preferred stock		56		1		274		77		—		—		295		140
Total equity securities	$	123	$	8	$	286	$	78	$	201	$	18	$	309	$	141
Total number of securities in an unrealized loss position		2,188				1,070				1,941				1,335

25

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

As described more fully in Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities, equity securities and perpetual hybrid securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company has concluded that these securities are not other-than-temporarily impaired at March 31, 2013. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, changes in collateral valuation, changes in interest rates and changes in credit spreads. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods.

Gross unrealized losses on fixed maturity securities in an unrealized loss position decreased $183 million during the three months ended March 31, 2013 from $1.7 billion to $1.6 billion. The decline in, or improvement in, gross unrealized losses for the three months ended March 31, 2013, was primarily attributable to narrowing credit spreads, partially offset by an increase in interest rates.

At March 31, 2013, $364 million of the total $1.6 billion of gross unrealized losses were from 116 fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Investment Grade Fixed Maturity Securities

Of the $364 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $179 million, or 49%, are related to gross unrealized losses on 51 investment grade fixed maturity securities. Unrealized losses on investment grade fixed maturity securities are principally related to widening credit spreads and, with respect to fixed rate fixed maturity securities, rising interest rates since purchase.

Below Investment Grade Fixed Maturity Securities

Of the $364 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $185 million, or 51%, are related to gross unrealized losses on 65 below investment grade fixed maturity securities. Unrealized losses on below investment grade fixed maturity securities are principally related to non-agency RMBS (primarily alternative residential mortgage loans), ABS (primarily foreign ABS) and foreign government securities (primarily European sovereign bonds) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainties including concerns over unemployment levels, sovereign debt levels and valuations of residential real estate supporting non-agency RMBS. Management evaluates foreign government securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuer; and evaluates non-agency RMBS and ABS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security.

Equity Securities

Equity securities in an unrealized loss position decreased $73 million during the three months ended March 31, 2013 from $159 million to $86 million. Of the $86 million, $54 million were from 10 equity securities with gross unrealized

26

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

losses of 20% or more of cost for 12 months or greater, all of which were financial services industry investment grade non-redeemable preferred stock, of which 65% were rated A, AA, or AAA.

Fair Value Option and Trading Securities

See Note 8 for tables that present the categories of securities that comprise fair value option (“FVO”) and trading securities. See “— Net Investment Income” and “— Net Investment Gains (Losses)” for the net investment income recognized on FVO and trading securities and the related changes in estimated fair value subsequent to purchase included in net investment income and net investment gains (losses) for securities still held as of the end of the respective periods, as applicable.

Mortgage Loans

Mortgage Loans Held-for-Investment and Held-for-Sale by Portfolio Segment

Mortgage loans are summarized as follows at:

	March 31, 2013					December 31, 2012
	Carrying     Value		% of     Total			Carrying     Value		% of     Total
	(In millions)					(In millions)
Mortgage loans held-for-investment:
Commercial	$	39,605		71.2	%	$	40,472		71.0	%
Agricultural		12,669		22.8			12,843		22.5
Residential		994		1.8			958		1.7
Subtotal (1)		53,268		95.8			54,273		95.2
Valuation allowances		(332)		(0.6)			(347)		(0.6)
Subtotal mortgage loans held-for-investment, net		52,936		95.2			53,926		94.6
Commercial mortgage loans held by CSEs		2,407		4.3			2,666		4.7
Total mortgage loans held-for-investment, net		55,343		99.5			56,592		99.3
Mortgage loans held-for-sale:
Residential — FVO		2		—			49		0.1
Mortgage loans — lower of amortized cost or estimated fair value		269		0.5			365		0.6
Total mortgage loans held-for-sale		271		0.5			414		0.7
Total mortgage loans, net	$	55,614		100.0	%	$	57,006		100.0	%

(1) Purchases of mortgage loans were $50 million for the three months ended March 31, 2013. There were no mortgage loan purchases for the three months ended March 31, 2012.

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”).

27

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Mortgage Loans and Valuation Allowance by Portfolio Segment

The carrying value prior to valuation allowance (“recorded investment”) in mortgage loans held-for-investment, by portfolio segment, by method of evaluation of credit loss, and the related valuation allowances, by type of credit loss, were as follows:

	March 31, 2013								December 31, 2012
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Mortgage loans:
Evaluated individually for credit losses	$	533	$	156	$	14	$	703	$	539	$	181	$	13	$	733
Evaluated collectively for credit losses		39,072		12,513		980		52,565		39,933		12,662		945		53,540
Total mortgage loans		39,605		12,669		994		53,268		40,472		12,843		958		54,273
Valuation allowances:
Specific credit losses		61		19		2		82		94		21		2		117
Non-specifically identified credit losses		214		35		1		250		199		31		—		230
Total valuation allowances		275		54		3		332		293		52		2		347
Mortgage loans, net of valuation allowance	$	39,330	$	12,615	$	991	$	52,936	$	40,179	$	12,791	$	956	$	53,926

Valuation Allowance Rollforward by Portfolio Segment

The changes in the valuation allowance, by portfolio segment, were as follows:

	Commercial		Agricultural		Residential		Total
	(In millions)
For the Three Months Ended March 31, 2013:
Balance, beginning of period	$	293	$	52	$	2	$	347
Provision (release)		(18)		6		1		(11)
Charge-offs, net of recoveries		—		(4)		—		(4)
Balance, end of period	$	275	$	54	$	3	$	332
For the Three Months Ended March 31, 2012:
Balance, beginning of period	$	398	$	81	$	2	$	481
Provision (release)		(30)		(6)		1		(35)
Charge-offs, net of recoveries		—		—		—		—
Balance, end of period	$	368	$	75	$	3	$	446

28

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Credit Quality of Commercial Mortgage Loans

Information about the credit quality of commercial mortgage loans held-for-investment is presented below at:

	Recorded Investment											Estimated    Fair Value		% of      Total
	Debt Service Coverage Ratios								% of      Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total
	(In millions)											(In millions)
March 31, 2013:
Loan-to-value ratios:
Less than 65%	$	29,872	$	701	$	363	$	30,936		78.1	%	$	33,682		79.2	%
65% to 75%		4,864		645		158		5,667		14.3			5,912		13.9
76% to 80%		918		297		341		1,556		3.9			1,582		3.7
Greater than 80%		1,066		183		197		1,446		3.7			1,342		3.2
Total	$	36,720	$	1,826	$	1,059	$	39,605		100.0	%	$	42,518		100.0	%
December 31, 2012:
Loan-to-value ratios:
Less than 65%	$	29,839	$	730	$	722	$	31,291		77.3	%	$	33,730		78.3	%
65% to 75%		5,057		672		153		5,882		14.6			6,129		14.2
76% to 80%		938		131		316		1,385		3.4			1,436		3.3
Greater than 80%		1,085		552		277		1,914		4.7			1,787		4.2
Total	$	36,919	$	2,085	$	1,468	$	40,472		100.0	%	$	43,082		100.0	%

Credit Quality of Agricultural Mortgage Loans

Information about the credit quality of agricultural mortgage loans held-for-investment is presented below at:

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Loan-to-value ratios:
Less than 65%	$	11,676		92.2	%	$	11,908		92.7	%
65% to 75%		679		5.4			590		4.6
76% to 80%		79		0.6			92		0.7
Greater than 80%		235		1.8			253		2.0
Total	$	12,669		100.0	%	$	12,843		100.0	%

The estimated fair value of agricultural mortgage loans held-for-investment was $13.1 billion and $13.3 billion at March 31, 2013 and December 31, 2012, respectively.

29

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Credit Quality of Residential Mortgage Loans

Information about the credit quality of residential mortgage loans held-for-investment is presented below at:

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Performance indicators:
Performing	$	967		97.3	%	$	929		97.0	%
Nonperforming		27		2.7			29		3.0
Total	$	994		100.0	%	$	958		100.0	%

The estimated fair value of residential mortgage loans held-for-investment was $1.0 billion at both March 31, 2013 and December 31, 2012.

Past Due and Interest Accrual Status of Mortgage Loans

The Company has a high quality, well performing, mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both March 31, 2013 and December 31, 2012. The Company defines delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days. The recorded investment in mortgage loans held-for-investment, prior to valuation allowances, past due according to these aging categories, greater than 90 days past due and still accruing interest and in nonaccrual status, by portfolio segment, were as follows at:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual Status
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Commercial	$	—	$	2	$	—	$	—	$	223	$	84
Agricultural		105		116		44		53		75		67
Residential		27		29		—		—		18		18
Total	$	132	$	147	$	44	$	53	$	316	$	169

30

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Impaired Mortgage Loans

Information regarding impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, by portfolio segment, were as follows at:

	Loans with a Valuation Allowance								Loans without a Valuation Allowance				All Impaired Loans
	Unpaid   Principal   Balance		Recorded   Investment		Valuation   Allowances		Carrying   Value		Unpaid   Principal   Balance		Recorded   Investment		Unpaid   Principal   Balance		Carrying   Value
	(In millions)
March 31, 2013:
Commercial	$	261	$	245	$	61	$	184	$	302	$	288	$	563	$	472
Agricultural		91		90		19		71		71		66		162		137
Residential		12		12		2		10		2		2		14		12
Total	$	364	$	347	$	82	$	265	$	375	$	356	$	739	$	621
December 31, 2012:
Commercial	$	445	$	436	$	94	$	342	$	103	$	103	$	548	$	445
Agricultural		110		107		21		86		79		74		189		160
Residential		13		13		2		11		—		—		13		11
Total	$	568	$	556	$	117	$	439	$	182	$	177	$	750	$	616

Unpaid principal balance is generally prior to any charge-offs.

The average recorded investment in impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, and the related interest income, which is primarily recognized on a cash basis, by portfolio segment, was:

	Impaired Mortgage Loans
	Average Recorded  Investment		Interest              Income
	(In millions)
For the Three Months Ended March 31, 2013:
Commercial	$	536	$	3
Agricultural		169		1
Residential		14		—
Total	$	719	$	4
For the Three Months Ended March 31, 2012:
Commercial	$	273	$	3
Agricultural		229		1
Residential		14		—
Total	$	516	$	4

Mortgage Loans Modified in a Troubled Debt Restructuring

At March 31, 2013 and 2012, the Company had no mortgage loans modified during the period in a troubled debt restructuring.

During the three months ended March 31, 2013, the Company had no mortgage loans with subsequent payment defaults that were modified in a troubled debt restructuring during the previous 12 months. During the three months ended March 31, 2012, the Company had one agricultural mortgage loan that had a payment default with a carrying value after specific valuation

31

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

allowance of $8 million, which was modified as a troubled debt restructuring during the previous 12 months. Payment default is determined in the same manner as delinquency status — when interest and principal payments are past due as described above.

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $6.3 billion and $6.1 billion at March 31, 2013 and December 31, 2012, respectively.

Net Unrealized Investment Gains (Losses)

The components of net unrealized investment gains (losses), included in AOCI, were as follows at:

	March 31, 2013		December 31, 2012
	(In millions)
Fixed maturity securities	$	31,932	$	33,641
Fixed maturity securities with noncredit OTTI losses in AOCI		(260)		(361)
Total fixed maturity securities		31,672		33,280
Equity securities		341		97
Derivatives		1,393		1,274
Other		(16)		(30)
Subtotal		33,390		34,621
Amounts allocated from:
Insurance liability loss recognition		(5,613)		(6,049)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		9		19
DAC and VOBA		(2,242)		(2,485)
Policyholder dividend obligation		(3,599)		(3,828)
Subtotal		(11,445)		(12,343)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		87		119
Deferred income tax benefit (expense)		(7,788)		(7,973)
Net unrealized investment gains (losses)		14,244		14,424
Net unrealized investment gains (losses) attributable to noncontrolling interests		(7)		(5)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	14,237	$	14,419

The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows:

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	(361)	$	(724)
Noncredit OTTI losses and subsequent changes recognized (1)		31		(29)
Securities sold with previous noncredit OTTI loss		54		177
Subsequent changes in estimated fair value		16		215
Balance, end of period	$	(260)	$	(361)

(1) Noncredit OTTI losses and subsequent changes recognized, net of DAC, were $24 million and ($21) million for the three months ended March 31, 2013 and year ended December 31, 2012, respectively.

32

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The changes in net unrealized investment gains (losses) were as follows:

	Three Months Ended     March 31, 2013
	(In millions)
Balance, beginning of period	$	14,419
Fixed maturity securities on which noncredit OTTI losses have been recognized		101
Unrealized investment gains (losses) during the period		(1,332)
Unrealized investment gains (losses) relating to:
Insurance liability gain (loss) recognition		436
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		(10)
DAC and VOBA		243
Policyholder dividend obligation		229
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		(32)
Deferred income tax benefit (expense)		185
Net unrealized investment gains (losses)		14,239
Net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Balance, end of period	$	14,237
Change in net unrealized investment gains (losses)	$	(180)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(182)

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, were in fixed income securities of the Japanese and Mexican governments and their agencies with an estimated fair value, at March 31, 2013, of $20.6 billion and $6.6 billion, respectively, and in fixed income securities of the Japanese government and its agencies with an estimated fair value, at December 31, 2012, of $22.4 billion. The Company’s investment in fixed maturity and equity securities to counterparties that primarily conduct business in Japan, including Japan government and agency fixed maturity securities, was $26.6 billion and $28.7 billion at March 31, 2013 and December 31, 2012, respectively.

Securities Lending

The Company participates in a securities lending program. Elements of the securities lending program are presented below at:

	March 31, 2013		December 31, 2012
	(In millions)
Securities on loan: (1)
Amortized cost	$	27,034	$	23,380
Estimated fair value	$	29,605	$	27,077
Cash collateral on deposit from counterparties (2)	$	30,284	$	27,727
Security collateral on deposit from counterparties (3)	$	23	$	104
Reinvestment portfolio — estimated fair value	$	30,776	$	28,112

(1) Included within fixed maturity securities, short-term investments, equity securities and cash and cash equivalents.

(2) Included within payables for collateral under securities loaned and other transactions.

33

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

(3) Security collateral on deposit from counterparties may not be sold or repledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for cash and cash equivalents, short-term investments, fixed maturity and equity securities, and FVO and trading securities, and at carrying value for mortgage loans.

	March 31, 2013		December 31, 2012
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2,335	$	2,362
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)		11,702		12,434
Invested assets pledged as collateral (1)		23,763		23,251
Total invested assets on deposit, held in trust and pledged as collateral	$	37,800	$	38,047

(1) The Company has pledged fixed maturity securities, mortgage loans and cash and cash equivalents in connection with various agreements and transactions, including funding and advances agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report), collateral financing arrangements (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report) and derivative transactions (see Note 7).

Variable Interest Entities

The Company has invested in certain structured transactions (including CSEs), formed trusts to invest proceeds from certain collateral financing arrangements and has insurance operations, that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity.

The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. The Company generally uses a qualitative approach to determine whether it is the primary beneficiary. However, for VIEs that are investment companies or apply measurement principles consistent with those utilized by investment companies, the primary beneficiary is based on a risks and rewards model and is defined as the entity that will absorb a majority of a VIE’s expected losses, receive a majority of a VIE’s expected residual returns if no single entity absorbs a majority of expected losses, or both. The Company reassesses its involvement with VIEs on a quarterly basis. The use of different methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements.

34

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Consolidated VIEs

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at March 31, 2013 and December 31, 2012. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

	March 31, 2013				December 31, 2012
	Total      Assets		Total   Liabilities		Total      Assets		Total   Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,449	$	—	$	3,439	$	—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (2)		2,453		2,282		2,730		2,545
Operating joint venture (3)		2,364		1,976		—		—
Investments:
Other limited partnership interests		187		14		356		8
FVO and trading securities		67		—		71		—
Other invested assets		85		—		85		—
Real estate joint ventures		11		14		11		14
Total	$	8,616	$	4,286	$	6,692	$	2,567

(1) See Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. These assets primarily consist of fixed maturity securities.

(2) The Company consolidates former qualified special purpose entities (“QSPEs”) that are structured as CMBS and as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The assets and liabilities of these CSEs are primarily commercial mortgage loans held-for-investment and long-term debt, respectively. The Company’s exposure was limited to that of its remaining investment in the former QSPEs of $155 million and $168 million at estimated fair value at March 31, 2013 and December 31, 2012, respectively. The long-term debt bears interest primarily at fixed rates ranging from 2.25% to 5.57%, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was $33 million and $43 million for the three months ended March 31, 2013 and 2012, respectively.

(3) Assets of the operating joint venture are primarily fixed maturity securities and separate account assets. Liabilities of the operating joint venture are primarily future policy benefits, other policyholder funds and separate account liabilities. The assets and liabilities of the operating joint venture were consolidated in earlier periods, however as a result of the quarterly reassessment in the first quarter of 2013 it was determined to be a consolidated VIE.

35

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	March 31, 2013				December 31, 2012
	Carrying      Amount		Maximum Exposure     to Loss (1)		Carrying      Amount		Maximum Exposure     to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, CMBS and ABS) (2)	$	70,358	$	70,358	$	72,605	$	72,605
U.S. and foreign corporate		5,150		5,150		5,287		5,287
Other limited partnership interests		4,717		6,259		4,436		5,908
Other invested assets		1,210		1,469		1,117		1,431
FVO and trading securities		603		603		563		563
Mortgage loans		199		199		351		351
Real estate joint ventures		114		119		150		157
Equity securities AFS:
Non-redeemable preferred		33		33		32		32
Total	$	82,384	$	84,190	$	84,541	$	86,334

(1) The maximum exposure to loss relating to fixed maturity securities and the FVO and trading securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments of the Company. The maximum exposure to loss relating to mortgage loans is equal to the carrying amounts plus any unfunded commitments of the Company. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $309 million and $318 million at March 31, 2013 and December 31, 2012, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2) For these variable interests, the Company’s involvement is limited to that of a passive investor.

As described in Note 13, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during the three months ended March 31, 2013 and 2012.

36

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Net Investment Income

The components of net investment income were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Investment income:
Fixed maturity securities	$	3,826	$	3,808
Equity securities		24		32
FVO and trading securities — Actively Traded Securities and FVO general account securities (1)		21		45
Mortgage loans		738		830
Policy loans		155		158
Real estate and real estate joint ventures		193		177
Other limited partnership interests		246		182
Cash, cash equivalents and short-term investments		49		36
International joint ventures		(14)		3
Other		63		41
Subtotal		5,301		5,312
Less: Investment expenses		300		259
Subtotal, net		5,001		5,053
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)		1,039		1,015
Securitized reverse residential mortgage loans		—		85
FVO CSEs — interest income:
Commercial mortgage loans		37		45
Securities		—		2
Subtotal		1,076		1,147
Net investment income	$	6,077	$	6,200

(1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Actively Traded Securities and FVO general account securities	$	13	$	29
FVO contractholder-directed unit-linked investments	$	956	$	877

See “— Variable Interest Entities” for discussion of CSEs.

37

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

	Three Months Ended March 31,
	2013		2012
	(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:
Finance	$	(10)	$	(32)
Consumer		(8)		(3)
Utility		(5)		(38)
Communications		—		(17)
Industrial		—		(1)
Total U.S. and foreign corporate securities		(23)		(91)
RMBS		(37)		(9)
CMBS		—		(30)
ABS		—		(2)
State and political subdivision		—		(1)
OTTI losses on fixed maturity securities recognized in earnings		(60)		(133)
Fixed maturity securities — net gains (losses) on sales and disposals		369		(7)
Total gains (losses) on fixed maturity securities (1)		309		(140)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock		(20)		—
Common stock		(1)		(15)
OTTI losses on equity securities recognized in earnings		(21)		(15)
Equity securities — net gains (losses) on sales and disposals		(6)		6
Total gains (losses) on equity securities		(27)		(9)
FVO and trading securities — FVO general account securities — changes in estimated fair value		4		4
Mortgage loans (1)		12		36
Real estate and real estate joint ventures		(14)		(4)
Other limited partnership interests		—		(2)
Other investment portfolio gains (losses)		7		(25)
Subtotal — investment portfolio gains (losses) (1)		291		(140)
FVO CSEs — changes in estimated fair value subsequent to consolidation:
Commercial mortgage loans		(13)		6
Long-term debt — related to commercial mortgage loans		22		—
Long-term debt — related to securities		(1)		(11)
Non-investment portfolio gains (losses) (2)		15		35
Subtotal FVO CSEs and non-investment portfolio gains (losses)		23		30
Total net investment gains (losses)	$	314	$	(110)

(1) For the three months ended March 31, 2012, net investment gains (losses) includes a net gain of $95 million, as a result of the MetLife Bank Divestiture, which is comprised of gains (losses) on investments sold of $102 million, and impairments on mortgage loans of ($7) million. See Note 3.

38

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

(2) Non-investment portfolio gains (losses) for the three months ended March 31, 2013 includes a gain of $30 million related to the MetLife Bank Divestiture. See Note 3.

See “— Variable Interest Entities” for discussion of CSEs.

Gains (losses) from foreign currency transactions included within net investment gains (losses) were $58 million for both the three months ended March 31, 2013 and 2012.

Sales or Disposals and Impairments of Fixed Maturity and Equity Securities

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) are as shown in the table below. Investment gains and losses on sales of securities are determined on a specific identification basis.

	Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012
	Fixed Maturity Securities				Equity Securities				Total
	(In millions)
Proceeds	$	19,550	$	19,394	$	86	$	125	$	19,636	$	19,519
Gross investment gains	$	500	$	325	$	8	$	10	$	508	$	335
Gross investment losses		(131)		(332)		(14)		(4)		(145)		(336)
Total OTTI losses recognized in earnings:
Credit-related		(42)		(73)		—		—		(42)		(73)
Other (1)		(18)		(60)		(21)		(15)		(39)		(75)
Total OTTI losses recognized in earnings		(60)		(133)		(21)		(15)		(81)		(148)
Net investment gains (losses)	$	309	$	(140)	$	(27)	$	(9)	$	282	$	(149)

(1) Other OTTI losses recognized in earnings include impairments on (i) equity securities, (ii) perpetual hybrid securities classified within fixed maturity securities where the primary reason for the impairment was the severity and/or the duration of an unrealized loss position and (iii) fixed maturity securities where there is an intent to sell or it is more likely than not that the Company will be required to sell the security before recovery of the decline in estimated fair value.

39

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Credit Loss Rollforward

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”):

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	392	$	471
Additions:
Initial impairments — credit loss OTTI recognized on securities not previously impaired		1		16
Additional impairments — credit loss OTTI recognized on securities previously impaired		35		6
Reductions:
Sales (maturities, pay downs or prepayments) during the period of securities previously impaired as credit loss OTTI		(30)		(104)
Securities impaired to net present value of expected future cash flows		—		(8)
Balance, end of period	$	398	$	381

7. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are carried in the Company’s consolidated balance sheets either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. See “— Credit Risk on Freestanding Derivatives”.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Policyholder benefits and claims	•  Economic hedges of variable annuity guarantees included in future policy benefits
Net investment income	•  Economic hedges of equity method investments in joint ventures
	•  All derivatives held in relation to trading portfolios
	•  Derivatives held within contractholder-directed unit-linked investments
Other revenues	•  Derivatives held in connection with the Company’s mortgage banking activities

40

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

• Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in fair value of the hedged item attributable to the designated risk being hedged.

• Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses).

• Net investment in a foreign operation hedge - effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses).

The change in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

41

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Embedded Derivatives

The Company purchases certain securities, issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

• the combined instrument is not accounted for in its entirety at fair value with changes in fair value recorded in earnings;

• the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

• a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried in the consolidated balance sheets at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses) except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees.

See Note 8 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash market.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, caps, floors, swaptions, futures and forwards.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and non-qualifying hedging relationships.

The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S.

42

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Treasury, agency, or other fixed maturity security. Structured interest rate swaps are included in interest rate swaps. Structured interest rate swaps are not designated as hedging instruments

The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in non-qualifying hedging relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring and to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance. The Company utilizes exchange-traded interest rate futures in non-qualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in non-qualifying hedging relationships. Swaptions are included in interest rate options.

The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow hedging relationships.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency exchange rate derivatives including foreign currency swaps, foreign currency forwards and currency options, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of its net investments in foreign operations.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and non-qualifying hedging relationships.

In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in fair value, net investment in foreign operations and non-qualifying hedging relationships.

The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign exchange rate and the strike price. The Company uses currency options to hedge against the foreign currency exposure inherent in certain of its variable annuity products. The Company also uses currency

43

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

options as an economic hedge of foreign currency exposure related to the Company’s international subsidiaries. The Company utilizes currency options in net investment in foreign operations and non-qualifying hedging relationships.

To a lesser extent, the Company uses exchange-traded currency futures to hedge currency mismatches between assets and liabilities. The Company utilizes exchange-traded currency futures in non-qualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, or involuntary restructuring. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in non-qualifying hedging relationships.

The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. Treasury securities, agency securities or other fixed maturity securities. These credit default swaps are not designated as hedging instruments.

The Company also enters into certain purchased and written credit default swaps held in relation to trading portfolios for the purpose of generating profits on short-term differences in price. These credit default swaps are not designated as hedging instruments.

The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, variance swaps, exchange-traded equity futures and total rate of return swaps (“TRRs”).

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in non-qualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships.

44

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge liabilities embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in non-qualifying hedging relationships.

TRRs are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Inter-Bank Offered Rate (“LIBOR”), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses TRRs to hedge its equity market guarantees in certain of its insurance products. TRRs can be used as hedges or to synthetically create investments. The Company utilizes TRRs in non-qualifying hedging relationships.

45

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Primary Risks Managed by Derivatives

The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at:

		March 31, 2013						December 31, 2012
	Primary Underlying Risk Exposure	Notional Amount		Estimated Fair Value				Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments
Fair value hedges:
Interest rate swaps	Interest rate	$	5,438	$	1,802	$	74	$	5,397	$	1,921	$	90
Foreign currency swaps	Foreign currency exchange rate		3,291		252		139		3,187		332		85
Subtotal			8,729		2,054		213		8,584		2,253		175
Cash flow hedges:
Interest rate swaps	Interest rate		3,482		539		7		3,642		705		—
Interest rate forwards	Interest rate		620		101		—		675		139		—
Foreign currency swaps	Foreign currency exchange rate		11,007		351		368		9,038		219		355
Credit forwards	Credit		60		—		—		—		—		—
Subtotal			15,169		991		375		13,355		1,063		355
Foreign operations hedges:
Foreign currency forwards	Foreign currency exchange rate		3,782		90		20		2,552		43		61
Currency options	Foreign currency exchange rate		5,000		137		—		4,375		43		3
Subtotal			8,782		227		20		6,927		86		64
Total qualifying hedges			32,680		3,272		608		28,866		3,402		594
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate		102,074		4,834		1,920		83,250		5,201		2,043
Interest rate floors	Interest rate		56,246		1,026		709		56,246		1,174		837
Interest rate caps	Interest rate		37,015		81		—		49,465		74		—
Interest rate futures	Interest rate		9,882		1		16		11,684		1		38
Interest rate options	Interest rate		34,474		769		74		16,328		640		60
Synthetic GICs	Interest rate		4,291		—		—		4,162		—		—
Foreign currency swaps	Foreign currency exchange rate		8,694		294		580		8,208		199		736
Foreign currency forwards	Foreign currency exchange rate		10,836		123		153		9,202		26		288
Currency futures	Foreign currency exchange rate		1,542		1		—		1,408		4		—
Currency options	Foreign currency exchange rate		730		37		—		129		1		—
Credit default swaps - purchased	Credit		3,925		14		42		3,674		11		34
Credit default swaps - written	Credit		8,909		91		3		8,879		79		5
Equity futures	Equity market		6,626		1		7		7,008		14		132
Equity options	Equity market		29,624		2,145		588		22,920		2,825		356
Variance swaps	Equity market		21,023		132		486		19,830		122		310
Total rate of return swaps	Equity market		3,541		2		108		3,092		4		103
Total non-designated or non-qualifying derivatives			339,432		9,551		4,686		305,485		10,375		4,942
Total		$	372,112	$	12,823	$	5,294	$	334,351	$	13,777	$	5,536

Based on notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship as of March 31, 2013 and December 31, 2012. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to synthetically create credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these non-qualified derivatives, changes in market factors can lead to the recognition of fair value changes in the consolidated statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

46

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Net Derivative Gains (Losses)

The components of net derivative gains (losses) were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Derivatives and hedging gains (losses) (1)	$	(2,314)	$	(3,802)
Embedded derivatives		1,684		1,824
Total net derivative gains (losses)	$	(630)	$	(1,978)

(1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.

The following table presents earned income on derivatives:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Qualifying hedges:
Net investment income	$	36	$	24
Interest credited to policyholder account balances		35		45
Other expenses		(3)		(1)
Non-qualifying hedges:
Net investment income		(1)		(1)
Other revenues		—		18
Net derivative gains (losses)		15		(11)
Policyholder benefits and claims		(65)		(62)
Total	$	17	$	12

47

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Non-Qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments:

	Net Derivative Gains (Losses)		Net Investment Income (1)		Policyholder Benefits and Claims (2)		Other Revenues (3)
	(In millions)
For the Three Months Ended March 31, 2013:
Interest rate derivatives	$	(233)	$	—	$	2	$	—
Foreign currency exchange rate derivatives		(451)		—		—		—
Credit derivatives - purchased		(6)		(3)		—		—
Credit derivatives - written		32		—		—		—
Equity derivatives		(1,553)		(7)		(274)		—
Total	$	(2,211)	$	(10)	$	(272)	$	—
For the Three Months Ended March 31, 2012:
Interest rate derivatives	$	(1,459)	$	—	$	—	$	(114)
Foreign currency exchange rate derivatives		(342)		—		—		—
Credit derivatives - purchased		(188)		(9)		—		—
Credit derivatives - written		104		—		—		—
Equity derivatives		(1,938)		7		(263)		—
Total	$	(3,823)	$	(2)	$	(263)	$	(114)

(1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.

(2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

(3) Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated fixed rate investments.

48

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):

Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Ineffectiveness Recognized in Net Derivative Gains (Losses)
		(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps:	Fixed maturity securities	$	8	$	(8)	$	—
	Policyholder liabilities (1)		(153)		152		(1)
Foreign currency swaps:	Foreign-denominated fixed maturity securities		4		(5)		(1)
	Foreign-denominated PABs (2)		(139)		133		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		—		—		—
Total		$	(280)	$	272	$	(8)
For the Three Months Ended March 31, 2012:
Interest rate swaps:	Fixed maturity securities	$	6	$	(6)	$	—
	Policyholder liabilities (1)		(300)		301		1
Foreign currency swaps:	Foreign-denominated fixed maturity securities		2		(2)		—
	Foreign-denominated PABs (2)		57		(63)		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		(58)		56		(2)
Total		$	(293)	$	286	$	(7)

(1) Fixed rate liabilities reported in PABs or future policy benefits.

(2) Fixed rate or floating rate liabilities.

For the Company’s foreign currency forwards, the change in the fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the three months ended March 31, 2013, no component of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness. For the three months ended March 31, 2012, an insignificant amount of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed-rate borrowings.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified $0 and $3 million from AOCI into net derivative gains (losses) for the three months ended March 31, 2013 and 2012, respectively, related to such discontinued cash flow hedges.

At both March 31, 2013 and December 31, 2012, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed eight years.

49

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

At March 31, 2013 and December 31, 2012, the balance in AOCI associated with cash flow hedges was $1.4 billion and $1.3 billion, respectively.

The following table presents the effects of derivatives in cash flow hedging relationships on the interim condensed consolidated statements of operations and comprehensive income and the interim condensed consolidated statements of equity:

Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)						Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)		(Effective Portion)						(Ineffective Portion)
			Net Derivative Gains (Losses)		Net Investment Income		Other Expenses		Net Derivative Gains (Losses)
			(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps	$	(124)	$	4	$	2	$	—	$	(2)
Interest rate forwards		(25)		3		1		(1)		—
Foreign currency swaps		87		(189)		(1)		—		4
Credit forwards		—		—		—		—		—
Total	$	(62)	$	(182)	$	2	$	(1)	$	2
For the Three Months Ended March 31, 2012:
Interest rate swaps	$	(293)	$	1	$	1	$	(2)	$	4
Interest rate forwards		(88)		—		—		—		1
Foreign currency swaps		(104)		11		(1)		—		(1)
Credit forwards		—		—		—		—		—
Total	$	(485)	$	12	$	—	$	(2)	$	4

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2013, $33 million of deferred net gains (losses) on derivatives in AOCI was expected to be reclassified to earnings within the next 12 months.

Hedges of Net Investments in Foreign Operations

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company measures ineffectiveness on these derivatives based upon the change in forward rates.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the consolidated statement of operations, while a pro rata portion will be reclassified upon partial sale of the net investments in foreign operations.

50

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the effects of derivatives in net investment hedging relationships in the interim condensed consolidated statements of operations and comprehensive income and the interim condensed consolidated statements of equity:

Derivatives in Net Investment Hedging Relationships (1), (2)	Amount of Gains (Losses) Deferred in AOCI (Effective Portion)
	(In millions)
For the Three Months Ended March 31, 2013:
Foreign currency forwards	$	80
Currency options		90
Total	$	170
For the Three Months Ended March 31, 2012:
Foreign currency forwards	$	(52)
Currency options		1
Total	$	(51)

(1) During the three months ended March 31, 2013 and 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.

(2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2013 and December 31, 2012, the cumulative foreign currency translation gain (loss) recorded in AOCI related to hedges of net investments in foreign operations was $72 million and ($98) million, respectively.

Credit Derivatives

In connection with synthetically created credit investment transactions and credit default swaps held in relation to the trading portfolio, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the non-qualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $8.9 billion at both March 31, 2013 and December 31, 2012. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current fair value of the credit default swaps. At March 31, 2013 and December 31, 2012, the Company would have received $88 million and $74 million, respectively, to terminate all of these contracts.

51

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	March 31, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)		Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)
	(In millions)						(In millions)
Aaa/Aa/A
Single name credit default swaps (corporate)	$	9	$	717		2.5	$	10	$	777		2.7
Credit default swaps referencing indices		36		2,713		1.8		42		2,713		2.1
Subtotal		45		3,430		2.0		52		3,490		2.2
Baa
Single name credit default swaps (corporate)		12		1,209		3.4		8		1,314		3.4
Credit default swaps referencing indices		21		3,945		5.1		11		3,750		4.9
Subtotal		33		5,154		4.7		19		5,064		4.5
Ba
Single name credit default swaps (corporate)		—		25		2.4		—		25		2.7
Credit default swaps referencing indices		—		—		—		—		—		—
Subtotal		—		25		2.4		—		25		2.7
B
Single name credit default swaps (corporate)		—		—		—		—		—		—
Credit default swaps referencing indices		10		300		5.2		3		300		4.9
Subtotal		10		300		5.2		3		300		4.9
Total	$	88	$	8,909		3.7	$	74	$	8,879		3.6

(1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2) Assumes the value of the referenced credit obligations is zero.

(3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

The Company has also entered into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. As a result, the maximum amounts of potential future recoveries available to offset the $8.9 billion and $8.9 billion from the table above were $70 million and $150 million at March 31, 2013 and December 31, 2012, respectively.

Written credit default swaps held in relation to the trading portfolio amounted to $30 million in notional and $0 in fair value at March 31, 2013. Written credit default swaps held in relation to the trading portfolio amounted to $10 million in notional and $0 in fair value at December 31, 2012.

52

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting agreements and any collateral received pursuant to credit support annexes.

The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC derivative transactions are generally governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited, to events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. Substantially all of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC derivatives. Because exchange-traded futures and options are effected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives. See Note 8 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair value of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	March 31, 2013				December 31, 2012
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
Over-the-counter (1)	$	13,091	$	5,414	$	14,048	$	5,480
Exchange-traded		3		23		19		170
Total gross estimated fair value of derivatives (1)		13,094		5,437		14,067		5,650
Amounts offset in the consolidated balance sheets		—		—		—		—
Estimated fair value of derivatives presented in the consolidated balance sheets (1)		13,094		5,437		14,067		5,650
Gross amounts not offset in the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
Over-the-counter		(4,548)		(4,548)		(4,562)		(4,562)
Exchange-traded		(3)		(3)		(19)		(19)
Cash collateral: (3)
Over-the-counter		(3,912)		(2)		(5,960)		(1)
Exchange-traded		—		(20)		—		(151)
Securities collateral: (4)
Over-the-counter		(4,372)		(769)		(3,526)		(875)
Exchange-traded		—		—		—		—
Net amount after application of master netting agreements and collateral	$	259	$	95	$	—	$	42

(1) At March 31, 2013 and December 31, 2012, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $271 million and $290 million, respectively, and derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $143 million and $114 million, respectively.

(2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

(3) Cash collateral received is included in cash and cash equivalents or in short-term investments, and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets. The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded derivatives and is included in premiums, reinsurance and other receivables in the consolidated balance sheets. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2013 and December 31, 2012, the Company received excess cash collateral of $19 million and $0, respectively, and provided excess cash collateral of $422 million and $290 million, respectively, which is not included in the table above due to the foregoing limitation.

(4) Securities collateral received by the Company are held in separate custodial accounts and are not recorded on the consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge this collateral, but at March 31, 2013 none of the collateral had been sold or repledged. Securities collateral pledged by the Company are reported in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2013 and December 31, 2012, the Company received excess securities collateral of $239 million and $161 million, respectively, for its OTC derivatives and $0 and $0, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2013 and December 31, 2012, the Company provided excess securities collateral of $110 million and $0, respectively, for its OTC derivatives and $40 million and $40 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the fair value of that counterparty’s derivatives reaches a pre-determined threshold. Certain of these arrangements also include credit-contingent provisions that provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of the Company and/or the counterparty. In addition, certain of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit ratings were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the estimated fair value of the Company’s OTC derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The table also presents the incremental collateral that the Company would be required to provide if there was a one notch downgrade in the Company’s credit rating at the reporting date or if the Company’s credit rating sustained a downgrade to a level that triggered full overnight collateralization or termination of the derivative position at the reporting date. Derivatives that are not subject to collateral agreements are not included in the scope of this table.

			Estimated Fair Value of Collateral Provided:				Fair Value of Incremental Collateral Provided Upon:
	Estimated Fair Value of Derivatives in Net Liability Position  (1)		Fixed Maturity Securities		Cash		One Notch Downgrade in the Company’s Credit Rating		Downgrade in the Company’s Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position
	(In millions)
March 31, 2013:
Derivatives subject to credit-contingent provisions	$	729	$	737	$	—	$	20	$	24
Derivatives not subject to credit-contingent provisions		79		142		3		—		—
Total	$	808	$	879	$	3	$	20	$	24
December 31, 2012:
Derivatives subject to credit-contingent provisions	$	771	$	775	$	—	$	35	$	73
Derivatives not subject to credit-contingent provisions		79		100		1		—		—
Total	$	850	$	875	$	1	$	35	$	73

(1) After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and certain GMIBs; ceded reinsurance of guaranteed minimum benefits related to GMABs and certain GMIBs; assumed reinsurance of guaranteed minimum benefits related to GMWBs and GMABs; funding agreements with equity or bond indexed crediting rates; funds withheld on assumed and ceded reinsurance; and certain debt and equity securities.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	March 31, 2013		December 31, 2012
		(In millions)
Net embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	356	$	439
Funds withheld on assumed reinsurance	Other invested assets		63		66
Options embedded in debt or equity securities	Investments		(147)		(88)
Other	Other invested assets		1		1
Net embedded derivatives within asset host contracts		$	273	$	418
Net embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	PABs	$	(165)	$	923
Assumed guaranteed minimum benefits	PABs		2,024		2,582
Funds withheld on ceded reinsurance	Other liabilities		144		162
Other	PABs		15		17
Net embedded derivatives within liability host contracts		$	2,018	$	3,684

The following table presents changes in estimated fair value related to embedded derivatives:

	Three Months Ended March  31,
	2013		2012
	(In millions)
Net derivative gains (losses) (1)	$	1,684	$	1,824
Policyholder benefits and claims	$	(47)	$	(47)

(1) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($414) million and ($1.2) billion for the three months ended March 31, 2013 and 2012, respectively.

8. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below.

	March 31, 2013
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	106,580	$	6,426	$	113,006
Foreign corporate		—		60,261		5,825		66,086
Foreign government		—		53,232		2,203		55,435
U.S. Treasury and agency		30,283		24,059		115		54,457
RMBS		1,148		32,773		2,426		36,347
CMBS		—		16,813		1,084		17,897
ABS		—		12,348		3,766		16,114
State and political subdivision		—		14,899		53		14,952
Total fixed maturity securities		31,431		320,965		21,898		374,294
Equity securities:
Common stock		1,041		1,052		189		2,282
Non-redeemable preferred stock		—		505		401		906
Total equity securities		1,041		1,557		590		3,188
FVO and trading securities:
Actively Traded Securities		6		772		14		792
FVO general account securities		—		145		44		189
FVO contractholder-directed unit-linked investments		9,593		5,148		831		15,572
FVO securities held by CSEs		—		35		—		35
Total FVO and trading securities		9,599		6,100		889		16,588
Short-term investments (1)		4,986		5,630		2,130		12,746
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,407		—		2,407
Mortgage loans held-for-sale (2)		—		—		2		2
Total mortgage loans		—		2,407		2		2,409
Other invested assets:
Other investments		165		100		—		265
Derivative assets: (3)
Interest rate		1		8,989		163		9,153
Foreign currency exchange rate		1		1,245		39		1,285
Credit		—		67		38		105
Equity market		1		1,904		375		2,280
Total derivative assets		3		12,205		615		12,823
Total other invested assets		168		12,305		615		13,088
Net embedded derivatives within asset host contracts (4)		—		1		419		420
Separate account assets (5)		33,790		214,211		1,219		249,220
Total assets	$	81,015	$	563,176	$	27,762	$	671,953
Liabilities:
Derivative liabilities: (3)
Interest rate	$	16	$	2,765	$	19	$	2,800
Foreign currency exchange rate		—		1,251		9		1,260
Credit		—		45		—		45
Equity market		7		668		514		1,189
Total derivative liabilities		23		4,729		542		5,294
Net embedded derivatives within liability host contracts (4)		—		15		2,003		2,018
Long-term debt of CSEs		—		2,237		31		2,268
Trading liabilities (6)		155		—		—		155
Total liabilities	$	178	$	6,981	$	2,576	$	9,735

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (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:
Commercial mortgage loans held by CSEs		—		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		—		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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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

(2) Mortgage loans held-for-sale are comprised of residential mortgage loans held-for-sale. See “— Fair Value Option” for additional information. The amounts in the preceding tables differ from the amounts presented in the consolidated balance sheets as these tables do not include mortgage loans that are stated at lower of amortized cost or estimated fair value.

(3) Derivative liabilities are presented within other liabilities in the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation in the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables in the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented primarily within PABs in the consolidated balance sheets. At March 31, 2013, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($147) million, respectively. At December 31, 2012, fixed maturity securities and equity securities included embedded derivatives of $0 and ($88) million, respectively.

(5) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

(6) Trading liabilities are presented within other liabilities in the consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy.

Investments

Valuation Controls and Procedures

On behalf of the Company’s Chief Investment Officer and Chief Financial Officer, a pricing and valuation committee that is independent of the trading and investing functions and comprised of senior management, provides oversight of control systems and valuation policies for securities, mortgage loans and derivatives. On a monthly basis, this committee reviews and approves new transaction types and markets, ensures that observable market prices and market-based parameters are used for valuation, wherever possible, and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. This committee also provides oversight of the selection of independent third party pricing providers and the controls and procedures to evaluate third party pricing. Periodically, the Chief Accounting Officer reports to the Audit Committee of MetLife, Inc.’s Board of Directors regarding compliance with fair value accounting standards.

The Company reviews its valuation methodologies on an ongoing basis and revises those methodologies when necessary based on changing market conditions. Assurance is gained on the overall reasonableness and consistent application of input assumptions, valuation methodologies and compliance with fair value accounting standards through controls designed to ensure valuations represent an exit price. Several controls are utilized, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, comparing fair value estimates to management’s knowledge of the current market, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. The Company ensures that prices received from independent brokers, also referred to herein as “consensus pricing,” represent a reasonable estimate of fair value by considering such pricing relative to the Company’s knowledge of the current market dynamics and current pricing

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

for similar financial instruments. While independent non-binding broker quotations are utilized, they are not used for a significant portion of the portfolio. For example, fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 6% of the total estimated fair value of Level 3 fixed maturity securities.

The Company also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained, or an internally developed valuation is prepared. Internally developed valuations of current estimated fair value, which reflect internal estimates of liquidity and nonperformance risks, compared with pricing received from the independent pricing services, did not produce material differences in the estimated fair values for the majority of the portfolio; accordingly, overrides were not material. This is, in part, because internal estimates of liquidity and nonperformance risks are generally based on available market evidence and estimates used by other market participants. In the absence of such market-based evidence, management’s best estimate is used.

Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances.

The estimated fair value of FVO securities held by CSEs, other investments, long-term debt of CSEs and trading liabilities is determined on a basis consistent with the methodologies described herein for securities. The Company consolidates certain securitization entities that hold securities that have been accounted for under the FVO and classified within FVO and trading securities.

Level 2 Valuation Techniques and Key Inputs:

This level includes securities priced principally by independent pricing services using observable inputs. FVO and trading securities, short-term investments and other investments within this level are of a similar nature and class to the Level 2 fixed maturity securities and equity securities. Contractholder-directed unit-linked investments reported within FVO and trading securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.

U.S. corporate and foreign corporate securities

These securities are principally valued using the market and income approaches. Valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads off benchmark yields, new issuances, issuer rating, duration, and

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

trades of identical or comparable securities. Privately placed securities are valued using matrix pricing methodologies using standard market observable inputs, and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer, and in certain cases, delta spread adjustments to reflect specific credit-related issues.

Foreign government and state and political subdivision securities

These securities are principally valued using the market approach. Valuations are based primarily on matrix pricing or other similar techniques using standard market observable inputs, including a benchmark U.S. Treasury yield or other yields, issuer ratings, broker-dealer quotes, issuer spreads and reported trades of similar securities, including those within the same sub-sector or with a similar maturity or credit rating.

U.S. Treasury and agency securities

These securities are principally valued using the market approach. Valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques using standard market observable inputs such as a benchmark U.S. Treasury yield curve, the spread off the U.S. Treasury yield curve for the identical security and comparable securities that are actively traded.

Structured securities comprised of RMBS, CMBS and ABS

These securities are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques using standard market inputs, including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information, including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

Common and non-redeemable preferred stock

These securities are principally valued using the market approach. Valuations are based principally on observable inputs, including quoted prices in markets that are not considered active.

Level 3 Valuation Techniques and Key Inputs:

In general, securities classified within Level 3 use many of the same valuation techniques and inputs as described previously for Level 2. However, if key inputs are unobservable, or if the investments are less liquid and there is very limited trading activity, the investments are generally classified as Level 3. The use of independent non-binding broker quotations to value investments generally indicates there is a lack of liquidity or a lack of transparency in the process to develop the valuation estimates, generally causing these investments to be classified in Level 3.

FVO and trading securities and short-term investments within this level are of a similar nature and class to the Level 3 securities described below; accordingly, the valuation techniques and significant market standard observable inputs used in their valuation are also similar to those described below.

U.S. corporate and foreign corporate securities

These securities, including financial services industry hybrid securities classified within fixed maturity securities, are principally valued using the market approach. Valuations are based primarily on matrix pricing or other similar

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

techniques that utilize unobservable inputs or inputs that cannot be derived principally from, or corroborated by, observable market data, including illiquidity premium, delta spread adjustments to reflect specific credit-related issues, credit spreads; and inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain valuations are based on independent non-binding broker quotations.

Foreign government and state and political subdivision securities

These securities are principally valued using the market approach. Valuations are based primarily on independent non-binding broker quotations and inputs, including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain valuations are based on matrix pricing that utilize inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data, including credit spreads.

Structured securities comprised of RMBS, CMBS and ABS

These securities are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques that utilize inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data, including credit spreads. Below investment grade securities, alternative residential mortgage loan RMBS and sub-prime RMBS included in this level are valued based on inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain of these valuations are based on independent non-binding broker quotations.

Common and non-redeemable preferred stock

These securities, including privately held securities and financial services industry hybrid securities classified within equity securities, are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques using inputs such as comparable credit rating and issuance structure. Certain of these securities are valued based on inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 and independent non-binding broker quotations.

Mortgage Loans

The Company has elected the FVO for commercial mortgage loans held by CSEs and certain residential mortgage loans held-for-sale.

Level 2 Valuation Techniques and Key Inputs:

Commercial Mortgage Loans Held by CSEs

These investments are principally valued using the market approach. The principal market for these investments is the securitization market. The Company uses the quoted securitization market price of the obligations of the CSEs to determine the estimated fair value of these commercial loan portfolios. These market prices are determined principally by independent pricing services using observable inputs.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Level 3 Valuation Techniques and Key Inputs:

Mortgage Loans Held-for-Sale

For these investments, when pricing for securities backed by similar adjustable-rate loans is not observable, the estimated fair value is determined using unobservable independent broker quotations or valuation models using significant unobservable inputs.

Separate Account Assets

Separate account assets are carried at estimated fair value and reported as a summarized total on the consolidated balance sheets. The estimated fair value of separate account assets is based on the estimated fair value of the underlying assets. Separate account assets include: mutual funds, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents.

Level 2 Valuation Techniques and Key Inputs:

These assets are comprised of investments that are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities” and “— Derivatives —Freestanding Derivatives.” Also included are certain mutual funds and hedge funds without readily determinable fair values as prices are not published publicly. Valuation of the mutual funds and hedge funds is based upon quoted prices or reported NAVs provided by the fund managers.

Level 3 Valuation Techniques and Key Inputs:

These assets are comprised of investments that are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities” and “— Derivatives —Freestanding Derivatives.” Also included are other limited partnership interests, which are valued giving consideration to the value of the underlying holdings of the partnerships and by applying a premium or discount, if appropriate, for factors such as liquidity, bid/ask spreads, the performance record of the fund manager or other relevant variables that may impact the exit value of the particular partnership interest.

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives or through the use of pricing models for OTC derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The valuation controls and procedures for derivatives are described in “— Investments.”

The significant inputs to the pricing models for most OTC derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Significant inputs that are observable generally include: interest rates, foreign currency exchange rates, interest rate curves, credit curves and volatility. However, certain OTC derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant inputs that are unobservable generally include references to emerging market currencies and inputs that are outside the observable portion of the interest rate curve, credit curve, volatility or other relevant market measure. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate

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given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its derivatives using the standard swap curve which includes a spread to the risk free rate. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with the standard swap curve. As the Company and its significant derivative counterparties consistently execute trades at such pricing levels, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Most inputs for OTC derivatives are mid-market inputs but, in certain cases, bid level inputs are used when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

Freestanding Derivatives

Level 2 Valuation Techniques and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. These derivatives are principally valued using the income approach.

Interest rate

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve and LIBOR basis curves.

Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves and interest rate volatility.

Foreign currency exchange rate

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates and cross currency basis curves.

Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, cross currency basis curves and currency volatility.

Credit

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves and recovery rates.

Equity market

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels and dividend yield curves.

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Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves and equity volatility.

Level 3 Valuation Techniques and Key Inputs:

These derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. These valuation methodologies generally use the same inputs as described in the corresponding sections above for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Interest rate

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve and LIBOR basis curves.

Option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves and interest rate volatility.

Foreign currency exchange rate

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves, cross currency basis curves and currency correlation.

Option-based. Significant unobservable inputs may include currency correlation and the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves, cross currency basis curves and currency volatility.

Credit

Non-option-based. Significant unobservable inputs may include credit spreads, repurchase rates and the extrapolation beyond observable limits of the swap yield curve and credit curves. Certain of these derivatives are valued based on independent non-binding broker quotations.

Equity market

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of dividend yield curves and equity volatility.

Option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of dividend yield curves, equity volatility and unobservable correlation between model inputs.

Embedded Derivatives

Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees and equity or bond indexed crediting rates within certain funding agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and GMIBs are embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within PABs in the consolidated balance sheets.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The fair value of these embedded derivatives, estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk free rates.

Capital market assumptions, such as risk free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The Company ceded the risk associated with certain of the GMIBs and GMABs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables in the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as previously described in “— Investments — Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities in the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity and bond indexed derivatives contained in certain funding agreements is determined using market standard swap valuation models and observable market inputs, including a nonperformance risk adjustment. The estimated fair value of these embedded derivatives are included, along with their funding agreements host, within PABs with changes in estimated fair value recorded in net derivative gains (losses). Changes in equity and bond indices, interest rates and the Company’s credit standing may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Techniques and Key Inputs:

Direct and Assumed Guaranteed Minimum Benefits

These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curve, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curve and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.

Reinsurance Ceded on Certain Guaranteed Minimum Benefits

These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and Assumed Guaranteed Minimum Benefits” and also include counterparty credit spreads.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

Transfers between Levels 1 and 2 were not significant for assets and liabilities measured at estimated fair value and still held at March 31, 2013 and 2012.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Transfers into Level 3 for fixed maturity securities were due primarily to a lack of trading activity, decreased liquidity and credit ratings downgrades (e.g., from investment grade to below investment grade) which have resulted in decreased transparency of valuations and an increased use of independent non-binding broker quotations and unobservable inputs, such as illiquidity premiums, delta spread adjustments, or credit spreads.

Transfers out of Level 3 for fixed maturity securities resulted primarily from increased transparency of both new issuances that, subsequent to issuance and establishment of trading activity, became priced by independent pricing services and existing issuances that, over time, the Company was able to obtain pricing from, or corroborate pricing received from, independent pricing services with observable inputs (such as observable spreads used in pricing securities) or increases in market activity and upgraded credit ratings.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					March 31, 2013				December 31, 2012				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities: (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	–	250	86	(50)	–	500	90	Decrease
			•	Illiquidity premium (4)	30	–	30	30	30	–	30	30	Decrease
			•	Credit spreads (4)	(1,424)	–	716	259	(1,416)	–	876	272	Decrease
			•	Offered quotes (5)	—	–	127	100	—	–	348	115	Increase
	•	Consensus pricing	•	Offered quotes (5)	18	–	575	94	—	–	555	92	Increase
Foreign government	•	Matrix pricing	•	Credit spreads (4)	5	–	52	31	(58)	–	150	72	Decrease
	•	Market pricing	•	Quoted prices (5)	—	–	149	93	77	–	146	99	Increase
	•	Consensus pricing	•	Offered quotes (5)	82	–	187	120	82	–	200	117	Increase
RMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	(123)	–	2,980	342	9	–	2,980	521	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	73	–	110	97	13	–	109	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	22	–	100	75	28	–	100	75	Increase (6)
CMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	383	–	14,811	874	1	–	9,164	374	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	11	–	104	98	1	–	106	99	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	109	–	109	109					Increase (6)
ABS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	35	–	1,828	183	—	–	1,829	109	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	—	–	109	101	40	–	105	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	—	–	111	90	—	–	111	97	Increase (6)
Derivatives:
Interest rate	•	Present value techniques	•	Swap yield (7)	186	–	378		186	–	353		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	230	–	762		228	–	795		Increase (12)
			•	Correlation (8)	43%	–	58%		43%	–	57%
Credit	•	Present value techniques	•	Credit spreads (9)	100	–	100		100	–	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques	•	Volatility (11)	14%	–	29%		13%	–	32%		Increase (12)
		or option pricing models	•	Correlation (8)	60%	–	60%		65%	–	65%
Embedded derivatives:
Direct and assumed	•	Option pricing	•	Mortality rates:
guaranteed		techniques		Ages 0 - 40	0%	–	0.14%		0%	–	0.14%		Decrease (13)
minimum benefits				Ages 41 - 60	0.05%	–	0.88%		0.05%	–	0.88%		Decrease (13)
				Ages 61 - 115	0.26%	–	100%		0.26%	–	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.50%	–	100%		0.50%	–	100%		Decrease (14)
				Durations 11 - 20	2%	–	100%		2%	–	100%		Decrease (14)
				Durations 21 - 116	2%	–	100%		2%	–	100%		Decrease (14)
			•	Utilization rates	20%	–	50%		20%	–	50%		Increase (15)
			•	Withdrawal rates	0%	–	20%		0.07%	–	20%		(16)
			•	Long-term equity
				volatilities	13.69%	–	40%		15.18%	–	40%		Increase (17)
			•	Nonperformance risk
				spread	(0.08%)	–	1.42%		0.10%	–	1.72%		Decrease (18)

(1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.

(2) The impact of a decrease in input would have the opposite impact on the estimated fair value.

(3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.

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(4) Range and, if applicable, weighted average are presented in basis points.

(5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.

(9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. The range being provided is a single quoted spread in the valuation model. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10) At both March 31, 2013 and December 31, 2012, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(12) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

The following is a summary of the valuation techniques and significant unobservable inputs used in the fair value measurement of assets and liabilities classified within Level 3 that are not included in the preceding table. Generally, all other classes of securities classified within Level 3, including those within separate account assets, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. This includes matrix pricing and discounted cash flow methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non-binding broker quotations. The long-term debt of CSEs is valued using independent non-binding broker quotations and internal models including matrix pricing and discounted cash flow methodologies using current interest rates. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign   Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	7,433	$	6,208	$	1,814	$	71	$	2,037	$	1,147	$	3,656	$	54
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		6		1		5		—		8		—		3		—
Net investment gains (losses)		(4)		(17)		5		—		(1)		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		171		1		(25)		—		112		(21)		(23)		—
Purchases (3)		288		313		395		45		432		392		805		—
Sales (3)		(326)		(275)		(41)		(1)		(77)		(315)		(275)		(1)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		412		26		149		—		9		143		1		—
Transfers out of Level 3 (4)		(1,554)		(432)		(99)		—		(94)		(262)		(401)		—
Balance, end of period	$	6,426	$	5,825	$	2,203	$	115	$	2,426	$	1,084	$	3,766	$	53
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	4	$	4	$	6	$	—	$	8	$	(2)	$	3	$	—
Net investment gains (losses)	$	(5)	$	(18)	$	—	$	—	$	(1)	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common     Stock		Non-   redeemable   Preferred Stock		Actively Traded   Securities		FVO General Account   Securities		FVO Contractholder- directed Unit-linked Investments		Short-term     Investments		Mortgage   Loans Held-   for-sale
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	190	$	419	$	6	$	32	$	937	$	429	$	49
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		4		(27)		1		—
Net investment gains (losses)		(1)		(22)		—		—		—		(23)		—
Net derivative gains (losses)		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(3)		48		—		—		—		21		—
Purchases (3)		5		3		8		—		578		2,048		—
Sales (3)		(2)		(47)		—		(7)		(628)		(341)		(43)
Issuances (3)		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		(4)
Transfers into Level 3 (4)		—		—		—		15		30		—		—
Transfers out of Level 3 (4)		—		—		—		—		(59)		(5)		—
Balance, end of period	$	189	$	401	$	14	$	44	$	831	$	2,130	$	2
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	3	$	(1)	$	2	$	—
Net investment gains (losses)	$	—	$	(20)	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign Currency   Exchange   Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate     Account Assets (8)		Long-term   Debt of CSEs
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	177	$	37	$	43	$	128	$	(3,162)	$	1,205	$	(44)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		16		(1)
Net derivative gains (losses)		5		(8)		(5)		(272)		1,690		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		13		(47)		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(25)		—		—		(1)		104		—		—
Purchases (3)		—		—		—		—		—		92		—
Sales (3)		—		—		—		—		—		(49)		—
Issuances (3)		—		—		—		—		—		3		—
Settlements (3)		(13)		1		—		(7)		(169)		—		14
Transfers into Level 3 (4)		—		—		—		—		—		3		—
Transfers out of Level 3 (4)		—		—		—		—		—		(51)		—
Balance, end of period	$	144	$	30	$	38	$	(139)	$	(1,584)	$	1,219	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)
Net derivative gains (losses)	$	5	$	(7)	$	(5)	$	(272)	$	1,683	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	13	$	(46)	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

73

MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign     Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	6,784	$	4,370	$	2,322	$	31	$	1,602	$	753	$	1,850	$	53
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2		5		3		—		7		6		6		—
Net investment gains (losses)		(1)		(41)		(1)		—		(1)		(18)		1		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		2		107		34		(1)		8		4		(18)		3
Purchases (3)		730		435		256		—		794		66		542		26
Sales (3)		(313)		(112)		(141)		(6)		(128)		(57)		(135)		—
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		118		44		36		—		—		8		—		—
Transfers out of Level 3 (4)		(17)		(162)		(296)		—		(36)		—		(48)		—
Balance, end of period	$	7,305	$	4,646	$	2,213	$	24	$	2,246	$	762	$	2,198	$	82
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2	$	5	$	3	$	—	$	7	$	6	$	6	$	—
Net investment gains (losses)	$	(1)	$	(30)	$	(1)	$	—	$	—	$	(15)	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common Stock		Non- redeemable Preferred Stock		Actively Traded Securities		FVO General Account Securities		FVO Contractholder- directed Unit-linked Investments		Short-term Investments		Mortgage Loans Held- for-sale		MSRs (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	281	$	438	$	—	$	23	$	1,386	$	590	$	1,414	$	666
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		1		—		—		7		17		2		—		—
Net investment gains (losses)		(1)		(3)		—		—		—		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		32		45
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		6		28		—		—		—		2		—		—
Purchases (3)		20		—		13		—		870		213		—		—
Sales (3)		—		(17)		—		—		(1,037)		(100)		—		—
Issuances (3)		—		—		—		—		—		—		277		59
Settlements (3)		—		—		—		—		—		—		(18)		(43)
Transfers into Level 3 (4)		15		—		—		—		4		—		12		—
Transfers out of Level 3 (4)		(54)		—		—		—		(3)		(245)		(9)		—
Balance, end of period	$	268	$	446	$	13	$	30	$	1,237	$	462	$	1,708	$	727
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	7	$	26	$	2	$	—	$	—
Net investment gains (losses)	$	—	$	(3)	$	—	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	32	$	47
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign   Currency   Exchange Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate Account     Assets (8)		Long-term   Debt of CSEs		Liability Related to     Securitized     Reverse Mortgage Loans (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	300	$	44	$	1	$	889	$	(4,203)	$	1,325	$	(116)	$	(1,175)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		55		(10)		—
Net derivative gains (losses)		1		17		43		(508)		1,873		—		—		—
Other revenues		(63)		—		—		—		—		—		—		(2)
Policyholder benefits and claims		—		—		—		16		(47)		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(86)		—		—		(4)		103		—		—		—
Purchases (3)		—		—		—		—		—		139		—		—
Sales (3)		—		—		—		—		—		(143)		—		—
Issuances (3)		—		—		(3)		—		—		1		—		(340)
Settlements (3)		(10)		(7)		(3)		—		(139)		(4)		44		12
Transfers into Level 3 (4)		—		—		—		—		—		26		—		—
Transfers out of Level 3 (4)		—		—		—		—		—		(17)		—		—
Balance, end of period	$	142	$	54	$	38	$	393	$	(2,413)	$	1,382	$	(82)	$	(1,505)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(10)	$	—
Net derivative gains (losses)	$	2	$	7	$	41	$	(507)	$	1,864	$	—	$	—	$	—
Other revenues	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	(3)
Policyholder benefits and claims	$	—	$	—	$	—	$	16	$	(46)	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and certain mortgage loans are included in net investment gains (losses) while changes in the estimated fair value of certain mortgage loans and mortgage servicing rights (“MSRs”) are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).

(2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4) Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.

(6) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(7) Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

(8) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(9) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a discussion of the MetLife Bank Divestiture. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for discussion of the valuation techniques and key inputs. Other revenues related to MSRs represent the changes in estimated fair value due to changes in valuation model inputs or assumptions.

Fair Value Option

The following table presents information for certain assets and liabilities accounted for under the FVO. These assets and liabilities were initially measured at fair value.

	Mortgage Loans Held-for-Sale (1)				Certain Assets and Liabilities of CSEs (2)
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Assets:
Unpaid principal balance	$	4	$	80	$	2,293	$	2,539
Difference between estimated fair value and unpaid principal balance		(2)		(31)		114		127
Carrying value at estimated fair value	$	2	$	49	$	2,407	$	2,666
Loans in non-accrual status	$	1	$	3	$	—	$	—
Loans more than 90 days past due	$	1	$	23	$	—	$	—
Loans in non-accrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(14)	$	—	$	—
Liabilities:
Contractual principal balance					$	2,191	$	2,430
Difference between estimated fair value and contractual principal balance						77		97
Carrying value at estimated fair value					$	2,268	$	2,527

(1) Interest income on residential mortgage loans held-for-sale is recorded based on the stated rate of the loan and is included in net investment income. Gains and losses from initial measurement, subsequent changes in estimated fair value and gains or losses on sales are recognized in other revenues. Changes in estimated fair value for these loans were due to the following:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(1)	$	(2)
Other changes in estimated fair value		—		170
Total gains (losses) recognized in other revenues	$	(1)	$	168

(2) These assets and liabilities are comprised of the commercial mortgage loans and the long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs is recognized in net investment income. Interest expense from long-term debt of CSEs is recognized in other expenses.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; that is, they are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Three Months Ended March 31,
	2013						2012
	Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)		Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	248	$	255	$	7	$	166	$	167	$	1
Held-for-sale	$	288	$	267	$	(21)	$	320		304	$	(16)
Other limited partnership interests (2)	$	1	$	1	$	—	$	10	$	7	$	(3)
Real estate joint ventures (3)	$	5	$	3	$	(2)	$	5	$	2	$	(3)

(1) The carrying value after measurement has been adjusted for the excess of the carrying value prior to measurement over the estimated fair value. Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.

(2) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

(3) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include several real estate funds that typically invest primarily in commercial real estate. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next one to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The estimated fair value of the excluded financial instruments, which are

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

primarily classified in Level 2 and, to a lesser extent, in Level 1, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the table below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	March 31, 2013
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	52,936	$	—	$	—	$	56,652	$	56,652
Held-for-sale		269		—		—		269		269
Mortgage loans, net	$	53,205	$	—	$	—	$	56,921	$	56,921
Policy loans	$	11,781	$	—	$	1,690	$	12,376	$	14,066
Real estate joint ventures	$	108	$	—	$	—	$	169	$	169
Other limited partnership interests	$	1,132	$	—	$	—	$	1,265	$	1,265
Other invested assets	$	882	$	232	$	301	$	349	$	882
Premiums, reinsurance and other receivables	$	2,894	$	—	$	408	$	2,756	$	3,164
Other assets	$	259	$	—	$	214	$	77	$	291
Liabilities:
PABs	$	149,851	$	—	$	—	$	157,571	$	157,571
Bank deposits	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	16,422	$	—	$	18,603	$	—	$	18,603
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,879	$	3,879
Junior subordinated debt securities	$	3,193	$	—	$	4,066	$	—	$	4,066
Other liabilities	$	4,547	$	—	$	3,303	$	1,247	$	4,550
Separate account liabilities	$	60,219	$	—	$	60,219	$	—	$	60,219
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	16	$	16
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	26	$	—	$	26

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

	December 31, 2012
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,926	$	—	$	—	$	57,381	$	57,381
Held-for-sale		365		—		—		365		365
Mortgage loans, net	$	54,291	$	—	$	—	$	57,746	$	57,746
Policy loans	$	11,884	$	—	$	1,690	$	12,567	$	14,257
Real estate joint ventures	$	113	$	—	$	—	$	171	$	171
Other limited partnership interests	$	1,154	$	—	$	—	$	1,277	$	1,277
Other invested assets	$	815	$	305	$	144	$	366	$	815
Premiums, reinsurance and other receivables	$	3,287	$	—	$	745	$	2,960	$	3,705
Other assets	$	260	$	—	$	214	$	78	$	292
Liabilities:
PABs	$	149,928	$	—	$	—	$	158,040	$	158,040
Bank deposits	$	6,416	$	—	$	2,018	$	4,398	$	6,416
Long-term debt	$	16,502	$	—	$	18,978	$	—	$	18,978
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,839	$	3,839
Junior subordinated debt securities	$	3,192	$	—	$	3,984	$	—	$	3,984
Other liabilities	$	1,913	$	—	$	673	$	1,243	$	1,916
Separate account liabilities	$	58,726	$	—	$	58,726	$	—	$	58,726
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	12	$	12
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	22	$	—	$	22

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 13 for additional information on these off-balance sheet obligations.

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows:

Mortgage Loans

Mortgage loans held-for-investment

For commercial and agricultural mortgage loans, the estimated fair value is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk. For residential mortgage loans, the estimated fair value is primarily determined from pricing for similar loans.

Mortgage loans held-for-sale

For mortgage loans held-for-sale, estimated fair value is determined using independent non-binding broker quotations or internal valuation models using significant unobservable inputs.

Policy Loans

Policy loans with fixed interest rates are classified within Level 3. The estimated fair values for these loans are determined using a discounted cash flow model applied to groups of similar policy loans determined by the nature of the underlying insurance liabilities. Cash flow estimates are developed by applying a weighted-average interest rate to the outstanding principal

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

balance of the respective group of policy loans and an estimated average maturity determined through experience studies of the past performance of policyholder repayment behavior for similar loans. These cash flows are discounted using current risk-free interest rates with no adjustment for borrower credit risk as these loans are fully collateralized by the cash surrender value of the underlying insurance policy. Policy loans with variable interest rates are classified within Level 2 and the estimated fair value approximates carrying value due to the absence of borrower credit risk and the short time period between interest rate resets, which presents minimal risk of a material change in estimated fair value due to changes in market interest rates.

Real Estate Joint Ventures and Other Limited Partnership Interests

The estimated fair values of these cost method investments are generally based on the Company’s share of the NAV as provided in the financial statements of the investees. In certain circumstances, management may adjust the NAV by a premium or discount when it has sufficient evidence to support applying such adjustments.

Other Invested Assets

These other invested assets are principally comprised of funds withheld, various interest-bearing assets held in foreign subsidiaries and certain amounts due under contractual indemnifications. For funds withheld and for the various interest-bearing assets held in foreign subsidiaries, the Company evaluates the specific facts and circumstances of each instrument to determine the appropriate estimated fair values. These estimated fair values were not materially different from the recognized carrying values.

Premiums, Reinsurance and Other Receivables

Premiums, reinsurance and other receivables are principally comprised of certain amounts recoverable under reinsurance agreements, amounts on deposit with financial institutions to facilitate daily settlements related to certain derivatives and amounts receivable for securities sold but not yet settled.

Amounts recoverable under ceded reinsurance agreements, which the Company has determined do not transfer significant risk such that they are accounted for using the deposit method of accounting, have been classified as Level 3. The valuation is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using interest rates determined to reflect the appropriate credit standing of the assuming counterparty.

The amounts on deposit for derivative settlements, classified within Level 2, essentially represent the equivalent of demand deposit balances and amounts due for securities sold are generally received over short periods such that the estimated fair value approximates carrying value.

Other Assets

These other assets are principally comprised of a receivable for cash paid to an unaffiliated financial institution under the MetLife Reinsurance Company of Charleston (“MRC”) collateral financing arrangement described in Note 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. The estimated fair value of the receivable for the cash paid to the unaffiliated financial institution under the MRC collateral financing arrangement is determined by discounting the expected future cash flows using a discount rate that reflects the credit rating of the unaffiliated financial institution.

PABs

These PABs include investment contracts. Embedded derivatives on investment contracts and certain variable annuity guarantees accounted for as embedded derivatives are excluded from this caption in the preceding tables as they are separately presented in “— Recurring Fair Value Measurements.”

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

The investment contracts primarily include certain funding agreements, fixed deferred annuities, modified guaranteed annuities, fixed term payout annuities and total control accounts. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates adding a spread to reflect the nonperformance risk in the liability.

Bank Deposits

Due to the frequency of interest rate resets on customer bank deposits held in money market accounts, the Company believes that there is minimal risk of a material change in interest rates such that the estimated fair value approximates carrying value. For time deposits, the Company has taken into consideration the sale price for the disposition of the depository business of MetLife Bank to determine the estimated fair value of bank deposits. See Note 3.

Long-term Debt, Collateral Financing Arrangements and Junior Subordinated Debt Securities

The estimated fair values of long-term debt and junior subordinated debt securities are principally determined using market standard valuation methodologies. Capital leases, which are not required to be disclosed at estimated fair value, are excluded from the preceding tables.

Valuations classified as Level 2 are based primarily on quoted prices in markets that are not active or using matrix pricing that use standard market observable inputs such as quoted prices in markets that are not active and observable yields and spreads in the market. Instruments valued using discounted cash flow methodologies use standard market observable inputs including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues.

Valuations classified as Level 3 are based primarily on discounted cash flow methodologies that utilize unobservable discount rates that can vary significantly based upon the specific terms of each individual arrangement. The determination of estimated fair values of collateral financing arrangements incorporates valuations obtained from the counterparties to the arrangements, as part of the collateral management process.

Other Liabilities

Other liabilities consist primarily of interest and dividends payable, amounts due for securities purchased but not yet settled, funds withheld amounts payable, which are contractually withheld by the Company in accordance with the terms of the reinsurance agreements, and amounts payable under certain assumed reinsurance agreements, which are recorded using the deposit method of accounting. The Company evaluates the specific terms, facts and circumstances of each instrument to determine the appropriate estimated fair values, which are not materially different from the carrying values, with the exception of certain deposit type reinsurance payables. For such payables, the estimated fair value is determined as the present value of expected future cash flows, which are discounted using an interest rate determined to reflect the appropriate credit standing of the assuming counterparty.

Separate Account Liabilities

Separate account liabilities represent those balances due to policyholders under contracts that are classified as investment contracts.

Separate account liabilities classified as investment contracts primarily represent variable annuities with no significant mortality risk to the Company such that the death benefit is equal to the account balance, funding agreements related to group life contracts and certain contracts that provide for benefit funding.

Since separate account liabilities are fully funded by cash flows from the separate account assets which are recognized at estimated fair value as described in the section “— Recurring Fair Value Measurements,” the value of those assets approximates

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the estimated fair value of the related separate account liabilities. The valuation techniques and inputs for separate account liabilities are similar to those described for separate account assets.

Mortgage Loan Commitments and Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The estimated fair values for mortgage loan commitments that will be held for investment and commitments to fund bank credit facilities, bridge loans and private corporate bonds that will be held for investment represent the difference between the discounted expected future cash flows using interest rates that incorporate current credit risk for similar instruments on the reporting date and the principal amounts of the commitments.

9. Equity

Stock-Based Compensation Plans

Performance Shares and Performance Units

For awards granted prior to the January 1, 2013 – December 31, 2015 performance period, vested Performance Shares and Performance Units are multiplied by a performance factor of 0.0 to 2.0 based on MetLife, Inc.’s adjusted income, total shareholder return, and performance in change in annual net operating earnings and total shareholder return compared to the performance of its competitors, each measured with respect to the applicable three-year performance period or portions thereof.

For the January 1, 2013 - December 31, 2015 performance period, the vested Performance Shares and Performance Units will be multiplied by a performance factor of 0.0 to 1.75. Assuming that MetLife, Inc. has met threshold performance goals related to its adjusted income or total shareholder return, the MetLife, Inc. Compensation Committee will determine the performance factor in its discretion. In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and MetLife, Inc.’s operating return on equity relative to its financial plan. The estimated fair value of performance shares will be remeasured each quarter until final settlement.

Payout of 2010 - 2012 Performance Shares

Final Performance Shares are paid in shares of MetLife, Inc. common stock. The performance factor for the January 1, 2010 — December 31, 2012 performance period was 0.92. This factor has been applied to the 1,346,025 Performance Shares associated with that performance period that vested on December 31, 2012 and, as a result, 1,238,343 shares of MetLife, Inc.’s common stock (less withholding for taxes and other items, as applicable) were issued, aside from shares that payees choose to defer, in April 2013.

Payout of 2010 - 2012 Performance Units

Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2010 — December 31, 2012 performance period was 0.92. This factor has been applied to the 51,650 Performance Units associated with that performance period that vested on December 31, 2012 and, as a result, the cash value of 47,518 units was paid in April 2013.

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Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metlife, Inc. was as follows:

	Unrealized Investment Gains (Losses), Net of   Related Offsets (1)		Unrealized Gains   (Losses) on Derivatives		Foreign Currency   Translation Adjustments		Defined Benefit   Plans Adjustment		Total
	(In millions)
Balance at December 31, 2012	$	13,590	$	829	$	(533)	$	(2,489)	$	11,397
OCI before reclassifications, net of income tax		(99)		(40)		(672)		—		(811)
Amounts reclassified from AOCI, net of income tax		(159)		116		—		37		(6)
Balance at March 31, 2013	$	13,332	$	905	$	(1,205)	$	(2,452)	$	10,580

(1) See Note 6 for information on offsets to investments related to insurance liabilities, DAC and VOBA and the policyholder dividend obligation.

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Information regarding amounts reclassified out of each component of AOCI was as follows:

AOCI Components	Amounts Reclassified from AOCI		Statement of Operations and Comprehensive Income Location
	Three Months Ended March 31, 2013
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	290	Other net investment gains (losses)
Net unrealized investment gains (losses)		21	Net investment income
OTTI		(31)	OTTI on fixed maturity securities
Net unrealized investment gains (losses), before income tax		280
Income tax (expense) benefit		(121)
Net unrealized investment gains (losses), net of income tax	$	159
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	$	4	Net derivative gains (losses)
Interest rate swaps		2	Net investment income
Interest rate forwards		3	Net derivative gains (losses)
Interest rate forwards		1	Net investment income
Interest rate forwards		(1)	Other expenses
Foreign currency swaps		(189)	Net derivative gains (losses)
Foreign currency swaps		(1)	Net investment income
Gains (losses) on cash flow hedges, before income tax		(181)
Income tax (expense) benefit		65
Gains (losses) on cash flow hedges, net of income tax	$	(116)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	$	(71)
Amortization of prior service (costs) credit		16
Amortization of defined benefit plan items, before income tax		(55)
Income tax (expense) benefit		18
Amortization of defined benefit plan items, net of income tax	$	(37)
Total reclassifications, net of income tax	$	6

(1) These AOCI components are included in the computation of net periodic benefit costs. See Note 11.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

10. Other Expenses

Information on other expenses was as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Compensation	$	1,291	$	1,494
Pension, postretirement and postemployment benefit costs		123		118
Commissions		1,388		1,557
Volume-related costs		183		92
Interest credited to bank deposits		2		21
Capitalization of DAC		(1,256)		(1,364)
Amortization of DAC and VOBA		824		714
Amortization of negative VOBA		(146)		(155)
Interest expense on debt and debt issuance costs		321		358
Premium taxes, licenses and fees		159		199
Professional services		303		415
Rent, net of sublease income		93		120
Other (1)		853		752
Total other expenses	$	4,138	$	4,321

(1) See Note 3 for information on the Japan income tax refund included in other expenses for the three months ended March 31, 2013.

Restructuring Charges

The Company commenced in 2012 an enterprise-wide strategic initiative. This global strategy focuses on leveraging the Company’s scale to improve the value it provides to customers and shareholders in order to reduce costs, enhance revenues, achieve efficiencies and reinvest in its technology, platforms and functionality to improve its current operations and develop new capabilities.

These restructuring charges are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Estimated restructuring costs may change as management continues to execute this enterprise-wide strategic initiative. Such restructuring charges, primarily related to severance, were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	23	$	—
Restructuring charges		33		27
Cash payments		(36)		—
Balance, end of period	$	20	$	27
Total restructuring charges incurred since inception of initiative	$	192	$	27

Management anticipates further restructuring charges including severance, lease and asset impairments, through the year ending December 31, 2014. However, such restructuring plans were not sufficiently developed to enable management to make an estimate of such restructuring charges at March 31, 2013.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

ALICO Acquisition Integration-Related Expenses

Integration-related costs were $36 million and $85 million for the three months ended March 31, 2013 and 2012, respectively. Integration-related costs represent costs directly related to integrating American Life and Delaware American Life Insurance Company (collectively, “ALICO”), including expenses for consulting and the integration of information systems. Such costs have been expensed as incurred and, as the integration of ALICO is an enterprise-wide initiative, these expenses are reported in Corporate & Other.

11. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. (the “Subsidiaries”) sponsor and/or administer various U.S. qualified and non-qualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. The Subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees.

The components of net periodic benefit costs were as follows:

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012		2013		2012
	(In millions)
Service costs	$	59	$	56	$	17	$	20	$	5	$	5	$	—	$	—
Interest costs		97		101		4		4		23		26		1		1
Expected return on plan assets		(121)		(121)		(2)		(2)		(19)		(19)		—		—
Amortization of net actuarial (gains) losses		57		49		—		—		14		14		—		—
Amortization of prior service costs (credit)		3		2		—		—		(19)		(26)		—		—
Net periodic benefit costs	$	95	$	87	$	19	$	22	$	4	$	—	$	1	$	1

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12. Earnings Per Common Share

The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each income category presented below:

	Three Months Ended March 31,
	2013		2012
	(In millions, except share and per share data)
Weighted Average Shares:
Weighted average common stock outstanding for basic earnings per common share		1,096,925,583		1,064,252,898
Incremental common shares from assumed:
Stock purchase contracts underlying common equity units (1)		—		—
Exercise or issuance of stock-based awards (2)		6,959,822		—
Weighted average common stock outstanding for diluted earnings per common share		1,103,885,405		1,064,252,898
Income (Loss) from Continuing Operations:
Income (loss) from continuing operations, net of income tax	$	995	$	(134)
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	959	$	(188)
Basic	$	0.87	$	(0.17)
Diluted	$	0.87	$	(0.17)
Income (Loss) from Discontinued Operations:
Income (loss) from discontinued operations, net of income tax	$	(3)	$	14
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests		—		—
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	(3)	$	14
Basic	$	—	$	0.01
Diluted	$	—	$	0.01
Net Income (Loss):
Net income (loss)	$	992	$	(120)
Less: Net income (loss) attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	(174)
Basic	$	0.87	$	(0.16)
Diluted	$	0.87	$	(0.16)

(1) See Note 15 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the Company’s common equity units. For the three months ended March 31, 2013 and 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive.

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(2) For the three months ended March 31, 2012, 6,627,984 shares related to the assumed exercise or issuance of stock-based awards have been excluded from the calculation of diluted earnings per common share as to include such assumed shares would be anti-dilutive.

13. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at March 31, 2013. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position.

Matters as to Which an Estimate Can Be Made

For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of March 31, 2013, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be approximately $0 to $315 million.

Matters as to Which an Estimate Cannot Be Made

For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

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Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920’s through approximately the 1950’s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC. MLIC employs a number of resolution strategies to manage its asbestos loss exposure, including seeking resolution of pending litigation by judicial rulings and settling individual or groups of claims or lawsuits under appropriate circumstances.

Claims asserted against MLIC have included negligence, intentional tort and conspiracy concerning the health risks associated with asbestos. MLIC’s defenses (beyond denial of certain factual allegations) include that: (i) MLIC owed no duty to the plaintiffs— it had no special relationship with the plaintiffs and did not manufacture, produce, distribute or sell the asbestos products that allegedly injured plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known; and (v) the applicable time with respect to filing suit has expired. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions to dismiss. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2012 Annual Report, MLIC received approximately 5,303 asbestos-related claims in 2012. During the three months ended March 31, 2013 and 2012, MLIC received approximately 1,435 and 1,214 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for historical information concerning asbestos claims and MLIC’s increase in its recorded liability at December 31, 2002. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the impact of the number of new claims filed in a particular jurisdiction and variations in the law in the jurisdictions in which claims are filed, the possible impact of tort reform efforts, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known by management, management does not believe any such charges are likely to have a material effect on the Company’s financial position.

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The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability is based on its estimation of the following elements, as informed by the facts presently known to it, its understanding of current law and its past experiences: (i) the probable and reasonably estimable liability for asbestos claims already asserted against MLIC, including claims settled but not yet paid; (ii) the probable and reasonably estimable liability for asbestos claims not yet asserted against MLIC, but which MLIC believes are reasonably probable of assertion; and (iii) the legal defense costs associated with the foregoing claims. Significant assumptions underlying MLIC’s analysis of the adequacy of its recorded liability with respect to asbestos litigation include: (i) the number of future claims; (ii) the cost to resolve claims; and (iii) the cost to defend claims.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through March 31, 2013.

Regulatory Matters

The Company receives and responds to subpoenas or other inquiries from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the SEC; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority (“FINRA”) seeking a broad range of information. The issues involved in information requests and regulatory matters vary widely. The Company cooperates in these inquiries.

MetLife Bank Mortgage Regulatory and Law Enforcement Authorities’ Inquiries

Since 2008, MetLife, through its affiliate, MetLife Bank, has been engaged in the origination, sale and servicing of forward and reverse residential mortgage loans. In 2012, MetLife Bank exited the business of originating residential mortgage loans and sold its residential mortgage servicing portfolios. It is in the process of winding down its mortgage servicing business. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding the MetLife Bank Divestiture. State and federal regulatory and law enforcement authorities have initiated various inquiries, investigations or examinations of alleged irregularities in the foreclosure practices of the residential mortgage servicing industry, mortgage origination and mortgage servicing practices.

On April 13, 2011, the Office of the Comptroller of the Currency (the “OCC”) entered into consent orders with several banks, including MetLife Bank. The consent orders require an independent review of foreclosure practices and set forth new residential mortgage servicing standards, including a requirement for a designated point of contact for a borrower during the loss mitigation process. MetLife Bank entered into an agreement with the OCC to settle obligations related to the independent foreclosure review required by its consent order, and will pay approximately $46 million to settle its obligations and end the foreclosure review. In addition, the Federal Reserve Board entered into consent decrees with the affiliated bank holding companies of these banks, including MetLife, Inc., to enhance the supervision of the mortgage servicing activities of their banking subsidiaries. On August 6, 2012, the Federal Reserve Board issued an Order of Assessment of a Civil Monetary Penalty Issued Upon Consent against MetLife, Inc. that will impose a penalty of up to $3.2 million for the alleged deficiencies in oversight of MetLife Bank’s servicing of residential mortgage loans and processing foreclosures that were the subject of the 2011 consent order.

MetLife Bank also had a meeting with the U.S. Department of Justice regarding mortgage servicing and foreclosure practices. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices.

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MetLife Bank has also responded to a subpoena issued by the New York State Department of Financial Services regarding hazard insurance and flood insurance that MetLife Bank obtains to protect the lienholder’s interest when the borrower’s insurance has lapsed.

In April and May 2012, MetLife Bank received two subpoenas issued by the Office of Inspector General for the U.S. Department of Housing and Urban Development regarding Federal Housing Administration (“FHA”) insured loans. In June and September 2012, MetLife Bank received two Civil Investigative Demands that the U.S. Department of Justice issued as part of a False Claims Act investigation of allegations that MetLife Bank had improperly originated and/or underwritten loans insured by the FHA. MetLife Bank had an initial meeting with the U.S. Department of Justice in March 2013 to discuss the allegations and possible resolution of the FHA False Claims Act investigation. The Company has included what it currently believes to be the probable and estimable amount of such loss in the Company’s consolidated financial statements and is continuing to investigate matters raised during that meeting.

The consent decrees, as well as the inquiries or investigations referred to above, could adversely affect MetLife’s reputation or result in significant fines, penalties, equitable remedies or other enforcement actions, and result in significant legal costs in responding to governmental investigations or other litigation. The MetLife Bank Divestiture may not relieve MetLife from complying with the consent decrees, or protect it from inquiries and investigations relating to residential mortgage servicing and foreclosure activities, or any fines, penalties, equitable remedies or enforcement actions that may result, the costs of responding to any such governmental investigations, or other litigation. Management believes that the Company’s consolidated financial statements as a whole will not be materially affected by the MetLife Bank regulatory matters.

In the Matter of Chemform, Inc. Site, Pompano Beach, Broward County, Florida

In July 2010, the Environmental Protection Agency (“EPA”) advised MLIC that it believed payments were due under two settlement agreements, known as “Administrative Orders on Consent,” that New England Mutual Life Insurance Company (“New England Mutual”) signed in 1989 and 1992 with respect to the cleanup of a Superfund site in Florida (the “Chemform Site”). The EPA originally contacted MLIC (as successor to New England Mutual) and a third party in 2001, and advised that they owed additional clean-up costs for the Chemform Site. The matter was not resolved at that time. The EPA is requesting payment of an amount under $1 million from MLIC and such third party for past costs and an additional amount for future environmental testing costs at the Chemform Site. In June 2012, the EPA, MLIC and the third party executed an Administrative Order on Consent under which MLIC and the third party have agreed to be responsible for certain environmental testing at the Chemform site. The Company estimates that its costs for the environmental testing will not exceed $100,000. The June 2012 Administrative Order on Consent does not resolve the EPA’s claim for past clean-up costs. The EPA may seek additional costs if the environmental testing identifies issues. The Company estimates that the aggregate cost to resolve this matter will not exceed $1 million.

Metco Site, Hicksville, Nassau County, New York

On February 22, 2012, the New York State Department of Environmental Conservation issued a notice to MLIC, as purported successor in interest to New England Mutual, that it is a potentially responsible party with respect to hazardous substances and hazardous waste located on a property that New England Mutual owned for a time in 1978. MLIC has responded to the Department of Environmental Conservation and asserted that it is not a potentially responsible party under the law.

Sales Practices Regulatory Matters

Regulatory authorities in a small number of states and FINRA, and occasionally the SEC, have had investigations or inquiries relating to sales of individual life insurance policies or annuities or other products by MLIC, MetLife Insurance Company of Connecticut (“MICC”), New England Life Insurance Company (“NELICO”) and General American Life Insurance Company (“GALIC”), and broker-dealers MetLife Securities, Inc., New England Securities Corporation, Walnut Street Securities, Inc. and Tower Square Securities, Inc. These investigations often focus on the conduct of particular financial services

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representatives and the sale of unregistered or unsuitable products or the misuse of client assets. Over the past several years, these and a number of investigations by other regulatory authorities were resolved for monetary payments and certain other relief, including restitution payments. The Company may continue to resolve investigations in a similar manner. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for these sales practices-related investigations or inquiries.

Unclaimed Property Litigation and Inquiries

In 2012, the Company reached agreements with representatives of the U.S. jurisdictions that were conducting audits of MetLife, Inc. and certain of its affiliates for compliance with unclaimed property laws, and with state insurance regulators directly involved in a multistate targeted market conduct examination relating to claim-payment practices and compliance with unclaimed property laws. In the first quarter of 2012, the Company recorded a $52 million after tax charge for the multistate examination payment and the expected acceleration of benefit payments to policyholders under the settlements. On September 20, 2012, the West Virginia Treasurer filed an action against MLIC in West Virginia state court (West Virginia ex rel. John D. Perdue v. Metropolitan Life Insurance Company, Circuit Court of Putnam County, Civil Action No. 12-C-295) alleging that the Company violated the West Virginia Uniform Unclaimed Property Act, seeking to compel compliance with the Act, and seeking payment of unclaimed property, interest, and penalties. On November 14, 2012, November 21, 2012, December 28, 2012, and January 9, 2013, the Treasurer filed substantially identical suits against MetLife Investors USA Insurance Company, NELICO, MICC and GALIC, respectively. At least one other jurisdiction is pursuing a market conduct examination concerning compliance with unclaimed property statutes. It is possible that other jurisdictions may pursue similar examinations, audits, or lawsuits and that such actions may result in additional payments to beneficiaries, additional escheatment of funds deemed abandoned under state laws, administrative penalties, interest, and/or further changes to the Company’s procedures. The Company is not currently able to estimate these additional possible costs.

Total Asset Recovery Services, LLC on behalf of the State of Florida v. MetLife, Inc., et. al. (Cir. Ct. Leon County, FL, filed October 27, 2010)

Alleging that MetLife, Inc. and another company have violated the Florida Disposition of Unclaimed Property law by failing to escheat to Florida benefits of 9,022 life insurance contracts, Total Asset Recovery Services, LLC (“the Relator”) has brought an action under the Florida False Claims Act seeking to recover damages on behalf of Florida. The action had been sealed by court order until December 17, 2012. The Relator alleges that the aggregate damages attributable to MetLife, Inc., including statutory damages and treble damages, are $767 million. The Relator also bases its damage calculation in part on its assumption that the average face amount of the subject policies is $120,000. MetLife, Inc. strongly disputes this assumption, the Relator’s alleged damages amounts, and other allegations in the complaint. On December 14, 2012, the Florida Attorney General apprised the court that the State of Florida declined to intervene in the action and noted that the allegations in the complaint “. . . are very similar (if not identical) to those raised in regulatory investigations of the defendants that predated the filing of the action” and that those regulatory investigations have been resolved. MetLife, Inc. intends to defend this action vigorously.

City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012)

Seeking to represent a class of persons who purchased MetLife, Inc. common shares between February 2, 2010, and October 6, 2011, the plaintiff filed an action alleging that MetLife, Inc. and several current and former executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. On February 28, 2013, the Court issued an order granting defendants’ motion to dismiss plaintiff’s claims under the Securities Exchange Act of 1934 but denying defendants’ motion to dismiss plaintiff’s claims under the Securities Act of 1933. Plaintiff has moved for leave to file an amended complaint

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

that will include a revised claim for violation of the Securities Exchange Act of 1934. The defendants intend to vigorously defend this action.

City of Birmingham Retirement and Relief System v. MetLife, Inc., et al. (N.D. Alabama, filed in state court on July 5, 2012 and removed to federal court on August 3, 2012)

Seeking to represent a class of persons who purchased MetLife, Inc. common equity units in or traceable to a public offering in March 2011, the plaintiff filed an action alleging that MetLife, Inc., certain current and former directors and executive officers of MetLife, Inc., and various underwriters violated several provisions of the Securities Act of 1933 related to the filing of the registration statement by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements and/or omissions concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. Defendants removed this action to federal court, and plaintiff has moved to remand the action to state court. The defendants intend to defend this action vigorously.

Derivative Actions and Demands

Seeking to sue derivatively on behalf of MetLife, Inc., four shareholders commenced separate actions against members of the MetLife, Inc. Board of Directors, alleging that they breached their fiduciary and other duties to the Company. The actions are Fishbaum v. Kandarian, et al. (Sup. Ct., New York County, filed January 27, 2012), Batchelder v. Burwell, et al. (Sup. Ct., New York County, filed March 6, 2012), Mallon v. Kandarian, et al. (S.D.N.Y., filed March 28, 2012), and Martino v. Kandarian, et al. (S.D.N.Y., filed April 19, 2012). The two federal court actions have been consolidated and have been stayed pending further order of the court. The two state court actions have been consolidated under the caption In re: MetLife Shareholder Derivative Action and an amended complaint has been filed. Plaintiffs in all four actions allege that the defendants failed to ensure that the Company complied with state unclaimed property laws and to ensure that the Company accurately reported its earnings. Plaintiffs allege that because of the defendants’ breaches of duty, MetLife, Inc. has incurred damage to its reputation and has suffered other unspecified damages. The defendants intend to defend these actions vigorously. A fifth shareholder, Western Pennsylvania Electrical Workers Pension Fund, has written to the MetLife, Inc. Board of Directors demanding that MetLife, Inc. take action against current and former Board members, executive officers, and MetLife, Inc.’s independent auditor, for similar alleged breaches of duty with respect to the Company’s compliance with unclaimed property laws and financial disclosures. The MetLife, Inc. Board of Directors appointed a Special Committee to investigate these allegations. On September 24, 2012, counsel for the Special Committee apprised this shareholder that the Board of Directors had reviewed the issues and rejected the demand.

Total Control Accounts Litigation

MLIC is a defendant in a consolidated lawsuit related to its use of retained asset accounts, known as Total Control Accounts (“TCA”), as a settlement option for death benefits.

Keife, et al. v. Metropolitan Life Insurance Company (D. Nev., filed in state court on July 30, 2010 and removed to federal court on September 7, 2010); and Simon v. Metropolitan Life Insurance Company (D. Nev., filed November 3, 2011)

These putative class action lawsuits, which have been consolidated, raise breach of contract claims arising from MLIC’s use of the TCA to pay life insurance benefits under the Federal Employees’ Group Life Insurance program. On March 8, 2013, the court granted MLIC’s motion for summary judgment. Plaintiffs have appealed that decision to the United States Court of Appeals for the Ninth Circuit.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Other Litigation

Roberts, et al. v. Tishman Speyer Properties, et al. (Sup. Ct., N.Y. County, filed January 22, 2007)

This lawsuit was filed by a putative class of market rate tenants at Stuyvesant Town and Peter Cooper Village against parties including Metropolitan Tower Life Insurance Company (“MTL”). These tenants claimed that MTL, as former owner, and the current owner improperly deregulated apartments while receiving J-51 tax abatements. The lawsuit sought declaratory relief and damages for rent overcharges. On November 26, 2012, the court preliminarily approved a proposed settlement, to include payment by MTL of $10.5 million. After notice to class members and a fairness hearing, on April 10, 2013, the Court issued an order approving the settlement and a judgment dismissing the case. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for this lawsuit.

Merrill Haviland, et al. v. Metropolitan Life Insurance Company (E.D. Mich., removed to federal court on July 22, 2011)

This lawsuit was filed by 45 retired General Motors (“GM”) employees against MLIC and the amended complaint includes claims for conversion, unjust enrichment, breach of contract, fraud, intentional infliction of emotional distress, fraudulent insurance acts, unfair trade practices, and Employee Retirement Income Security Act of 1974 (“ERISA”) claims based upon GM’s 2009 reduction of the employees’ life insurance coverage under GM’s ERISA-governed plan. The complaint includes a count seeking class action status. MLIC is the insurer of GM’s group life insurance plan and administers claims under the plan. According to the complaint, MLIC had previously provided plaintiffs with a “written guarantee” that their life insurance benefits under the GM plan would not be reduced for the rest of their lives. On June 26, 2012, the district court granted MLIC’s motion to dismiss the complaint. Plaintiffs have appealed that decision to the United States Court of Appeals for the Sixth Circuit.

McGuire v. Metropolitan Life Insurance Company (E.D. Mich., filed February 22, 2012)

This lawsuit was filed by the fiduciary for the Union Carbide Employees’ Pension Plan and alleges that MLIC, which issued annuity contracts to fund some of the benefits the Plan provides, engaged in transactions that ERISA prohibits and violated duties under ERISA and federal common law by determining that no dividends were payable with respect to the contracts from and after 1999. On September 26, 2012, the court denied MLIC’s motion to dismiss the complaint. The parties have begun discovery.

Sun Life Assurance Company of Canada v. Metropolitan Life Ins. Co. (Super. Ct., Ontario, October 2006)

In 2006, Sun Life Assurance Company of Canada (“Sun Life”), as successor to the purchaser of MLIC’s Canadian operations, filed this lawsuit in Toronto, seeking a declaration that MLIC remains liable for “market conduct claims” related to certain individual life insurance policies sold by MLIC and that have been transferred to Sun Life. Sun Life had asked that the court require MLIC to indemnify Sun Life for these claims pursuant to indemnity provisions in the sale agreement for the sale of MLIC’s Canadian operations entered into in June of 1998. In January 2010, the court found that Sun Life had given timely notice of its claim for indemnification but, because it found that Sun Life had not yet incurred an indemnifiable loss, granted MLIC’s motion for summary judgment. Both parties appealed. In September 2010, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Toronto, Kang v. Sun Life Assurance Co. (Super. Ct., Ontario, September 2010), alleging sales practices claims regarding the same individual policies sold by MLIC and transferred to Sun Life. An amended class action complaint in that case was served on Sun Life, again without naming MLIC as a party. On August 30, 2011, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Vancouver, Alamwala v. Sun Life Assurance Co. (Sup. Ct., British Columbia, August 2011), alleging sales practices claims regarding certain of the same policies sold by MLIC and transferred to Sun Life. Sun Life contends that MLIC is obligated to indemnify Sun Life for some or all of the claims in these lawsuits. The Company is unable to estimate the reasonably possible loss or range of loss arising from this litigation.

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MetLife, Inc.

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

Sales Practices Claims

Over the past several years, the Company has faced numerous claims, including class action lawsuits, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. Some of the current cases seek substantial damages, including punitive and treble damages and attorneys’ fees. The Company continues to vigorously defend against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters.

Summary

Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Commitments

Commitments to Fund Partnership Investments

The Company makes commitments to fund partnership investments in the normal course of business. The amounts of these unfunded commitments were $3.5 billion and $3.4 billion at March 31, 2013 and December 31, 2012, respectively. The Company anticipates that these amounts will be invested in partnerships over the next five years.

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.1 billion and $3.0 billion at March 31, 2013 and December 31, 2012, respectively.

Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The Company commits to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $906 million and $1.2 billion at March 31, 2013 and December 31, 2012, respectively.

Guarantees

The Company’s recorded liabilities were $5 million at both March 31, 2013 and December 31, 2012 for indemnities, guarantees and commitments.

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Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) — (Continued)

14. Subsequent Event

Common Stock Dividend

On April 23, 2013, the Company’s Board of Directors approved a second quarter 2013 dividend of $0.275 per common share payable on June 13, 2013 to stockholders of record as of May 9, 2013. The Company estimates the aggregate dividend payment to be $302 million.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

   Index to Management’s Discussion and Analysis of Financial Condition and Results of Operations

	Page Number
Forward-Looking Statements and Other Financial Information		99
Executive Summary		99
Industry Trends		101
Summary of Critical Accounting Estimates		108
Economic Capital		108
Acquisitions and Dispositions		108
Results of Operations		109
Investments		124
Derivatives		140
Off-Balance Sheet Arrangements		143
Policyholder Liabilities		144
Liquidity and Capital Resources		152
Adoption of New Accounting Pronouncements		161
Future Adoption of New Accounting Pronouncements		161
Non-GAAP and Other Financial Disclosures		162
Subsequent Event		163

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Forward-Looking Statements and Other Financial Information

For purposes of this discussion, “MetLife,” the “Company,” “we,” “our” and “us” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. Following this summary is a discussion addressing the consolidated results of operations and financial condition of the Company for the periods indicated. This discussion should be read in conjunction with MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012 (the “2012 Annual Report”), the forward-looking statement information included below, the “Risk Factors” set forth in Part II, Item 1A, and the additional risk factors referred to therein, and the Company’s interim condensed consolidated financial statements included elsewhere herein.

This Management’s Discussion and Analysis of Financial Condition and Results of Operations may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results. Any or all forward-looking statements may turn out to be wrong. Actual results could differ materially from those expressed or implied in the forward-looking statements. See “Note Regarding Forward-Looking Statements.”

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes references to our performance measures, operating earnings and operating earnings available to common shareholders, that are not based on accounting principles generally accepted in the United States of America (“GAAP”). Operating earnings is the measure of segment profit or loss we use to evaluate segment performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is our measure of segment performance. Operating earnings is also a measure by which senior management’s and many other employees’ performance is evaluated for the purposes of determining their compensation under applicable compensation plans. See “— Non-GAAP and Other Financial Disclosures” for definitions of such measures.

Executive Summary

MetLife is a leading global provider of insurance, annuities and employee benefit programs throughout the United States, Japan, Latin America, Asia, Europe and the Middle East. Through its subsidiaries and affiliates, MetLife offers life insurance, annuities, property & casualty insurance, and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.

MetLife is organized into six segments, reflecting three broad geographic regions: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; and Latin America (collectively, the “Americas”); Asia; and Europe, the Middle East and Africa (“EMEA”). In addition, the Company reports certain of its results of operations in Corporate & Other, which included MetLife Bank, National Association (“MetLife Bank”) (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding MetLife Bank’s exit from substantially all of its businesses (the “MetLife Bank Divestiture”)) and other business activities.

As anticipated, in the third quarter of 2012, the Company continued to realign certain products and businesses among its existing segments to better conform to the way it manages and assesses its business. Management realigned certain individual disability income and property & casualty products, which were previously reported in the Group, Voluntary & Worksite Benefits segment and began reporting such product results in the Retail segment. In accordance with this realignment, prior period operating earnings for the Retail segment increased by $61 million, net of $19 million of income tax, with a corresponding decrease in the Group, Voluntary & Worksite Benefits segment, for the three months ended March 31, 2012. Management also realigned the businesses in South Asia and India, which were previously reported in the EMEA segment and began reporting such results in the Asia segment. In accordance with this realignment, prior period operating earnings for the Asia segment increased by $4 million, net of $2 million of income tax, with a corresponding decrease in the EMEA segment, for the three months ended March 31, 2012.

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Also, in the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested Businesses. Consequently, prior period results for Corporate & Other have increased by $1 million, net of $0 of income tax, for the three months ended March 31, 2012.

In addition, starting in the first quarter of 2013, the Latin America segment includes U.S. sponsored direct business, comprised of group products sold through sponsoring organizations and affinity groups. Products included are life, dental, group short- and long-term disability, accidental death & dismemberment coverages, property & casualty and critical illness.

Management continues to evaluate the Company’s segment performance and allocated resources and may adjust related measurements in the future to better reflect segment profitability. See Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

We are experiencing an increase in sales in several of our businesses; however, global economic conditions continue to negatively impact the demand for some of our products. Also, additional changes to product features resulted in a decrease in sales of variable annuities. Portfolio growth, resulting from strong sales, in the majority of our businesses, drove positive investment results and higher asset-based fee revenue. Changes in interest rates and credit spreads, as well as the impact of a nonperformance risk adjustment, resulted in a significant decrease in derivative losses.

	Three Months Ended March 31,
	2013		2012
	(In millions)
Income (loss) from continuing operations, net of income tax	$	995	$	(134)
Less: Net investment gains (losses)		314		(110)
Less: Net derivative gains (losses)		(630)		(1,978)
Less: Other adjustments to continuing operations (1)		(748)		(411)
Less: Provision for income tax (expense) benefit		394		871
Operating earnings		1,665		1,494
Less: Preferred stock dividends		30		30
Operating earnings available to common shareholders	$	1,635	$	1,464

(1) See definitions of operating revenues and operating expenses for the components of such adjustments

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

During the three months ended March 31, 2013, income (loss) from continuing operations, net of income tax, increased $1.1 billion from the prior period. The change was predominantly due to a $1.3 billion ($876 million, net of income tax) favorable change in net derivative gains (losses) primarily driven by the impact of a nonperformance risk adjustment on embedded derivatives, as well as changes in interest rates and credit spreads, and a favorable change of $424 million ($276 million, net of tax), in net investment gains (losses). Operating earnings available to common shareholders also increased $171 million. Also included in income (loss) from continuing operations, net of income tax, were the favorable results of the Divested Businesses, which increased $35 million ($24 million, net of income tax) from the prior period.

The increase in operating earnings available to common shareholders was primarily driven by increases in net investment income due to growth in our investment portfolio and higher asset-based fee revenue due to growth in our average separate account assets, partially offset by less favorable mortality and unfavorable claims experience. In addition, the prior period included a $52 million, net of income tax, charge representing a multi-state examination payment related to unclaimed property and our use of the U.S. Social Security Administration’s Death Master File to identify potential life insurance claims, as well as the expected acceleration of benefit payments to policyholders under the settlements of such claims.

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Consolidated Company Outlook

In 2013, despite pressure from low interest rates, we expect operating earnings to be in line with 2012, driven primarily by the following:

• Growth in premiums, fees and other revenues driven by:

– Rational pricing strategy in the group insurance marketplace;

– Increases in our businesses outside of the U.S., notably accident & health, from continuing organic growth throughout our various geographic regions and leveraging of our multichannel distribution network.

• Expanding our presence in emerging markets, including potential merger and acquisition activity.

• Focus on disciplined underwriting. We see no significant changes to the underlying trends that drive underwriting results; however, unanticipated catastrophes, similar to Superstorm Sandy, could result in a high volume of claims.

• Focus on expense management in the light of the low interest rate environment, and continued focus on expense control throughout the Company.

• Continued disciplined approach to investing and asset/liability management (“ALM”), including significant hedging to protect against low interest rates and the purchasing of derivatives to protect against higher interest rates.

We expect only modest investment losses in 2013, but more difficult to predict is the impact of potential changes in fair value of freestanding and embedded derivatives as even relatively small movements in market variables, including interest rates, equity levels and volatility, can have a large impact on the fair value of derivatives and net derivative gains (losses). Additionally, changes in fair value of embedded derivatives within certain insurance liabilities may have a material impact on net derivative gains (losses) related to the inclusion of a nonperformance risk adjustment.

As part of an enterprise-wide strategic initiative, by 2016, we expect to increase our operating return on common equity, excluding accumulated other comprehensive income (“AOCI”), to the low end of the 12% to 14% range, driven by higher operating earnings. If we were to assume no share buybacks through year-end 2016, our estimated operating return on equity target range for 2016 would be approximately 100 basis points lower than this previously noted range, all other assumptions held constant. We will leverage our scale to improve the value we provide to customers and shareholders in order to achieve $1 billion in efficiencies, $600 million of which is expected to be related to net pre-tax expense savings, and $400 million of which we expect to be reinvested in our technology, platforms and functionality to improve our current operations and develop new capabilities. Additionally, we will shift our product mix toward protection products and away from more capital-intensive products, in order to generate more predictable operating earnings and cash flows, and improve our risk profile and free cash flow. We expect that by 2016, more than 20% of our operating earnings will come from emerging markets.

Industry Trends

We continue to be impacted by the unstable global financial and economic environment that has been affecting the industry.

Financial and Economic Environment

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in global capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spreads, equity prices, real estate markets, foreign currency exchange rates, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation and inflation, all affect the business and economic environment and, ultimately, the amount and profitability of our business. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect our business through their effects on general levels of economic activity,

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employment and customer behavior. While our diversified business mix and geographically diverse business operations partially mitigate these risks, correlation across regions, countries and global market factors may reduce the benefits of diversification.

Financial markets have also been affected by concerns over U.S. fiscal policy. While uncertainty regarding the “fiscal cliff” (a series of tax increases and automatic government spending cuts that would have become effective at the beginning of 2013) has been abated following a last minute Congressional compromise on January 1, questions over the direction of U.S. fiscal policy remain as a result of further Congressional action that will be needed to again raise the U.S. federal government’s debt ceiling by August 2013. Unless steps are taken to raise the debt ceiling and reduce the federal deficit, rating agencies have warned of the possibility of future downgrades of U.S. Treasury securities. These issues could, on their own, or combined with the slowing of the global economy generally, send the U.S. into a new recession, have severe repercussions to the U.S. and global credit and financial markets, further exacerbate concerns over sovereign debt of other countries and disrupt economic activity in the U.S. and elsewhere.

In September 2012, Moody’s Investors Service (“Moody’s”) changed its outlook for the U.S. life insurance industry to negative from stable, saying it expects interest rates to remain in the low single digits for the next few years, depressing such companies’ earnings. In June 2012, Moody’s announced that it downgraded the long-term ratings and standalone credit for a number of banks and securities firms with global capital markets operations. Through our ongoing credit evaluation process, we have been closely monitoring our financial institution investment holdings, including the impact of the Moody’s downgrades to these institutions, and do not expect these downgrades to have a material adverse effect on our business, results of operations and financial condition.

Concerns about economic conditions, capital markets and the solvency of certain European Union member states, including Portugal, Ireland, Italy, Greece and Spain (“Europe’s perimeter region”) and Cyprus, and of financial institutions that have significant direct or indirect exposure to debt issued by these countries, have been a cause of elevated levels of market volatility. The March 2012 restructuring of Greece domestic law sovereign debt had an adverse impact on the capital level of Cyprus’ largest financial institutions, which triggered downgrades of Cyprus sovereign debt. In April 2013, the European Union approved a €10 billion financial support program for Cyprus, the first tranche of which, could be available in May 2013, after final approvals are obtained. This official support program includes restructuring of the Cyprus banking, tax and financial systems and a restructuring of certain Cyprus financial institutions which could adversely impact certain private creditors and uninsured depositors, while sovereign creditors would not be directly impacted. See “— Investments — Current Environment” for information regarding credit ratings downgrades, support programs for Europe’s perimeter region and Cyprus and our exposure to obligations of European governments and private obligors.

The financial markets have also been affected by concerns that other European Union member states could experience similar financial troubles, that some countries could default on their obligations, have to restructure their outstanding debt, or be unable or unwilling to comply with the terms of any aid provided to them, that financial institutions with significant holdings of sovereign or private debt issued by borrowers in Europe’s perimeter region could experience financial stress, or that one or more countries may exit the Euro zone, any of which could have significant adverse effects on the European and global economies and on financial markets, generally. In September 2012, the European Central Bank (“ECB”) announced a new bond buying program, Outright Monetary Transactions, intended to stabilize the European financial crisis and help certain countries struggling with their levels of sovereign debt. This program involves the purchase by the ECB of unlimited quantities of short-term sovereign bonds, with maturities of one to three years. These large scale purchases of short-term sovereign bonds are intended to increase the price of the bonds, and lower their interest rates, making it less expensive for certain countries to borrow money. As a condition to participating in this program, countries must agree to strict levels of economic reform and oversight. See “Risk Factors — Economic Environment and Capital Markets–Related Risks — If Difficult Conditions in the Global Capital Markets and the Economy Generally Persist, They May Materially Adversely Affect Our Business and Results of Operations.” See also “Risk Factors — Economic Environment and Capital Markets-Related Risks — We Are Exposed to Significant Financial and Capital Markets Risk Which May Adversely Affect Our Results of Operations, Financial Condition and Liquidity, and May Cause Our Net Investment Income to Vary from Period to Period” included in the 2012 Annual Report.

The Japanese economy, to which we face substantial exposure given our operations there, has experienced weak economic performance for over two decades and a long period of deflation, which have led to a deterioration in public finances. The global financial crisis and March 2011 earthquake further pressured Japan’s budget outcomes and public debt levels. Going

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forward, Japan’s structural and demographic challenges may continue to limit its potential growth unless reforms that boost productivity are put into place. Japan’s high public sector debt levels are mitigated by low refinancing risks and its nominal yields on government debt have remained at a lower level than that of any other advanced country. However, frequent changes in government have prevented policy makers from implementing fiscal reform measures to put public finances on a sustainable path. In January 2013, the government and the Bank of Japan pledged to strengthen policy coordination to end deflation and to achieve sustainable economic growth. This was followed by the announcement of a supplementary budget stimulus program totaling 2% of gross domestic product and the adoption of a 2% inflation target by the Bank of Japan. In early April, the Bank of Japan announced a new round of monetary easing measures including increased government bond purchases at longer maturities. Although the yen has weakened and the stock market has rallied on the back of these announcements, it is too soon to tell whether these actions will have a sustained impact on Japan’s economy. Japan’s public debt trajectory could continue to rise until a strategy to boost longer term growth is implemented.

Impact of a Sustained Low Interest Rate Environment

As a global insurance company, we are affected by the monetary policy of central banks around the world. In the United States, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) has taken a number of actions in recent years to spur economic activity by keeping interest rates low and may take further actions to influence interest rates in the future, which may have an impact on the pricing levels of risk-bearing investments, and may adversely impact the level of product sales.

In December 2012, the Federal Reserve Board’s Federal Open Market Committee reiterated its plan to keep interest rates low until such time as certain numerical thresholds are met, including with respect to the rates of unemployment, inflation and long-term inflation. It also announced that it will continue purchasing agency mortgage-backed securities at a pace of $40 billion per month and will purchase longer-term U.S. Treasury securities at a pace of $45 billion per month. Taken together, these actions are intended to maintain downward pressure on longer-term interest rates, support mortgage markets, and contribute to a broad easing of financial market conditions that could provide additional stimulus to support the economic recovery.

Central banks in other parts of the world, including the ECB, the Bank of England, the Bank of Japan, the Bank of Australia, the Central Bank of Brazil and the Central Bank of China, have followed the recent actions of the Federal Reserve Board to lower interest rates. The collective effort globally to lower interest rates was in response to concerns about Europe’s sovereign debt crisis and slowing global economic growth. We cannot predict with certainty the effect of these programs and policies on interest rates or the impact on the pricing levels of risk-bearing investments at this time. See “— Investments — Current Environment.”

In periods of declining interest rates, we may have to invest insurance cash flows and reinvest the cash flows we received as interest or return of principal on our investments in lower yielding instruments. Moreover, borrowers may prepay or redeem the fixed income securities, commercial or agricultural mortgage loans and mortgage-backed securities in our investment portfolio with greater frequency in order to borrow at lower market rates. Therefore, some of our products expose us to the risk that a reduction in interest rates will reduce the difference between the amounts that we are required to credit on contracts in our general account and the rate of return we are able to earn on investments intended to support obligations under these contracts. This difference between interest earned and interest credited, or margin, is a key metric for the management of, and reporting for, many of our businesses.

Our expectations regarding future margins are an important component impacting the amortization of certain intangible assets such as deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”). Significantly lower margins may cause us to accelerate the amortization, thereby reducing net income in the affected reporting period. Additionally, lower margins may also impact the recoverability of intangible assets such as goodwill, require the establishment of additional liabilities or trigger loss recognition events on certain policyholder liabilities. We review this long-term margin assumption, along with other assumptions, as part of our annual assumption review.

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Mitigating Actions. The Company has been and continues to be proactive in its investment strategies, product designs, and interest crediting rate strategies to mitigate the risk of unfavorable consequences from the low interest rate environment. Lowering interest crediting rates on some products, or adjusting the dividend scale on traditional products, can help offset decreases in investment margins on some products. Our ability to lower interest crediting rates could be limited by competition, regulatory approval, or contractual guarantees of minimum rates and may not match the timing or magnitude of changes in asset yields. As a result, our margins could decrease or potentially become negative. The Company applies disciplined ALM strategies, including the use of derivatives, primarily interest rate swaps, floors and swaptions, to mitigate the risk of sustained low interest rates in the U.S. A significant portion of these derivatives were entered into prior to the onset of the current low U.S. interest rate environment. In some cases, the Company has entered into offsetting positions as part of its overall ALM strategy and to reduce volatility in net income. Business actions, such as shifting the sales focus to less interest rate sensitive products, can also mitigate this risk. In addition, the Company is well diversified across product, distribution, and geography. Certain of our non-U.S. businesses, reported within our Latin America and EMEA segments, which accounted for approximately 15% of our operating earnings in 2012, are not significantly interest rate or market sensitive, particularly to any direct sensitivity to U.S. rates. The Company’s primary exposure within these segments is insurance risk. We expect our non-U.S. businesses to grow faster than our U.S. businesses and, over time, to become a larger percentage of our total business. As a result of the foregoing, the Company expects to be able to substantially mitigate the negative impact of a sustained low interest rate environment in the U.S. on the Company’s profitability. Based on a near to intermediate term analysis of a sustained lower interest rate environment in the U.S., the Company anticipates operating earnings will continue to increase, although at a slower growth rate.

Competitive Pressures

The life insurance industry remains highly competitive. The product development and product life-cycles have shortened in many product segments, leading to more intense competition with respect to product features. Larger companies have the ability to invest in brand equity, product development, technology and risk management, which are among the fundamentals for sustained profitable growth in the life insurance industry. In addition, several of the industry’s products can be quite homogeneous and subject to intense price competition. Sufficient scale, financial strength and financial flexibility are becoming prerequisites for sustainable growth in the life insurance industry. Larger market participants tend to have the capacity to invest in additional distribution capability and the information technology needed to offer the superior customer service demanded by an increasingly sophisticated industry client base. We believe that the continued volatility of the financial markets, its impact on the capital position of many competitors, and subsequent actions by regulators and rating agencies have altered the competitive environment. In particular, we believe that these factors have highlighted financial strength as the most significant differentiator from the perspective of some customers and certain distributors. We believe the Company is well positioned to compete in this environment.

Regulatory Developments

The U.S. life insurance industry is regulated primarily at the state level, with some products and services also subject to Federal regulation. As life insurers introduce new and often more complex products, regulators refine capital requirements and introduce new reserving standards for the life insurance industry. Regulations recently adopted or currently under review can potentially impact the statutory reserve and capital requirements of the industry. In addition, regulators have undertaken market and sales practices reviews of several markets or products, including equity-indexed annuities, variable annuities and group products, as well as reviews of the utilization of affiliated captive reinsurers or off-shore entities to reinsure insurance risks. The regulation of the global financial services industry has received renewed scrutiny as a result of the disruptions in the financial markets. Significant regulatory reforms have been recently adopted and additional reforms proposed, and these or other reforms could be implemented. See “Risk Factors — Regulatory and Legal Risks — Our Insurance and Brokerage Businesses Are Highly Regulated, and Changes in Regulation and in Supervisory and Enforcement Policies May Reduce Our Profitability and Limit Our Growth.” See also “Business — U.S. Regulation,” “Business — International Regulation,” “Risk Factors — Risks Related to Our Business — Our Statutory Life Insurance Reserve Financings May Be Subject to Cost Increases and New Financings May Be Subject to Limited Market Capacity,” and “Risk Factors — Regulatory and Legal Risks — Changes in U.S. Federal and State Securities Laws and Regulations, and State Insurance Regulations Regarding Suitability of Annuity Product Sales, May Affect Our Operations and Our Profitability” included in the 2012 Annual Report.

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The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), which was signed by President Obama in July 2010, effected the most far-reaching overhaul of financial regulation in the U.S. in decades. The full impact of Dodd-Frank on us will depend on the numerous rulemaking initiatives required or permitted by Dodd-Frank which are in various stages of implementation, many of which are not likely to be completed for some time. See “Business — U.S. Regulation” included in the 2012 Annual Report.

Potential Regulation as a Non-Bank SIFI

On January 11, 2013, MetLife Bank, a subsidiary of MetLife, and MetLife completed the sale of the depository business of MetLife Bank to GE Capital Retail Bank. On February 14, 2013, MetLife announced that it had received the required approvals from both the Federal Deposit Insurance Corporation (“FDIC”) and the Federal Reserve Board to de-register as a bank holding company. As a result, MetLife is no longer regulated as a bank holding company or subject to enhanced supervision and prudential standards as a bank holding company with assets of $50 billion or more. However, if, in the future, MetLife, Inc. is designated by the Financial Stability Oversight Council (“FSOC”) as a non-bank systemically important financial institution (“non-bank SIFI”), it could once again be subject to regulation by the Federal Reserve Board and to enhanced supervision and prudential standards. See “Business — U.S. Regulation — Potential Regulation as a Non-Bank SIFI — Enhanced Prudential Standards” included in the 2012 Annual Report. Regulation of MetLife as a non-bank SIFI could affect our business. For example, enhanced capital requirements that would be applicable to MetLife, if MetLife were designated as a non-bank SIFI, may adversely affect our ability to compete with other insurers that are not subject to those requirements, and counterparty exposure limits may affect our ability to engage in hedging activities. In addition, it could give the Federal Reserve Board the right to require that any of our insurance companies, or insurance company affiliates, take prompt action to correct any financial weaknesses.

The FSOC issued final rules in April 2012, outlining the process it will follow and the criteria it will use to assess whether a non-bank financial company should be subject to enhanced supervision by the Federal Reserve Board as a non-bank SIFI. The FSOC will follow a three-stage process. In Stage 1, a set of uniform quantitative metrics will be applied to a broad group of non-bank financial companies in order to identify non-bank financial companies for further evaluation. If a non-bank financial company, such as MetLife, meets the total consolidated assets threshold and at least one of the other five quantitative thresholds used in the first stage, the FSOC will continue with two stages of further analysis using additional sources of data and qualitative and quantitative factors. As of March 31, 2013, MetLife met the total consolidated assets threshold and at least one of the other Stage 1 quantitative thresholds.

If MetLife is designated as a non-bank SIFI, it will be subject to a number of Dodd-Frank requirements that are also applicable to bank holding companies with assets of $50 billion or more. See “Business — U.S. Regulation” included in the 2012 Annual Report. In April 2013, the Federal Reserve Board proposed a rule to implement Section 318 of Dodd-Frank, which directs the Federal Reserve Board to collect assessments and other charges equal to the total expenses the Federal Reserve Board thinks is necessary for its supervision of bank holding companies and savings and loan holding companies with assets of $50 billion or more and non-bank SIFIs. As proposed, this rule would apply to MetLife for the 2012 assessment period and will apply in the future if MetLife is designated as a non-bank SIFI.

Regulatory Developments Relating to Solvency II

Our insurance business throughout the European Economic Area is also subject to the evolving Solvency II insurance regulatory directive established by the European Parliament in 2009 to codify and harmonize European Union insurance regulation. While this directive provides for new risk management practices, solvency capital standards and disclosure requirements, disagreement surrounding Omnibus II (legislation amending certain provisions of Solvency II, including the implementation date) has created uncertainty regarding the ultimate content and effective date of this directive, which is currently January 1, 2014 and could be delayed until at least 2016. In the context of the delay to Solvency II’s implementation date and to help regulators prepare for the new system, The European Insurance and Occupational Pensions Authority (“EIOPA”) has published its Consultation on Guidelines on preparing for Solvency II (the “Interim Guidelines”). These Interim Guidelines set out EIOPA’s expectations that regulators put in place important aspects of the prospective and risk based supervisory approach that will be introduced by Solvency II by January 1, 2014 despite the European Union’s on-going legislative process on Omnibus II.

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Since EIOPA and European Union member states continue to consider what aspects could be adopted during the next three years to continue the development of a more risk-based prudential framework, we may need to accelerate or adjust our implementation accordingly. Our Solvency II program is governed by a steering committee comprised of senior management. Solvency II encompasses solvency capital requirements, allows for both standard model and internal model calculations, requires a robust governance and risk management framework fully embedded in day-to-day decision making and greater quarterly and annual reporting disclosures. As requirements are finalized by the regulators, capital requirements might be impacted in a number of jurisdictions. Compliance with these new capital standards may impact the level of capital required to be held at individual legal entities. In addition, our legal entity structure throughout Europe may impact our capital requirements, risk management infrastructure and reporting by country. The efforts required to comply with these regulations may increase operating costs at these entities.

Regulatory Developments Relating to G-SIIs

The International Association of Insurance Supervisors (“IAIS”) has been tasked by the Financial Stability Board (“FSB”), an international entity established to coordinate, develop and promote effective regulatory, supervisory and other financial sector policies in the interest of financial stability, with devising a process for designating global systemically important insurers (“G-SIIs”) and has proposed an assessment methodology. The methodology has yet to be finalized but is intended to identify those insurers whose distress or disorderly failure, because of their size, complexity and interconnectedness, would cause significant disruption to the global financial system and economic activity. The proposed methodology has three steps: (i) data collection; (ii) assessment using a quantitative indicator-based assessment (addressing five categories: size, extent of global activity, degree of interconnectedness within the financial system, amount of non-traditional and non-insurance activities and substitutability) and a more qualitative business segment assessment; and (iii) supervisory judgment and validation process, including quantitative and qualitative assessments. Based on information obtained by the IAIS, the IAIS will make recommendations to the FSB in consultation with national supervisory authorities. These recommendations are expected to be made within the next three months. The FSB will publish the first list of G-SIIs soon thereafter. Any insurers identified as G-SIIs would be subject to additional policy measures. These policy measures were outlined in an October 2012 IAIS consultation paper. With the exception of additional capital requirements which are expected to be finalized by the end of 2013, the IAIS has stated that it intends to finalize G-SII policy measures by the end of June. Comments on the measures were submitted December 16, 2012. The proposed policy measures, which would need to be implemented by legislation or regulation in relevant jurisdictions, include systemic risk reduction plans (“SRRPs”) that propose separation of activities causing systemic importance into legally and financially self-sufficient entities as one means of reducing risk. Under the proposed policy measures, designated G-SIIs would have 18 months to develop an SRRP and 18 months to implement it. It is possible that if SRRP risk levels are met, no additional capital will be required. The measures also call for higher capital requirements to apply to systemically risky activities if effectively separated as described above. If systemically risky activities are not separated, while the capital surcharge would continue to target systemically risky activities, higher surcharges could be imposed. Policy measures also include enhanced supervision (including more detailed and frequent reporting, removal of barriers to orderly resolution of the G-SII and reduction of the G-SII’s systemic risk over time). If MetLife were identified as a G-SII, our competitive position could be adversely affected.

We expect the scope and extent of regulation outside of the U.S., as well as regulatory oversight, generally to continue to increase. The regulatory environment in the countries in which we operate and changes in laws could have a material adverse effect on our results of operations. See “Risk Factors — Risks Related to Our Business — Our International Operations Face Political, Legal, Operational and Other Risks, Including Exposure to Local and Regional Economic Conditions, That Could Negatively Affect Those Operations or Our Profitability” in the 2012 Annual Report.

Mortgage and Foreclosure-Related Exposures

Since 2008, MetLife, through its affiliate, MetLife Bank, has been engaged in the origination, sale and servicing of forward and reverse residential mortgage loans. In 2012, MetLife Bank exited the business of originating residential mortgage loans and sold its residential mortgage servicing portfolios. It is in the process of winding down its mortgage servicing business. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding the MetLife Bank Divestiture.

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In conjunction with the sales of residential mortgage loans and servicing portfolios, MetLife Bank has made representations and warranties that the loans sold met certain requirements (relating, for example, to the underwriting and origination of the loans), and that the loans were serviced in accordance with investor guidelines. Notwithstanding its exit from the origination and servicing businesses, MetLife Bank remains obligated to repurchase loans or compensate for losses upon demand due to alleged defects by MetLife Bank or its predecessor servicers in past servicing of the loans and material representations made in connection with MetLife Bank’s sale of the loans. Estimation of repurchase liability arising from breaches of origination representations and warranties requires considerable management judgment. MetLife Bank considers the level of outstanding unresolved repurchase demands and challenges to mortgage insurance, probable future demands in light of historical experience and changes in general economic conditions such as unemployment and the housing market, and the likelihood of recovery from indemnifications made to MetLife Bank relating to loans that MetLife Bank acquired rather than originated. Reserves for representation and warranty repurchases and indemnifications were $93 million and $95 million at March 31, 2013 and December 31, 2012, respectively. Reserves for estimated future losses due to alleged deficiencies on loans originated and sold, as well as servicing of the loans including servicing acquired, are estimated based on unresolved claims as well as projected losses under investor servicing contracts where MetLife Bank’s past actions or inactions are likely to result in missing certain stipulated investor timelines. Reserves for servicing defects were $52 million and $54 million at March 31, 2013 and December 31, 2012, respectively. Management is satisfied that adequate provision has been made in the Company’s interim condensed consolidated financial statements for those representation and warranty obligations that are currently probable and reasonably estimable.

State and federal regulatory and law enforcement authorities have initiated various inquiries, investigations or examinations of alleged irregularities in the foreclosure practices of the residential mortgage servicing industry. Mortgage servicing practices have also been the subject of Congressional attention. Authorities have publicly stated that the scope of the investigations extends beyond foreclosure documentation practices to include mortgage loan modification and loss mitigation practices.

On April 13, 2011, the Office of the Comptroller of the Currency (the “OCC”) entered into consent orders with several banks, including MetLife Bank. The consent orders require an independent review of foreclosure practices and set forth new residential mortgage servicing standards, including a requirement for a designated point of contact for a borrower during the loss mitigation process. MetLife Bank entered into an agreement with the OCC to settle obligations related to the independent foreclosure review required by its consent order, and will pay approximately $46 million to settle its obligations and end the foreclosure review. In addition, the Federal Reserve Board entered into consent decrees with the affiliated bank holding companies of these banks, including MetLife, Inc., to enhance the supervision of the mortgage servicing activities of their banking subsidiaries. On August 6, 2012, the Federal Reserve Board issued an Order of Assessment of a Civil Monetary Penalty Issued Upon Consent against MetLife, Inc. that will impose a penalty of up to $3.2 million for the alleged deficiencies in oversight of MetLife Bank’s servicing of residential mortgage loans and processing foreclosures that were the subject of the 2011 consent order.

MetLife Bank also had a meeting with the U.S. Department of Justice regarding mortgage servicing and foreclosure practices. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices.

MetLife Bank has also responded to a subpoena issued by the New York State Department of Financial Services (the “Department of Financial Services”) regarding hazard insurance and flood insurance that MetLife Bank obtains to protect the lienholder’s interest when the borrower’s insurance has lapsed.

In April and May 2012, MetLife Bank received two subpoenas issued by the Office of Inspector General for the U.S. Department of Housing and Urban Development regarding Federal Housing Administration (“FHA”) insured loans. In June and September 2012, MetLife Bank received two Civil Investigative Demands that the U.S. Department of Justice issued as part of a False Claims Act investigation of allegations that MetLife Bank had improperly originated and/or underwritten loans insured by the FHA. MetLife Bank had an initial meeting with the U.S. Department of Justice in March 2013 to discuss the allegations and possible resolution of the FHA False Claims Act investigation. The Company has included what it currently believes to be the probable and estimable amount of such loss in the Company’s consolidated financial statements and is continuing to investigate matters raised during that meeting.

The consent decrees, as well as the inquiries or investigations referred to above, could adversely affect MetLife’s reputation or result in significant fines, penalties, equitable remedies or other enforcement actions, and result in significant legal costs in

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responding to governmental investigations or other litigation. The MetLife Bank Divestiture may not relieve MetLife from complying with the consent decrees, or protect it from inquiries and investigations relating to residential mortgage servicing and foreclosure activities, or any fines, penalties, equitable remedies or enforcement actions that may result, the costs of responding to any such governmental investigations, or other litigation.

Summary of Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the Interim Condensed Consolidated Financial Statements. The most critical estimates include those used in determining:

(i) liabilities for future policyholder benefits and the accounting for reinsurance;

(ii) capitalization and amortization of DAC and the establishment and amortization of VOBA;

(iii) estimated fair values of investments in the absence of quoted market values;

(iv) investment impairments;

(v) estimated fair values of freestanding derivatives and the recognition and estimated fair value of embedded derivatives requiring bifurcation;

(vi) measurement of goodwill and related impairment;

(vii) measurement of employee benefit plan liabilities;

(viii) measurement of income taxes and the valuation of deferred tax assets; and

(ix) liabilities for litigation and regulatory matters.

In addition, the application of acquisition accounting requires the use of estimation techniques in determining the estimated fair values of assets acquired and liabilities assumed — the most significant of which relate to aforementioned critical accounting estimates. In applying our accounting policies, we make subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.

The above critical accounting estimates are described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates” and Note 1 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

Economic Capital

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in our business.

Our economic capital model aligns segment allocated equity with emerging standards and consistent risk principles. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact our consolidated net investment income, operating earnings or income (loss) from continuing operations, net of income tax.

Acquisitions and Dispositions

See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Results of Operations

Consolidated Results

We have experienced growth and an increase in sales in several of our businesses, both domestic and foreign. In the U.S., economic recovery, while slow and unsteady, resulted in growth in our group term life and dental businesses through improved persistency, increased covered lives and new sales. Pricing actions have improved sales in our structured settlement business. The sustained low interest rate environment adversely impacted sales of our pension closeouts. Sales of variable annuities declined in response to additional changes to guarantee features as we continue to focus on pricing discipline and risk management in this challenging economic environment. In our property & casualty businesses, we experienced higher policy sales as well as an increase in average premium for new policies. Sales in the majority of our businesses abroad have improved despite the challenging economic environment in certain European countries. However, market volatility in Japan resulted in a decrease in fixed annuity sales.

	Three Months Ended March 31,
	2013		2012
	(In millions)
Revenues
Premiums	$	9,151	$	9,129
Universal life and investment-type product policy fees		2,291		2,078
Net investment income		6,077		6,200
Other revenues		480		597
Net investment gains (losses)		314		(110)
Net derivative gains (losses)		(630)		(1,978)
Total revenues		17,683		15,916
Expenses
Policyholder benefits and claims and policyholder dividends		9,708		9,447
Interest credited to policyholder account balances		2,590		2,557
Capitalization of DAC		(1,256)		(1,364)
Amortization of DAC and VOBA		824		714
Amortization of negative VOBA		(146)		(155)
Interest expense on debt		321		358
Other expenses		4,395		4,768
Total expenses		16,436		16,325
Income (loss) from continuing operations before provision for income tax		1,247		(409)
Provision for income tax expense (benefit)		252		(275)
Income (loss) from continuing operations, net of income tax		995		(134)
Income (loss) from discontinued operations, net of income tax		(3)		14
Net income (loss)		992		(120)
Less: Net income (loss) attributable to noncontrolling interests		6		24
Net income (loss) attributable to MetLife, Inc.		986		(144)
Less: Preferred stock dividends		30		30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	(174)

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

During the three months ended March 31, 2013, income (loss) from continuing operations, before provision for income tax, increased $1.7 billion ($1.1 billion, net of income tax) from the prior period primarily driven by favorable changes in net derivative gains (losses) and net investment gains (losses).

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We manage our investment portfolio using disciplined ALM principles, focusing on cash flow and duration to support our current and future liabilities. Our intent is to match the timing and amount of liability cash outflows with invested assets that have cash inflows of comparable timing and amount, while optimizing risk-adjusted net investment income and risk-adjusted total return. Our investment portfolio is heavily weighted toward fixed income investments, with over 80% of our portfolio invested in fixed maturity securities and mortgage loans. These securities and loans have varying maturities and other characteristics which cause them to be generally well suited for matching the cash flow and duration of insurance liabilities. Other invested asset classes including, but not limited to, equity securities, other limited partnership interests and real estate and real estate joint ventures, provide additional diversification and opportunity for long-term yield enhancement in addition to supporting the cash flow and duration objectives of our investment portfolio. We also use derivatives as an integral part of our management of the investment portfolio to hedge certain risks, including changes in interest rates, foreign currency exchange rates, credit spreads and equity market levels. Additional considerations for our investment portfolio include current and expected market conditions and expectations for changes within our specific mix of products and business segments. In addition, the general account investment portfolio includes, within fair value option (“FVO”) and trading securities, contractholder-directed unit-linked investments supporting unit-linked variable annuity type liabilities, which do not qualify as separate account assets. The returns on these contractholder-directed unit-linked investments, which can vary significantly from period to period, include changes in estimated fair value subsequent to purchase, inure to contractholders and are offset in earnings by a corresponding change in policyholder account balances (“PABs”) through interest credited to policyholder account balances.

The composition of the investment portfolio of each business segment is tailored to the specific characteristics of its insurance liabilities, causing certain portfolios to be shorter in duration and others to be longer in duration. Accordingly, certain portfolios are more heavily weighted in longer duration, higher yielding fixed maturity securities, or certain sub-sectors of fixed maturity securities, than other portfolios.

Investments are purchased to support our insurance liabilities and not to generate net investment gains and losses. However, net investment gains and losses are incurred and can change significantly from period to period due to changes in external influences, including changes in market factors such as interest rates, foreign currency exchange rates, credit spreads and equity markets; counterparty specific factors such as financial performance, credit rating and collateral valuation; and internal factors such as portfolio rebalancing. Changes in these factors from period to period can significantly impact the levels of both impairments and realized gains and losses on investments sold.

We use freestanding interest rate, equity, credit and currency derivatives to hedge certain invested assets and insurance liabilities. Certain of these hedges are designated and qualify as accounting hedges, which reduce volatility in earnings. For those hedges not designated as accounting hedges, changes in market factors lead to the recognition of fair value changes in net derivative gains (losses) generally without an offsetting gain or loss recognized in earnings for the item being hedged.

Certain variable annuity products with guaranteed minimum benefits contain embedded derivatives that are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value recorded in net derivative gains (losses). The Company uses freestanding derivatives to hedge the market risks inherent in these variable annuity guarantees. The valuation of these embedded derivatives includes a nonperformance risk adjustment, which is unhedged and can be a significant driver of net derivative gains (losses) but does not have an economic impact on the Company.

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The variable annuity embedded derivatives and associated freestanding derivative hedges are collectively referred to as “VA program derivatives” in the following table. All other derivatives that are economic hedges of certain invested assets and insurance liabilities are referred to as “non-VA program derivatives” in the following table. The table below presents the impact on net derivative gains (losses) from non-VA program derivatives and VA program derivatives:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Non-VA program derivatives
Interest rate	$	(215)	$	(788)
Foreign currency exchange rate		(404)		(151)
Credit		44		(82)
Equity		—		1
Non-VA embedded derivatives		10		(23)
Total non-VA program derivatives		(565)		(1,043)
VA program derivatives
Market risks in embedded derivatives		1,874		2,932
Nonperformance risk on embedded derivatives		(414)		(1,244)
Other risks in embedded derivatives		214		159
Total embedded derivatives		1,674		1,847
Freestanding derivatives hedging embedded derivatives		(1,739)		(2,782)
Total VA program derivatives		(65)		(935)
Net derivative gains (losses)	$	(630)	$	(1,978)

The favorable change in net derivative gains (losses) on non-VA program derivatives was $478 million ($311 million, net of income tax). This was primarily due to long-term interest rates increasing less in the current period than in the prior period, favorably impacting receive-fixed interest rate swaps, long interest rate floors and long interest rate futures. These freestanding derivatives were primarily hedging long duration liability portfolios. Additionally, credit spreads narrowing less in the current period compared to the prior period favorably impacted credit default swaps hedging certain bonds. The weakening of the Japanese yen relative to other key currencies, unfavorably impacted foreign currency forwards and futures that primarily hedge certain bonds. This impact was partially offset by the strengthening of the U.S. Dollar relative to other key currencies, which favorably impacted foreign currency swaps hedging certain bonds. Because certain of these hedging strategies are not designated or do not qualify as accounting hedges, the changes in the estimated fair value of these freestanding derivatives are recognized in net derivative gains (losses) without an offsetting gain or loss recognized in earnings for the item being hedged.

The favorable change in net derivative gains (losses) on VA program derivatives was $870 million ($566 million, net of income tax). This was due to a favorable change of $830 million ($540 million, net of income tax) related to the change in the nonperformance risk adjustment on embedded derivatives, a favorable change of $55 million ($36 million, net of income tax) on other risks in embedded derivatives and an unfavorable change of $15 million ($10 million, net of income tax) on market risks in embedded derivatives, net of the impact of freestanding derivatives hedging those risks. Other risks relate primarily to the impact of policyholder behavior and other non-market risks that generally cannot be hedged.

The $830 million ($540 million, net of income tax) favorable change in the nonperformance risk adjustment from a loss of $1.2 billion ($809 million, net of income tax) in the prior period to a loss of $414 million ($269 million, net of income tax) in the current period, was due to the Company’s own credit spread decreasing more significantly in the prior period than in the current period, as well as the impact of changes in capital market inputs on variable annuity guarantees. The Company calculates the nonperformance risk adjustment as the change in the embedded derivative discounted at the risk adjusted rate (which includes the Company’s own credit spread) less the change in the embedded derivative discounted at the risk free rate. The nonperformance risk adjustment losses of $414 million ($269 million, net of income tax) in the current period and $1.2 billion ($809 million, net of income tax) in the prior period were both due to decreases in the Company’s own credit spread, increases in the long-term risk free interest rate, and increases in key equity index levels.

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When equity index levels decrease in isolation, the variable annuity guarantees become more valuable to policyholders, which results in an increase in the undiscounted embedded derivative liability. Discounting this unfavorable change by the risk adjusted rate yields a smaller loss than by discounting at the risk free rate, thus, creating a gain from including an adjustment for nonperformance risk.

When the risk free interest rate decreases in isolation, discounting the embedded derivative liability produces a higher valuation of the liability than if the risk free interest rate had remained constant. Discounting this unfavorable change by the risk adjusted rate yields a smaller loss than by discounting at the risk free rate, thus, creating a gain from including an adjustment for nonperformance risk.

When the Company’s own credit spread increases in isolation, discounting the embedded derivative liability produces a lower valuation of the liability than if the own credit spread had remained constant. As a result, a gain is created from including an adjustment for nonperformance risk. For each of these primary market drivers, the opposite effect occurs when they move in the opposite direction.

The foregoing $55 million ($36 million, net of income tax) favorable change in other risks in embedded derivatives was primarily due to:

• The mismatch of fund performance between actual and modeled funds, which resulted in an unfavorable period over period change in the valuation of the embedded derivatives.

• A combination of all other factors, such as in-force changes, the cross effect of capital markets changes, and the basis mismatch between assets and liabilities, which resulted in a favorable period over period change in the valuation of the embedded derivatives.

The foregoing unfavorable change of $15 million ($10 million, net of income tax) is comprised of a $1.0 billion ($678 million, net of income tax) favorable change in freestanding derivatives that hedge market risks in embedded derivatives, which was more than offset by a $1.1 billion ($688 million, net of income tax) unfavorable change in market risks in embedded derivatives.

The primary changes in market factors are summarized as follows:

• Long-term interest rates increased less in the current period than in the prior period, contributing to a favorable change in our freestanding derivatives and unfavorable changes in our embedded derivatives.

• Key equity index levels increased less in the current period than in the prior period, and equity volatility decreased less in the current period than in the prior period. These changes contributed to a favorable change in our freestanding derivatives and an unfavorable change in our embedded derivatives.

The favorable change in net investment gains (losses) primarily reflects net gains on sales of fixed maturity securities in the current period coupled with a decrease in fixed maturity securities impairments.

Income (loss) from continuing operations, before provision for income tax, related to Divested Businesses, excluding net investment gains (losses) and net derivative gains (losses), increased $35 million to a loss of $126 million in the first quarter of 2013 from a loss of $161 million in the prior period. Included in this earnings improvement was a decrease in total revenues of $314 million and a decrease in total expenses of $349 million.

Income tax expense for the three months ended March 31, 2013 was $252 million, or 20% of income (loss) from continuing operations before provision for income tax, compared with an income tax benefit of $275 million, or 67% of income (loss) from continuing operations before provision for income tax for the prior period. The Company’s first quarter 2013 and 2012 effective tax rates differ from the U.S. statutory rate of 35% primarily due to non-taxable investment income, tax credits for investments in low income housing, and foreign earnings taxed at rates lower than the U.S. statutory rate. In addition, for the three months ended March 31, 2013, the Company received an income tax refund from the Japanese tax authority and recorded a $119 million reduction to income tax expense.

112

As more fully described in “— Non-GAAP and Other Financial Disclosures,” we use operating earnings, which does not equate to income (loss) from continuing operations, net of income tax, as determined in accordance with GAAP, to analyze our performance, evaluate segment performance, and allocate resources. We believe that the presentation of operating earnings and operating earnings available to common shareholders, as we measure it for management purposes, enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of the business. Operating earnings and operating earnings available to common shareholders should not be viewed as substitutes for income (loss) from continuing operations, net of income tax, and net income (loss) available to MetLife, Inc.’s common shareholders, respectively. Operating earnings available to common shareholders increased $171 million, net of income tax, to $1.6 billion, net of income tax, for the three months ended March 31, 2013 from $1.5 billion, net of income tax, in the prior period.

Reconciliation of income (loss) from continuing operations, net of income tax, to operating earnings available to common shareholders

Three Months Ended March 31, 2013

	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin   America		Asia		EMEA		Corporate   & Other		Total
	(In millions)
Income (loss) from continuing operations, net of income tax	$	401	$	131	$	402	$	106	$	(77)	$	83	$	(51)	$	995
Less: Net investment gains (losses)		73		17		22		—		128		16		58		314
Less: Net derivative gains (losses)		(156)		(129)		105		9		(552)		(6)		99		(630)
Less: Other adjustments to continuing operations (1)		(264)		(40)		32		(65)		(269)		8		(150)		(748)
Less: Provision for income tax (expense) benefit		122		53		(56)		19		283		(22)		(5)		394
Operating earnings	$	626	$	230	$	299	$	143	$	333	$	87		(53)		1,665
Less: Preferred stock dividends														30		30
Operating earnings available to common shareholders													$	(83)	$	1,635

Three Months Ended March 31, 2012

	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin   America		Asia		EMEA		Corporate   & Other		Total
	(In millions)
Income (loss) from continuing operations, net of income tax	$	102	$	(28)	$	89	$	129	$	244	$	75	$	(745)	$	(134)
Less: Net investment gains (losses)		67		(7)		(98)		3		(78)		(18)		21		(110)
Less: Net derivative gains (losses)		(526)		(375)		(243)		37		(30)		29		(870)		(1,978)
Less: Other adjustments to continuing operations (1)		(106)		(36)		21		(69)		(2)		14		(233)		(411)
Less: Provision for income tax (expense) benefit		198		147		111		10		53		(22)		374		871
Operating earnings	$	469	$	243	$	298	$	148	$	301	$	72		(37)		1,494
Less: Preferred stock dividends														30		30
Operating earnings available to common shareholders													$	(67)	$	1,464

(1) See definitions of operating revenues and operating expenses for the components of such adjustments.

113

Reconciliation of GAAP revenues to operating revenues and GAAP expenses to operating expenses

Three Months Ended March 31, 2013

	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin   America		Asia		EMEA		Corporate   & Other		Total
	(In millions)
Total revenues	$	4,796	$	4,463	$	2,192	$	1,199	$	3,402	$	1,214	$	417	$	17,683
Less: Net investment gains (losses)		73		17		22		—		128		16		58		314
Less: Net derivative gains (losses)		(156)		(129)		105		9		(552)		(6)		99		(630)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		(2)		—		—		—		1		(2)		—		(3)
Less: Other adjustments to revenues (1)		(37)		(40)		25		9		638		393		39		1,027
Total operating revenues	$	4,918	$	4,615	$	2,040	$	1,181	$	3,187	$	813	$	221	$	16,975
Total expenses	$	4,192	$	4,268	$	1,573	$	1,071	$	3,601	$	1,075	$	656	$	16,436
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		(64)		—		—		—		(10)		(4)		—		(78)
Less: Other adjustments to expenses (1)		289		—		(7)		74		918		387		189		1,850
Total operating expenses	$	3,967	$	4,268	$	1,580	$	997	$	2,693	$	692	$	467	$	14,664

Three Months Ended March 31, 2012

	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin   America		Asia		EMEA		Corporate   & Other		Total
	(In millions)
Total revenues	$	4,382	$	3,877	$	1,711	$	1,302	$	3,502	$	1,394	$	(252)	$	15,916
Less: Net investment gains (losses)		67		(7)		(98)		3		(78)		(18)		21		(110)
Less: Net derivative gains (losses)		(526)		(375)		(243)		37		(30)		29		(870)		(1,978)
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		(5)		—		—		—		(1)		—		—		(6)
Less: Other adjustments to revenues (1)		(12)		(36)		29		76		513		458		337		1,365
Total operating revenues	$	4,858	$	4,295	$	2,023	$	1,186	$	3,098	$	925	$	260	$	16,645
Total expenses	$	4,238	$	3,929	$	1,572	$	1,133	$	3,150	$	1,256	$	1,047	$	16,325
Less: Adjustments related to net investment gains (losses) and net derivative gains (losses)		(191)		—		—		—		(1)		—		—		(192)
Less: Other adjustments to expenses (1)		280		—		8		145		515		444		570		1,962
Total operating expenses	$	4,149	$	3,929	$	1,564	$	988	$	2,636	$	812	$	477	$	14,555

(1) See definitions of operating revenues and operating expenses for the components of such adjustments.

114

Consolidated Results — Operating

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	9,151	$	9,107
Universal life and investment-type product policy fees		2,211		2,009
Net investment income		5,132		5,077
Other revenues		481		452
Total operating revenues		16,975		16,645
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9,106		8,939
Interest credited to policyholder account balances		1,554		1,539
Capitalization of DAC		(1,256)		(1,362)
Amortization of DAC and VOBA		1,016		1,018
Amortization of negative VOBA		(131)		(137)
Interest expense on debt		288		315
Other expenses		4,087		4,243
Total operating expenses		14,664		14,555
Provision for income tax expense (benefit)		646		596
Operating earnings		1,665		1,494
Less: Preferred stock dividends		30		30
Operating earnings available to common shareholders	$	1,635	$	1,464

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

The primary drivers of the increase in operating earnings were higher net investment income from portfolio growth and higher policy fee income, partially offset by unfavorable mortality and claims experience. In addition, the prior period included a $52 million charge representing a multi-state examination payment related to unclaimed property and our use of the U.S. Social Security Administration’s Death Master File to identify potential life insurance claims, as well as the expected acceleration of benefit payments to policyholders under the settlements of such claims. Changes in foreign currency exchange rates had essentially no impact on consolidated results compared to the prior period.

We benefited from strong sales, as well as growth and higher persistency, in our business across many of our products. In our Retail segment, we made additional changes to variable annuity guarantee features which resulted in a significant decrease in variable annuity sales. The demand for fixed annuity products in Japan also declined as a result of the weakening of the yen and a sharp increase in equity markets, which decreased sales. However, as a result of stronger sales of annuities in the prior period, we experienced growth in our average separate account assets. Current period deposits and funding agreement issuances in our Corporate Benefit Funding segment resulted in growth in our investment portfolio. Positive net flows in our universal life business also contributed to portfolio growth. The increase in our investment portfolio generated higher net investment income of $88 million. Since many of our products are interest spread-based, the increase in net investment income was partially offset by a $70 million increase in interest credited expense, most notably in the Corporate Benefit Funding segment. The growth in our average separate account assets generated higher policy fee income of $120 million. The decline in annuity sales also resulted in a decrease in commissions, partially offset by a decrease in related DAC capitalization, which, combined, resulted in a $25 million increase to operating earnings. Overall business growth was the primary driver of higher DAC amortization of $70 million in the current period. Higher premiums partially offset by higher policyholder benefits in our international segments improved operating earnings by $36 million.

115

We experienced less favorable mortality in our Retail, Corporate Benefit Funding and Group, Voluntary & Worksite Benefits segments. In our Group, Voluntary & Worksite Benefits segment, mixed claims experience, with a net unfavorable result was driven by an increase in claims incidence. In addition, in our Retail segment’s property & casualty business, non-catastrophe claim costs increased due to higher frequencies and catastrophe-related losses also increased. The combined impact of mortality and claims experience decreased operating earnings by $99 million.

Certain insurance-related liability and DAC refinements in both the current and the prior periods resulted in a net favorable impact of $5 million to operating earnings.

Market factors, including the low interest rate environment continued to impact our investment yields as well as our crediting rates. Excluding the Divested Businesses, yields decreased as a result of the low interest rate environment, lower real estate joint venture returns and lower inflation in the Latin America segment. These declines were partially offset by higher income on interest rate derivatives, improved private equity returns and the favorable impact of the continued repositioning of the Japan portfolio to higher yielding investments. A significant portion of these derivatives were entered into prior to the onset of the current low interest rate environment to mitigate the risk of low interest rates in the U.S. The low interest rate environment also resulted in lower interest credited expense as we set interest credited rates lower on both new business and certain in-force business with rate resets that are contractually tied to external indices or contain discretionary rate reset provisions. Our average separate account balance grew with the equity markets driving higher fee income in our annuity business. However, lower growth in the equity markets in the current period compared to the prior period resulted in an unfavorable impact in variable annuity guaranteed minimum death benefit liabilities. The changes in market factors discussed above resulted in a $51 million increase in operating earnings.

The Company benefited from the impact of certain permanent tax differences, including non-taxable investment income and tax credits for investments in low income housing. As a result, our effective tax rates differ from the U.S. statutory rate of 35%. In the first quarter of 2013, we benefited primarily from higher utilization of tax preferenced investments, which improved operating earnings by $27 million over the prior period.

116

Segment Results and Corporate & Other

Retail

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	1,547	$	1,624
Universal life and investment-type product policy fees		1,167		1,114
Net investment income		1,961		1,911
Other revenues		243		209
Total operating revenues		4,918		4,858
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		2,153		2,228
Interest credited to policyholder account balances		579		596
Capitalization of DAC		(374)		(476)
Amortization of DAC and VOBA		331		404
Other expenses		1,278		1,397
Total operating expenses		3,967		4,149
Provision for income tax expense (benefit)		325		240
Operating earnings	$	626	$	469

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts, with the exception of sales data, discussed below are net of income tax.

In 2013, the Company made additional changes to variable annuity guarantee features as we continue to manage sales volume, focusing on pricing discipline and risk management. These actions, in combination with product changes in 2012, resulted in a $1.6 billion, or 30% decrease in annuity sales. This decrease in sales was the leading factor in total net flows for the segment being down $1.7 billion compared to the prior period. Variable and universal life sales rose 4%, as we recently announced that we will be discontinuing the sale of universal life policies with secondary guarantees this year. In our property & casualty business, policy sales increased 12% in the current period with premiums from the sales of new policies increasing 21% for both our auto and homeowners businesses as compared to the prior period.

While overall segment sales declined positive net flows mainly in our universal life business resulted in higher net investment income; however, this increase was partially offset by higher interest credited and an increase in DAC amortization. We also earned higher asset based fees as our separate account assets grew with positive net flows. Higher allocated equity also bolstered net investment income. Premium growth in our property & casualty business, coupled with an increase in average premium per policy in both our auto and homeowners businesses, improved operating earnings, however this was partially offset by a decrease in exposures. The net impact of the above items resulted in an $83 million increase in operating earnings.

Our average separate account balance grew with the equity markets driving an increase in asset based fee income. This continued equity market growth also drove higher income from limited partnerships. However, lower growth in the equity markets in the current period resulted in a less favorable impact from variable annuity guaranteed minimum death benefit liabilities. The impact of the low interest rate environment resulted in a decline in net investment income on our fixed maturity securities and mortgage loans as proceeds from maturing investments are reinvested at lower yields. Additionally, we had a lower crediting rate on allocated equity in the current period, which resulted in lower net investment income. These negative interest rate impacts were partially offset by higher income on interest rate derivatives and lower interest credited expense as we reduced interest credited rates on contracts with discretionary rate reset provisions. Lower returns on real estate joint ventures also decreased operating earnings. The net impact of these items resulted in a $15 million increase in operating earnings.

117

Less favorable mortality experience in the traditional life, variable and universal life and income annuities businesses resulted in a $24 million decrease in operating earnings; however, this was more than offset by the $26 million favorable impact of a prior period charge for the expected acceleration of benefit payments to policyholders under a multi-state examination related to unclaimed property. In our property & casualty business, current period non-catastrophe claim costs increased $10 million, the result of higher frequencies in both our auto and homeowners businesses. Catastrophe-related losses increased $5 million as compared to the prior period. The impact of this can be seen in the unfavorable change in the combined ratio, excluding catastrophes, to 88.7% in the current period, compared to 87.1% in the prior period. The combined ratio including catastrophes was 94.5% in the current period compared to 91.2% in the prior period.

Refinements to DAC and certain insurance-related liabilities in both the current and prior periods resulted in a $45 million increase in operating earnings. The impact of the reduction in our closed block dividend scale, which was announced in the fourth quarter of 2012, increased operating earnings by $18 million. In addition, expenses declined $13 million, largely as a result of disciplined spending and lower premium taxes.

Group, Voluntary & Worksite Benefits

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	3,874	$	3,585
Universal life and investment-type product policy fees		180		166
Net investment income		453		436
Other revenues		108		108
Total operating revenues		4,615		4,295
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		3,640		3,313
Interest credited to policyholder account balances		39		42
Capitalization of DAC		(33)		(31)
Amortization of DAC and VOBA		34		30
Other expenses		588		575
Total operating expenses		4,268		3,929
Provision for income tax expense (benefit)		117		123
Operating earnings	$	230	$	243

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

While economic recovery has been underway for quite some time, it has remained slow and unsteady. Still, there are continuing signs of improvement to the macro-economic environment that are likely to instill confidence in the economy and spur stronger growth. We have seen growth in our group term life and dental businesses through improved persistency, increased covered lives, the positive impact of pricing actions on existing business, and new sales. Our dental business also continues to benefit from the implementation of a large contract that began in the second quarter of 2012. Although we have discontinued selling our LTC product, we continue to collect premiums and administer the existing block of business, contributing to asset growth in the segment. Policy sales for our property & casualty business increased 20% in the first quarter of 2013, with premium from the sales of new policies increasing 13% for both our auto and homeowners businesses, as compared to the prior period.

Our life businesses experienced less favorable mortality in the current period, mainly due to higher incidence, resulting in a decrease in operating earnings of $22 million. An increase in claims incidence in our LTC, disability and accidental death and

118

dismemberment businesses, partially offset by favorable claims experience in our dental business, resulted in a $14 million decrease in operating earnings. Driving this decrease in operating earnings were higher paid claims in our LTC business, coupled with higher incidence and approvals in our disability business, which were partially offset by lower utilization in our dental business. Property & casualty non-catastrophe claim costs were flat compared to the prior period, as higher claims frequency was offset by lower claims severity in both our auto and homeowners businesses. In addition, catastrophe-related losses in the current period were flat as compared to the prior period. Finally, the change in the impact of property & casualty’s prior year development on operating earnings was less favorable than the prior period by $5 million. The impact of the items discussed above related to the property & casualty business can be seen in an unfavorable change in the combined ratio, excluding catastrophes, to 90.4% in the current period from 89.8% in the prior period, as well as an unfavorable change in the combined ratio, including catastrophes, to 92.8% in the current period from 92.3% in the prior period.

An increase in allocated equity and growth in current period premiums and deposits, partially offset by a reduction in other liabilities, resulted in an increase in our average invested assets, increasing operating earnings by $4 million. Consistent with the growth in average invested assets from current period premiums and deposits, primarily in our LTC business, interest credited on long-duration contracts and policyholder account balances increased by $4 million. An increase in the average premium per policy in both our auto and homeowners businesses, coupled with a slight increase in exposures, improved operating earnings by $10 million.

Increased derivative income on interest rate floors and the impact of market factors, including higher returns on private equity investments and increased prepayment fee income, resulted in improved investment yields. Unlike in the Retail and Corporate Benefit Funding segments, a change in investment yield does not necessarily drive a corresponding change in the rates credited on certain insurance liabilities. The increase in investment yield, as well as lower crediting rates in the current period, contributed $12 million to operating earnings.

Corporate Benefit Funding

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	464	$	507
Universal life and investment-type product policy fees		68		51
Net investment income		1,435		1,401
Other revenues		73		64
Total operating revenues		2,040		2,023
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,098		1,092
Interest credited to policyholder account balances		343		339
Capitalization of DAC		(17)		(7)
Amortization of DAC and VOBA		11		10
Interest expense on debt		2		2
Other expenses		143		128
Total operating expenses		1,580		1,564
Provision for income tax expense (benefit)		161		161
Operating earnings	$	299	$	298

119

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

The sustained low interest rate environment has contributed to pension plans being underfunded, which limits our customers’ ability to engage in full pension plan closeout terminations, and is reflected by a decrease in premiums of $76 million, before income tax. However, we expect that customers may choose to close out portions of pension plans over time, at costs reflecting current interest rates and availability of capital. This premium decrease was partially offset by a 26% increase in income annuity sales driven by employee actions on a single contract and slightly higher structured settlement sales reflecting more competitive pricing and an increased market share as competitors have left the market. Changes in premiums for these businesses were almost entirely offset by the related changes in policyholder benefits. The impact of current period deposits and funding agreement issuances contributed to an increase in invested assets, resulting in an increase of $90 million in operating earnings. Growth in deposits and funding agreement issuances generally results in a corresponding increase in interest credited on certain insurance liabilities; this decreased operating earnings by $50 million compared to the prior period.

Operating earnings also increased $7 million primarily driven by lower non-variable expenses related to technology initiatives in the prior period, coupled with higher fees generated from higher average separate account deposits. The lower interest rate environment increased the value of fixed income investments in separate accounts.

The low interest rate environment continued to impact our investment returns, as well as interest credited on certain insurance liabilities. Lower investment returns on our fixed maturity securities and mortgage loans were partially offset by increased earnings on private equity investments and interest rate derivatives. Many of our funding agreement and guaranteed interest contract liabilities have interest credited rates that are contractually tied to external indices and, as a result, we set lower interest credited rates on new business, as well as on existing business with terms that can fluctuate. The positive impact of lower interest credited rates was partially offset by an increase in interest credited expense resulting from the impact of derivatives that are used to hedge certain insurance liabilities. The net impact of lower investment returns and lower interest credited expense resulted in a decrease in operating earnings of $23 million.

The net impact of insurance liability refinements in the current and prior periods decreased operating earnings by $12 million. In addition, less favorable mortality, primarily in the structured settlements business, resulted in a $12 million decrease in operating earnings.

Latin America

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	675	$	686
Universal life and investment-type product policy fees		225		196
Net investment income		277		299
Other revenues		4		5
Total operating revenues		1,181		1,186
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		554		592
Interest credited to policyholder account balances		104		100
Capitalization of DAC		(105)		(84)
Amortization of DAC and VOBA		74		55
Amortization of negative VOBA		(1)		(2)
Interest expense on debt		(1)		1
Other expenses		372		326
Total operating expenses		997		988
Provision for income tax expense (benefit)		41		50
Operating earnings	$	143	$	148

120

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

Latin America experienced strong sales growth primarily driven by retirement products in Mexico and by accident and health products in Argentina and Brazil. Changes in premiums for these products were almost entirely offset by the related changes in policyholder benefits. The growth in our businesses drove an increase in average invested assets, which generated higher net investment income and higher policy fee income, partially offset by a corresponding increase in interest credited on certain insurance liabilities. The increase in sales also generated higher commission expense, which was partially offset by a corresponding increase in DAC capitalization. The items discussed above were the primary drivers of a $5 million improvement in operating earnings.

Market factors decreased operating earnings by $12 million. A decrease in investment yields was primarily attributable to lower returns on fixed maturity securities, primarily in Brazil and Mexico. In addition, lower variable rate investments in Brazil, and lower income on derivatives in Chile decreased operating earnings. These decreases were partially offset by a decrease in interest credited expense. A decrease in net investment income from lower inflation in the current year was substantially offset by a corresponding decrease in policyholder benefits.

The impact of changes in foreign currency exchange rates reduced operating earnings by $2 million for the first quarter of 2013 compared to the prior period. In addition, current period results include various favorable income tax items of $4 million and favorable claims experience of $2 million.

Asia

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	1,998	$	2,039
Universal life and investment-type product policy fees		444		362
Net investment income		732		681
Other revenues		13		16
Total operating revenues		3,187		3,098
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		1,415		1,360
Interest credited to policyholder account balances		442		429
Capitalization of DAC		(546)		(587)
Amortization of DAC and VOBA		401		373
Amortization of negative VOBA		(113)		(131)
Interest expense on debt		—		1
Other expenses		1,094		1,191
Total operating expenses		2,693		2,636
Provision for income tax expense (benefit)		161		161
Operating earnings	$	333	$	301

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

Operating earnings increased by $32 million over the prior period. The impact of changes in foreign currency exchange rates reduced operating earnings by $4 million for the first quarter of 2013 compared to the prior period.

121

Market volatility in Japan due to a rapidly weakening Japanese yen and a sharp increase in equity markets drove a shift in consumer preferences away from foreign currency denominated retirement products, which resulted in a decline in fixed annuity sales in Japan. Australia’s sales declined due to the sale of a large group insurance contract in the prior period. In India, sales increased 40% compared to the prior period as the business benefited from our new relationship with Punjab National Bank.

Asia’s premiums and fee income increased over the prior period driven by business growth in ordinary life, variable life and accident & health products in Japan and Korea. During the quarter, surrenders of fixed annuity products in Japan also contributed to higher fee income. Changes in premiums for these businesses were partially offset by related changes in policyholder benefits. The decline in overall sales resulted in a decrease in commissions, which were partially offset by a decrease in related DAC capitalization. Despite lower sales, average invested assets increased over the prior period, reflecting positive cash flows from our life and annuity businesses in Japan generating increases in net investment income, partially offset by an increase in interest credited to policyholders. DAC amortization and other expenses increased from overall business growth. The combined impact of the items discussed above improved operating earnings by $29 million.

The continuing repositioning of the Japan investment portfolio to higher yielding investments and higher prepayment fees contributed to an increase in investment yields. In addition, yields improved as a result of growth in the Australian and U.S. dollar annuity businesses, reflecting a higher yielding and more diversified portfolio of Australian and U.S. dollar investments. These improvements in investment yields increased operating earnings by $39 million.

Current period results include an unfavorable liability refinement of $14 million in China and a one-time tax benefit of $6 million driven by the realization of foreign tax credits. Prior period results include a favorable liability refinement of $16 million in Japan. In addition, unfavorable claims experience decreased operating earnings by $9 million.

EMEA

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	567	$	652
Universal life and investment-type product policy fees		91		80
Net investment income		128		157
Other revenues		27		36
Total operating revenues		813		925
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		237		343
Interest credited to policyholder account balances		35		33
Capitalization of DAC		(177)		(177)
Amortization of DAC and VOBA		165		146
Amortization of negative VOBA		(17)		(4)
Interest expense on debt		1		—
Other expenses		448		471
Total operating expenses		692		812
Provision for income tax expense (benefit)		34		41
Operating earnings	$	87	$	72

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Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

Operating earnings increased by $15 million over the prior period. The impact of changes in foreign currency exchange rates increased operating earnings by $2 million for the first quarter 2013 compared to the prior period. The third quarter 2012 acquisition of life insurance businesses in the Czech Republic, Hungary and Romania from the members of the Aviva Plc. group increased operating earnings by $4 million. Also, operating earnings benefited from adjustments totaling $8 million in Greece for liability refinements in our ordinary and deferred annuity businesses, as well as the impact of a change in the local corporate tax rate in the first quarter of 2013. Partially offsetting these increases was the disposal of certain closed blocks of business in the U.K. which decreased operating earnings by $15 million.

While sales increased compared to the prior period, this business growth was somewhat dampened by challenging economic environments in some European countries. This business growth was driven primarily by Turkey, Russia and the Persian Gulf, partially offset by management’s decision to cease fixed annuity sales in the U.K. Operating expenses decreased primarily in France, Poland and Greece as a result of expense reduction initiatives, partially offset by higher corporate allocations. The combined impact of the items discussed above increased operating earnings by $25 million.

Operating earnings decreased $14 million reflecting lower investment yields. The decrease in these yields reflects higher returns in the prior period on fixed maturity securities and mutual fund investments, primarily in Greece, and higher returns on certain securities, primarily in Poland.

Corporate & Other

	Three Months Ended March 31,
	2013		2012
	(In millions)
OPERATING REVENUES
Premiums	$	26	$	14
Universal life and investment-type product policy fees		36		40
Net investment income		146		192
Other revenues		13		14
Total operating revenues		221		260
OPERATING EXPENSES
Policyholder benefits and claims and policyholder dividends		9		11
Interest credited to policyholder account balances		12		—
Capitalization of DAC		(4)		—
Interest expense on debt		286		311
Other expenses		164		155
Total operating expenses		467		477
Provision for income tax expense (benefit)		(193)		(180)
Operating earnings		(53)		(37)
Less: Preferred stock dividends		30		30
Operating earnings available to common shareholders	$	(83)	$	(67)

Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012

Unless otherwise stated, all amounts discussed below are net of income tax.

Operating earnings available to common shareholders and operating earnings each decreased $16 million, primarily due to lower earnings on invested assets that were funded using Federal Home Loan Bank (“FHLB”) advances, higher other expenses and lower net investment income. These decreases were partially offset by higher operating earnings from the assumed reinsurance of a variable annuity business.

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Operating earnings on invested assets that were funded using FHLB advances decreased $10 million, reflected by decreases in net investment income and interest expense on debt, due to the transfer of $3.8 billion of FHLB advances and underlying assets from MetLife Bank to Corporate Benefit Funding in April 2012.

In the first quarter of 2012, the Company benefited from the positive resolution of certain legal matters totaling $16 million. In the current period, the Company incurred $7 million of higher costs associated with its enterprise-wide strategic initiative, of which $4 million represents employee-related restructuring charges. In addition, the current period included higher costs associated with interest on uncertain tax positions, other employee-related costs, and advertising expenses, which combined totaled $13 million. Partially offsetting these costs was a prior period charge of $26 million, representing a multi–state examination payment related to unclaimed property and MetLife’s use of the U.S. Social Security Administration’s Death Master File.

Net investment income decreased $3 million, excluding the FHLB which is discussed above and the divested MetLife Bank operations, driven by an increase in the amount credited to the segments due to growth in the economic capital managed by Corporate & Other on their behalf and lower returns from our alternative investments, partially offset by higher returns on private equity investments.

Operating earnings associated with the assumed reinsurance of certain variable annuity products from our former operating joint venture in Japan increased $8 million. This was primarily due to a decrease in benefit liabilities resulting from higher returns in the underlying funds.

Investments

Investment Risks

Our primary investment objective is to optimize, net of income tax, risk-adjusted investment income and risk-adjusted total return while ensuring that assets and liabilities are managed on a cash flow and duration basis. We are exposed to the following primary sources of investment risk:

• credit risk, relating to the uncertainty associated with the continued ability of a given obligor to make timely payments of principal and interest;

• interest rate risk, relating to the market price and cash flow variability associated with changes in market interest rates. Changes in market interest rates can result from governmental monetary policies, domestic and international economic and political conditions, and other factors beyond our control, and will impact the net unrealized gain or loss position of our fixed income investment portfolio and the rates of return we receive on both new funds invested and reinvestment of existing funds.

• liquidity risk, relating to the diminished ability to sell certain investments, in times of strained market conditions;

• market valuation risk, relating to the variability in the estimated fair value of investments associated with changes in market factors such as credit spreads. A widening of credit spreads will adversely impact the net unrealized gain (loss) position of the fixed income investment portfolio, will increase losses associated with credit-based non-qualifying derivatives where we assume credit exposure, and, if credit spreads widen significantly or for an extended period of time, will likely result in higher other-than-temporary impairments (“OTTI”). Credit spread tightening will reduce net investment income associated with purchases of fixed maturity securities and will favorably impact the net unrealized gain (loss) position of the fixed income investment portfolio.

• currency risk, relating to the variability in currency exchange rates for foreign denominated investments. This risk relates to potential decreases in estimated fair value and income resulting from a strengthening or weakening in currency exchange rates versus the U.S. dollar. In general, the weakening of foreign currencies versus the U.S. dollar will adversely affect the estimated fair value of our foreign denominated investments; and

• real estate risk, relating to commercial and agricultural real estate, and stemming from factors, which include, but are not limited to, market conditions including the demand and supply of leasable commercial space, creditworthiness of tenants and partners, capital markets volatility and the inherent interest rate movement.

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We manage investment risk through in-house fundamental credit analysis of the underlying obligors, issuers, transaction structures and real estate properties. We also manage credit risk, market valuation risk and liquidity risk through industry and issuer diversification and asset allocation. For commercial real estate and agricultural assets, we manage credit risk and market valuation risk through geographic, property type and product type diversification and asset allocation. We manage interest rate risk as part of our asset and liability management strategies. These strategies include maintaining an investment portfolio with diversified maturities that has a weighted average duration that is approximately equal to the duration of our estimated liability cash flow profile through product design, such as the use of market value adjustment features and surrender charges. We also manage interest rate risk through proactive monitoring and management of certain non-guaranteed elements of our products, such as the resetting of credited interest and dividend rates for policies that permit such adjustments. In addition to hedging with foreign currency derivatives, we manage currency risk by matching much of our foreign currency liabilities in our foreign subsidiaries with their respective foreign currency assets, thereby reducing our risk to foreign currency exchange rate fluctuation. We also use certain derivatives in the management of credit, interest rate, and equity market risks.

We use purchased credit default swaps to mitigate credit risk in our investment portfolio. Generally, we purchase credit protection by entering into credit default swaps referencing the issuers of specific assets we own. In certain cases, basis risk exists between these credit default swaps and the specific assets we own. For example, we may purchase credit protection on a macro basis to reduce exposure to specific industries or other portfolio concentrations. In such instances, the referenced entities and obligations under the credit default swaps may not be identical to the individual obligors or securities in our investment portfolio. In addition, our purchased credit default swaps may have shorter tenors than the underlying investments they are hedging. However, we dynamically hedge this risk through the rebalancing and rollover of its credit default swaps at their most liquid tenors. We believe that our purchased credit default swaps serve as effective legal and economic hedges of our credit exposure.

We generally enter into market standard purchased and written credit default swap contracts. Payout under such contracts is triggered by certain credit events experienced by the referenced entities. For credit default swaps covering North American corporate issuers, credit events typically include bankruptcy and failure to pay on borrowed money. For European corporate issuers, credit events typically also include involuntary restructuring. With respect to credit default contracts on Western European sovereign debt, credit events typically include failure to pay debt obligations, repudiation, moratorium, or involuntary restructuring. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association deems that a credit event has occurred.

Current Environment

The global economy and markets continue to be affected by significant stress and volatility, which has adversely affected the financial services sector in particular and global capital markets. As a global insurance company, we are affected by the monetary policy of central banks around the world. In the United States, the Federal Reserve Board has taken a number of policy actions in recent years to spur economic activity, by keeping interest rates low and, more recently, through its asset purchase programs. See “— Industry Trends — Impact of Sustained Low Interest Rate Environment” for information on actions taken by the Federal Reserve Board and central banks around the world to support the economic recovery. See “— Industry Trends — Financial and Economic Environment” for information on actions taken by Japan’s central government and the Bank of Japan to end deflation and achieve sustainable economic growth in Japan. The Federal Reserve Board may take further actions to influence interest rates in the future, which may have an impact on the pricing levels of risk-bearing investments and may adversely impact the level of product sales.

European Region Investments. Excluding Europe’s perimeter region and Cyprus which is discussed below, our holdings of sovereign debt, corporate debt and perpetual hybrid securities in certain European Union member states and other countries in the region that are not members of the European Union (collectively, the “European Region”) were concentrated in the U.K., Germany, France, the Netherlands, Poland, Norway and Sweden. The sovereign debt of these countries continues to maintain the highest credit ratings from all major rating agencies. In the European Region, we have proactively mitigated risk in both direct and indirect exposures by investing in a diversified portfolio of high quality investments with a focus on the higher-rated countries. Sovereign debt issued by countries outside of Europe’s perimeter region and Cyprus comprised $8.7 billion, or over 99% of our European Region sovereign fixed maturity securities, at estimated fair value at March 31, 2013. The European Region corporate securities (fixed maturity and perpetual hybrid securities classified as non-redeemable preferred stock) are

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invested in a diversified portfolio of primarily non-financial services securities, which comprised $25.0 billion, or 75% of European Region total corporate securities, at estimated fair value at March 31, 2013. Of these European Region sovereign fixed maturity and corporate securities, 91% were investment grade and, for the 9% that were below investment grade, the majority were non-financial services corporate securities at March 31, 2013. European Region financial services corporate securities at estimated fair value were $8.4 billion, including $6.4 billion within the banking sector, with 94% invested in investment grade rated corporate securities, at March 31, 2013.

Europe’s Perimeter Region and Cyprus. Concerns about the economic conditions, capital markets and the solvency of certain European Union member states, including Europe’s perimeter region and Cyprus and of financial institutions that have significant direct or indirect exposure to their sovereign debt continue to create market volatility. This market volatility will likely continue to affect the performance of various asset classes in 2013, and perhaps longer, until there is an ultimate resolution of these European Union sovereign debt-related concerns.

The March 2012 restructuring of Greece domestic law sovereign debt had an adverse impact on the capital level of Cyprus’ largest financial institutions, which triggered downgrades of Cyprus sovereign debt. In April 2013, the European Union approved a €10 billion financial support program for Cyprus, the first tranche of which could be available in May 2013, after final approvals are obtained. This official support program includes restructuring of the Cyprus banking, tax and financial systems and a restructuring of certain Cyprus financial institutions which could adversely impact certain private creditors and uninsured depositors, while sovereign creditors would not be directly impacted.

As a result of concerns about the ability of Europe’s perimeter region and Cyprus, to service its sovereign debt, certain of these countries have experienced credit ratings downgrades. Despite official financial support programs for the most stressed governments in Europe’s perimeter region and Cyprus, concerns about sovereign debt sustainability has expanded to other European Union member states. As a result, several other European Union member states experienced credit ratings downgrades or had their credit ratings outlook changed to negative.

As presented in the table below, we do not have significant exposure to the sovereign debt of Europe’s perimeter region and Cyprus. Accordingly, we do not expect such investments to have a material adverse effect on our results of operations or financial condition.

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Due to the current level of economic, fiscal and political strain in Europe’s perimeter region and Cyprus, we continually monitor and adjust our level of investment exposure in these countries. We manage direct and indirect investment exposure in these countries through fundamental credit analysis. The following table presents a summary of investments by invested asset class and related purchased credit default protection across Europe’s perimeter region, by country, and Cyprus. We have not written any credit default swaps with an underlying risk related to any of these countries. The information below is presented on a country of risk basis (e.g. the country where the issuer primarily conducts business).

	Summary of Select European Country Investment Exposure at March 31, 2013 (1) (2)
	Fixed Maturity Securities (1)
	Sovereign		Financial Services		Non- Financial Services		Total		All Other General Account Investment   Exposure (2)		Total   Exposure   (3)		%		Purchased   Credit Default   Protection (4)		Net   Exposure		%
	(In millions)
Europe’s perimeter region:
Portugal	$	—	$	—	$	55	$	55	$	6	$	61		2 %	$	—	$	61		2 %
Italy		3		87		674		764		87		851		30		(4)		847		30
Ireland		—		—		154		154		905		1,059		37		—		1,059		37
Greece		2		—		—		2		128		130		5		—		130		5
Spain		—		96		520		616		45		661		23		—		661		23
Total Europe’s perimeter region		5		183		1,403		1,591		1,171		2,762		97		(4)		2,758		97
Cyprus		73		—		—		73		18		91		3		—		91		3
Total	$	78	$	183	$	1,403	$	1,664	$	1,189	$	2,853		100 %	$	(4)	$	2,849		100 %
As percent of total cash and invested assets		0.0%		0.0%		0.3%		0.3%		0.2%		0.5%				0.0%		0.5%
Investment grade percent		4%		93%		94%
Non-investment grade percent		96%		7%		6%

(1) Presented at estimated fair value. The par value and amortized cost of the fixed maturity securities were $1.8 billion and $1.6 billion, respectively, at March 31, 2013.

(2) Comprised of equity securities, FVO general account securities, real estate and real estate joint ventures, other limited partnership interests, cash, cash equivalents and short-term investments, and other invested assets at carrying value. See Note 1 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for an explanation of the carrying value for these invested asset classes. Excludes FVO contractholder-directed unit-linked investments of $847 million, which support unit-linked variable annuity type liabilities and do not qualify for separate account summary total assets and liabilities. The contractholder, and not the Company, directs the investment of these funds. The related variable annuity type liability is satisfied from the contractholder’s account balance and not from our general account investments.

(3) For Greece, the Company had $1 million of commitments to fund partnership investments at March 31, 2013.

(4) Purchased credit default protection is stated at the estimated fair value of the swap. For Italy, the purchased credit default protection relates to financial services corporate securities and these swaps had a notional amount of $80 million and an estimated fair value of $4 million at March 31, 2013. The counterparties to these swaps are financial institutions with Standard & Poor’s Ratings Services (“S&P”) credit ratings ranging from A+ to A as of March 31, 2013.

Rating Actions — U.S. Treasury Securities. As a result of a special Congressional committee failing to agree on certain deficit-reduction measures in August 2011, S&P downgraded the AAA rating on U.S. Treasury securities to AA+. We continue to closely evaluate the implications on our investment portfolio of further rating agency downgrades of U.S. Treasury securities and believe our investment portfolio is well positioned.

Current Environment — Summary. All of these factors have had and could continue to have an adverse effect on the financial results of companies in the financial services industry, including MetLife. Such global economic conditions, as well as the global financial markets, continue to impact our net investment income, net investment gains (losses) and net derivative gains (losses), level of unrealized gains and (losses) within the various asset classes within our investment portfolio and our allocation to lower yielding cash equivalents and short-term investments. See “— Industry Trends” and “Risk Factors —

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Economic Environment and Capital Markets-Related Risks — If Difficult Conditions in the Global Capital Markets and the Economy Generally Persist, They May Materially Adversely Affect Our Business and Results of Operations.”

Investment Portfolio Results

The following yield table presents the yield and investment income (loss) for our investment portfolio for the periods indicated. As described in the footnotes below, this table reflects certain differences from the presentation of net investment income presented in the GAAP consolidated statements of operations. This yield table presentation is consistent with how we measure our investment performance for management purposes, and we believe it enhances understanding of our investment portfolio results.

	At or For the Three Months Ended March 31,
	2013					2012
	Yield % (1)			Amount		Yield % (1)			Amount
				(In millions)					(In millions)
Fixed maturity securities (2)(3)		4.83	%	$	3,833		4.96	%	$	3,840
Mortgage loans (3)		5.52	%		738		5.62	%		830
Real estate and real estate joint ventures		2.40	%		60		3.76	%		80
Policy loans		5.22	%		155		5.30	%		158
Equity securities		3.41	%		24		4.17	%		32
Other limited partnerships		14.25	%		246		11.34	%		182
Cash and short-term investments		0.89	%		45		0.69	%		32
Other invested assets					179					132
Total before investment fees and expenses		4.93	%		5,280		5.00	%		5,286
Investment fees and expenses		(0.13)			(143)		(0.13)			(140)
Net investment income including Divested Businesses		4.80	%		5,137		4.87	%		5,146
Less: net investment income from Divested Businesses (4)					5					69
Net investment income (5)				$	5,132				$	5,077

(1) Yields are calculated as investment income as a percent of average quarterly asset carrying values. Investment income excludes recognized gains and losses and reflects GAAP adjustments presented in footnote (5) below. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets, collateral received from derivative counterparties, the effects of consolidating under GAAP certain variable interest entities (“VIEs”) that are treated as consolidated securitization entities (“CSEs”), contractholder-directed unit-linked investments and securitized reverse residential mortgage loans. A yield is not presented for other invested assets, as it is not considered a meaningful measure of performance for this asset class.

(2) Investment income includes amounts for FVO and trading securities of $21 million and $45 million for the three months ended March 31, 2013 and 2012, respectively.

(3) Investment income from fixed maturity securities and mortgage loans includes prepayment fees.

(4) Yield calculations include the net investment income and ending carrying values of the Divested Businesses. The net investment income adjustment for the Divested Businesses for the three months ended March 31, 2013 and 2012 of $5 million and $69 million excludes $0 and $85 million of securitized reverse residential mortgage loans that were included in the Divested Businesses adjustment of $5 million and $154 million presented below, respectively. For further information on Divested Businesses, see Note 2 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

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(5) Net investment income presented in the yield table varies from the most directly comparable measure presented in the GAAP consolidated statements of operations due to certain reclassifications and excludes the effects of consolidating under GAAP certain VIEs that are treated as CSEs and contractholder-directed unit-linked investments. Such reclassifications are presented in the table below.

	Three Months Ended March 31,
	2013		2012
	(In millions)
Net investment income — in the above yield table	$	5,132	$	5,077
Real estate discontinued operations		(1)		—
Scheduled periodic settlement payments on derivatives not qualifying for hedge accounting		(131)		(89)
Contractholder-directed unit-linked investments		1,039		1,015
Divested Businesses		5		154
Incremental net investment income from CSEs		33		43
Net investment income — GAAP consolidated statements of operations	$	6,077	$	6,200

See “— Results of Operations — Consolidated Results — Three Months Ended March 31, 2013 Compared with the Three Months Ended March 31, 2012” for analyses of the period over period changes in net investment income.

Fixed Maturity and Equity Securities Available-for-Sale

Fixed maturity securities available-for-sale (“AFS”), which consisted principally of publicly-traded and privately placed fixed maturity securities and redeemable preferred stock, were $374.3 billion, at estimated fair value, at both March 31, 2013 and December 31, 2012, or 72% and 70% of total cash and invested assets, at March 31, 2013 and December 31, 2012, respectively. Publicly-traded fixed maturity securities represented $324.9 billion and $323.8 billion of total fixed maturity securities, at estimated fair value, at March 31, 2013 and December 31, 2012, respectively, or 87% of total fixed maturity securities, at both March 31, 2013 and December 31, 2012. Privately placed fixed maturity securities represented $49.4 billion and $50.5 billion, at estimated fair value, at March 31, 2013 and December 31, 2012, respectively, or 13% of total fixed maturity securities, at both March 31, 2013 and December 31, 2012.

Equity securities AFS, which consisted principally of publicly-traded and privately-held common and non-redeemable preferred stock, including certain perpetual hybrid securities and mutual fund interests, were $3.2 billion and $2.9 billion, at estimated fair value, at March 31, 2013 and December 31, 2012, respectively, or 0.6% and 0.5%, of total cash and invested assets, at March 31, 2013 and December 31, 2012, respectively. Publicly-traded equity securities represented $2.1 billion and $1.8 billion, at estimated fair value, or 66% and 62% of total equity securities, at March 31, 2013 and December 31, 2012, respectively. Privately-held equity securities represented $1.1 billion, at estimated fair value, at both March 31, 2013 and December 31, 2012, or 34% and 38%, of total equity securities, at March 31, 2013 and December 31, 2012, respectively.

Included within fixed maturity and equity securities were $1.3 billion of perpetual securities, at estimated fair value, at both March 31, 2013 and December 31, 2012. Upon acquisition, we classify perpetual securities that have attributes of both debt and equity as fixed maturity securities if the securities have an interest rate step-up feature which, when combined with other qualitative factors, indicates that the securities have more debt-like characteristics; while those with more equity-like characteristics are classified as equity securities. Many of such securities, commonly referred to as “perpetual hybrid securities” have been issued by non-U.S. financial institutions that are accorded the highest two capital treatment categories by their respective regulatory bodies (i.e. core capital, or “Tier 1 capital” and perpetual deferrable securities, or “Upper Tier 2 capital”).

Included within fixed maturity securities were $1.3 billion and $1.6 billion of redeemable preferred stock, at estimated fair value, at March 31, 2013 and December 31, 2012, respectively. These securities, which have stated maturity dates and cumulative interest deferral features, are commonly referred to as “capital securities,” and are primarily issued by U.S. financial institutions.

See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity and Equity Securities AFS — Valuation of Securities” included in the 2012 Annual Report for further information on the processes used to value securities and the related controls.

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Fair Value of Fixed Maturity and Equity Securities – AFS. Fixed maturity and equity securities AFS measured at estimated fair value on a recurring basis and their corresponding fair value pricing sources are as follows:

	March 31, 2013
	Fixed  Maturity Securities				Equity Securities
	(In millions)
Level 1:
Quoted prices in active markets for identical assets	$	31,431	8.4	%	$	1,041	32.7	%
Level 2:
Independent pricing source		281,843	75.3			615	19.3
Internal matrix pricing or discounted cash flow techniques		39,122	10.5			942	29.5
Significant other observable inputs		320,965	85.8			1,557	48.8
Level 3:
Independent pricing source		9,304	2.5			475	14.9
Internal matrix pricing or discounted cash flow techniques		11,288	3.0			101	3.2
Independent broker quotations		1,306	0.3			14	0.4
Significant unobservable inputs		21,898	5.8			590	18.5
Total estimated fair value	$	374,294	100.0	%	$	3,188	100.0	%

See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for the fixed maturity securities and equity securities AFS fair value hierarchy.

The composition of fair value pricing sources for and significant changes in Level 3 securities at March 31, 2013 are as follows:

• The majority of the Level 3 fixed maturity and equity securities AFS, or 82%, were concentrated in four sectors: U.S. and foreign corporate securities, asset-backed securities (“ABS”), and residential mortgage-backed securities (“RMBS”).

• Level 3 fixed maturity securities are priced principally through market standard valuation methodologies, independent pricing services and, to a much lesser extent, independent non-binding broker quotations using inputs that are not market observable or cannot be derived principally from or corroborated by observable market data. Level 3 fixed maturity securities consist of less liquid securities with very limited trading activity or where less price transparency exists around the inputs to the valuation methodologies. Level 3 fixed maturity securities include: alternative residential mortgage loan (“Alt-A”) and sub-prime RMBS; certain below investment grade private securities and less liquid investment grade corporate securities (included in U.S. and foreign corporate securities); and less liquid ABS and foreign government securities.

• During the three months ended March 31, 2013, Level 3 fixed maturity securities decreased by $522 million, or 2%. The decrease was driven by net transfers out of Level 3, partially offset by purchases in excess of sales and an increase in estimated fair value recognized in OCI. The net transfers out of fixed maturity securities were concentrated in U.S. and foreign corporate securities and ABS. The increase in purchases in excess of sales for fixed maturity securities was concentrated in ABS, RMBS and foreign government securities, and the increase in estimated fair value recognized in OCI was concentrated in U.S. corporate securities and RMBS.

See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for a rollforward of the fair value measurements for fixed maturity securities and equity securities AFS measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs. Total gains and losses in earnings and OCI are calculated assuming transfers into or out of Level 3 occurred at the beginning of the period. Items transferred into and out of Level 3 during the same period are excluded from the rollforward. Total gains (losses) for fixed maturity securities included in OCI subsequent to their transfer into Level 3 was ($4) million for the three months ended March 31, 2013. There were no gains (losses) included in earnings for fixed maturity securities subsequent to their transfer into Level 3 for the three months ended March 31, 2013.

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An analysis of transfers into and/or out of Level 3 for the three months ended March 31, 2013 is presented in Note 8 of the Notes to Interim Condensed Consolidated Financial Statements.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Summary of Critical Accounting Estimates — Estimated Fair Value of Investments” included in the 2012 Annual Report for further information on the estimates and assumptions that affect the amounts reported above. See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for further information about the valuation techniques and inputs by level by major classes of invested assets that affect the amounts reported above.

Fixed Maturity Securities AFS. See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information about fixed maturity securities AFS.

Fixed Maturity Securities Credit Quality — Ratings. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity and Equity Securities AFS — Fixed Maturity Securities Credit Quality — Ratings” included in the 2012 Annual Report for a discussion of the credit quality designations assigned by rating agencies and ratings methodologies used by the Securities Valuation Office of the National Association of Insurance Commissioners (“NAIC”) for fixed maturity securities.

The NAIC has adopted revised rating methodologies for certain structured securities comprised of non-agency RMBS, commercial mortgage-backed securities (“CMBS”) and ABS. The NAIC’s objective with the revised rating methodologies for these structured securities was to increase the accuracy in assessing expected losses, and to use the improved assessment to determine a more appropriate capital requirement for such structured securities. The revised methodologies reduce regulatory reliance on rating agencies and allow for great regulatory input into the assumption used to estimate expected losses from structured securities. We apply the revised NAIC rating methodologies to structured securities held by MetLife, Inc.’s insurance subsidiaries that maintain the NAIC statutory basis of accounting. The NAIC’s present methodology is to evaluate structured securities held by insurers using the revised NAIC rating methodologies on an annual basis. If such insurance subsidiaries acquire structured securities that have not been previously evaluated by the NAIC, but are expected to be evaluated by the NAIC in the upcoming annual review, an internally developed rating is used until a final rating becomes available.

The following table presents total fixed maturity securities by Nationally Recognized Statistical Rating Organizations (“NRSRO”) designation and the equivalent designations of the NAIC, except for certain structured securities, which are presented as described above, as well as the percentage, based on estimated fair value that each designation is comprised of at:

		March 31, 2013									December 31, 2012
NAIC Rating	Rating Agency Designation	Amortized   Cost		Unrealized   Gain  (Loss)		Estimated Fair Value		% of   Total			Amortized   Cost		Unrealized   Gain  (Loss)		Estimated Fair Value		% of Total
		(In millions)									(In millions)
1	Aaa/Aa/A	$	236,663	$	22,756	$	259,419		69.3	%	$	234,371	$	24,197	$	258,568		69.1	%
2	Baa		81,000		8,202		89,202		23.8			81,530		8,663		90,193		24.1
	Subtotal investment grade		317,663		30,958		348,621		93.1			315,901		32,860		348,761		93.2
3	Ba		13,849		639		14,488		3.9			13,882		552		14,434		3.8
4	B		9,274		283		9,557		2.6			9,470		137		9,607		2.6
5	Caa and lower		1,686		(138)		1,548		0.4			1,543		(164)		1,379		0.4
6	In or near default		61		19		80		—			74		11		85		—
	Subtotal below investment grade		24,870		803		25,673		6.9			24,969		536		25,505		6.8
	Total fixed maturity securities	$	342,533	$	31,761	$	374,294		100.0	%	$	340,870	$	33,396	$	374,266		100.0	%

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The following tables present total fixed maturity securities, based on estimated fair value, by sector classification and by NRSRO designation and the equivalent designations of the NAIC, except for certain structured securities, which are presented as described above:

	Fixed Maturity Securities — by Sector & Credit Quality Rating
NAIC Rating:	1			2			3			4			5			6			Total Estimated   Fair Value
Rating Agency Designation:	Aaa/Aa/A			Baa			Ba			B			Caa and   Lower			In or Near   Default
	(In millions)
March 31, 2013:
U.S. corporate	$	51,251		$	47,427		$	8,749		$	5,107		$	429		$	43		$	113,006
Foreign corporate		31,168			30,240			3,148			1,454			73			3			66,086
Foreign government		44,097			8,834			954			1,460			90			—			55,435
U.S. Treasury and agency		54,457			—			—			—			—			—			54,457
RMBS		31,435			1,042			1,552			1,392			897			29			36,347
CMBS		17,683			118			52			5			39			—			17,897
ABS		15,091			834			25			139			20			5			16,114
State and political subdivision		14,237			707			8			—			—			—			14,952
Total fixed maturity securities	$	259,419		$	89,202		$	14,488		$	9,557		$	1,548		$	80		$	374,294
Percentage of total		69.3	%		23.8	%		3.9	%		2.6	%		0.4	%		—	%		100.0	%
December 31, 2012:
U.S. corporate	$	51,648		$	48,622		$	8,597		$	4,831		$	380		$	48		$	114,126
Foreign corporate		31,937			30,509			3,249			1,418			66			5			67,184
Foreign government		46,314			8,501			933			1,504			84			—			57,336
U.S. Treasury and agency		47,967			—			—			—			—			—			47,967
RMBS		32,377			894			1,582			1,809			790			27			37,479
CMBS		18,843			193			43			11			39			—			19,129
ABS		15,247			673			18			34			20			5			15,997
State and political subdivision		14,235			801			12			—			—			—			15,048
Total fixed maturity securities	$	258,568		$	90,193		$	14,434		$	9,607		$	1,379		$	85		$	374,266
Percentage of total		69.1	%		24.1	%		3.8	%		2.6	%		0.4	%		—	%		100.0	%

U.S. and Foreign Corporate Fixed Maturity Securities. We maintain a diversified portfolio of corporate fixed maturity securities across industries and issuers. This portfolio does not have an exposure to any single issuer in excess of 1% of total investments and the top ten holdings comprise 2% of total investments at both March 31, 2013 and December 31, 2012. The tables below present information for U.S. and foreign corporate securities at:

	March 31, 2013					December 31, 2012
	Estimated   Fair Value		% of   Total			Estimated   Fair Value		% of   Total
	(In millions)					(In millions)
Corporate fixed maturity securities — by sector:
Foreign corporate (1)	$	66,086		36.9	%	$	67,184		37.1	%
U.S. corporate fixed maturity securities — by industry:
Consumer		28,994		16.2			29,852		16.4
Industrial		28,977		16.2			29,324		16.2
Finance		21,810		12.2			21,857		12.1
Utility		20,260		11.3			20,216		11.1
Communications		9,169		5.1			9,084		5.0
Other		3,796		2.1			3,793		2.1
Total	$	179,092		100.0	%	$	181,310		100.0	%

(1) Includes both U.S. dollar and foreign denominated securities.

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Structured Securities. We held $70.4 billion and $72.6 billion of structured securities, at estimated fair value, at March 31, 2013 and December 31, 2012, respectively, as presented in the RMBS, CMBS and ABS sections below.

RMBS. The table below presents information about RMBS at:

	March 31, 2013							December 31, 2012
	Estimated     Fair Value		% of   Total			Net Unrealized   Gains  (Losses)		Estimated     Fair Value		% of   Total			Net Unrealized   Gains  (Losses)
	(In millions)					(In millions)		(In millions)					(In millions)
By security type:
Collateralized mortgage obligations	$	19,860		54.6	%	$	1,178	$	20,567		54.9	%	$	889
Pass-through securities		16,487		45.4			766		16,912		45.1			924
Total RMBS	$	36,347		100.0	%	$	1,944	$	37,479		100.0	%	$	1,813
By risk profile:
Agency	$	25,230		69.4	%	$	1,750	$	26,369		70.4	%	$	1,944
Prime		3,707		10.2			149		4,206		11.2			101
Alt-A		4,982		13.7			17		4,950		13.2			(154)
Sub-prime		2,428		6.7			28		1,954		5.2			(78)
Total RMBS	$	36,347		100.0	%	$	1,944	$	37,479		100.0	%	$	1,813
Ratings profile:
Rated Aaa/AAA	$	25,598		70.4	%			$	26,555		70.9	%
Rated NAIC 1	$	31,435		86.5	%			$	32,377		86.4	%

See also “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Fixed Maturity and Equity Securities AFS — Structured Securities” included in the 2012 Annual Report for further information about collateralized mortgage obligations and pass-through mortgage-backed securities; and agency, prime, Alt-A and sub-prime RMBS.

At March 31, 2013 and December 31, 2012, our Alt-A securities portfolio had no exposure to option adjustable rate mortgages (“ARMs”) and a minimal exposure to hybrid ARMs. Our Alt-A securities portfolio was comprised primarily of fixed rate mortgages (94% at both March 31, 2013 and December 31, 2012) which have performed better than both option ARMs and hybrid ARMs in the overall Alt-A market.

Historically, we have managed our exposure to sub-prime RMBS holdings by reducing our overall exposure, stress testing the portfolio with severe loss assumptions and closely monitoring the performance of the portfolio. At March 31, 2013 and December 31, 2012, approximately 49% and 53%, respectively, of our sub-prime RMBS holdings were in a vintage year of 2005 or prior. These older vintage years benefit from better underwriting, improved credit enhancement levels and higher residential property price appreciation. In 2012 and 2013, we increased our exposure to sub-prime RMBS by purchasing sub-prime RMBS at significant discounts to the expected principal recovery value of these securities. The 2012 and 2013 sub-prime RMBS purchases are performing within our expectations and were in an unrealized gain position of $89 million and $59 million at March 31, 2013 and December 31, 2012, respectively.

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CMBS. The following tables present our CMBS holdings by rating agency designation and by vintage year at:

	March 31, 2013
	Aaa					Aa					A					Baa					Below Investment Grade					Total
	Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value
	(In millions)
2003	$	1,722	$	1,740		$	77	$	81		$	61	$	62		$	36	$	35		$	31	$	31		$	1,927	$	1,949
2004		3,327		3,432			337		355			140		145			49		49			21		9			3,874		3,990
2005		3,302		3,554			260		284			276		302			104		109			30		32			3,972		4,281
2006		2,401		2,584			201		219			76		85			17		22			38		36			2,733		2,946
2007		952		1,015			113		118			86		94			129		132			85		79			1,365		1,438
2008 - 2010		3		3			—		—			28		28			1		1			24		21			56		53
2011		585		634			19		19			99		103			—		—			6		5			709		761
2012		710		761			251		262			910		942			—		—			32		34			1,903		1,999
2013		205		205			63		64			208		211			—		—			—		—			476		480
Total	$	13,207	$	13,928		$	1,321	$	1,402		$	1,884	$	1,972		$	336	$	348		$	267	$	247		$	17,015	$	17,897
Ratings Distribution				77.8	%				7.8	%				11.0	%				2.0	%				1.4	%				100.0	%
	December 31, 2012
	Aaa					Aa					A					Baa					Below Investment Grade					Total
	Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value			Amortized Cost		Estimated Fair Value
													(In millions)
2003	$	2,957	$	2,997		$	113	$	114		$	82	$	82		$	37	$	36		$	33	$	33		$	3,222	$	3,262
2004		3,466		3,606			380		401			97		99			52		51			21		9			4,016		4,166
2005		3,348		3,636			303		329			275		296			144		142			—		—			4,070		4,403
2006		2,283		2,484			263		284			44		44			47		50			38		36			2,675		2,898
2007		1,070		1,143			112		117			87		95			194		187			20		21			1,483		1,563
2008 - 2010		2		3			—		—			—		—			56		60			26		24			84		87
2011		598		650			12		11			108		112			—		—			7		6			725		779
2012		524		559			403		417			939		956			—		—			36		39			1,902		1,971
Total	$	14,248	$	15,078		$	1,586	$	1,673		$	1,632	$	1,684		$	530	$	526		$	181	$	168		$	18,177	$	19,129
Ratings Distribution				78.8	%				8.7	%				8.8	%				2.8	%				0.9	%				100.0	%

The tables above reflect rating agency designations assigned by nationally recognized rating agencies including Moody’s, S&P, Fitch and Realpoint, LLC. CMBS rated NAIC 1 were 98.8% and 98.5% of total CMBS at March 31, 2013 and December 31, 2012, respectively.

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ABS. Our ABS are diversified both by collateral type and by issuer. The following table presents information about our ABS holdings at:

	March 31, 2013							December 31, 2012
	Estimated   Fair Value		% of   Total			Net Unrealized   Gains  (Losses)		Estimated   Fair Value		% of   Total			Net Unrealized   Gains  (Losses)
	(In millions)					(In millions)		(In millions)					(In millions)
By collateral type:
Foreign residential loans	$	3,808		23.6	%	$	94	$	3,811		23.8	%	$	88
Student loans		2,743		17.0			30		2,480		15.5			14
Automobile loans		2,490		15.5			27		2,454		15.4			28
Credit card loans		2,395		14.9			88		2,640		16.5			106
Collateralized debt obligations		2,049		12.7			(13)		2,453		15.3			(68)
Equipment loans		594		3.7			10		597		3.7			22
Other loans		2,035		12.6			37		1,562		9.8			45
Total	$	16,114		100.0	%	$	273	$	15,997		100.0	%	$	235
Ratings profile:
Rated Aaa/AAA	$	10,455		64.9	%			$	10,405		65.0	%
Rated NAIC 1	$	15,091		93.7	%			$	15,247		95.3	%

OTTI Losses on Fixed Maturity and Equity Securities AFS Recognized in Earnings

See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for information about OTTI losses and gross gains and gross losses on AFS securities sold.

Overview of Fixed Maturity and Equity Security OTTI Losses Recognized in Earnings. Impairments of fixed maturity and equity securities were $81 million and $148 million for the three months ended March 31, 2013 and 2012, respectively. Impairments of fixed maturity securities were $60 million and $133 million and impairments of equity securities were $21 million and $15 million for the three months ended March 31, 2013 and 2012, respectively.

Credit-related impairments of fixed maturity securities were $42 million and $73 million for the three months ended March 31, 2013 and 2012, respectively.

Explanations of changes in fixed maturity and equity securities impairments are as follows:

Three months ended March 31, 2013 compared to the three months ended March 31, 2012 — Overall OTTI losses recognized in earnings on fixed maturity and equity securities were $81 million for the three months ended March 31, 2013 as compared to $148 million in the prior period. The most significant decreases in the current period, as compared to the prior period, were in the utility, financial services and communication industries within U.S and foreign corporate securities, which comprised $15 million in fixed maturity impairments for the three months ended March, 31, 2013, as compared to $87 million for the three months ended March, 31, 2012.

Future Impairments. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, changes in collateral valuation, changes in interest rates and changes in credit spreads. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods.

FVO and Trading Securities

FVO and trading securities are primarily comprised of securities for which the FVO has been elected (“FVO Securities”). FVO Securities include certain fixed maturity and equity securities held for investment by the general account to support asset and liability matching strategies for certain insurance products. FVO Securities are primarily comprised of contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation as separate

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account summary total assets and liabilities. These investments are primarily mutual funds and, to a lesser extent, fixed maturity and equity securities, short-term investments and cash and cash equivalents. The investment returns on these investments inure to contractholders and are offset by a corresponding change in PABs through interest credited to policyholder account balances. FVO Securities also include securities held by CSEs (former qualifying special purpose entities). We have a trading securities portfolio, principally invested in fixed maturity securities, to support investment strategies that involve the active and frequent purchase and sale of actively traded securities and the execution of short sale agreements. FVO and trading securities were $16.6 billion and $16.3 billion at estimated fair value, or 3.2% and 3.1% of total cash and invested assets, at March 31, 2013 and December 31, 2012, respectively. See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for the FVO and trading securities fair value hierarchy and a rollforward of the fair value measurements for FVO and trading securities measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs.

Securities Lending

We participate in a securities lending program whereby blocks of securities, which are included in fixed maturity securities, equity securities and short-term investments, are loaned to third parties, primarily brokerage firms and commercial banks. We obtain collateral, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, which is obtained at the inception of a loan and maintained at a level greater than or equal to 100% for the duration of the loan. Securities loaned under such transactions may be sold or repledged by the transferee. We are liable to return to our counterparties the cash collateral under our control. These transactions are treated as financing arrangements and the associated cash collateral liability is recorded at the amount of the cash received.

See “— Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — Securities Lending” and Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for financial information regarding our securities lending program.

Mortgage Loans

Our mortgage loans are principally collateralized by commercial real estate, agricultural real estate and residential properties. The carrying value of mortgage loans was $55.6 billion and $57.0 billion, or 10.6% and 10.7% of total cash and invested assets, at March 31, 2013 and December 31, 2012, respectively. See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for a table that presents our mortgage loans by portfolio segment. The information presented below excludes the effects of consolidating certain VIEs that are treated as CSEs and securitized reverse residential mortgage loans. Such amounts are presented in the aforementioned table.

We diversify our mortgage loan portfolio by both geographic region and property type to reduce the risk of concentration. Of our commercial and agricultural mortgage loans, 89% are collateralized by properties located in the United States, with the remaining 11% collateralized by properties located outside the United States, calculated as a percent of the total mortgage loans held-for-investment (excluding commercial mortgage loans held by CSEs) at March 31, 2013. The three states with the largest commercial and agricultural mortgage loan investments were California, New York and Texas at 19%, 11% and 7%, at March 31, 2013, respectively. Additionally, we manage risk when originating commercial and agricultural mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate collateral.

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Commercial Mortgage Loans by Geographic Region and Property Type. Commercial mortgage loans are the largest component of the mortgage loan invested asset class. The tables below present the diversification across geographic regions and property types of commercial mortgage loans held-for-investment at:

	March 31, 2013					December 31, 2012
	Amount		% of Total			Amount		% of Total
	(In millions)					(In millions)
Region:
Pacific	$	7,718		19.5	%	$	7,932		19.6	%
South Atlantic		7,655		19.3			7,969		19.7
Middle Atlantic		6,970		17.6			6,780		16.7
International		5,344		13.5			5,567		13.8
West South Central		3,496		8.8			3,436		8.5
East North Central		2,765		7.0			3,026		7.5
New England		1,488		3.8			1,489		3.7
Mountain		875		2.2			906		2.2
East South Central		456		1.2			457		1.1
West North Central		285		0.7			288		0.7
Multi-Region and Other		2,553		6.4			2,622		6.5
Total recorded investment		39,605		100.0	%		40,472		100.0	%
Less: valuation allowances		275					293
Carrying value, net of valuation allowances	$	39,330				$	40,179
Property Type:
Office	$	18,259		46.1	%	$	18,012		44.5	%
Retail		8,973		22.7			9,445		23.3
Apartment		3,897		9.8			3,944		9.8
Hotel		3,278		8.3			3,355		8.3
Industrial		3,077		7.8			3,159		7.8
Other		2,121		5.3			2,557		6.3
Total recorded investment		39,605		100.0	%		40,472		100.0	%
Less: valuation allowances		275					293
Carrying value, net of valuation allowances	$	39,330				$	40,179

Mortgage Loan Credit Quality — Restructured, Potentially Delinquent, Delinquent or Under Foreclosure. We monitor our mortgage loan investments on an ongoing basis, including reviewing loans that are restructured, potentially delinquent, and delinquent or under foreclosure. These loan classifications are consistent with those used in industry practice.

We define restructured mortgage loans as loans in which we, for economic or legal reasons related to the debtor’s financial difficulties, grant a concession to the debtor that we would not otherwise consider. We define potentially delinquent loans as loans that, in management’s opinion, have a high probability of becoming delinquent in the near term. We define delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial and residential — 60 days or more and agricultural — 90 days or more. We define mortgage loans under foreclosure as loans in which foreclosure proceedings have formally commenced.

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The following table presents the recorded investment and valuation allowance for all mortgage loans held-for-investment distributed by the above stated loan classifications:

	March 31, 2013									December 31, 2012
	Recorded   Investment		% of     Total			Valuation   Allowance		% of Recorded   Investment		Recorded   Investment		% of     Total			Valuation   Allowance		% of Recorded   Investment
	(In millions)					(In millions)				(In millions)					(In millions)
Commercial:
Performing	$	39,212		99.0	%	$	230		0.6 %	$	40,064		99.0	%	$	214		0.5	%
Restructured (1)		393		1.0			45		11.5 %		406		1.0			79		19.5	%
Potentially delinquent		—		—			—		— %		—		—			—		—	%
Delinquent or under foreclosure		—		—			—		— %		2		—			—		—	%
Total	$	39,605		100.0	%	$	275		0.7 %	$	40,472		100.0	%	$	293		0.7	%
Agricultural:
Performing	$	12,504		98.7	%	$	35		0.3 %	$	12,657		98.6	%	$	31		0.2	%
Restructured (2)		49		0.4			7		14.3 %		64		0.5			8		12.5	%
Potentially delinquent		11		0.1			—		— %		6		—			—		—	%
Delinquent or under foreclosure (2)		105		0.8			12		11.4 %		116		0.9			13		11.2	%
Total	$	12,669		100.0	%	$	54		0.4 %	$	12,843		100.0	%	$	52		0.4	%
Residential:
Performing	$	967		97.3	%	$	1		0.1 %	$	929		97.0	%	$	—		—	%
Delinquent or under foreclosure (3)		27		2.7			2		7.4 %		29		3.0			2		6.9	%
Total	$	994		100.0	%	$	3		0.3 %	$	958		100.0	%	$	2		0.2	%

(1) As of March 31, 2013 and December 31, 2012, there were nine restructured commercial mortgage loans for both periods, all of which were performing.

(2) As of March 31, 2013 there were 14 restructured agricultural mortgage loans of which 10 were performing and four were delinquent. As of December 31, 2012, there were 15 restructured loans, all of which were performing.

(3) There were no restructured residential mortgage loans at March 31, 2013 and December 31, 2012.

See also Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for tables that present, by portfolio segment, mortgage loans by credit quality indicator, impaired mortgage loans, past due and nonaccrual mortgage loans, as well as loans modified through troubled debt restructurings.

Mortgage Loan Credit Quality — Monitoring Process — Commercial and Agricultural Mortgage Loans. We review all commercial mortgage loans on an ongoing basis. These reviews may include an analysis of the property financial statements and rent roll, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios, and tenant creditworthiness. The monitoring process focuses on higher risk loans, which include those that are classified as restructured, potentially delinquent, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. The monitoring process for agricultural mortgage loans is generally similar, with a focus on higher risk loans, such as loans with higher loan-to-value ratios, including reviews on a geographic and property type basis.

Loan-to-value ratios and debt service coverage ratios are common measures in the assessment of the quality of commercial mortgage loans. Loan-to-value ratios are a common measure in the assessment of the quality of agricultural mortgage loans. Loan-to-value ratios compare the amount of the loan to the estimated fair value of the underlying collateral. A loan-to-value ratio greater than 100% indicates that the loan amount is greater than the collateral value. A loan-to-value ratio of less than 100% indicates an excess of collateral value over the loan amount. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio compares a property’s net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. For our commercial mortgage loans, our average loan-to-value ratio was 56% and 57% at March 31, 2013 and December 31, 2012, respectively, and our average debt service coverage ratio was 2.2x at both March 31,

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2013 and December 31, 2012. The commercial mortgage loan debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated annually, on a rolling basis, with a portion of the commercial mortgage loan portfolio updated each quarter. For our agricultural mortgage loans, our average loan-to-value ratio was 45% and 46% at March 31, 2013 and December 31, 2012, respectively. The values utilized in calculating the agricultural mortgage loan loan-to-value ratio are developed in connection with the ongoing review of the agricultural loan portfolio and are routinely updated.

Mortgage Loan Valuation Allowances. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Mortgage Loans — Mortgage Loan Valuation Allowances” included in the 2012 Annual Report for further information on our mortgage valuation allowance policy.

See Notes 6 and 8 of the Notes to the Interim Condensed Consolidated Financial Statements for information activity in and balances of the valuation allowance and the estimated fair value of impaired mortgage loans and related impairments included within net investment gains (losses) as of and for the three months ended March 31, 2013 and 2012.

Real Estate and Real Estate Joint Ventures

We diversify our real estate investments by both geographic region and property type to reduce risk of concentration. Of our real estate investments, 84% were located in the United States, with the remaining 16% located outside the United States, at March 31, 2013. The three locations with the largest real estate investments were California, Japan and Florida at 20%, 14% and 11%, respectively, at March 31, 2013.

Real estate investments by type consisted of the following:

	March 31, 2013					December 31, 2012
	Carrying     Value		% of     Total			Carrying     Value		% of     Total
	(In millions)					(In millions)
Traditional	$	8,497		85.0	%	$	8,488		85.6	%
Real estate joint ventures and funds		903		9.0			941		9.5
Subtotal		9,400		94.0			9,429		95.1
Foreclosed (commercial, agricultural and residential)		500		5.0			488		4.9
Real estate held-for-investment		9,900		99.0			9,917		100.0
Real estate held-for-sale		98		1.0			1		—
Total real estate and real estate joint ventures	$	9,998		100.0	%	$	9,918		100.0	%

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Real Estate and Real Estate Joint Ventures” included in the 2012 Annual Report for a discussion of the types of investments reported within traditional real estate and real estate joint ventures and funds. The estimated fair value of the traditional real estate investment portfolio was $10.8 billion and $10.7 billion at March 31, 2013 and December 31, 2012, respectively.

Impairments recognized on real estate and real estate joint ventures were $9 million and $4 million for the three months ended March 31, 2013 and 2012, respectively.

Other Limited Partnership Interests

The carrying value of other limited partnership interests was $7.1 billion and $6.7 billion at March 31, 2013 and December 31, 2012, respectively, which included $1.6 billion and $1.4 billion of hedge funds, at March 31, 2013 and December 31, 2012, respectively.

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Other Invested Assets

The following table presents the carrying value of our other invested assets by type:

	March 31, 2013					December 31, 2012
	Carrying     Value		% of     Total			Carrying     Value		% of     Total
	(In millions)					(In millions)
Freestanding derivatives with positive estimated fair values	$	12,823		63.3	%	$	13,777		65.2	%
Tax credit partnerships		2,348		11.6			2,268		10.7
Leveraged leases, net of non-recourse debt		1,969		9.7			1,998		9.4
Funds withheld		639		3.2			641		3.0
Joint venture investments		188		0.9			180		0.9
Other		2,302		11.3			2,281		10.8
Total	$	20,269		100.0	%	$	21,145		100.0	%

Short-term Investments and Cash Equivalents

The carrying value of short-term investments, which approximates estimated fair value, was $13.7 billion and $16.9 billion, or 2.6% and 3.2% of total cash and invested assets, at March 31, 2013 and December 31, 2012, respectively. The carrying value of cash equivalents, which approximates estimated fair value, was $6.3 billion and $6.1 billion, or 1.2% and 1.1% of total cash and invested assets, at March 31, 2013 and December  31, 2012, respectively.

Derivatives

Derivatives. We are exposed to various risks relating to our ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. We use a variety of strategies to manage these risks, including the use of derivatives. See Note 7 of the Notes to the Interim Condensed Consolidated Financial Statements for:

• A comprehensive description of the nature of our derivatives, including the strategies for which derivatives are used in managing various risks.

• Information about the notional amount, estimated fair value, and primary underlying risk exposure of our derivatives by type of hedge designation, excluding embedded derivatives held at March 31, 2013 and December 31, 2012.

• The statement of operations effects of derivatives in cash flow, fair value, or non-qualifying hedge relationships for the three months ended March 31, 2013 and 2012.

See “Quantitative and Qualitative Disclosures About Market Risk — Management of Market Risk Exposures — Hedging Activities” for more information about our use of derivatives by major hedge program.

Fair Value Hierarchy. See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for derivatives measured at estimated fair value on a recurring basis and their corresponding fair value hierarchy.

The valuation of Level 3 derivatives involves the use of significant unobservable inputs and generally requires a higher degree of management judgment or estimation than the valuations of Level 1 and Level 2 derivatives. Although Level 3 inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such instruments and are considered appropriate given the circumstances. The use of different inputs or methodologies could have a material effect on the estimated fair value of Level 3 derivatives and could materially affect net income.

Derivatives categorized as Level 3 at March 31, 2013 include: interest rate swaps and interest rate forwards with maturities which extend beyond the observable portion of the yield curve; cancellable foreign currency swaps with unobservable currency correlation inputs; foreign currency swaps and forwards with certain unobservable inputs, including unobservable portion of the

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yield curve; credit default swaps priced using unobservable credit spreads, or that are priced through independent broker quotations; equity variance swaps with unobservable volatility inputs; and equity options with unobservable correlation inputs. At both March 31, 2013 and December 31, 2012, less than 1% of the net derivative estimated fair value was priced through independent broker quotations.

See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for a rollforward of the fair value measurements for derivatives measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs.

Level 3 derivatives had a ($267) million gain (loss) recognized in net income (loss) for the three months ended March 31, 2013. This loss primarily relates to certain purchased equity options that are valued using models dependent on an unobservable market correlation input and equity variance swaps that are valued using observable equity volatility data plus an unobservable equity variance spread. The unobservable equity variance spread is calculated from a comparison between broker offered variance swap volatility and observable plain vanilla equity option volatility. Other significant inputs, which are observable, include equity index levels, equity volatility and the swap yield curve. We validate the reasonableness of these inputs by valuing the positions using internal models and comparing the results to broker quotations. The primary drivers of the loss during the three months ended March 31, 2013 were significant decreases in equity volatility, both historical and implied, and increases in equity index levels, which in total accounted for approximately 73% of the loss. Changes in the unobservable inputs accounted for approximately 27% of the loss.

See “— Summary of Critical Accounting Estimates — Derivatives” included in the 2012 Annual Report for further information on the estimates and assumptions that affect derivatives.

Credit Risk. See Note 7 of the Notes to the Interim Condensed Consolidated Financial Statements for information about how we manage credit risk related to derivatives and for the estimated fair value of our net derivative assets and net derivative liabilities after the application of master netting agreements and cash collateral.

Our policy is not to offset the fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. This policy applies to the recognition of derivatives in the consolidated balance sheets, and does not affect our legal right of offset.

Credit Derivatives. The following table presents the gross notional amount and estimated fair value of credit default swaps at:

	March 31, 2013				December 31, 2012
Credit Default Swaps	Notional     Amount		Estimated     Fair Value		Notional     Amount		Estimated     Fair Value
	(In millions)
Purchased (1)	$	3,925	$	(28)	$	3,674	$	(23)
Written (2)		8,909		88		8,879		74
Total	$	12,834	$	60	$	12,553	$	51

(1) The notional amount and estimated fair value for purchased credit default swaps in the trading portfolio were $350 million and ($4) million, respectively, at March 31, 2013 and $380 million and ($1) million, respectively, at December 31, 2012.

(2) The notional amount and estimated fair value for written credit default swaps in the trading portfolio were $30 million and $0, respectively, at March 31, 2013 and $10 million and $0, respectively, at December 31, 2012.

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The following table presents the gross gains, gross losses and net gain (losses) recognized in income for credit default swaps as follows:

	Three Months Ended March 31,
	2013						2012
Credit Default Swaps	Gross     Gains (1)		Gross     Losses (1)		Net Gains     (Losses)		Gross     Gains (1)		Gross     Losses (1)		Net Gains     (Losses)
	(In millions)
Purchased (2), (4)	$	5	$	(14)	$	(9)	$	1	$	(198)	$	(197)
Written (3), (4)		46		(14)		32		108		(4)		104
Total	$	51	$	(28)	$	23	$	109	$	(202)	$	(93)

(1) Gains (losses) are reported in net derivative gains (losses), except for gains (losses) on the trading portfolio, which are reported in net investment income.

(2) The gross gains and gross (losses) for purchased credit default swaps in the trading portfolio were $1 million and ($4) million, respectively, for the three months ended March 31, 2013 and $0 and ($9) million, respectively, for the three months ended March 31, 2012.

(3) The gross gains and gross (losses) for written credit default swaps in the trading portfolio were insignificant for the three months ended March 31, 2013 and 2012.

(4) Gains (losses) do not include earned income (expense) on credit default swaps.

The favorable change in net gains (losses) on purchased credit default swaps of $188 million was due to credit spreads narrowing less in the current period than in the prior period on credit default swaps hedging certain bonds. The unfavorable change in net gains (losses) on written credit default swaps of $72 million was due to credit spreads narrowing less in the current period than in the prior period on certain credit default swaps used as replications.

The maximum amount at risk related to our written credit default swaps is equal to the corresponding notional amount. In a replication transaction, we pair an asset on our balance sheet with a written credit default swap to synthetically replicate a corporate bond, a core asset holding of life insurance companies. Replications are entered into in accordance with the guidelines approved by insurance regulators and are an important tool in managing the overall corporate credit risk within the Company. In order to match our long-dated insurance liabilities, we will seek to buy long-dated corporate bonds. In some instances, these may not be readily available in the market, or they may be issued by corporations to which we already have significant corporate credit exposure. For example, by purchasing Treasury bonds (or other high-quality assets) and associating them with written credit default swaps on the desired corporate credit name, we, at times, can replicate the desired bond exposures and meet our asset-liability management needs. In addition, given the shorter tenor of the credit default swaps (generally 5-year tenors) versus a long-dated corporate bond, we have more flexibility in managing our credit exposures.

Embedded Derivatives. See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for information about embedded derivatives measured at estimated fair value on a recurring basis and their corresponding fair value hierarchy.

See Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements for a rollforward of the fair value measurements for net embedded derivatives measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs.

See Note 7 of the Notes to the Interim Condensed Consolidated Financial Statements for information about the nonperformance risk adjustment included in the valuation of guaranteed minimum benefits accounted for as embedded derivatives.

See “— Summary of Critical Accounting Estimates — Derivatives” included in the 2012 Annual Report for further information on the estimates and assumptions that affect embedded derivatives.

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Off-Balance Sheet Arrangements

Credit and Committed Facilities

We maintain unsecured credit facilities and committed facilities with various financial institutions. See “— Liquidity and Capital Resources — The Company — Liquidity and Capital Sources — Credit and Committed Facilities” for further descriptions of such arrangements.

Collateral for Securities Lending, Repurchase Program and Derivatives

We participate in a securities lending program in the normal course of business for the purpose of enhancing the total return on our investment portfolio. We have non-cash collateral for securities lending from counterparties on deposit from customers, which cannot be sold or repledged, and which has not been recorded on our consolidated balance sheets. The amount of this collateral was $23 million and $104 million at estimated fair value at March 31, 2013 and December 31, 2012, respectively. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Securities Lending” and “Securities Lending” in Note 1 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for further information on discussion of our securities lending program and the classification of revenues and expenses and the nature of the secured financing arrangement and associated liability.

We also participate in a third-party custodian administered repurchase program for the purpose of enhancing the total return on our investment portfolio. We loan certain of our fixed maturity securities to financial institutions and, in exchange, non-cash collateral is put on deposit by the financial institutions on our behalf with the third-party custodian. The estimated fair value of securities loaned in connection with these transactions was $957 million and $729 million at March 31, 2013 and December 31, 2012, respectively. Non-cash collateral on deposit with the third-party custodian on our behalf was $1.0 billion and $785 million at March 31, 2013 and December 31, 2012, respectively, which cannot be sold or repledged, and which has not been recorded on our consolidated balance sheets.

We enter into derivatives to manage various risks relating to our ongoing business operations. We have non-cash collateral from counterparties for derivatives, which can be sold or repledged subject to certain constraints, and which has not been recorded on our consolidated balance sheets. The amount of this collateral was $4.6 billion and $3.7 billion at March 31, 2013 and December 31, 2012, respectively. See “— Liquidity and Capital Resources — The Company — Liquidity and Capital Uses — Pledged Collateral” and “Derivatives” in Note 7 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the earned income on and the gross notional amount, estimated fair value of assets and liabilities and primary underlying risk exposure of our derivatives.

Guarantees

See “Guarantees” in Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements.

Other

Additionally, we have the following commitments in the normal course of business for the purpose of enhancing the total return on our investment portfolio: commitments to fund partnership investments; mortgage loan commitments; and commitments to fund bank credit facilities, bridge loans and private corporate bond investments.

See “Net Investment Income” and “Net Investment Gains (Losses)” in Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for information on the investment income, investment expense, gains and losses from such investments. See also “Fixed Maturity and Equity Securities Available-for-Sale,” and “Mortgage Loans” in Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements and “Investments — Real Estate and Real Estate Joint Ventures” and “Investments — Other Limited Partnership Interests” for information on our investments in fixed maturity securities, mortgage loans and partnership investments.

Other than the commitments disclosed in Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements, there are no other material obligations or liabilities arising from the commitments to fund partnership investments, mortgage loans, bank credit facilities, bridge loans, and private corporate bond investments. For further information on commitments to fund partnership investments, mortgage loans, bank credit facilities, bridge loans and private corporate bond investments.

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Policyholder Liabilities

We establish, and carry as liabilities, actuarially determined amounts that are calculated to meet policy obligations or to provide for future annuity payments. Amounts for actuarial liabilities are computed and reported in the interim condensed consolidated financial statements in conformity with GAAP. For more details on Policyholder Liabilities, see “— Summary of Critical Accounting Estimates” included in the 2012 Annual Report.

Due to the nature of the underlying risks and the high degree of uncertainty associated with the determination of actuarial liabilities, we cannot precisely determine the amounts that will ultimately be paid with respect to these actuarial liabilities, and the ultimate amounts may vary from the estimated amounts, particularly when payments may not occur until well into the future.

Our actuarial liabilities for future benefits are adequate to cover the ultimate benefits required to be paid to policyholders. We periodically review our estimates of actuarial liabilities for future benefits and compare them with our actual experience. We revise estimates, to the extent permitted or required under GAAP, if we determine that future expected experience differs from assumptions used in the development of actuarial liabilities. We charge or credit changes in our liabilities to expenses in the period the liabilities are established or re-estimated. If the liabilities originally established for future benefit payments prove inadequate, we must increase them. Such an increase could adversely affect our earnings and have a material adverse effect on our business, results of operations and financial condition.

Insurance regulators in many of the non-U.S. countries in which we operate require certain MetLife entities to prepare a sufficiency analysis of the reserves presented in the locally required regulatory financial statements, and to submit that analysis to the regulatory authorities. See “Business — International Regulation” included in the 2012 Annual Report.

We have experienced, and will likely in the future experience, catastrophe losses and possibly acts of terrorism, as well as turbulent financial markets that may have an adverse impact on our business, results of operations, and financial condition. Due to their nature, we cannot predict the incidence, timing, severity or amount of losses from catastrophes and acts of terrorism, but we make broad use of catastrophic and non-catastrophic reinsurance to manage risk from these perils.

Future Policy Benefits

We establish liabilities for amounts payable under insurance policies. See Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for additional information. See also “— Industry Trends — Interest Rate Stress Scenario” included in the 2012 Annual Report and “— Variable Annuity Guarantees.” A discussion of future policy benefits by segment follows.

Retail. For the Retail Life & Other business, future policy benefits are comprised mainly of liabilities for traditional life and for universal and variable life insurance contracts. In order to manage risk, we have often reinsured a portion of the mortality risk on new individual life insurance policies. The reinsurance programs are routinely evaluated and this may result in increases or decreases to existing coverage. We have entered into various derivative positions, primarily interest rate swaps and swaptions, to mitigate the risk that investment of premiums received and reinvestment of maturing assets over the life of the policy will be at rates below those assumed in the original pricing of these contracts. For the Retail Annuities business, future policy benefits are comprised mainly of liabilities for life-contingent income annuities, and liabilities for the variable annuity guaranteed minimum benefits accounted for as insurance.

Group, Voluntary & Worksite Benefits. With the exception of our property & casualty products, future policy benefits for our Group and Voluntary & Worksite businesses are comprised mainly of liabilities for disabled lives under disability waiver of premium policy provisions, liabilities for survivor income benefit insurance, LTC policies, active life policies and premium stabilization and other contingency liabilities held under life insurance contracts. For our property & casualty products, future policy benefits include unearned premium reserves and liabilities for unpaid claims and claim expenses and represent the amount estimated for claims that have been reported but not settled and claims incurred but not reported. Liabilities for unpaid claims are estimated based upon assumptions such as rates of claim frequencies, levels of severities, inflation, judicial trends, legislative changes or regulatory decisions. Assumptions are based upon our historical experience and analyses of historical development patterns of the relationship of loss adjustment expenses to losses for each line of business, and consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation.

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Corporate Benefit Funding. Liabilities for this segment are primarily related to payout annuities, including pension closeouts and structured settlement annuities. There is no interest rate crediting flexibility on these liabilities. As a result, a sustained low interest rate environment could negatively impact earnings; however, we have employed various ALM strategies, including the use of various derivative positions, primarily interest rate floors and interest rate swaps, to mitigate the risks associated with such a scenario.

Latin America. Future policy benefits for this segment are held primarily for immediate annuities in Chile, Argentina and Mexico and traditional life contracts mainly in Brazil and Mexico. There are also reserves held for total return pass-through provisions included in certain universal life and savings products in Mexico. Factors impacting these liabilities include sustained periods of lower yields than rates established at policy issuance, lower than expected asset reinvestment rates, and mortality and lapses different than expected. We mitigate our risks by implementing an ALM policy and through the development of periodic experience studies.

Asia. Future policy benefits for this segment are held primarily for traditional life, endowment, annuity and accident & health contracts. They are also held for total return pass-through provisions included in certain universal life and savings products. They include certain liabilities for variable annuity and variable life guarantees of minimum death benefits, and longevity guarantees. Factors impacting these liabilities include sustained periods of lower yields than rates established at policy issuance, lower than expected asset reinvestment rates, market volatility, actual lapses resulting in lower than expected income, and actual mortality or morbidity resulting in higher than expected benefit payments. We mitigate our risks by implementing an ALM policy and through the development of periodic experience studies.

EMEA. Future policy benefits for this segment include unearned premium reserves for group life and credit insurance contracts. Future policy benefits are also held for traditional life, endowment and annuity contracts with significant mortality risk and accident & health contracts. Factors impacting these liabilities include sustained periods of lower yields than rates established at issue, lower than expected asset reinvestment rates, market volatility, actual lapses resulting in lower than expected income, and actual mortality or morbidity resulting in higher than expected benefit payments. We mitigate our risks by having premiums which are adjustable or cancellable in some cases, implementing an asset/liability matching policy and through the development of periodic experience studies.

Corporate & Other. Future policy benefits primarily include liabilities for quota-share reinsurance agreements for certain run-off LTC and workers’ compensation business written by MetLife Insurance Company of Connecticut. Additionally, future policy benefits includes liabilities for variable annuity guaranteed minimum benefits assumed from a former operating joint venture in Japan that are accounted for as insurance.

Policyholder Account Balances

PABs are generally equal to the account value, which includes accrued interest credited, but excludes the impact of any applicable surrender charge that may be incurred upon surrender. See “— Industry Trends — Interest Rate Stress Scenario” included in the 2012 Annual Report and “— Variable Annuity Guarantees.” See also Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for additional information.

Retail. Life & Other PABs are held for retained asset accounts, universal life policies and the fixed account of variable life insurance policies. For Annuities, PABs are held for fixed deferred annuities, the fixed account portion of variable annuities, and non-life contingent income annuities. PABs are credited interest at a rate set by us, which is influenced by current market rates. A sustained low interest rate environment could negatively impact earnings as a result of the minimum credited rate guarantees present in most of these PABs. We have various derivative positions, primarily interest rate floors, to partially mitigate the risks associated with such a scenario. Additionally, PABs are held for variable annuity guaranteed minimum living benefits that are accounted for as embedded derivatives.

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The table below presents the breakdown of account value subject to minimum guaranteed crediting rates for Retail:

	March 31, 2013
Guaranteed Minimum Crediting Rate	Account     Value (1)		Account Value at   Guarantee (1)
	(In millions)
Life & Other:
Greater than 0% but less than 2%	$	76	$	76
Equal to 2% but less than 4%	$	10,923	$	4,681
Equal to or greater than 4%	$	10,858	$	6,674
Annuities:
Greater than 0% but less than 2%	$	3,578	$	2,218
Equal to 2% but less than 4%	$	33,929	$	26,232
Equal to or greater than 4%	$	2,868	$	2,774

(1) The table above is not adjusted for policy loans.

As a result of acquisitions, we establish additional liabilities known as excess interest reserves for policies with credited rates in excess of market rates as of the applicable acquisition dates. At March 31, 2013, excess interest reserves were $143 million and $383 million for Life & Other and Annuities, respectively.

Group, Voluntary & Worksite Benefits. PABs in this segment are held for retained asset accounts, universal life policies, the fixed account of variable life insurance policies and specialized life insurance products for benefit programs. PABs are credited interest at a rate set by us, which are influenced by current market rates. A sustained low interest rate environment could negatively impact earnings as a result of the minimum credited rate guarantees present in most of these PABs. We have various derivative positions, primarily interest rate floors, to partially mitigate the risks associated with such a scenario.

The table below presents the breakdown of account value subject to minimum guaranteed crediting rates for Group, Voluntary & Worksite Benefits:

	March 31, 2013
Guaranteed Minimum Crediting Rate	Account     Value (1)		Account Value at   Guarantee (1)
	(In millions)
Greater than 0% but less than 2%	$	5,232	$	5,232
Equal to 2% but less than 4%	$	2,348	$	2,334
Equal to or greater than 4%	$	602	$	577

(1) The table above is not adjusted for policy loans.

Corporate Benefit Funding. PABs in this segment are comprised of funding agreements. Interest crediting rates vary by type of contract, and can be fixed or variable. Variable interest crediting rates are generally tied to an external index, most commonly (1-month or 3-month) London Inter-Bank Offer Rate (“LIBOR”). We are exposed to interest rate risks, as well as foreign currency exchange rate risk when guaranteeing payment of interest and return of principal at the contractual maturity date. We may invest in floating rate assets or enter into receive-floating interest rate swaps, also tied to external indices, as well as caps, to mitigate the impact of changes in market interest rates. We also mitigate risks by implementing an ALM policy and seek to hedge all foreign currency exchange rate risk through the use of foreign currency hedges, including cross currency swaps.

Latin America. PABs in this segment are held largely for deferred annuities mainly in Mexico and Brazil, and for universal life products mainly in Mexico. Some of the deferred annuities in Brazil are unit-linked-type funds that do not meet the GAAP definition of separate accounts. The rest of the deferred annuities have minimum credited rate guarantees, and these liabilities and the universal life liabilities are generally impacted by sustained periods of low interest rates. Liabilities for unit-linked-type funds are impacted by changes in the fair value of the associated investments, as the return on assets is generally passed directly to the policyholder.

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Asia. PABs in this segment are held largely for fixed income retirement and savings plans, fixed deferred annuities, interest sensitive whole life products, universal life and, to a lesser degree, liability amounts for unit-linked-type funds that do not meet the GAAP definition of separate accounts. Also included are certain liabilities for retirement and savings products sold in certain countries in Asia that generally are sold with minimum credited rate guarantees. Liabilities for guarantees on certain variable annuities in Asia are accounted for as embedded derivatives and recorded at estimated fair value and are also included within PABs. These liabilities are generally impacted by sustained periods of low interest rates, where there are interest rate guarantees. We mitigate risks by implementing an ALM policy and with reinsurance. Liabilities for unit-linked-type funds are impacted by changes in the fair value of the associated underlying investments, as the return on assets is generally passed directly to the policyholder.

The table below presents the breakdown of account value subject to minimum guaranteed crediting rates for Asia:

	March 31, 2013
Guaranteed Minimum Crediting Rate (1)	Account      Value (2)		Account Value at   Guarantee (2)
	(In millions)
Annuities:
Greater than 0% but less than 2%	$	31,996	$	1,252
Equal to 2% but less than 4%	$	598	$	24
Equal to or greater than 4%	$	2	$	2
Life & Other:
Greater than 0% but less than 2%	$	5,777	$	4,610
Equal to 2% but less than 4%	$	16,282	$	9,007
Equal to or greater than 4%	$	259	$	—

(1) The table above excludes negative VOBA liabilities of $2.7 billion at March 31, 2013, primarily held in Japan. These liabilities were established in instances where the estimated fair value of contract obligations exceeded the book value of assumed insurance policy liabilities in the ALICO Acquisition. These negative liabilities were established primarily for decreased market interest rates subsequent to the issuance of the policy contracts.

(2) The table above is not adjusted for policy loans.

EMEA. PABs in this segment are held mostly for universal life, deferred annuity, pension products, and unit-linked-type funds that do not meet the GAAP definition of separate accounts. They are also held for endowment products without significant mortality risk. Where there are interest rate guarantees, these liabilities are generally impacted by sustained periods of low interest rates. We mitigate risks by implementing an asset/liability matching policy. Liabilities for unit-linked-type funds are impacted by changes in the fair value of the associated investments, as the return on assets is generally passed directly to the policyholder.

Corporate & Other. PABs in Corporate & Other are held for variable annuity guaranteed minimum benefits assumed from a former operating joint venture in Japan that are accounted for as embedded derivatives.

Variable Annuity Guarantees

We issue, directly and through assumed reinsurance, certain variable annuity products with guaranteed minimum benefits that provide the policyholder a minimum return based on their initial deposit (i.e., the benefit base) less withdrawals. In some cases, the benefit base may be increased by additional deposits, bonus amounts, accruals or optional market value resets. See Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for additional information.

Certain guarantees, including portions thereof, have insurance liabilities established that are included in future policy benefits. Guarantees accounted for in this manner include guaranteed minimum death benefits (“GMDBs”), the life-contingent portion of certain guaranteed minimum withdrawal benefits (“GMWBs”), and the portion of guaranteed minimum income benefits (“GMIBs”) that requires annuitization. These liabilities are accrued over the life of the contract in proportion to actual

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and future expected policy assessments based on the level of guaranteed minimum benefits generated using multiple scenarios of separate account returns. The scenarios are based on best estimate assumptions consistent with those used to amortize DAC. When current estimates of future benefits exceed those previously projected or when current estimates of future assessments are lower than those previously projected, liabilities will increase, resulting in a current period charge to net income. The opposite result occurs when the current estimates of future benefits are lower than that previously projected or when current estimates of future assessments exceed those previously projected. At each reporting period, we update the actual amount of business remaining in-force, which impacts expected future assessments and the projection of estimated future benefits resulting in a current period charge or increase to earnings.

Certain guarantees, including portions thereof, accounted for as embedded derivatives, are recorded at estimated fair value and included in PABs. Guarantees accounted for as embedded derivatives include guaranteed minimum accumulation benefits (“GMABs”), the non life-contingent portion of GMWBs and the portion of certain GMIBs that do not require annuitization. The estimated fair values of guarantees accounted for as embedded derivatives are determined based on the present value of projected future benefits minus the present value of projected future fees. The projections of future benefits and future fees require capital market and actuarial assumptions including expectations concerning policyholder behavior. A risk neutral valuation methodology is used to project the cash flows from the guarantees under multiple capital market scenarios to determine an economic liability. The reported estimated fair value is then determined by taking the present value of these risk-free generated cash flows using a discount rate that incorporates a spread over the risk free rate to reflect our nonperformance risk and adding a risk margin. For more information on the determination of estimated fair value, see Note 8 of the Notes to the Interim Condensed Consolidated Financial Statements.

The table below contains the carrying value for guarantees at:

	Future Policy Benefits				Policyholder Account Balances
	March 31,      2013		December 31,     2012		March 31,      2013		December 31,     2012
	(In millions)
Americas:
GMDB	$	371	$	343	$	—	$	—
GMIB		1,456		1,432		(517)		200
GMAB		—		—		11		23
GMWB		33		30		156		428
Asia:
GMDB		45		54		—		—
GMAB		—		—		12		11
GMWB		188		183		152		190
EMEA:
GMDB		6		6		—		—
GMAB		—		—		21		28
GMWB		19		20		1		43
Corporate & Other:
GMDB		16		39		—		—
GMAB		—		—		231		387
GMWB		96		95		1,793		2,195
Total	$	2,230	$	2,202	$	1,860	$	3,505

The carrying amounts for guarantees included in PABs above include nonperformance risk adjustments of $788 million and $1.2 billion at March 31, 2013 and December 31, 2012, respectively. These nonperformance risk adjustments represent the impact of including a credit spread when discounting the underlying risk neutral cash flows to determine the estimated fair values. The nonperformance risk adjustment does not have an economic impact on us as it cannot be monetized given the nature of these policyholder liabilities. The change in valuation arising from the nonperformance risk adjustment is not hedged.

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The carrying values of these guarantees can change significantly during periods of sizable and sustained shifts in equity market performance, equity volatility, interest rates or foreign currency exchange rates. Carrying values are also impacted by our assumptions around mortality, separate account returns and policyholder behavior including lapse rates.

As discussed below, we use a combination of product design, reinsurance, hedging strategies, and other risk management actions to mitigate the risks related to these benefits. Within each type of guarantee, there is a range of product offerings reflecting the changing nature of these products over time. Changes in product features and terms are in part driven by customer demand but, more importantly, reflect our risk management practices of continuously evaluating the guaranteed benefits and their associated asset-liability matching.

The sections below provide further detail by total contract account value for certain of our most popular guarantees. Total contract account values include amounts not reported in the consolidated balance sheets from assumed reinsurance, contractholder-directed investments which do not qualify for presentation as separate account assets, and amounts included in our general account.

GMDBs

We offer a range of GMDBs to our contractholders. The table below presents GMDBs, by benefit type, at March 31, 2013:

	Total Contract Account Value (1)
	Americas		Corporate      & Other
	(In millions)
Return of premium or five to seven year step-up	$	99,072	$	17,140
Annual step-up		29,971		—
Roll-up and step-up combination		37,466		—
Total	$	166,509	$	17,140

(1) Total contract account value above excludes $2.4 billion for contracts with no GMDBs and approximately $11.1 billion of total contract account value in the EMEA and Asia regions.

Based on total contract account value, less than 40% of our GMDBs included enhanced death benefits such as the annual step-up or roll-up and step-up combination products. We expect the above GMDB risk profile to be relatively consistent for the foreseeable future.

As part of our risk management of the GMDB business, we have been opportunistically reinsuring in-force blocks, taking advantage of favorable capital market conditions. Our approach for such treaties has been to seek coverage for the enhanced GMDBs, such as the annual step-up and the roll-up and step-up combination. These treaties tend to cover long periods until claims start running off, and are written either on a first dollar basis or with a deductible.

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Living Benefit Guarantees

The table below presents our living benefit guarantees based on total contract account values at March 31, 2013:

	Total Contract Account Value (1)
			Corporate
	Americas		& Other
	(In millions)
GMIB	$	92,949	$	—
GMWB - non-life contingent		7,345		4,002
GMWB - life-contingent		17,012		10,688
GMAB		447		2,450
	$	117,753	$	17,140

(1) Total contract account value above excludes $51.1 billion for contracts with no living benefit guarantees and approximately $7.8 billion of total contract account value in the EMEA and Asia regions.

In terms of total contract account value, GMIBs are our most significant living benefit guarantee. Our primary risk management strategy for our GMIB products is our derivatives hedging program as discussed below. Additionally, we have engaged in certain reinsurance treaties covering some of our GMIB business. As part of our overall risk management approach for living benefit guarantees, we continually monitor the reinsurance markets for the right opportunity to purchase additional coverage for our GMIB business.

The table below presents our GMIBs, by their guaranteed payout basis, at March 31, 2013:

	Total Contract      Account  Value
	(In millions)
7-year setback, 2.5% interest rate	$	35,519
7-year setback, 1.5% interest rate		5,811
10-year setback, 1.5% interest rate		19,465
10-year mortality projection, 10-year setback, 1.0% interest rate		28,090
10-year mortality projection, 10-year setback, 0.5% interest rate		4,064
	$	92,949

The annuitization interest rates on GMIBs have been decreased from 2.5% to 0.5% over time, partially in response to the low interest rate environment, accompanied by an increase in the setback period from seven years to 10 years and the recent introduction of the 10-year mortality projection. We expect new contracts to have comparable guarantee features for the foreseeable future.

Additionally, 29% of the $92.9 billion of GMIB total contract account value has been invested in managed volatility funds as of March 31, 2013. These funds seek to manage volatility by adjusting the fund holdings within certain guidelines based on capital market movements. Such activity reduces the overall risk of the underlying funds while maintaining their growth opportunities. These risk mitigation techniques translate to a reduction or elimination of the need for us to manage the funds’ volatility through hedging or reinsurance. We expect the proportion of total contract account value invested in these funds to increase for the foreseeable future, as new contracts with GMIBs are required to invest in these funds.

Our GMIB products typically have a waiting period of 10 years to be eligible for annuitization. As of March 31, 2013, only 3.3% of our contracts with GMIBs were eligible for annuitization. The remaining contracts are not eligible for annuitization for an average of 6.3 years.

Once eligible for annuitization, contractholders would only be expected to annuitize if their contracts were in-the-money. We calculate in-the-moneyness with respect to GMIBs consistent with net amount at risk as discussed in Note 4 of the Notes to the Interim Condensed Consolidated Financial Statements, by comparing the contractholders’ income benefits based on total

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contract account values and current annuity rates versus the guaranteed income benefits. For those contracts with GMIB, the table below presents details of contracts that are in-the-money and out-of-the-money at March 31, 2013:

	In-the- Moneyness	Total Contract   Account Value		% of Total
		(In millions)
In-the-money	30%+	$	1,854		2.0	%
	20% to 30%		2,319		2.5	%
	10% to 20%		4,687		5.0	%
	0% to 10%		7,801		8.4	%
			16,661
Out-of-the-money	-10% to 0%		10,657		11.5	%
	-20% to -10%		12,982		14.0	%
	-20%+		52,649		56.6	%
			76,288
Total GMIBs		$	92,949

Derivatives Hedging Variable Annuity Guarantees

In addition to reinsurance and our risk mitigating steps described above, we have a hedging strategy that uses various over the counter and exchanged traded derivatives. The table below presents the gross notional amount, estimated fair value and primary underlying risk exposure of the derivatives hedging our variable annuity guarantees:

	Instrument Type	March 31, 2013						December 31, 2012
Primary Underlying Risk Exposure		Notional   Amount		Estimated Fair Value				Notional   Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Interest rate	Interest rate swaps	$	24,712	$	1,926	$	639	$	24,041	$	1,973	$	614
	Interest rate futures		7,814		1		16		8,913		1		25
	Interest rate options		11,440		386		71		11,440		303		58
Foreign currency exchange rate	Foreign currency forwards		2,280		31		55		2,281		1		177
	Foreign currency futures		416		1		—		518		4		—
Equity market	Equity futures		6,612		1		7		6,993		14		132
	Equity options		27,740		2,124		588		21,759		2,824		356
	Variance swaps		21,023		132		486		19,830		122		310
	Total rate of return swaps		3,541		2		108		3,092		5		103
	Total	$	105,578	$	4,604	$	1,970	$	98,867	$	5,247	$	1,775

The change in estimated fair values of our derivatives is recorded in policyholder benefits and claims if they are hedging guarantees included in future policy benefits, and in net derivative gains (losses) if they are hedging guarantees included in PABs.

Our hedging strategy involves the significant use of static longer-term derivative instruments to avoid the need to execute transactions during periods of market disruption or higher volatility. We continually monitor the capital markets for opportunities to adjust our liability coverage, as appropriate. Futures are also used to dynamically adjust the daily coverage levels as markets and liability exposures fluctuate.

We remain liable for the guaranteed benefits in the event that reinsurers or derivative counterparties are unable or unwilling to pay. Certain of our reinsurance agreements and most derivative positions are collateralized and derivatives positions are subject to master netting agreements, both of which significantly reduce the exposure to counterparty risk. In addition, we are subject to the risk that hedging and other risk management actions prove ineffective or that unanticipated policyholder behavior or mortality, combined with adverse market events, produces economic losses beyond the scope of the risk management techniques employed.

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Liquidity and Capital Resources

Overview

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in global capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities are sensitive to changing market factors. The global markets and economy continue to experience significant volatility that may affect our financing costs and market interest for our debt or equity securities. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, see “— Industry Trends” and “— Investments — Current Environment.”

Liquidity Management

Based upon the strength of our franchise, diversification of our businesses, strong financial fundamentals and the substantial funding sources available to us as described herein, we continue to believe we have access to ample liquidity to meet business requirements under current market conditions and unlikely but reasonably possible stress scenarios.

Short-term Liquidity. We maintain a substantial short-term liquidity position, which was $15.7 billion and $24.1 billion at March 31, 2013 and December 31, 2012, respectively. Short-term liquidity includes cash and cash equivalents and short-term investments, excluding: (i) cash collateral received under our securities lending program, and (ii) cash collateral received from counterparties in connection with derivatives. We continuously monitor and adjust our liquidity and capital plans for MetLife, Inc. and its subsidiaries in light of changing needs and opportunities.

Liquid Assets. An integral part of our liquidity management includes managing our level of liquid assets, which was $283.5 billion and $292.2 billion at March 31, 2013 and December 31, 2012, respectively. Liquid assets include cash and cash equivalents, short-term investments and publicly-traded securities, excluding: (i) cash collateral received under our securities lending program that has been reinvested; (ii) cash collateral received from counterparties in connection with derivatives; (iii) cash and cash equivalents, short-term investments and securities on deposit with regulatory agencies; and (iv) securities held in trust in support of collateral financing arrangements and pledged in support of debt and funding agreements, derivatives and short sale agreements.

Capital Management

We have established several senior management committees as part of our capital management process. These committees, including the Capital Management Committee and the Enterprise Risk Committee, regularly review actual and projected capital levels (under a variety of scenarios including stress scenarios) and our capital plan in accordance with our capital policy. The Capital Management Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer, Treasurer and Chief Risk Officer. The Enterprise Risk Committee is also comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer, Chief Risk Officer and Chief Investment Officer.

Our Board and senior management are directly involved in the development and maintenance of our capital policy. The capital policy sets forth, among other things, minimum and target capital levels and the governance of the capital management process. All capital actions, including proposed changes to the capital plan, capital targets or capital policy, are reviewed by the Finance and Risk Committee of the Board prior to obtaining full Board approval. The Board approves the capital policy and the annual capital plan and authorizes capital actions, as required.

See “Risk Factors — Capital-Related Risks — We Have Been, and May Continue to be, Prevented from Repurchasing Our Stock and Paying Dividends at the Level We Wish as a Result of Regulatory Restrictions and Restrictions Under the Terms of Certain of Our Securities” and Note 16 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding restrictions on payment of dividends and stock repurchases.

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The Company

Liquidity

Liquidity refers to a company’s ability to generate adequate amounts of cash to meet its needs. In the event of significant cash requirements beyond anticipated liquidity needs, we have various alternatives available depending on market conditions and the amount and timing of the liquidity need. These options include cash flows from operations, the sale of liquid assets, global funding sources and various credit facilities.

Capital

We manage our capital position to maintain our financial strength and credit ratings. Our capital position is supported by our ability to generate strong cash flows within our operating companies and borrow funds at competitive rates, as well as by our demonstrated ability to raise additional capital to meet operating and growth needs despite adverse market and economic conditions.

Summary of Primary Sources and Uses of Liquidity and Capital

Our primary sources and uses of liquidity and capital are summarized as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Sources:
Net cash provided by operating activities	$	2,733	$	5,758
Net cash provided by investing activities		—		2,167
Net cash provided by changes in policyholder account balances		1,336		1,822
Net cash provided by changes in payables for collateral under securities loaned and other transactions		528		—
Net cash provided by changes in bank deposits		8		—
Net change in liability for securitized reverse residential mortgage loans		—		561
Net cash provided by other, net		—		91
Effect of change in foreign currency exchange rates on cash and cash equivalents balances		—		41
Total sources		4,605		10,440
Uses:
Net cash used in investing activities		9,719		—
Net cash used for changes in payables for collateral under securities loaned and other transactions		—		1,220
Net cash used for changes in bank deposits		—		50
Net cash used for short-term debt repayments		—		585
Long-term debt repaid		240		349
Dividends on preferred stock		30		30
Dividends on common stock		203		—
Net cash used in other, net		75		—
Effect of change in foreign currency exchange rates on cash and cash equivalents balances		93		—
Total uses		10,360		2,234
Net increase (decrease) in cash and cash equivalents	$	(5,755)	$	8,206

Cash Flows from Operations. The principal cash inflows from our insurance activities come from insurance premiums, annuity considerations and deposit funds. The principal cash outflows relate to the liabilities associated with various life insurance, property & casualty, annuity and group pension products, operating expenses and income tax, as well as interest on outstanding debt obligations. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.

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Cash Flows from Investments. The principal cash inflows from our investment activities come from repayments of principal on invested assets, proceeds from maturities of invested assets, sales of invested assets, settlements of freestanding derivatives and net investment income. The principal cash outflows relate to purchases of investments, issuances of policy loans and settlements of freestanding derivatives. Additional cash outflows include those related to our securities lending activities. We typically have a net cash outflow from investing activities because cash inflows from insurance operations are reinvested in accordance with our ALM discipline to fund insurance liabilities. We closely monitor and manage these risks through our credit risk management process. The primary liquidity concerns with respect to these cash flows are the risk of default by debtors and market disruption.

Financing Cash Flows. The principal cash inflows from our financing activities come from issuances of debt, issuances of MetLife, Inc.’s securities, and deposit funds associated with PABs. The principal cash outflows come from repayments of debt, payments of dividends on MetLife, Inc.’s securities and withdrawals associated with PABs. A primary liquidity concern with respect to these cash flows is the risk of early contractholder and policyholder withdrawal.

Liquidity and Capital Sources

In addition to the general description of liquidity and capital sources in “— Summary of Primary Sources and Uses of Liquidity and Capital,” the following additional information is provided regarding our primary sources of liquidity and capital:

Global Funding Sources. Liquidity is provided by a variety of funding sources, including funding agreements, credit facilities and commercial paper. Capital is provided by a variety of funding sources, including short-term and long-term debt, collateral financing arrangements, junior subordinated debt securities, preferred securities and equity and equity-linked securities. The diversity of our funding sources enhances our funding flexibility, limits dependence on any one market or source of funds and generally lowers the cost of funds. Our primary global funding sources include:

Common Stock. During the three months ended March 31, 2013 and 2012, MetLife, Inc. issued 2,532,148 and 2,906,992 new shares of its common stock for $72 million and $88 million, respectively, to satisfy various stock option exercises and other stock-based awards.

Commercial Paper, Reported in Short-term Debt. MetLife, Inc. and MetLife Funding, Inc. (“MetLife Funding”) each have commercial paper programs supported by $4.0 billion in general corporate credit facilities (see “— Credit and Committed Facilities”). MetLife Funding, a subsidiary of Metropolitan Life Insurance Company (“MLIC”), serves as our centralized finance unit. MetLife Funding raises cash from its commercial paper program and uses the proceeds to extend loans, through MetLife Credit Corp., another subsidiary of MLIC, to MetLife, Inc., MLIC and other affiliates in order to enhance the financial flexibility and liquidity of these companies. Outstanding balances for the commercial paper program fluctuate in line with changes to affiliates’ financing arrangements.

Federal Home Loan Bank Funding Agreements, Reported in Policyholder Account Balances. Certain of our domestic insurance subsidiaries are members of a regional FHLB. During the three months ended March 31, 2013 and 2012, we issued $4.0 billion and $5.0 billion, respectively, and repaid $3.9 billion and $4.4 billion, respectively, under funding agreements with certain FHLB regional banks. At March 31, 2013 and December 31, 2012, total obligations outstanding under these funding agreements were $15.5 billion and $15.4 billion, respectively. See Note 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

Special Purpose Entity Funding Agreements, Reported in Policyholder Account Balances. We issue fixed and floating rate funding agreements, which are denominated in either U.S. dollars or foreign currencies, to certain special purpose entities (“SPEs”) that have issued either debt securities or commercial paper for which payment of interest and principal is secured by such funding agreements. During the three months ended March 31, 2013 and 2012, we issued $9.9 billion and $10.7 billion, respectively, and repaid $7.1 billion and $9.3 billion, respectively, under such funding agreements. At March 31, 2013 and December 31, 2012, total obligations outstanding under these funding agreements were $32.6 billion and $30.0 billion, respectively. See Note 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

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Federal Agricultural Mortgage Corporation Funding Agreements, Reported in Policyholder Account Balances. We issue funding agreements to the Federal Agricultural Mortgage Corporation (“Farmer Mac”), as well as to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements; such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under all such funding agreements are secured by a pledge of certain eligible agricultural real estate mortgage loans and may, under certain circumstances, be secured by other qualified collateral. There were no issuances or repayments under such funding agreements during the three months ended March 31, 2013 and 2012. At both March 31, 2013 and December 31, 2012, total obligations outstanding under these funding agreements were $2.8 billion. See Note 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

Remarketing of Senior Debt Securities and Settlement of Stock Purchase Contracts. In September 2013, MetLife, Inc. plans to remarket $1.0 billion of senior debt securities underlying common equity units issued in November 2010 in connection with the acquisition of ALICO. MetLife, Inc. will not receive any proceeds from the remarketing. Common equity unit holders will use the remarketing proceeds to settle their payment obligations under the applicable stock purchase contracts. The subsequent settlement of the stock purchase contracts will provide proceeds to MetLife, Inc. of $1.0 billion in exchange for shares of MetLife, Inc.’s common stock. MetLife, Inc. will deliver between 22.6 million and 28.2 million shares of its newly issued common stock to settle the stock purchase contracts. See Notes 12 and 15 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for additional information.

Credit and Committed Facilities. We maintain unsecured credit facilities and committed facilities, which aggregated $4.0 billion and $12.4 billion, respectively, at March 31, 2013. When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements.

The unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. At March 31, 2013, we had outstanding $2.7 billion in letters of credit and no drawdowns against these facilities. Remaining unused commitments were $1.3 billion at March 31, 2013.

The committed facilities are used for collateral for certain of our affiliated reinsurance liabilities. At March 31, 2013, $6.4 billion in letters of credit and $2.8 billion in aggregate drawdowns were outstanding against these facilities. Remaining unused commitments were $3.2 billion at March 31, 2013.

See Note 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for further discussion of these facilities.

We have no reason to believe that our lending counterparties will be unable to fulfill their respective contractual obligations under these facilities. As commitments associated with letters of credit and financing arrangements may expire unused, these amounts do not necessarily reflect our actual future cash funding requirements.

Outstanding Debt Under Global Funding Sources. The following table summarizes our outstanding debt at:

	March 31, 2013	December 31, 2012
	(In millions)
Short-term debt	$         100	$         100
Long-term debt (1)	$    16,453	$    16,535
Collateral financing arrangements	$      4,196	$      4,196
Junior subordinated debt securities	$      3,193	$      3,192

(1) Excludes $2.3 billion and $2.5 billion at March 31, 2013 and December 31, 2012, respectively, of long-term debt relating to CSEs (see Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements).

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Dispositions. Cash proceeds from dispositions during the three months ended March 31, 2013 and 2012 were $373 million and $0, respectively. During the three months ended March 31, 2013, the sale of MetLife Bank’s depository business resulted in cash outflows of $6.4 billion as a result of the buyer’s assumption of the bank deposits liability in exchange for our cash payment. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding the 2013 proceeds and Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding the sale of MetLife Bank’s depository business.

Liquidity and Capital Uses

In addition to the general description of liquidity and capital uses in “— Summary of Primary Sources and Uses of Liquidity and Capital,” the following additional information is provided regarding our primary uses of liquidity and capital:

Common Stock Dividends. In January 2013, MetLife, Inc., which previously paid common stock dividends annually, transitioned to paying common stock dividends quarterly. As such, MetLife, Inc. did not pay common stock dividends during the three months ended March 31, 2012. The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock for the three months ended March 31, 2013:

	Record Date	Payment Date	Dividend
Declaration Date			Per Share		Aggregate
			(In millions, except per share data)
January 4, 2013	February 6, 2013	March 13, 2013	$	0.185	$            203

The declaration and payment of common stock dividends is subject to the discretion of our Board of Directors, and will depend on MetLife, Inc.’s financial condition, results of operations, cash requirements, future prospects, regulatory restrictions on the payment of dividends by MetLife, Inc.’s other insurance subsidiaries and other factors deemed relevant by the board. On April 23, 2013, MetLife, Inc. announced a second quarter 2013 common stock dividend of $0.275 per share. The dividends will be payable on June 13, 2013 to shareholders of record as of May 9, 2013.

Preferred Stock Dividends. Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for preferred stock was as follows for the three months ended March 31, 2013 and 2012:

	Record Date	Payment Date	Dividend
Declaration Date			Series A     Per Share		Series A     Aggregate	Series B     Per Share		Series B     Aggregate
			(In millions, except per share data)
March 5, 2013	February 28, 2013	March 15, 2013	$	0.250	$    6	$	0.406	$  24
March 5, 2012	February 29, 2012	March 15, 2012	$	0.253	$    6	$	0.406	$  24

Preferred stock dividends are paid quarterly in accordance with the terms of MetLife, Inc.’s Floating Rate Non-Cumulative Preferred Stock, Series A, and 6.50% Non-Cumulative Preferred Stock, Series B. The payment of dividends and other distributions by MetLife, Inc. to its security holders may be subject to the Federal Reserve Board, if, in the future, MetLife, Inc. is designated as a non-bank SIFI. See “— Regulatory Developments — Potential Regulation as a Non-Bank SIFI.” The payment of dividends is also subject to restrictions under the terms of our preferred stock and junior subordinated debentures in situations where we may be experiencing financial stress. See “Risk Factors — Capital-Related Risks — We Have Been, and May Continue to be, Prevented from Repurchasing Our Stock and Paying Dividends at the Level We Wish as a Result of Regulatory Restrictions and Restrictions Under the Terms of Certain of Our Securities” in the 2012 Annual Report and Note 16 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

Debt and Facility Covenants. Certain of our debt instruments, credit facilities and committed facilities contain various administrative, reporting, legal and financial covenants. We believe we were in compliance with all such covenants at March 31, 2013.

Debt Repurchases. We may from time to time seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for other securities, in open market purchases, privately negotiated transactions or otherwise. Any such repurchases or exchanges will be dependent upon several factors, including our liquidity requirements, contractual

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restrictions, general market conditions, and applicable regulatory, legal and accounting factors. Whether or not to repurchase any debt and the size and timing of any such repurchases is determined at our discretion.

Support Agreements. MetLife, Inc. and several of its subsidiaries (each, an “Obligor”) are parties to various capital support commitments, guarantees and contingent reinsurance agreements with certain subsidiaries of MetLife, Inc. Under these arrangements, each Obligor, with respect to the applicable entity, has agreed to cause such entity to meet specified capital and surplus levels, has guaranteed certain contractual obligations or has agreed to provide, upon the occurrence of certain contingencies, reinsurance for such entity’s insurance liabilities. We anticipate that in the event that these arrangements place demands upon us, there will be sufficient liquidity and capital to enable us to meet anticipated demands.

In July 2012, in connection with an operating agreement with the OCC governing MetLife Bank’s operations during its wind-down process, MetLife Bank and MetLife, Inc. entered into a capital support agreement with the OCC and MetLife, Inc. and MetLife Bank entered into an indemnification and capital maintenance agreement under which agreements MetLife, Inc. will provide financial and other support to MetLife Bank to ensure that MetLife Bank can wind down its operations in a safe and sound manner.

See “— MetLife, Inc. — Liquidity and Capital Uses — Support Agreements.”

Insurance Liabilities. Liabilities arising from our insurance activities primarily relate to benefit payments under various life insurance, property & casualty, annuity and group pension products, as well as payments for policy surrenders, withdrawals and loans. For annuity or deposit type products, surrender or lapse product behavior differs somewhat by segment. In the Retail segment, which includes individual annuities, lapses and surrenders tend to occur in the normal course of business. During the three months ended March 31, 2013 and 2012, general account surrenders and withdrawals from annuity products were $1.0 billion and $1.3 billion, respectively. In the Corporate Benefit Funding segment, which includes pension closeouts, bank-owned life insurance and other fixed annuity contracts, as well as funding agreements and other capital market products, most of the products offered have fixed maturities or fairly predictable surrenders or withdrawals. With regard to the Corporate Benefit Funding segment liabilities that provide customers with limited rights to accelerate payments, there were $3.2 billion at March 31, 2013 of funding agreements and other capital market products that could be put back to the Company after a period of notice. Of these liabilities, $535 million were subject to a notice period of 90 days. The remaining liabilities are subject to a notice period of five months or greater.

Pledged Collateral. We pledge collateral to, and have collateral pledged to us by, counterparties in connection with our derivatives. At March 31, 2013 and December 31, 2012, we were obligated to return cash collateral under our control of $3.9 billion and $6.0 billion, respectively. At March 31, 2013 and December 31, 2012, we had pledged cash collateral of $3 million and $1 million, respectively for over-the-counter derivatives in a net liability position. With respect to derivatives in a net liability position that have credit contingent provisions, a one-notch downgrade in the Company’s credit rating would require $20 million of additional collateral be provided to our counterparties as of March 31, 2013. See Note 7 of the Notes to the Interim Condensed Consolidated Financial Statements for additional information about collateral pledged to us, collateral we pledge and derivatives subject to credit contingency provisions. In addition, we have pledged collateral and have had collateral pledged to us, and may be required from time to time to pledge additional collateral or be entitled to have additional collateral pledged to us, in connection with collateral financing arrangements related to the reinsurance of closed block liabilities and universal life secondary guarantee liabilities.

Securities Lending. We participate in a securities lending program whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the loaned securities are returned to us. Under our securities lending program, we were liable for cash collateral under our control of $30.3 billion and $27.7 billion at March 31, 2013 and December 31, 2012, respectively. Of these amounts, $7.8 billion and $5.0 billion at March 31, 2013 and December 31, 2012, respectively, were on open, meaning that the related loaned security could be returned to us on the next business day requiring the immediate return of cash collateral we hold. The estimated fair value of the securities on loan related to the cash collateral on open at March 31, 2013 was $7.6 billion, of which $7.4 billion were U.S. Treasury and agency securities which, if put to us, can be immediately sold to satisfy the cash requirements to immediately return the cash collateral. See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for further information.

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Litigation. Putative or certified class action litigation and other litigation, and claims and assessments against us, in addition to those discussed elsewhere herein and those otherwise provided for in the consolidated financial statements, have arisen in the course of our business, including, but not limited to, in connection with our activities as an insurer, mortgage lending bank, employer, investor, investment advisor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning our compliance with applicable insurance and other laws and regulations. See Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements.

We establish liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. For material matters where a loss is believed to be reasonably possible but not probable, no accrual is made but we disclose the nature of the contingency and an aggregate estimate of the reasonably possible range of loss in excess of amounts accrued, when such an estimate can be made. It is not possible to predict or determine the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to herein, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations, it is possible that an adverse outcome in certain cases could have a material adverse effect upon our financial position, based on information currently known by us, in our opinion, the outcome of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material adverse effect on our consolidated net income or cash flows in particular quarterly or annual periods.

Acquisitions. During each of the three months ended March 31, 2013 and 2012, there were no cash outflows for acquisitions. See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding a pending acquisition.

Contractual Obligations. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — The Company — Contractual Obligations” included in the 2012 Annual Report for additional information on the Company’s contractual obligations.

MetLife, Inc.

Liquidity Management and Capital Management

Liquidity and capital are managed to preserve stable, reliable and cost-effective sources of cash to meet all current and future financial obligations and are provided by a variety of sources, including a portfolio of liquid assets, a diversified mix of short- and long-term funding sources from the wholesale financial markets and the ability to borrow through credit and committed facilities. Liquidity is monitored through the use of internal liquidity risk metrics, including the composition and level of the liquid asset portfolio, timing differences in short-term cash flow obligations, access to the financial markets for capital and debt transactions and exposure to contingent draws on MetLife, Inc.’s liquidity. MetLife, Inc. is an active participant in the global financial markets through which it obtains a significant amount of funding. These markets, which serve as cost-effective sources of funds, are critical components of MetLife, Inc.’s liquidity and capital management. Decisions to access these markets are based upon relative costs, prospective views of balance sheet growth and a targeted liquidity profile and capital structure. A disruption in the financial markets could limit MetLife, Inc.’s access to liquidity.

MetLife, Inc.’s ability to maintain regular access to competitively priced wholesale funds is fostered by its current credit ratings from the major credit rating agencies. We view our capital ratios, credit quality, stable and diverse earnings streams, diversity of liquidity sources and our liquidity monitoring procedures as critical to retaining such credit ratings.

Liquid Assets. At March 31, 2013 and December 31, 2012, MetLife, Inc. and other MetLife holding companies had $4.8 billion and $5.7 billion, respectively, in liquid assets. Of these amounts, $4.2 billion and $5.0 billion were held by MetLife, Inc. and $0.6 billion and $0.7 billion were held by other MetLife holding companies, at March 31, 2013 and December 31, 2012, respectively. Liquid assets include cash and cash equivalents, short-term investments and publicly-traded securities, excluding: (i) cash collateral received under our securities lending program; (ii) cash collateral received from counterparties in connection with derivatives; and (iii) securities held in trust in support of collateral financing arrangements and pledged in support of advances agreements and derivatives.

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Liquid assets held in non-U.S. holding companies are generated in part through dividends from non-U.S. insurance operations determined to be available after application of local insurance regulatory requirements, as discussed in “— MetLife, Inc. — Liquidity and Capital Sources — Dividends from Subsidiaries.” The cumulative earnings of certain active non-U.S. operations have been reinvested indefinitely in such non-U.S. operations, as described in Note 19 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. Under current tax laws, should we repatriate such earnings, we may be subject to additional U.S. income taxes and foreign withholding taxes.

Liquidity

For a summary of MetLife, Inc.’s liquidity, see “— The Company — Liquidity.”

Capital

Potential Restrictions and Limitations on Non-Bank SIFIs. MetLife Bank has terminated its FDIC insurance and MetLife, Inc. de-registered as a bank holding company. As a result, MetLife, Inc. is no longer subject to enhanced supervision and prudential standards as a bank holding company with assets of $50 billion or more. However, if, in the future, MetLife, Inc. is designated by the FSOC as a non-bank SIFI, it could once again be subject to regulation by the Federal Reserve Board and enhanced supervision and prudential standards. In addition, if MetLife, Inc. is designated as a non-bank SIFI or a G-SII, its ability to pay dividends, repurchase common stock or other securities or engage in other transactions that could affect its capital or need for capital could be reduced by any additional capital requirements that might be imposed. See “— Industry Trends — Regulatory Developments — Potential Regulation as a Non-Bank SIFI” and “— Industry Trends — Regulatory Developments — Regulatory Developments Relating to G-SIIs.”

Liquidity and Capital Sources

In addition to the description of liquidity and capital sources in “— The Company — Summary of Primary Sources and Uses of Liquidity and Capital,” the following additional information is provided regarding MetLife, Inc.’s primary sources of liquidity and capital:

Dividends from Subsidiaries. MetLife, Inc. relies in part on dividends from its subsidiaries to meet its cash requirements. MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions on the payment of dividends imposed by the regulators of their respective domiciles. The dividend limitation for U.S. insurance subsidiaries is generally based on the surplus to policyholders at the end of the immediately preceding calendar year and statutory net gain from operations for the immediately preceding calendar year. Statutory accounting practices, as prescribed by insurance regulators of various states in which we conduct business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP. The significant differences relate to the treatment of DAC, certain deferred income tax, required investment liabilities, statutory reserve calculation assumptions, goodwill and surplus notes.

The table below sets forth the dividends permitted to be paid by the respective insurance subsidiary without insurance regulatory approval:

	2013
Company	Permitted w/o         Approval  (1)
	(In millions)
Metropolitan Life Insurance Company	$    1,428
American Life Insurance Company	$       523
MetLife Insurance Company of Connecticut	$    1,330
Metropolitan Property and Casualty Insurance Company	$         74
Metropolitan Tower Life Insurance Company	$         77
MetLife Investors Insurance Company	$       129
Delaware American Life Insurance Company	$           7

(1) Reflects dividend amounts that may be paid during 2013 without prior regulatory approval. However, because dividend tests may be based on dividends previously paid over rolling 12-month periods, if paid before a specified date during 2013,

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some or all of such dividends may require regulatory approval. No available amounts were paid by the above subsidiaries to MetLife, Inc. during the three months ended March 31, 2013.

The dividend capacity of our non-U.S. operations is subject to similar restrictions established by the local regulators. The non-U.S. regulatory regimes also commonly limit the dividend payments to the parent to a portion of the prior year’s statutory income, as determined by the local accounting principles. The regulators of our non-U.S. operations, including Japan’s Financial Services Agency, may also limit or not permit profit repatriations or other transfers of funds to the U.S. if such transfers are deemed to be detrimental to the solvency or financial strength of the non-U.S. operations, or for other reasons. Most of the non-U.S. subsidiaries are second tier subsidiaries which are owned by various non-U.S. holding companies. The capital and rating considerations applicable to the first tier subsidiaries may also impact the dividend flow into MetLife, Inc.

We actively manage target and excess capital levels and dividend flows on a proactive basis and forecast local capital positions as part of the financial planning cycle. The dividend capacity of certain U.S. and non-U.S. subsidiaries is also subject to business targets in excess of the minimum capital necessary to maintain the desired rating or level of financial strength in the relevant market. We cannot provide assurance that MetLife, Inc.’s subsidiaries will have statutory earnings to support payment of dividends to MetLife, Inc. in an amount sufficient to fund its cash requirements and pay cash dividends and that the applicable regulators will not disapprove any dividends that such subsidiaries must submit for approval. See “Risk Factors — Capital-Related Risks — As a Holding Company, MetLife, Inc. Depends on the Ability of Its Subsidiaries to Transfer Funds to It to Meet Its Obligations and Pay Dividends” in the 2012 Annual Report and Note 16 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

Short-term Debt. MetLife, Inc. maintains a commercial paper program, proceeds of which can be used to finance the general liquidity needs of MetLife, Inc. and its subsidiaries. MetLife, Inc. had no short-term debt outstanding at both March 31, 2013 and December 31, 2012.

Credit and Committed Facilities. At March 31, 2013, MetLife, Inc., along with MetLife Funding, maintained $4.0 billion in unsecured credit facilities, the proceeds of which are available for general corporate purposes, to support our commercial paper programs and for the issuance of letters of credit. At March 31, 2013, MetLife, Inc. had outstanding $2.7 billion in letters of credit and no drawdowns against these facilities. Remaining unused commitments were $1.3 billion at March 31, 2013.

MetLife, Inc. maintains committed facilities with a capacity of $300 million. At March 31, 2013, MetLife, Inc. had outstanding $300 million in letters of credit and no drawdowns against these facilities. There were no remaining unused commitments at March 31, 2013. In addition, MetLife, Inc. is a party to committed facilities of certain of its subsidiaries, which aggregated $12.1 billion at March 31, 2013. The committed facilities are used as collateral for certain of the Company’s affiliated reinsurance liabilities.

See Note 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for further discussion of these facilities.

Long-term Debt Outstanding. The following table summarizes the outstanding long-term debt of MetLife, Inc. at:

	March 31, 2013	December 31, 2012
	(In millions)
Long-term debt — unaffiliated	$    15,590	$    15,669
Long-term debt — affiliated	$      3,250	$      3,250
Collateral financing arrangements	$      2,797	$      2,797
Junior subordinated debt securities	$      1,748	$      1,748

Dispositions. During each of the three months ended March 31, 2013 and 2012, there were no cash proceeds from dispositions.

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Liquidity and Capital Uses

In addition to the description of liquidity and capital uses in “— The Company — Liquidity and Capital Uses,” the following additional information is provided regarding MetLife, Inc.’s primary uses of liquidity and capital:

The primary uses of liquidity of MetLife, Inc. include debt service, cash dividends on common and preferred stock, capital contributions to subsidiaries, payment of general operating expenses and acquisitions. Based on our analysis and comparison of our current and future cash inflows from the dividends we receive from subsidiaries that are permitted to be paid without prior insurance regulatory approval, our investment portfolio and other cash flows and anticipated access to the capital markets, we believe there will be sufficient liquidity and capital to enable MetLife, Inc. to make payments on debt, make cash dividend payments on its common and preferred stock, contribute capital to its subsidiaries, pay all general operating expenses and meet its cash needs.

Affiliated Capital Transactions. During the three months ended March 31, 2013 and 2012, MetLife, Inc. invested an aggregate of $381 million and $316 million, respectively, in various subsidiaries.

MetLife, Inc. lends funds, as necessary, to its subsidiaries, some of which are regulated, to meet their capital requirements. MetLife, Inc. had loans to subsidiaries outstanding of $750 million at both March 31, 2013 and December 31, 2012.

On April 30, 2013, MetLife Bank’s Board of Directors, with prior approval of the OCC, approved the reduction of its permanent capital by $550 million through a purchase of its $300 million of outstanding preferred stock held by MetLife, Inc. and a return of capital of $250 million to MetLife, Inc., which is expected to be completed in the second quarter of 2013.

Debt and Facility Covenants. Certain of MetLife, Inc.’s debt instruments, credit facilities and committed facilities contain various administrative, reporting, legal and financial covenants. MetLife, Inc. believes it was in compliance with all such covenants at March 31, 2013.

Support Agreements. MetLife, Inc. is party to various capital support commitments and guarantees with certain of its subsidiaries. Under these arrangements, MetLife, Inc. has agreed to cause each such entity to meet specified capital and surplus levels or has guaranteed certain contractual obligations.

In July 2012, in connection with an operating agreement with the OCC governing MetLife Bank’s operations during its wind-down process, MetLife Bank and MetLife, Inc. entered into a capital support agreement with the OCC and MetLife, Inc. and MetLife Bank entered into an indemnification and capital maintenance agreement under which agreements MetLife, Inc. will provide financial and other support to MetLife Bank to ensure that MetLife Bank can wind down its operations in a safe and sound manner. Pursuant to the agreements, MetLife, Inc. is required to ensure that MetLife Bank meets or exceeds certain minimum capital and liquidity requirements once its FDIC insurance has been terminated and make indemnification payments to MetLife Bank in connection with MetLife Bank’s obligation under the April 2011 consent decree between MetLife Bank and the OCC. In February 2013, MetLife Bank’s FDIC insurance was terminated. During the three months ended March 31, 2013, MetLife, Inc. invested $19 million in cash in MetLife Bank in connection with these agreements. In January 2013, MetLife, Inc. entered into an 18-month agreement with MetLife Bank to lend up to $500 million to MetLife Bank on a revolving basis. In January 2013, MetLife Bank both drew down and repaid $400 million under the agreement, which bore interest at a rate of three-month LIBOR plus 1.75%. In February 2013, the agreement was amended to reduce borrowing capacity to $100 million. There were no loans outstanding at March 31, 2013.

Acquisitions. During each of the three months ended March 31, 2013 and 2012, there were no cash outflows for acquisitions. See Note 3 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding a pending acquisition.

Adoption of New Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

Future Adoption of New Accounting Pronouncements

See Note 1 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Non-GAAP and Other Financial Disclosures

Operating earnings is defined as operating revenues less operating expenses, both net of income tax. Operating earnings available to common shareholders is defined as operating earnings less preferred stock dividends.

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested Businesses”). Operating revenues also excludes net investment gains (losses) and net derivative gains (losses). Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity GMIB fees (“GMIB Fees”);

• Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment, (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets, (iii) benefits and hedging costs related to GMIBs (“GMIB Costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”);

• Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of PABs but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of DAC and VOBA excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;

• Amortization of negative VOBA excludes amounts related to Market Value Adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

In addition, operating return on common equity is defined as operating earnings available to common shareholders, divided by average GAAP common equity.

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We believe the presentation of operating earnings and operating earnings available to common shareholders as we measure it for management purposes enhances the understanding of our performance by highlighting the results of operations and the underlying profitability drivers of our business. Operating revenues, operating expenses, operating earnings, operating earnings available to common shareholders, operating return on MetLife, Inc.’s common equity and operating return on MetLife, Inc.’s common equity, excluding AOCI, should not be viewed as substitutes for the following financial measures calculated in accordance with GAAP: GAAP revenues, GAAP expenses, income (loss) from continuing operations, net of income tax, net income (loss) available to MetLife, Inc.’s common shareholders, return on MetLife, Inc.’s common equity and return on MetLife, Inc.’s common equity, excluding AOCI, respectively. Reconciliations of these measures to the most directly comparable GAAP measures are included in “— Results of Operations.”

In this discussion, we sometimes refer to sales activity for various products. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity. Additionally, the impact of changes in our foreign currency exchange rates is calculated using the average foreign currency exchange rates for the current period and is applied to each of the comparable periods.

In this discussion, we also provide forward-looking guidance on an operating, or non-GAAP, basis. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is not accessible on a forward-looking basis because we believe it is not possible to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a significant impact on GAAP net income.

Subsequent Event

See Note 14 of the Notes to the Interim Condensed Consolidated Financial Statements.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Risk Management

We actively manage, measure and monitor the market risk associated with our assets and liabilities. We have developed an integrated process for managing risk, which we conduct through our Global Risk Management Department, ALM Unit, Treasury Department and Investments Department along with the management of our business segments. We have established and implemented comprehensive policies and procedures at both the corporate and business segment level to minimize the effects of potential market volatility.

We regularly analyze our exposure to interest rate, equity market price and foreign currency exchange rate risks. As a result of that analysis, we have determined that the estimated fair values of certain assets and liabilities are materially exposed to changes in interest rates, foreign currency exchange rates and changes in the equity markets.

Global Risk Management. We have established several financial and non-financial senior management committees as part of our risk management process. These committees manage capital and risk positions, approve ALM strategies and establish appropriate corporate business standards. Further enhancing its committee structure, during 2010, we created an Enterprise Risk Committee. The Enterprise Risk Committee is comprised of members of senior management, including MetLife, Inc.’s Chief Financial Officer, Chief Risk Officer and Chief Investment Officer. This committee is responsible for reviewing all material risks to the enterprise and deciding on actions if necessary, in the event risks exceed desirable targets, taking into consideration best practices and the current environment to resolve or mitigate those risks.

We also have a separate Global Risk Management Department, which is responsible for risk management throughout MetLife and reports to MetLife’s Chief Risk Officer, who reports to MetLife’s Chief Executive Officer. The Global Risk Management Department’s primary responsibilities consist of:

• implementing a corporate risk framework, which outlines our approach for managing risk on an enterprise-wide basis;

• developing policies and procedures for managing, measuring, monitoring and controlling those risks identified in the corporate risk framework;

• establishing appropriate corporate risk tolerance levels;

• recommending capital allocations on an economic capital basis; and

• reporting on a periodic basis to the Finance and Risk Committee of the Company’s Board of Directors; with respect to credit risk, reporting to the Investment Committee of the Company’s Board of Directors; and reporting on various aspects of risk to financial and non-financial senior management committees.

Asset/Liability Management. We actively manage our assets using an approach that balances quality, diversification, asset/liability matching, liquidity, concentration and investment return. The goals of the investment process are to optimize, net of income tax, risk-adjusted investment income and risk-adjusted total return while ensuring that the assets and liabilities are reasonably managed on a cash flow and duration basis. The ALM process is the shared responsibility of the ALM Unit, Global Risk Management, the Portfolio Management Unit, and the senior members of the business segments and is governed by the ALM Committees. The ALM Committees’ duties include reviewing and approving target portfolios, establishing investment guidelines and limits and providing oversight of the ALM process on a periodic basis. The directives of the ALM Committees are carried out and monitored through ALM Working Groups which are set up to manage by product type. In addition, an ALM Steering Committee oversees the activities of the underlying ALM Committees.

We establish target asset portfolios for each major insurance product, which represent the investment strategies used to profitably fund our liabilities within acceptable levels of risk. These strategies are monitored through regular review of portfolio metrics, such as effective duration, yield curve sensitivity, convexity, liquidity, asset sector concentration and credit quality by the ALM Working Groups.

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Market Risk Exposures

We have exposure to market risk through our insurance operations and investment activities. For purposes of this disclosure, “market risk” is defined as the risk of loss resulting from changes in interest rates, foreign currency exchange rates and equity markets.

Interest Rates. Our exposure to interest rate changes results most significantly from our holdings of fixed maturity securities, as well as our interest rate sensitive liabilities. The fixed maturity securities include U.S. and foreign government bonds, securities issued by government agencies, corporate bonds, mortgage-backed securities and ABS, all of which are mainly exposed to changes in medium- and long-term interest rates. The interest rate sensitive liabilities for purposes of this disclosure include debt, PABs related to certain investment type contracts, and net embedded derivatives on variable annuities with guaranteed minimum benefits which have the same type of interest rate exposure (medium- and long-term interest rates) as fixed maturity securities. We employ product design, pricing and ALM strategies to reduce the potential effects of interest rate movements. Product design and pricing strategies include the use of surrender charges or restrictions on withdrawals in some products and the ability to reset crediting rates for certain products. ALM strategies include the use of derivatives and duration mismatch limits. See “Risk Factors — Economic Environment and Capital Markets-Related Risks — We Are Exposed to Significant Financial and Capital Markets Risk Which May Adversely Affect Our Results of Operations, Financial Condition and Liquidity, and May Cause Our Net Investment Income to Vary from Period to Period” included in the 2012 Annual Report.

Foreign Currency Exchange Rates. Our exposure to fluctuations in foreign currency exchange rates against the U.S. dollar results from our holdings in non-U.S. dollar denominated fixed maturity and equity securities, mortgage loans, and certain liabilities, as well as through our investments in foreign subsidiaries. The principal currencies that create foreign currency exchange rate risk in our investment portfolios and liabilities are the Euro, the Japanese yen and the British pound. Selectively, we use U.S. dollar assets to support certain long duration foreign currency liabilities. Through our investments in foreign subsidiaries and joint ventures, we are primarily exposed to the Japanese yen, the British pound, the Australian dollar, the Mexican peso and the Korean won. In addition to hedging with foreign currency swaps, forwards and options, local surplus in some countries is held entirely or in part in U.S. dollar assets which further minimizes exposure to foreign currency exchange rate fluctuation risk. We have matched much of our foreign currency liabilities in our foreign subsidiaries with their respective foreign currency assets, thereby reducing our risk to foreign currency exchange rate fluctuation. See “Risk Factors — Risks Related to Our Business — Fluctuations in Foreign Currency Exchange Rates Could Negatively Affect Our Profitability” included in the 2012 Annual Report.

Equity Market. We have exposure to equity market risk through certain liabilities that involve long-term guarantees on equity performance such as net embedded derivatives on variable annuities with guaranteed minimum benefits, certain PABs, along with investments in equity securities. We manage this risk on an integrated basis with other risks through our ALM strategies including the dynamic hedging of certain variable annuity guarantee benefits. We also manage equity market risk exposure in our investment portfolio through the use of derivatives. Equity exposures associated with other limited partnership interests are excluded from this section as they are not considered financial instruments under GAAP.

Management of Market Risk Exposures

We use a variety of strategies to manage interest rate, foreign currency exchange rate and equity market risk, including the use of derivatives.

Interest Rate Risk Management. To manage interest rate risk, we analyze interest rate risk using various models, including multi-scenario cash flow projection models that forecast cash flows of the liabilities and their supporting investments, including derivatives. These projections involve evaluating the potential gain or loss on most of our in-force business under various increasing and decreasing interest rate environments. The Department of Financial Services regulations require that we perform some of these analyses annually as part of our review of the sufficiency of our regulatory reserves. For several of our legal entities, we maintain segmented operating and surplus asset portfolios for the purpose of ALM and the allocation of investment income to product lines. For each segment, invested assets greater than or equal to the GAAP liabilities and any non-invested assets allocated to the segment are maintained, with any excess swept to Corporate & Other. The business segments may reflect differences in legal entity, statutory line of business and any product market characteristic which may drive a distinct investment

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strategy with respect to duration, liquidity or credit quality of the invested assets. Certain smaller entities make use of unsegmented general accounts for which the investment strategy reflects the aggregate characteristics of liabilities in those entities. We measure relative sensitivities of the value of our assets and liabilities to changes in key assumptions utilizing internal models. These models reflect specific product characteristics and include assumptions based on current and anticipated experience regarding lapse, mortality and interest crediting rates. In addition, these models include asset cash flow projections reflecting interest payments, sinking fund payments, principal payments, bond calls, mortgage loan prepayments and defaults.

Common industry metrics, such as duration and convexity, are also used to measure the relative sensitivity of assets and liability values to changes in interest rates. In computing the duration of liabilities, consideration is given to all policyholder guarantees and to how we intend to set indeterminate policy elements such as interest credits or dividends. Each asset portfolio has a duration target based on the liability duration and the investment objectives of that portfolio. Where a liability cash flow may exceed the maturity of available assets, as is the case with certain retirement and group products, we may support such liabilities with equity investments, derivatives or interest rate curve mismatch strategies.

Foreign Currency Exchange Rate Risk Management. Foreign currency exchange rate risk is assumed primarily in three ways: investments in foreign subsidiaries, purchases of foreign currency denominated investments and the sale of certain insurance products.

• The Foreign Exchange Committee, in coordination with the Treasury Department, is responsible for managing the exposure to investments in foreign subsidiaries. Limits to exposures are established and monitored by the Treasury Department and managed by the Investments Department.

• The Investments Department is responsible for managing the exposure to foreign currency denominated investments. Exposure limits to unhedged foreign currency investments are incorporated into the standing authorizations granted to management by the Board of Directors and are reported to the Board of Directors on a periodic basis.

• Management of each of the Company’s segments is responsible for establishing limits and managing any foreign currency exchange rate exposure caused by the sale or issuance of insurance products.

We use foreign currency swaps, forwards and options to mitigate the liability exposure, risk of loss and the volatility of net income associated with our investments in foreign subsidiaries, foreign currency denominated fixed income investments and the sale of certain insurance products.

Equity Market Risk Management. Equity market risk exposure through the issuance of variable annuities is managed by our ALM Unit in partnership with the Investments Department. Equity market risk is realized through our investment in equity securities and is managed by our Investments Department. We use derivatives to mitigate our equity exposure both in certain liability guarantees such as variable annuities with guaranteed minimum benefit and equity securities. These derivatives include exchange-traded equity futures, equity index options contracts and equity variance swaps. We also employ reinsurance to manage these exposures.

Hedging Activities. We use derivative contracts primarily to hedge a wide range of risks including interest rate risk, foreign currency exchange rate risk, and equity market risk. Derivative hedges are designed to reduce risk on an economic basis while considering their impact on accounting results and GAAP and Statutory capital. The construction of our derivative hedge programs vary depending on the type of risk being hedged. Some hedge programs are asset or liability specific while others are portfolio hedges that reduce risk related to a group of liabilities or assets. Our use of derivatives by major hedge programs is as follows:

• Risks Related to Living Guarantee Benefits — We use a wide range of derivative contracts to hedge the risk associated with variable annuity living guarantee benefits. These hedges include equity and interest rate futures, interest rate swaps, currency futures/forwards, equity indexed options and interest rate option contracts and equity variance swaps.

• Minimum Interest Rate Guarantees — For certain liability contracts, we provide the contractholder a guaranteed minimum interest rate. These contracts include certain fixed annuities and other insurance liabilities. We purchase interest rate floors to reduce risk associated with these liability guarantees.

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• Reinvestment Risk in Long Duration Liability Contracts — Derivatives are used to hedge interest rate risk related to certain long duration liability contracts, such as deferred annuities. Hedges include zero coupon interest rate swaps and swaptions.

• Foreign Currency Exchange Rate Risk — We use currency swaps, forwards and options to hedge foreign currency exchange rate risk. These hedges primarily swap foreign currency denominated bonds, investments in foreign subsidiaries or equity market exposures to U.S. dollars.

• General ALM Hedging Strategies — In the ordinary course of managing our asset/liability risks, we use interest rate futures, interest rate swaps, interest rate caps, interest rate floors and inflation swaps. These hedges are designed to reduce interest rate risk or inflation risk related to the existing assets or liabilities or related to expected future cash flows.

Risk Measurement: Sensitivity Analysis

We measure market risk related to our market sensitive assets and liabilities based on changes in interest rates, equity market prices and foreign currency exchange rates utilizing a sensitivity analysis. This analysis estimates the potential changes in estimated fair value based on a hypothetical 10% change (increase or decrease) in interest rates, equity market prices and foreign currency exchange rates. We believe that a 10% change (increase or decrease) in these market rates and prices is reasonably possible in the near-term. In performing the analysis summarized below, we used market rates at March 31, 2013. The sensitivity analysis separately calculates each of our market risk exposures (interest rate, equity market and foreign currency exchange rate) relating to our trading and non-trading assets and liabilities. We modeled the impact of changes in market rates and prices on the estimated fair values of our market sensitive assets and liabilities as follows:

• the net present values of our interest rate sensitive exposures resulting from a 10% change (increase or decrease) in interest rates;

• the U.S. dollar equivalent estimated fair values of our foreign currency exposures due to a 10% change (increase or decrease) in foreign currency exchange rates; and

• the estimated fair value of our equity positions due to a 10% change (increase or decrease) in equity market prices.

The sensitivity analysis is an estimate and should not be viewed as predictive of our future financial performance. We cannot ensure that our actual losses in any particular period will not exceed the amounts indicated in the table below. Limitations related to this sensitivity analysis include:

• the market risk information is limited by the assumptions and parameters established in creating the related sensitivity analysis, including the impact of prepayment rates on mortgage loans;

• for the derivatives that qualify as hedges, the impact on reported earnings may be materially different from the change in market values;

• the analysis excludes liabilities pursuant to insurance contracts and real estate holdings; and

• the model assumes that the composition of assets and liabilities remains unchanged throughout the period.

Accordingly, we use such models as tools and not as substitutes for the experience and judgment of our management. Based on our analysis of the impact of a 10% change (increase or decrease) in market rates and prices, we have determined that such a change could have a material adverse effect on the estimated fair value of certain assets and liabilities from interest rate, foreign currency exchange rate and equity market exposures.

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The table below illustrates the potential loss in estimated fair value for each market risk exposure of our market sensitive assets and liabilities at March 31, 2013:

	March 31, 2013
	(In millions)
Non-trading:
Interest rate risk	$	6,313
Foreign currency exchange rate risk	$	6,176
Equity market risk	$	229
Trading:
Interest rate risk	$	5
Foreign currency exchange rate risk	$	21

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Sensitivity Analysis: Interest Rates. The table below provides additional detail regarding the potential loss in estimated fair value of our trading and non-trading interest sensitive financial instruments at March 31, 2013 by type of asset or liability:

	March 31, 2013
	Notional Amount		Estimated Fair Value (1)		Assuming a 10% Increase in the Yield Curve
	(In millions)
Assets:
Fixed maturity securities			$	374,294	$	(5,441)
Equity securities			$	3,188		—
Fair value option and trading securities			$	1,016		(5)
Mortgage loans:
Held-for-investment			$	56,652		(211)
Held-for-sale				271		—
Mortgage loans, net			$	56,923		(211)
Policy loans			$	14,066		(117)
Short-term investments			$	13,653		(1)
Other invested assets			$	1,147		—
Cash and cash equivalents			$	9,983		—
Accrued investment income			$	4,555		—
Premiums, reinsurance and other receivables			$	3,164		(223)
Other assets			$	291		(6)
Net embedded derivatives within asset host contracts (2)			$	420		(28)
Total Assets					$	(6,032)
Liabilities: (3)
Policyholder account balances			$	150,364	$	574
Payables for collateral under securities loaned and other transactions			$	34,215		—
Bank deposits			$	—		—
Short-term debt			$	100		—
Long-term debt			$	18,603		221
Collateral financing arrangements			$	3,879		—
Junior subordinated debt securities			$	4,066		104
Other liabilities:
Trading liabilities			$	155		3
Other			$	4,550		—
Net embedded derivatives within liability host contracts (2)			$	2,018		478
Total Liabilities					$	1,380
Commitments:
Mortgage loan commitments	$	3,114	$	16	$	(14)
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	906	$	26		—
Total Commitments					$	(14)
Derivative Instruments:
Interest rate swaps	$	110,994	$	5,174	$	(1,197)
Interest rate floors	$	56,246	$	317		(27)
Interest rate caps	$	37,015	$	81		18
Interest rate futures	$	9,882	$	(15)		(81)
Interest rate options	$	34,474	$	695		(223)
Interest rate forwards	$	620	$	101		(41)
Synthetic GICs	$	4,291	$	—		—
Foreign currency swaps	$	22,992	$	(190)		(12)
Foreign currency forwards	$	14,618	$	40		1
Currency futures	$	1,542	$	1		—
Currency options	$	5,730	$	174		(3)
Credit default swaps	$	12,834	$	60		—
Credit forwards	$	60	$	—		—
Equity futures	$	6,626	$	(6)		—
Equity options	$	29,624	$	1,557		(88)
Variance swaps	$	21,023	$	(354)		1
Total rate of return swaps	$	3,541	$	(106)		—
Total Derivative Instruments					$	(1,652)
Net Change					$	(6,318)

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(1) Separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are interest rate sensitive, are not included herein as any interest rate risk is borne by the contractholder. Mortgage loans and long-term debt exclude $2.4 billion and $2.3 billion, respectively, related to CSEs. See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding CSEs.

(2) Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.

(3) Excludes $205.5 billion of liabilities, at carrying value, pursuant to insurance contracts reported within future policy benefits and other policy-related balances. These liabilities would economically offset a significant portion of the net change in fair value of our financial instruments resulting from a 10% increase in the yield curve.

Interest rate risk increased by $317 million, or 5%, to $6.3 billion at March 31, 2013 from $6.0 billion at December 31, 2012. This change is primarily due to an increase in interest rates across the long end of the swap and U.S. Treasury curves of $135 million, an increase in duration of $83 million, the use of derivatives employed by the Company of $66 million and a change in the asset base of $27 million.

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Sensitivity Analysis: Foreign Currency Exchange Rates. The table below provides additional detail regarding the potential loss in estimated fair value of our portfolio due to a 10% change in foreign currency exchange rates at March 31, 2013 by type of asset or liability:

	March 31, 2013
	Notional Amount		Estimated Fair Value (1)		Assuming a 10% Increase in the Foreign Exchange Rate
	(In millions)
Assets:
Fixed maturity securities			$	374,294	$	(8,384)
Equity securities			$	3,188		(105)
Fair value option and trading securities			$	1,016		(21)
Mortgage loans:
Held-for-investment			$	56,652		(528)
Held-for-sale				271		—
Mortgage loans, net			$	56,923		(528)
Policy loans			$	14,066		(188)
Short-term investments			$	13,653		(255)
Other invested assets			$	1,147		(81)
Cash and cash equivalents			$	9,983		(362)
Accrued investment income			$	4,555		(61)
Premiums, reinsurance and other receivables			$	3,164		(12)
Other assets			$	291		(7)
Net embedded derivatives within asset host contracts (3)			$	420		(14)
Total Assets					$	(10,018)
Liabilities: (2)
Policyholder account balances			$	150,364	$	2,800
Payable for collateral under securities loaned and other transactions			$	34,215		55
Bank deposits			$	—		—
Long-term debt			$	18,603		132
Other liabilities			$	4,550		11
Net embedded derivatives within liability host contracts (3)			$	2,018		221
Total Liabilities					$	3,219
Derivative Instruments:
Interest rate swaps	$	110,994	$	5,174	$	(53)
Interest rate floors	$	56,246	$	317		—
Interest rate caps	$	37,015	$	81		—
Interest rate futures	$	9,882	$	(15)		(5)
Interest rate options	$	34,474	$	695		(18)
Interest rate forwards	$	620	$	101		—
Synthetic GICs	$	4,291	$	—		—
Foreign currency swaps	$	22,992	$	(190)		582
Foreign currency forwards	$	14,618	$	40		(4)
Currency futures	$	1,542	$	1		(130)
Currency options	$	5,730	$	174		296
Credit default swaps	$	12,834	$	60		—
Credit forwards	$	60	$	—		—
Equity futures	$	6,626	$	(6)		4
Equity options	$	29,624	$	1,557		(71)
Variance swaps	$	21,023	$	(354)		1
Total rate of return swaps	$	3,541	$	(106)		—
Total Derivative Instruments					$	602
Net Change					$	(6,197)

(1) Does not necessarily represent those financial instruments solely subject to foreign currency exchange rate risk. Separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are foreign currency exchange rate sensitive, are not included herein as any foreign currency exchange rate risk is borne by the contractholder. Mortgage loans and long-term debt exclude $2.4 billion and $2.3 billion, respectively, related to CSEs. See Note 6 of the Notes to the Interim Condensed Consolidated Financial Statements for information regarding CSEs.

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(2) Excludes $205.5 billion of liabilities, at carrying value, pursuant to insurance contracts reported within future policy benefits and other policy-related balances. These liabilities would economically offset a significant portion of the net change in fair value of our financial instruments resulting from a 10% increase in the foreign currency exchange rates.

(3) Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.

Foreign currency exchange rate risk decreased by $375 million, or 6%, to $6.2 billion at March 31, 2013 from $6.6 billion at December 31, 2012. This change is due to a decrease in exchange rate risk and asset base relating to fixed maturity securities, equity securities, cash and cash equivalents, other invested assets and premiums, reinsurance and other receivables. Our net exposures decreased primarily due to the strengthening of the U.S. dollar against the Japanese yen.

Sensitivity Analysis: Equity Market Prices. The table below provides additional detail regarding the potential loss in estimated fair value of our portfolio due to a 10% change in equity at March 31, 2013 by type of asset or liability:

	March 31, 2013
	Notional Amount		Estimated Fair Value (1)		Assuming a 10% Increase in Equity Prices
	(In millions)
Assets:
Equity securities			$	3,188	$	319
Net embedded derivatives within asset host contracts (2)			$	420		(27)
Total Assets					$	292
Liabilities:
Policyholder account balances			$	150,364	$	—
Bank deposits			$	—		—
Net embedded derivatives within liability host contracts (2)			$	2,018		714
Total Liabilities					$	714
Derivative Instruments:
Interest rate swaps	$	110,994	$	5,174	$	—
Interest rate floors	$	56,246	$	317		—
Interest rate caps	$	37,015	$	81		—
Interest rate futures	$	9,882	$	(15)		—
Interest rate options	$	34,474	$	695		—
Interest rate forwards	$	620	$	101		—
Synthetic GICs	$	4,291	$	—		—
Foreign currency swaps	$	22,992	$	(190)		—
Foreign currency forwards	$	14,618	$	40		—
Currency futures	$	1,542	$	1		—
Currency options	$	5,730	$	174		—
Credit default swaps	$	12,834	$	60		—
Credit forwards	$	60	$	—		—
Equity futures	$	6,626	$	(6)		(467)
Equity options	$	29,624	$	1,557		(421)
Variance swaps	$	21,023	$	(354)		12
Total rate of return swaps	$	3,541	$	(106)		(359)
Total Derivative Instruments					$	(1,235)
Net Change					$	(229)

(1) Does not necessarily represent those financial instruments solely subject to equity price risk. Additionally, separate account assets and liabilities and contractholder-directed unit-linked investments and associated PABs, which are equity market sensitive, are not included herein as any equity market risk is borne by the contractholder.

(2) Embedded derivatives are recognized in the consolidated balance sheet in the same caption as the host contract.

Equity price risk decreased by $90 million to $229 million at March 31, 2013 from $319 million at December 31, 2012. This decrease is primarily due to the use of derivatives employed by the Company of $119 million and a change in the asset base of $61 million, partially offset by net embedded derivatives within liability host contracts of $88 million.

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Item 4. Controls and Procedures

Management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective.

There were no changes to the Company’s internal control over financial reporting as defined in Exchange Act Rule 13a-15(f) during the quarter ended March 31, 2013 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II — Other Information

Item 1. Legal Proceedings

The following should be read in conjunction with (i) Part I, Item 3, of MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, (the “2012 Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”); and (ii) Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements in Part I of this report.

Asbestos-Related Claims

Metropolitan Life Insurance Company (“MLIC”) is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages.

As reported in the 2012 Annual Report, MLIC received approximately 5,303 asbestos-related claims in 2012. During the three months ended March 31, 2013 and 2012, MLIC received approximately 1,435 and 1,214 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for historical information concerning asbestos claims and MLIC’s increase in its recorded liability at December 31, 2002. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through March 31, 2013.

Regulatory Matters

MetLife Bank Mortgage Regulatory and Law Enforcement Authorities’ Inquiries

Since 2008, MetLife, through its affiliate, MetLife Bank, National Association (“MetLife Bank”) has been engaged in the origination, sale and servicing of forward and reverse residential mortgage loans. In 2012, MetLife Bank exited the business of originating residential mortgage loans and sold its residential mortgage servicing portfolios. It is in the process of winding down its mortgage servicing business. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding MetLife Bank’s exit from substantially all of its businesses (the “MetLife Bank Divestiture”). State and federal regulatory and law enforcement authorities have initiated various inquiries, investigations or examinations of alleged irregularities in the foreclosure practices of the residential mortgage servicing industry, mortgage origination and mortgage servicing practices.

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On April 13, 2011, the Office of the Comptroller of the Currency (the “OCC”) entered into consent orders with several banks, including MetLife Bank. The consent orders require an independent review of foreclosure practices and set forth new residential mortgage servicing standards, including a requirement for a designated point of contact for a borrower during the loss mitigation process. MetLife Bank entered into an agreement with the OCC to settle obligations related to the independent foreclosure review required by its consent order, and will pay approximately $46 million to settle its obligations and end the foreclosure review. In addition, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) entered into consent decrees with the affiliated bank holding companies of these banks, including MetLife, Inc., to enhance the supervision of the mortgage servicing activities of their banking subsidiaries. On August 6, 2012, the Federal Reserve Board issued an Order of Assessment of a Civil Monetary Penalty Issued Upon Consent against MetLife, Inc. that will impose a penalty of up to $3.2 million for the alleged deficiencies in oversight of MetLife Bank’s servicing of residential mortgage loans and processing foreclosures that were the subject of the 2011 consent order.

MetLife Bank also had a meeting with the U.S. Department of Justice regarding mortgage servicing and foreclosure practices. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices.

MetLife Bank has also responded to a subpoena issued by the New York State Department of Financial Services (the “Department of Financial Services”) regarding hazard insurance and flood insurance that MetLife Bank obtains to protect the lienholder’s interest when the borrower’s insurance has lapsed.

In April and May 2012, MetLife Bank received two subpoenas issued by the Office of Inspector General for the U.S. Department of Housing and Urban Development regarding Federal Housing Administration (“FHA”) insured loans. In June and September 2012, MetLife Bank received two Civil Investigative Demands that the U.S. Department of Justice issued as part of a False Claims Act investigation of allegations that MetLife Bank had improperly originated and/or underwritten loans insured by the FHA. MetLife Bank had an initial meeting with the U.S. Department of Justice in March 2013 to discuss the allegations and possible resolution of the FHA False Claims Act investigation. The Company has included what it currently believes to be the probable and estimable amount of such loss in the Company’s consolidated financial statements and is continuing to investigate matters raised during that meeting.

The consent decrees, as well as the inquiries or investigations referred to above, could adversely affect MetLife’s reputation or result in significant fines, penalties, equitable remedies or other enforcement actions, and result in significant legal costs in responding to governmental investigations or other litigation. The MetLife Bank Divestiture may not relieve MetLife from complying with the consent decrees, or protect it from inquiries and investigations relating to residential mortgage servicing and foreclosure activities, or any fines, penalties, equitable remedies or enforcement actions that may result, the costs of responding to any such governmental investigations, or other litigation. Management believes that the Company’s consolidated financial statements as a whole will not be materially affected by the MetLife Bank regulatory matters.

Unclaimed Property Litigation and Inquiries

Total Asset Recovery Services, LLC on behalf of the State of Florida v. MetLife, Inc., et. al. (Cir. Ct. Leon County, FL, filed October 27, 2010)

Alleging that MetLife, Inc. and another company have violated the Florida Disposition of Unclaimed Property law by failing to escheat to Florida benefits of 9,022 life insurance contracts, Total Asset Recovery Services, LLC (“the Relator”) has brought an action under the Florida False Claims Act seeking to recover damages on behalf of Florida. The action had been sealed by court order until December 17, 2012. The Relator alleges that the aggregate damages attributable to MetLife, Inc., including statutory damages and treble damages, are $767 million. The Relator also bases its damage calculation in part on its assumption that the average face amount of the subject policies is $120,000. MetLife, Inc. strongly disputes this assumption, the Relator’s alleged damages amounts, and other allegations in the complaint. On December 14, 2012, the Florida Attorney General apprised the court that the State of Florida declined to intervene in the action and noted that the allegations in the complaint “. . . are very similar (if not identical) to those raised in regulatory investigations of the defendants that predated the filing of the action” and that those regulatory investigations have been resolved. MetLife, Inc. intends to defend this action vigorously.

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City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012)

Seeking to represent a class of persons who purchased MetLife, Inc. common shares between February 2, 2010, and October 6, 2011, the plaintiff filed an action alleging that MetLife, Inc. and several current and former executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. On February 28, 2013, the Court issued an order granting defendants’ motion to dismiss plaintiff’s claims under the Securities Exchange Act of 1934 but denying defendants’ motion to dismiss plaintiff’s claims under the Securities Act of 1933. Plaintiff has moved for leave to file an amended complaint that will include a revised claim for violation of the Securities Exchange Act of 1934. The defendants intend to vigorously defend this action.

Total Control Accounts Litigation

MLIC is a defendant in a consolidated lawsuit related to its use of retained asset accounts, known as Total Control Accounts (“TCA”), as a settlement option for death benefits.

Keife, et al. v. Metropolitan Life Insurance Company (D. Nev., filed in state court on July 30, 2010 and removed to federal court on September 7, 2010); and Simon v. Metropolitan Life Insurance Company (D. Nev., filed November 3, 2011)

These putative class action lawsuits, which have been consolidated, raise breach of contract claims arising from MLIC’s use of the TCA to pay life insurance benefits under the Federal Employees’ Group Life Insurance program. On March 8, 2013, the court granted MLIC’s motion for summary judgment. Plaintiffs have appealed that decision to the United States Court of Appeals for the Ninth Circuit.

Other Litigation

Roberts, et al. v. Tishman Speyer Properties, et al. (Sup. Ct., N.Y. County, filed January 22, 2007)

This lawsuit was filed by a putative class of market rate tenants at Stuyvesant Town and Peter Cooper Village against parties including Metropolitan Tower Life Insurance Company (“MTL”). These tenants claimed that MTL, as former owner, and the current owner improperly deregulated apartments while receiving J-51 tax abatements. The lawsuit sought declaratory relief and damages for rent overcharges. On November 26, 2012, the court preliminarily approved a proposed settlement, to include payment by MTL of $10.5 million. After notice to class members and a fairness hearing, on April 10, 2013, the Court issued an order approving the settlement and a judgment dismissing the case. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for this lawsuit.

Summary

Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

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Item 1A. Risk Factors

The following should be read in conjunction with, and supplements and amends, the factors that may affect the Company’s business or operations described under “Risk Factors” in Part I, Item 1A, of the 2012 Annual Report.

Economic Environment and Capital Markets-Related Risks

If Difficult Conditions in the Global Capital Markets and the Economy Generally Persist, They May Materially Adversely Affect Our Business and Results of Operations

Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in financial asset classes or various markets, including global capital markets, can have an adverse effect on us, in part because we have a large investment portfolio and our insurance liabilities are sensitive to changing market factors. Global market factors, including interest rates, credit spreads, equity prices, real estate markets, foreign currency exchange rates, consumer spending, business investment, government spending, the volatility and strength of the capital markets, deflation and inflation can all affect our financial condition, as well as the volume, profitability and results of our business operations, either directly or by virtue of their impact on the business and economic environment generally and on general levels of economic activity, employment and customer behavior specifically. Disruptions in one market or asset class can also spread to other markets or asset classes. Upheavals in the financial markets can also affect our financial condition (including our liquidity and capital levels) as a result of mismatched impacts on the value of our assets and our liabilities. While our diversified business mix and geographically diverse business operations partially mitigate these risks, correlation across regions, countries and global market factors may reduce the benefits of diversification.

At times, throughout the past few years, volatile conditions have characterized financial markets, and not all global financial markets are functioning normally. Significant market volatility, and government actions taken in response, may exacerbate some of the risks we face. Concerns about economic conditions, capital markets and the solvency of certain European Union member states, including Portugal, Ireland, Italy, Greece and Spain (“Europe’s perimeter region”), as well as Cyprus, their banking systems and of the financial institutions that have significant direct or indirect exposure to debt issued by these countries or significant exposure to their banking systems, have been a cause of elevated levels of market volatility. This market volatility affected the performance of various asset classes during 2012, and it could continue until there is an ultimate resolution of these sovereign debt and banking system-related concerns. Despite public and private support programs for Europe’s perimeter region, concerns about sovereign debt sustainability subsequently expanded to other European Union member states. As a result, in late 2011 and early 2012, several other European Union member states experienced credit ratings downgrades or had their credit ratings outlook changed to negative. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Investments — Current Environment.” The financial markets have also been affected by concerns that one or more countries may exit the Euro zone. Any of these concerns could have significant adverse effects on the European and global economic and financial markets generally.

To the extent these uncertain financial market conditions persist, our revenues and net investment income are likely to remain under pressure. Similarly, sustained periods of low interest rates could cause our profit margins to erode. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Impact of a Sustained Low Interest Rate Environment.” Also, in the event of extreme prolonged market events, such as the recent global credit crisis, we could incur significant capital and/or operating losses due to, among other reasons, losses incurred in our general account and as a result of the impact on us of guarantees and/or collateral requirements associated with our captive reinsurers and other similar arrangements. Even in the absence of a market downturn, we are exposed to substantial risk of loss due to market volatility.

We are a significant writer of variable insurance products and certain other products issued through separate accounts. The account values of these products decrease as a result of declining equity markets. Decreases in account values reduce fees generated by these products, cause the amortization of deferred policy acquisition costs to accelerate, could increase the level of insurance liabilities we must carry to support such products issued with any associated guarantees and could require us to provide additional funding to our captive reinsurers.

In an economic downturn characterized by higher unemployment, lower family income, lower corporate earnings, lower business investment and lower consumer spending, the demand for our financial and insurance products could be adversely

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affected. Group insurance, in particular, is affected by higher unemployment rates. In addition, we may experience an elevated incidence of claims and lapses or surrenders of policies. Furthermore, our policyholders may choose to defer paying insurance premiums or stop paying insurance premiums altogether. Such adverse changes in the economy could negatively affect our earnings and have a material adverse effect on our business, results of operations and financial condition.

The recent financial crisis has precipitated, and may continue to raise the possibility of, legislative, judicial, regulatory and other governmental actions. See “— Regulatory and Legal Risks — Our Insurance and Brokerage Businesses Are Highly Regulated, and Changes in Regulation and in Supervisory and Enforcement Policies May Reduce Our Profitability and Limit Our Growth,” as well as “Risk Factors — Risks Related to Our Business — Competitive Factors May Adversely Affect Our Market Share and Profitability” included in the 2012 Annual Report.

Regulatory and Legal Risks

Our Insurance and Brokerage Businesses Are Highly Regulated, and Changes in Regulation and in Supervisory and Enforcement Policies May Reduce Our Profitability and Limit Our Growth

Insurance Regulation — U.S. Our insurance operations are subject to a wide variety of insurance and other laws and regulations. See “Business — U.S. Regulation — Insurance Regulation” included in the 2012 Annual Report. We anticipate that we will discuss regulatory developments from time to time in future quarterly reports on Form 10-Q under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments.”

State insurance regulators and the National Association of Insurance Commissioners (“NAIC”) regularly re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or in interpretations thereof, that are made for the benefit of the consumer sometimes lead to additional expense for the insurer and, thus, could have a material adverse effect on our financial condition and results of operations. Recently, the NAIC and the Department of Financial Services have been scrutinizing insurance companies’ use of affiliated captive reinsurers or off-shore entities to hedge and reinsure insurance risks. Like many life insurance companies, we utilize captive reinsurers to satisfy certain reserve requirements. If the Department of Financial Services or other state insurance regulators restrict the use of such captive reinsurers or if we are unable to continue to use existing captive reinsurers or use captive reinsurers in the future for any reason, our ability to write certain products, or to hedge the associated risks efficiently and/or our risk based capital ratios and ability to deploy excess capital, could be adversely affected or, as a result, we may need to increase prices on those products, which could adversely impact our competitive position and our results of operations. See “Business — U.S. Regulation — Holding Company Regulation — Insurance Regulatory Examinations” and Note 11 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

The NAIC is also reviewing life insurers’ use of non-variable separate accounts that are insulated from general account claims, which might lead to a recommendation against the allowance of insulation for certain of our separate account products, particularly in the institutional markets. If the Department of Financial Services or other state insurance regulators change applicable laws or regulations in accordance with such recommendation, our use of insulation for certain products could be impaired and our ability to compete effectively or do business in certain markets may be adversely affected. In addition, our financial results may also be adversely affected. See “Business — U.S. Regulation — Holding Company Regulation — Insurance Regulatory Examinations” included in the 2012 Annual Report.

U.S. Federal Regulation Affecting Insurance. Currently, the U.S. federal government does not directly regulate the business of insurance. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) establishes the Federal Insurance Office within the Department of the Treasury, which has the authority to participate in the negotiations of international insurance agreements with foreign regulators for the U.S., as well as to collect information about the insurance industry and recommend prudential standards.

Federal legislation and administrative policies can significantly and adversely affect insurance companies, including policies regarding financial services regulation, securities regulation, derivatives regulation, pension regulation, health care regulation, privacy, tort reform legislation and taxation. In addition, various forms of direct and indirect federal regulation of insurance have been proposed from time to time, including proposals for the establishment of an optional federal charter for insurance

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companies. Other aspects of our insurance operations could also be affected by Dodd-Frank. Under the so-called Volcker Rule, Dodd-Frank imposes additional capital requirements and quantitative limits on certain trading and activities by a non-bank systemically important financial institution (“non-bank SIFI”). MetLife, Inc. could be subject to such requirements and limits were it to be designated as a non-bank SIFI. See “Business — U.S. Regulation — Potential Regulation as a Non-Bank SIFI” included in the 2012 Annual Report.

Non-bank SIFIs and certain other large financial companies can be assessed under Dodd-Frank for any uncovered costs arising in connection with the resolution of a systemically important financial company and to cover the expenses of the Office of Financial Research, an agency established by Dodd-Frank to improve the quality of financial data available to policymakers and facilitate more robust and sophisticated analysis of the financial system.

Regulatory Agencies. Dodd-Frank established the Consumer Financial Protection Bureau (“CFPB”), which supervises and regulates institutions providing certain financial products and services to consumers. Although the consumer financial services to which this legislation applies exclude insurance business of the kind in which we engage, the CFPB has authority to regulate non-insurance consumer services provided by MetLife. See “Business — U.S. Regulation — Potential Regulation as a Non-Bank SIFI — Consumer Protection Laws” included in the 2012 Annual Report.

In addition, MetLife, Inc.’s subsidiary, MetLife Bank, a federally chartered, non-deposit taking, uninsured bank, is principally regulated by the OCC and the CFPB, and secondarily by the Federal Reserve Board. See “Business — U.S. Regulation — Banking Regulation” included in the 2012 Annual Report. While MetLife, Inc. has de-registered as a bank holding company, it may, in the future, be designated by the Financial Stability Oversight Council as a non-bank SIFI, and could once again be subject to regulation by the Federal Reserve Board and subject to enhanced supervision and prudential standards. See “Business — U.S. Regulation — Potential Regulation as a Non-Bank SIFI — Enhanced Prudential Standards” included in the 2012 Annual Report.

In the wake of the recent financial crisis, national and international authorities have also proposed various measures intended to increase the intensity of regulation of large financial institutions. These measures have included enhanced risk-based capital requirements, leverage limits, liquidity requirements, single counterparty exposure limits, governance requirements for risk management, stress test requirements, special debt-to-equity limits for certain companies, and early remediation procedures, resolution and recovery planning, as well as greater coordination among regulators and efforts to harmonize regulatory regimes. The imposition of such measures could adversely affect our ability to conduct business, our results of operations and our ability to pay dividends, repurchase common stock or other securities or engage in other transactions that could affect our capital. See “Business — U.S. Regulation” and “Business — International Regulation” included in the 2012 Annual Report.

Mortgage and Foreclosure-Related Exposures. State and federal regulatory and law enforcement authorities have initiated various inquiries, investigations and examinations of alleged irregularities in the foreclosure practices of the residential mortgage servicing industry, mortgage origination and mortgage servicing practices. While we have reached settlements with some regulators relating to our mortgage servicing activities, it is possible that pending or additional inquiries, investigations or examinations may result in further monetary payments or other measures against us. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Mortgage and Foreclosure-Related Exposures.”

Regulation of Brokers and Dealers. Dodd-Frank also authorizes the SEC to establish a standard of conduct applicable to brokers and dealers when providing personalized investment advice to retail and other customers. This standard of conduct would be to act in the best interest of the customer without regard to the financial or other interest of the broker or dealer providing the advice. See “Business — U.S. Regulation — Securities, Broker-Dealer and Investment Adviser Regulation” included in the 2012 Annual Report.

Employee Retirement Income Security Act of 1974 (“ERISA”) Considerations. We provide products and services to certain employee benefit plans that are subject to ERISA or the Internal Revenue Code of 1986, as amended (the “Code”). Consequently, our activities are likewise subject to the restrictions imposed by ERISA and the Code, including the requirement that fiduciaries must perform their duties solely in the interests of ERISA plan participants and beneficiaries, and not cause a plan to engage in prohibited transactions with persons who have certain relationships with respect to those plans.

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The prohibited transaction rules generally restrict the provision of investment advice to ERISA plans and participants and Individual Retirement Accounts (“IRAs”) if the investment recommendation results in fees paid to the individual advisor, the firm or affiliate that vary according to the recommendation chosen. Recently adopted regulations in this area provide some relief from these investment advice restrictions. If additional relief is not provided, the ability of our affiliated broker-dealers and their registered representatives to provide investment advice to ERISA plans and participants and IRAs would likely be significantly restricted. Other proposed regulations in this area may negatively impact the current business model of our broker-dealers, including proposed changes to broaden the definition of “fiduciary” under ERISA, thereby increasing the regulation of persons providing investment advice to ERISA plans. See “Business — U.S. Regulation — Employee Retirement Income Security Act of 1974 (“ERISA”) Considerations” included in the 2012 Annual Report.

International Regulation. Our international insurance operations are principally regulated by insurance regulatory authorities in the jurisdictions in which they are located or operate. See “Business — International Regulation” included in the 2012 Annual Report. A significant portion of our revenue is generated through operations in foreign jurisdictions, including many countries in early stages of economic and political development. Our international operations may be materially adversely affected by the actions and decisions of foreign authorities and regulators, such as any nationalization or expropriation of assets, the imposition of limits on foreign ownership of local companies, changes in laws (including tax laws and regulations), their application or interpretation, political instability, dividend limitations, price controls, changes in applicable currency, currency exchange controls or other restrictions that prevent us from transferring funds from these operations out of the countries in which they operate or converting local currencies we hold to U.S. dollars or other currencies. This may also impact many of our customers and independent sales intermediaries. Changes in the laws and regulations that affect these customers and independent sales intermediaries also may affect our business relationships with them and their ability to purchase or distribute our products. Accordingly, these changes and actions may negatively affect our business in these jurisdictions. We expect the scope and extent of regulation outside of the U.S., as well as general regulatory oversight, to continue to increase. The authority of our international operations to conduct business is subject to licensing requirements, permits and approvals, and these authorizations are subject to modification and revocation. The regulatory environment in the countries in which we operate and changes in laws could have a material adverse effect on our results of operations. See “Risk Factors — Risks Related to Our Business — Our International Operations Face Political, Legal, Operational and Other Risks, Including Exposure to Local and Regional Economic Conditions, That Could Negatively Affect Those Operations or Our Profitability” included in the 2012 Annual Report.

We are also subject to the evolving Solvency II insurance regulatory directive for our insurance business throughout the European Economic Area, and may be subject to similar solvency regulations in other regions. As requirements are finalized by the regulators, capital requirements might be impacted in a number of jurisdictions. In addition, our legal entity structure throughout Europe may impact our capital requirements, risk management infrastructure and reporting by country. See “Business — International Regulation” included in the 2012 Annual Report.

General. From time to time, regulators raise issues during examinations or audits of MetLife, Inc.’s regulated subsidiaries that could, if determined adversely, have a material impact on us. In addition, the interpretations of regulations by regulators may change and statutes may be enacted with retroactive impact, particularly in areas such as accounting or statutory reserve requirements. We are also subject to other regulations and may in the future become subject to additional regulations. See “Business — U.S. Regulation” and “Business — International Regulation” included in the 2012 Annual Report. Compliance with applicable laws and regulations is time consuming and personnel-intensive, and changes in these laws and regulations may materially increase our direct and indirect compliance and other expenses of doing business, thus having a material adverse effect on our financial condition and results of operations.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Industry Trends — Regulatory Developments” for additional information on the laws and regulations affecting our business.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

Purchases of common stock made by or on behalf of MetLife, Inc. or its affiliates during the quarter ended March 31, 2013 are set forth below:

Period	(a) Total Number     of Shares Purchased (1)		(b) Average Price     Paid per  Share		(c) Total Number of Shares     Purchased as Part     of Publicly Announced Plans or Programs	(d) Maximum Number (or Approximate Dollar Value) of Shares that  May Yet     Be Purchased Under the     Plans or Programs (2)
January 1 — January 31, 2013		—	$	—	—	$	1,260,735,127
February 1 — February 28, 2013		376	$	37.34	—	$	1,260,735,127
March 1 — March 31, 2013		4,756	$	40.14	—	$	1,260,735,127

(1) During the periods February 1 through February 28, 2013 and March 1 through March 31, 2013, separate account and other affiliates of MetLife, Inc. purchased 376 shares and 4,756 shares, respectively, of common stock on the open market in nondiscretionary transactions to rebalance index funds. Except as disclosed above, there were no shares of common stock which were repurchased by the Company.

(2) At March 31, 2013, MetLife, Inc. had $1.3 billion remaining under its common stock repurchase program authorizations. In April 2008, MetLife, Inc.’s Board of Directors authorized an additional $1.0 billion common stock repurchase program, which will begin after the completion of the January 2008 $1.0 billion common stock repurchase program, of which $261 million remained outstanding at March 31, 2013. Under these authorizations, MetLife, Inc. may purchase its common stock from the MetLife Policyholder Trust, in the open market (including pursuant to the terms of a pre-set trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934) and in privately negotiated transactions. Any future common stock repurchases will be dependent upon several factors, including our capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value, as well as other legal and accounting factors. See “Risk Factors — Capital-Related Risks — We Have Been, and May Continue to be, Prevented from Repurchasing Our Stock and Paying Dividends at the Level We Wish as a Result of Regulatory Restrictions and Restrictions Under the Terms of Certain of Our Securities” in the 2012 Annual Report and Note 16 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

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Item 6. Exhibits

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the SEC’s website at www.sec.gov.)

Exhibit No.	Description
3.1	Amended and Restated By-Laws of MetLife, Inc., effective February 27, 2013. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.’s Current Report on Form 8-K dated March 4, 2013).
10.1	Letter from MetLife Asia Pacific Limited to Christopher Townsend, dated February 22, 2013.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

METLIFE, INC.
By:	/s/ Peter M. Carlson
	Name:  Peter M. Carlson Title:    Executive Vice President, Finance               Operations and Chief Accounting Officer               (Authorized Signatory and Principal               Accounting Officer)

Date: May 7, 2013

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Exhibit Index

(Note Regarding Reliance on Statements in Our Contracts: In reviewing the agreements included as exhibits to this Quarterly Report on Form 10-Q, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about MetLife, Inc., its subsidiaries or affiliates, or the other parties to the agreements. The agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and (i) should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement; (iii) may apply standards of materiality in a way that is different from what may be viewed as material to investors; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments. Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about MetLife, Inc., its subsidiaries and affiliates may be found elsewhere in this Quarterly Report on Form 10-Q and MetLife, Inc.’s other public filings, which are available without charge through the SEC’s website at www.sec.gov.)

Exhibit No.	Description
3.1	Amended and Restated By-Laws of MetLife, Inc., effective February 27, 2013. (Incorporated by reference to Exhibit 3.1 to MetLife, Inc.’s Current Report on Form 8-K dated March 4, 2013).
10.1	Letter from MetLife Asia Pacific Limited to Christopher Townsend, dated February 22, 2013.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.

E-1

EX-10.1

Exhibit 10.1

February 22, 2013

Christopher Townsend

President

Dear Chris:

MetLife continues to make progress toward achieving its long-term goals and objectives and transforming the company into a world class global insurance and employee benefits powerhouse. We recognize and appreciate that you have relocated to Hong Kong in connection with your role as head of our Asia Region. As a result, MetLife Asia Pacific Limited (“MAPL”), your current Hong Kong employer, is willing to provide you with a housing allowance (the “Housing Allowance”) on the terms described in this letter.

We also recognize that you engage in extensive travel to advance MetLife’s business interests, and that business travel is a necessary part of your role, and that your business travel may result in individual income tax liability in a variety of jurisdictions. As a result, MAPL is willing to provide you with a tax equalization arrangement as described in this letter (the “Tax Arrangement”), retroactively effective as of January 1, 2013 (the “Effective Date”).

1. In connection with your relocation to Hong Kong, and effective as of March 1, 2013, MAPL will provide you with a Housing Allowance in the monthly amount of HKD$74,313.94, payable pursuant to MAPL’s normal monthly payroll practices. The Housing Allowance shall continue for as long as you are employed by MetLife and resident in Hong Kong, provided however, that MAPL, may discontinue the Housing Allowance by providing you with at least two (2) calendar months’ notice (the “Notice Period”). Once you are no longer employed by MetLife or no longer resident in Hong Kong, for any reason, or upon the end of the Notice Period, you shall not be entitled to any additional Housing Allowance payments.

2. The purpose of the Tax Arrangement is to provide you with the following “Tax Equalization”: the cost to you of individual income taxes you owe on account of your MetLife business travel on payments made to you by MetLife on and after the Effective Date and during the period covered by the Tax Arrangement will equal the cost to you of income taxes you would have owed had that income been taxable solely in your country of residence. For purposes of the Tax Arrangement, your country of residence and taxing jurisdiction is defined as Hong Kong.

3. MetLife will pay amounts on your behalf (or reimburse you) and, to the extent necessary, take deductions or withhold amounts from your compensation as MetLife reasonably determines necessary to effectuate Tax Equalization. You consent to such deductions or withholding.

4. To effectuate the purposes of the Tax Arrangement, you agree to continue to use a firm chosen by MetLife for tax return preparation and related services during the term of the Arrangement. Due to certain tax law requirements, all data MetLife needs to determine any Tax Equalization for a tax year must be provided by you or your tax preparer within a time frame that permits MetLife to determine any tax amounts it is reimbursing or paying by the later of the end of your tax year following the tax year in which (i) you remit taxes, or (ii) you conclude any tax audit or tax litigation.

5. MetLife will apply the Tax Arrangement exclusively to compensation paid (and therefore taxable) to you during the period described in this letter as covered by the Tax Arrangement. MetLife will not bear the cost of any taxes, interest, penalties, audit response/defense, or related services you incur for periods outside those covered by the Tax Arrangement. Consequently, the Tax Arrangement does not apply to calendar years or tax periods prior to January 1, 2013 or to amounts like long-term incentives paid in tax periods outside the Tax Arrangement regardless of whether the compensation was fully or partially earned or vested during the period covered by the Tax Arrangement.

6. The Tax Arrangement shall continue until the earliest of (a) the date your employment with MetLife is terminated for any reason, (b) the date MetLife relocates or reassigns you to, a country other than Hong Kong, (c) the date you decline to accept relocation from MetLife to country other than Hong Kong or (d) December 31, 2015. MetLife reserves the right to terminate the Tax Arrangement if you do not comply with the immigration and/or work permit documentation requirements of any jurisdiction to which you travel on behalf of the Company, or if at any time your job performance fails to meet MetLife’s expectations.

7. Upon termination of the Tax Arrangement, your entitlement to Tax Equalization on payments made to you thereafter shall cease. You will be personally liable for any and all tax liability for payments made to you by MetLife on and after the date of the termination of the Tax Arrangement as a result of business-related travel or otherwise at applicable rates, regardless of your continued employment with MetLife and/or residence in Hong Kong or otherwise.

8. Neither this letter, the Housing Allowance, nor the Tax Arrangement described in this letter should be construed as a guarantee of employment for any specific period of time. At all times, the terms of your employment contract (as amended from time to time) govern. This letter is the entire agreement between you and MetLife regarding the matters described herein and cannot be amended except by a written document signed by you and an officer of MAPL with authorization or approval of the MetLife, Inc. Compensation Committee if MetLife determines necessary. For purposes of this letter, “MetLife” shall refer to MetLife, Inc. and all of its affiliates. MetLife, Inc. may provide you the Tax Arrangement either itself or through an affiliate incorporated in the United States or a jurisdiction that has a comprehensive tax treaty with the United States.

9. The terms of this letter have been approved by the MetLife, Inc. Compensation Committee.

Please sign below to acknowledge the terms of the Tax Arrangement and return an original to me at your earliest convenience.

Sincerely yours,

MetLife Asia Pacific Limited

By:	Accepted & Agreed:
/s/ Frans Hijkoop	/s/ Christopher Townsend
Frans Hijkoop	Christopher Townsend

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Steven A. Kandarian, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MetLife, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2013

/s/ Steven A. Kandarian

Steven A. Kandarian

President and

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, John C. R. Hele, certify that:

1. I have reviewed this quarterly report on Form 10-Q of MetLife, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 7, 2013

/s/ John C. R. Hele

John C. R. Hele

Executive Vice President and

Chief Financial Officer

EX-32.1

Exhibit 32.1

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, Steven A. Kandarian, certify that (i) MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MetLife, Inc.

Date: May 7, 2013

/s/ Steven A. Kandarian

Steven A. Kandarian

President and

Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to MetLife, Inc. and will be retained by MetLife, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED

STATES CODE

I, John C. R. Hele, certify that (i) MetLife, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 (the “Form 10-Q”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and (ii) the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of MetLife, Inc.

Date: May 7, 2013

/s/ John C. R. Hele

John C. R. Hele

Executive Vice President and
Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to MetLife, Inc. and will be retained by MetLife, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Acquisitions and Dispositions (Restructuring Charges - Narrative) (Details) (Investments in Foreign Subsidiaries and Foreign Corporate Joint Ventures that are Essentially Permanent in Duration [Member], USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Nov. 01, 2010
Investments in Foreign Subsidiaries and Foreign Corporate Joint Ventures that are Essentially Permanent in Duration [Member]
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance associated with branch restructuring	$ 0	$ 25
Liability recognized in purchase accounting for the anticipated and estimated costs associated with restructuring foreign branches into subsidiaries	$ 56		$ 277

XML

Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Past Due and Interest Accrual Status of Mortgage Loans
Past Due Status of Mortgage Loans	$ 132	$ 147
Interest Accrual Status of Mortgage Loans	44	53
Mortgage loans that were in non accrual status	316	169
Commercial mortgage loans portfolio segment [Member]
Past Due and Interest Accrual Status of Mortgage Loans
Past Due Status of Mortgage Loans	0	2
Interest Accrual Status of Mortgage Loans	0	0
Mortgage loans that were in non accrual status	223	84
Agricultural [Member]
Past Due and Interest Accrual Status of Mortgage Loans
Past Due Status of Mortgage Loans	105	116
Interest Accrual Status of Mortgage Loans	44	53
Mortgage loans that were in non accrual status	75	67
Residential [Member]
Past Due and Interest Accrual Status of Mortgage Loans
Past Due Status of Mortgage Loans	27	29
Interest Accrual Status of Mortgage Loans	0	0
Mortgage loans that were in non accrual status	$ 18	$ 18

XML

Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Total number of securities in an unrealized loss position less than 12 months	2,188	1,941
Total number of securities in an unrealized loss position equal to or greater than 12 months	1,070	1,335
Fixed maturity securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	20,430	13,721
Less than 12 Months Gross Unrealized Loss	486	293
Equal to or Greater than 12 Months Estimated Fair Value	10,163	13,447
Equal to or Greater than 12 Months Gross Unrealized Loss	1,079	1,455
U.S. corporate securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	5,868	3,799
Less than 12 Months Gross Unrealized Loss	171	88
Equal to or Greater than 12 Months Estimated Fair Value	2,663	3,695
Equal to or Greater than 12 Months Gross Unrealized Loss	273	342
Foreign corporate securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	4,884	2,783
Less than 12 Months Gross Unrealized Loss	146	96
Equal to or Greater than 12 Months Estimated Fair Value	2,144	2,873
Equal to or Greater than 12 Months Gross Unrealized Loss	157	180
Foreign government debt securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	1,428	1,431
Less than 12 Months Gross Unrealized Loss	28	22
Equal to or Greater than 12 Months Estimated Fair Value	462	543
Equal to or Greater than 12 Months Gross Unrealized Loss	40	49
RMBS [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	1,284	735
Less than 12 Months Gross Unrealized Loss	42	31
Equal to or Greater than 12 Months Estimated Fair Value	3,235	4,098
Equal to or Greater than 12 Months Gross Unrealized Loss	405	633
U.S. Treasury, agency and government guaranteed securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,645	1,951
Less than 12 Months Gross Unrealized Loss	30	11
Equal to or Greater than 12 Months Estimated Fair Value	0	0
Equal to or Greater than 12 Months Gross Unrealized Loss	0	0
CMBS [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	1,440	842
Less than 12 Months Gross Unrealized Loss	16	11
Equal to or Greater than 12 Months Estimated Fair Value	401	577
Equal to or Greater than 12 Months Gross Unrealized Loss	37	46
ABS [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	2,356	1,920
Less than 12 Months Gross Unrealized Loss	43	30
Equal to or Greater than 12 Months Estimated Fair Value	1,015	1,410
Equal to or Greater than 12 Months Gross Unrealized Loss	107	139
State and political subdivision securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	525	260
Less than 12 Months Gross Unrealized Loss	10	4
Equal to or Greater than 12 Months Estimated Fair Value	243	251
Equal to or Greater than 12 Months Gross Unrealized Loss	60	66
Equity Securities [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	123	201
Less than 12 Months Gross Unrealized Loss	8	18
Equal to or Greater than 12 Months Estimated Fair Value	286	309
Equal to or Greater than 12 Months Gross Unrealized Loss	78	141
Common Stock [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	67	201
Less than 12 Months Gross Unrealized Loss	7	18
Equal to or Greater than 12 Months Estimated Fair Value	12	14
Equal to or Greater than 12 Months Gross Unrealized Loss	1	1
Non-redeemable preferred stock [Member]
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale
Less than 12 months Estimated Fair Value	56	0
Less than 12 Months Gross Unrealized Loss	1	0
Equal to or Greater than 12 Months Estimated Fair Value	274	295
Equal to or Greater than 12 Months Gross Unrealized Loss	77	140

XML

Investments (Cash Equivalents - Narrative) (Details) (USD $) In Billions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Investments [Abstract]
Cash equivalents	$ 6.3	$ 6.1

XML

Investments (Impaired Mortgage Loans) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012	Dec. 31, 2011
Impaired Mortgage Loans
Unpaid Principal Balance	$ 739		$ 750
Valuation allowances	332	446	347	481
Recorded Investment	621		616
Average Investment	719	516
Interest Income	4	4
Loans with a Valuation Allowance [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	364		568
Recorded Investment	347		556
Valuation allowances	82		117
Recorded Investment	265		439
Loans Without Valuation Allowances [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	375		182
Recorded Investment	356		177
Commercial mortgage loans portfolio segment [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	563		548
Valuation allowances	275	368	293	398
Recorded Investment	472		445
Average Investment	536	273
Interest Income	3	3
Commercial mortgage loans portfolio segment [Member] | Loans with a Valuation Allowance [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	261		445
Recorded Investment	245		436
Valuation allowances	61		94
Recorded Investment	184		342
Commercial mortgage loans portfolio segment [Member] | Loans Without Valuation Allowances [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	302		103
Recorded Investment	288		103
Agricultural [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	162		189
Valuation allowances	54	75	52	81
Recorded Investment	137		160
Average Investment	169	229
Interest Income	1	1
Agricultural [Member] | Loans with a Valuation Allowance [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	91		110
Recorded Investment	90		107
Valuation allowances	19		21
Recorded Investment	71		86
Agricultural [Member] | Loans Without Valuation Allowances [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	71		79
Recorded Investment	66		74
Residential [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	14		13
Valuation allowances	3	3	2	2
Recorded Investment	12		11
Average Investment	14	14
Interest Income	0	0
Residential [Member] | Loans with a Valuation Allowance [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	12		13
Recorded Investment	12		13
Valuation allowances	2		2
Recorded Investment	10		11
Residential [Member] | Loans Without Valuation Allowances [Member]
Impaired Mortgage Loans
Unpaid Principal Balance	2		0
Recorded Investment	$ 2		$ 0

XML

Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	$ (280)	$ (293)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(2,211)	(3,823)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member] | Interest rate [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(233)	(1,459)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member] | Foreign currency [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(451)	(342)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member] | Credit derivatives - purchased [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(6)	(188)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member] | Credit derivatives - written [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	32	104
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member] | Equity market [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(1,553)	(1,938)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(10)	(2)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member] | Interest rate [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member] | Foreign currency [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member] | Credit derivatives - purchased [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(3)	(9)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member] | Credit derivatives - written [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Gains (Losses) [Member] | Equity market [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(7)	7
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(272)	(263)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member] | Interest rate [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	2	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member] | Foreign currency [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member] | Credit derivatives - purchased [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member] | Credit derivatives - written [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member] | Equity market [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	(274)	(263)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	(114)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member] | Interest rate [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	(114)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member] | Foreign currency [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member] | Credit derivatives - purchased [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member] | Credit derivatives - written [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member] | Equity market [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member] | Interest rate [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member] | Foreign currency [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member] | Credit derivatives - purchased [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member] | Credit derivatives - written [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Expenses [Member] | Equity market [Member]
Gains/(losses) for derivatives not Designated as hedging instrument
Net Derivatives Gains (Losses) Recognized for Derivatives	$ 0	$ 0

XML

Earnings Per Common Share (Narrative) (Details)	3 Months Ended
	Mar. 31, 2012
Earnings Per Common Share [Abstract]
Shares excluded from the calculation of diluted earnings per common share as the assumed exercise or issuance are anti-dilutive	6,627,984

XML

Investments (Fixed Maturity and Eqiuty Securities Available-For-Sale by Sector) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Available-for-sale Securities [Abstract]
Amortized Cost	$ 342,533	$ 340,870
Cost or Amortized Cost	2,898	2,838
Gross Unrealized OTTI Loss	260	361	724
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	374,294	374,266
Equity securities	3,188	2,891
Fixed maturity securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	342,533	340,870
Gross Unrealized Gain	33,326	35,144
Gross Unrealized Temporary Loss	1,305	1,387
Gross Unrealized OTTI Loss	260	361
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	374,294	374,266
U.S. corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	102,086	102,669
Gross Unrealized Gain	11,364	11,887
Gross Unrealized Temporary Loss	444	430
Gross Unrealized OTTI Loss	0	0
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	113,006	114,126
Foreign corporate securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	61,067	61,806
Gross Unrealized Gain	5,322	5,654
Gross Unrealized Temporary Loss	305	277
Gross Unrealized OTTI Loss	(2)	(1)
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	66,086	67,184
Foreign government debt securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	49,951	51,967
Gross Unrealized Gain	5,552	5,440
Gross Unrealized Temporary Loss	68	71
Gross Unrealized OTTI Loss	0	0
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	55,435	57,336
RMBS [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	34,403	35,666
Gross Unrealized Gain	2,391	2,477
Gross Unrealized Temporary Loss	198	315
Gross Unrealized OTTI Loss	249	349
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	36,347	37,479
U.S. Treasury and agency securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	49,258	41,874
Gross Unrealized Gain	5,229	6,104
Gross Unrealized Temporary Loss	30	11
Gross Unrealized OTTI Loss	0	0
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	54,457	47,967
CMBS [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	17,015	18,177
Gross Unrealized Gain	935	1,009
Gross Unrealized Temporary Loss	53	57
Gross Unrealized OTTI Loss	0	0
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	17,897	19,129
ABS [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	15,841	15,762
Gross Unrealized Gain	423	404
Gross Unrealized Temporary Loss	137	156
Gross Unrealized OTTI Loss	13	13
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	16,114	15,997
State and political subdivision securities [Member]
Available-for-sale Securities [Abstract]
Amortized Cost	12,912	12,949
Gross Unrealized Gain	2,110	2,169
Gross Unrealized Temporary Loss	70	70
Gross Unrealized OTTI Loss	0	0
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	14,952	15,048
Equity Securities [Member]
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	2,898	2,838
Gross Unrealized Gain	376	212
Gross Unrealized Temporary Loss	86	159
Gross Unrealized OTTI Loss	0	0
Equity securities	3,188	2,891
Common Stock [Member]
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	1,985	2,034
Gross Unrealized Gain	305	147
Gross Unrealized Temporary Loss	8	19
Gross Unrealized OTTI Loss	0	0
Equity securities	2,282	2,162
Non-redeemable preferred stock [Member]
Available-for-sale Securities [Abstract]
Cost or Amortized Cost	913	804
Gross Unrealized Gain	71	65
Gross Unrealized Temporary Loss	78	140
Gross Unrealized OTTI Loss	0	0
Equity securities	$ 906	$ 729

XML

Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2013 Segment
Business, Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of segments	6

XML

Derivatives (Fair Value Hedges) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	$ (280)	$ (293)
Net Derivatives Gains (Losses) Recognized for Hedged Items	272	286
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	(8)	(7)
Interest rate swaps [Member] | Fixed maturity securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	8	6
Net Derivatives Gains (Losses) Recognized for Hedged Items	(8)	(6)
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	0	0
Interest rate swaps [Member] | Policyholder account balances [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	(153)	(300)
Net Derivatives Gains (Losses) Recognized for Hedged Items	152	301
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	(1)	1
Foreign currency swaps [Member] | Foreign-denominated fixed maturity securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	4	2
Net Derivatives Gains (Losses) Recognized for Hedged Items	(5)	(2)
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	(1)	0
Foreign currency swaps [Member] | Foreign-denominated policyholder account balances [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	(139)	57
Net Derivatives Gains (Losses) Recognized for Hedged Items	133	(63)
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	(6)	(6)
Foreign currency forwards [Member] | Foreign-denominated fixed maturity securities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net Derivatives Gains (Losses) Recognized for Derivatives	0	(58)
Net Derivatives Gains (Losses) Recognized for Hedged Items	0	56
Ineffectiveness Recognized in Net Derivatives Gains (Losses)	$ 0	$ (2)

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Investments (Consolidated Variable Interest Entities - Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Variable Interest Entity [Line Items]
Tax credits guaranteed by third parties that reduce maximum exposure to loss related to other invested assets	$ 309		$ 318
Financial or other support to investees designated as VIEs	0	0
Consolidated Securitization Entities [Member]
Variable Interest Entity [Line Items]
Variable interest, maximum exposure to loss in consolidated securitization entities	155		168
Long-term debt held by consolidated securitization entities, percentage range minimum	2.25%	2.25%
Long-term debt held by consolidated securitization entities, percentage range maximum	5.57%	5.57%
Interest expense on long-term debt held by consolidated securitization entities	$ 33	$ 43

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Fair Value (Quantitative Information) (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
U.S. corporate and foreign corporate securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Delta spread adjustments	(0.50%)	(0.50%)
Illiquidity premium	0.30%	0.30%
Offered quotes	$ 18	$ 0
Matrix Pricing - Offered quotes	$ 0	$ 0
Credit spreads	(14.24%)	(14.16%)
U.S. corporate and foreign corporate securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Delta spread adjustments	2.50%	5.00%
Illiquidity premium	0.30%	0.30%
Offered quotes	$ 575	$ 555
Matrix Pricing - Offered quotes	$ 127	$ 348
Credit spreads	7.16%	8.76%
U.S. corporate and foreign corporate securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Delta spread adjustments	0.86%	0.90%
Illiquidity premium	0.30%	0.30%
Offered quotes	$ 94	$ 92
Matrix Pricing - Offered quotes	$ 100	$ 115
Credit spreads	2.59%	2.72%
Foreign government debt securities [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 82	$ 82
Quoted prices	$ 0	$ 77
Credit spreads	0.05%	(0.58%)
Foreign government debt securities [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 187	$ 200
Quoted prices	$ 149	$ 146
Credit spreads	0.52%	1.50%
Foreign government debt securities [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 120	$ 117
Quoted prices	$ 93	$ 99
Credit spreads	0.31%	0.72%
RMBS [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 22	$ 28
Quoted prices	$ 73	$ 13
Credit spreads	(1.23%)	0.09%
RMBS [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 100	$ 100
Quoted prices	$ 110	$ 109
Credit spreads	29.80%	29.80%
RMBS [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 75	$ 75
Quoted prices	$ 97	$ 100
Credit spreads	3.42%	5.21%
CMBS [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 109
Quoted prices	$ 11	$ 1
Credit spreads	3.83%	0.01%
CMBS [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 109
Quoted prices	$ 104	$ 106
Credit spreads	148.11%	91.64%
CMBS [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 109
Quoted prices	$ 98	$ 99
Credit spreads	8.74%	3.74%
ABS [Member] | Minimum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 0	$ 0
Quoted prices	$ 0	$ 40
Credit spreads	0.35%	0.00%
ABS [Member] | Maximum [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 111	$ 111
Quoted prices	$ 109	$ 105
Credit spreads	18.28%	18.29%
ABS [Member] | Weighted Average [Member] | Market Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Offered quotes	$ 90	$ 97
Quoted prices	$ 101	$ 100
Credit spreads	1.83%	1.09%
Interest rate contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Swap yield	1.86%	1.86%
Interest rate contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Swap yield	3.78%	3.53%
Foreign currency contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Swap yield	2.30%	2.28%
Correlation	43.00%	43.00%
Foreign currency contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Swap yield	7.62%	7.95%
Correlation	58.00%	57.00%
Credit contracts [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	1.00%	1.00%
Credit contracts [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Credit spreads	1.00%	1.00%
Equity market contracts [Member] | Minimum [Member] | Present Value techniques or option pricing model [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Correlation	60.00%	65.00%
Volatility	14.00%	13.00%
Equity market contracts [Member] | Maximum [Member] | Present Value techniques or option pricing model [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Correlation	60.00%	65.00%
Volatility	29.00%	32.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	20.00%	20.00%
Withdrawal rates	0.00%	0.07%
Long-term equity volatilities	13.69%	15.18%
Nonperformance risk spread	(0.08%)	0.10%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Durations 1-10 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	0.50%	0.50%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Durations 11-20 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	2.00%	2.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Durations 21-116 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	2.00%	2.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Ages 0-40 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	0.00%	0.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Ages 41-60 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	0.05%	0.05%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Minimum [Member] | Income Approach Valuation Technique [Member] | Ages 61-115 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	0.26%	0.26%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Utilization rates	50.00%	50.00%
Withdrawal rates	20.00%	20.00%
Long-term equity volatilities	40.00%	40.00%
Nonperformance risk spread	1.42%	1.72%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Durations 1-10 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	100.00%	100.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Durations 11-20 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	100.00%	100.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Durations 21-116 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Lapse rates	100.00%	100.00%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Ages 0-40 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	0.14%	0.14%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Ages 41-60 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	0.88%	0.88%
Embedded derivatives direct and assumed guaranteed benefits [Member] | Maximum [Member] | Income Approach Valuation Technique [Member] | Ages 61-115 [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Mortality rates	100.00%	100.00%

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Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Changes in fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss)
Balance, beginning of period	$ (361)	$ (724)
Noncredit OTTI losses recognized	31	(29)
Securities sold with a previous noncredit OTTI loss	54	177
Subsequent increases in estimated fair value	16	215
Balance, end of period	$ (260)	$ (361)

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Derivatives (Net Derivative Gains Losses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Components of Net Derivatives Gains (Losses)
Derivatives and hedging gains (losses)	$ (2,314)	$ (3,802)
Embedded derivatives	1,684	1,824
Total net derivative gains (losses)	$ (630)	$ (1,978)

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Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ 1,684	$ 1,824
Net derivatives gains (losses) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	1,684	1,824
Policyholder benefits and claims [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net derivatives gains (losses)	$ (47)	$ (47)

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Derivatives (Hedges of Net Investments in Foreign Operations) (Details) (Foreign Operations Hedges [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ 170	$ (51)
Foreign currency forwards [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	80	(52)
Currency options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	90	1
Non-derivative hedging instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ 0	$ 0

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Derivatives (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	$ 12,823,000,000		$ 13,777,000,000
Estimated Fair Value Liabilities	5,294,000,000		5,536,000,000
Maximum Amount of Future Payments under Credit Default Swaps	8,909,000,000		8,879,000,000
Estimated Fair Value of Credit Default Swaps	88,000,000		74,000,000
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives	1,684,000,000	1,824,000,000
Derivative Instrument Detail [Abstract]
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges	0	3,000,000
Hedging exposure to variability in future cash flows for specific length of time	8 years	8 years
Accumulated Other Comprehensive Income Loss	1,400,000,000		1,300,000,000
Deferred net gains (losses) expected to be reclassified to earnings	33,000,000
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	0	0
Immateriality of cash flow effectiveness	0	0
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges	72,000,000		(98,000,000)
Potential future recoveries available to offset maximum amount of future payments under credit default swaps	70,000,000		150,000,000
Excess securities collateral received on derivatives	19,000,000		0
Excess securities collateral provided on derivatives	422,000,000		290,000,000
Change in fair value of derivatives excluded from the assessment of hedge effectiveness	0	0
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged	0
Entity Securities for which Counterparty has Right to Sell or Repledge, Fair Value of Securities Sold or Repledged	0
Over the Counter [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Excess securities collateral received on derivatives	239,000,000		161,000,000
Excess securities collateral provided on derivatives	110,000,000		0
Exchange Traded [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Excess securities collateral received on derivatives	0		0
Excess securities collateral provided on derivatives	40,000,000		40,000,000
Nonperformance Risk [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Embedded derivatives	(414,000,000)	(1,200,000,000)
Hedge Funds [Member]
Derivatives, Fair Value [Line Items]
Maximum Amount of Future Payments under Credit Default Swaps	30,000,000		10,000,000
Estimated Fair Value of Credit Default Swaps	0		0
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Estimated Fair Value Assets	271,000,000		290,000,000
Estimated Fair Value Liabilities	$ 143,000,000		$ 114,000,000

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Derivatives (Earned Income On Derivatives) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	$ 17	$ 12
Derivatives Designated as Hedging Instruments [Member] | Net Investment Income [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	36	24
Derivatives Designated as Hedging Instruments [Member] | Interest Credited to Policyholder Account Balance [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	35	45
Derivatives Designated as Hedging Instruments [Member] | Other Expenses [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	(3)	(1)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	(1)	(1)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other Revenues [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	0	18
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Derivative Gains (Losses) [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	15	(11)
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder Benefits and Claims [Member]
Settlement Payments By Hedge Classification And Income Statement Location
Total earned income	$ (65)	$ (62)

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Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses - Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Investments [Abstract]
Noncredit OTTI losses on fixed maturity securities, net of DAC, included in accumulated other comprehensive income (loss)	$ 24	$ (21)

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Closed Block (Tables)

3 Months Ended

Mar. 31, 2013

Closed Block [Abstract]

Information regarding the closed block liabilities and assets

	March 31, 2013		December 31, 2012
	(In millions)
Closed Block Liabilities
Future policy benefits	$	42,366	$	42,586
Other policy-related balances		310		298
Policyholder dividends payable		480		466
Policyholder dividend obligation		3,599		3,828
Current income tax payable		14		—
Other liabilities		646		602
Total closed block liabilities		47,415		47,780
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value		30,109		30,546
Equity securities available-for-sale, at estimated fair value		91		41
Mortgage loans		6,068		6,192
Policy loans		4,661		4,670
Real estate and real estate joint ventures		460		459
Other invested assets		1,198		953
Total investments		42,587		42,861
Cash and cash equivalents		321		381
Accrued investment income		506		481
Premiums, reinsurance and other receivables		85		107
Current income tax recoverable		—		2
Deferred income tax assets		320		319
Total assets designated to the closed block		43,819		44,151
Excess of closed block liabilities over assets designated to the closed block		3,596		3,629
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax		2,714		2,891
Unrealized gains (losses) on derivatives, net of income tax		17		9
Allocated to policyholder dividend obligation, net of income tax		(2,339)		(2,488)
Total amounts included in AOCI		392		412
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,988	$	4,041

Closed block policyholder dividend obligation

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	3,828	$	2,919
Change in unrealized investment and derivative gains (losses)		(229)		909
Balance, end of period	$	3,599	$	3,828

Information regarding the closed block revenues and expenses

	Three Months Ended March 31,
	2013		2012
	(In millions)
Revenues
Premiums	$	464	$	498
Net investment income		533		550
Net investment gains (losses)		3		11
Net derivative gains (losses)		8		(9)
Total revenues		1,008		1,050
Expenses
Policyholder benefits and claims		643		662
Policyholder dividends		242		268
Other expenses		42		45
Total expenses		927		975
Revenues, net of expenses before provision for income tax expense (benefit)		81		75
Provision for income tax expense (benefit)		27		27
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations		54		48
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations		—		4
Revenues, net of expenses and provision for income tax expense (benefit)	$	54	$	52

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Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Mortgage Loans on Real Estate [Line Items]
Evaluated individually for credit losses	$ 703	$ 733
Evaluated collectively for credit losses	52,565	53,540
Total mortgage loans	53,268	54,273
Specific credit losses	82	117
Non-specifically identified credit losses	250	230
Valuation allowances	332	347	446	481
Mortgage loan, net of valuation allowance	52,936	53,926
Commercial mortgage loans portfolio segment [Member]
Mortgage Loans on Real Estate [Line Items]
Evaluated individually for credit losses	533	539
Evaluated collectively for credit losses	39,072	39,933
Total mortgage loans	39,605	40,472
Specific credit losses	61	94
Non-specifically identified credit losses	214	199
Valuation allowances	275	293	368	398
Mortgage loan, net of valuation allowance	39,330	40,179
Agricultural [Member]
Mortgage Loans on Real Estate [Line Items]
Evaluated individually for credit losses	156	181
Evaluated collectively for credit losses	12,513	12,662
Total mortgage loans	12,669	12,843
Specific credit losses	19	21
Non-specifically identified credit losses	35	31
Valuation allowances	54	52	75	81
Mortgage loan, net of valuation allowance	12,615	12,791
Residential [Member]
Mortgage Loans on Real Estate [Line Items]
Evaluated individually for credit losses	14	13
Evaluated collectively for credit losses	980	945
Total mortgage loans	994	958
Specific credit losses	2	2
Non-specifically identified credit losses	1	0
Valuation allowances	3	2	3	2
Mortgage loan, net of valuation allowance	$ 991	$ 956

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Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) (Universal and Variable Life Contracts [Member], USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Secondary Guarantees [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Account value (general and separate account)	$ 14,743	$ 14,256
Net amount at risk	187,848	189,197
Average attained age of policyholders	55 years	54 years
Paid-Up Guarantees [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Account value (general and separate account)	3,790	3,828
Net amount at risk	$ 22,835	$ 23,276
Average attained age of policyholders	60 years	60 years

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Derivatives (Primary Risks) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Notional Amount	$ 372,112	$ 334,351
Estimated Fair Value Assets	12,823	13,777
Estimated Fair Value Liabilities	5,294	5,536
Derivatives Designated as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	32,680	28,866
Estimated Fair Value Assets	3,272	3,402
Estimated Fair Value Liabilities	608	594
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	8,729	8,584
Estimated Fair Value Assets	2,054	2,253
Estimated Fair Value Liabilities	213	175
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	5,438	5,397
Estimated Fair Value Assets	1,802	1,921
Estimated Fair Value Liabilities	74	90
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	3,291	3,187
Estimated Fair Value Assets	252	332
Estimated Fair Value Liabilities	139	85
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	15,169	13,355
Estimated Fair Value Assets	991	1,063
Estimated Fair Value Liabilities	375	355
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	3,482	3,642
Estimated Fair Value Assets	539	705
Estimated Fair Value Liabilities	7	0
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	620	675
Estimated Fair Value Assets	101	139
Estimated Fair Value Liabilities	0	0
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	11,007	9,038
Estimated Fair Value Assets	351	219
Estimated Fair Value Liabilities	368	355
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Credit forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	60	0
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	8,782	6,927
Estimated Fair Value Assets	227	86
Estimated Fair Value Liabilities	20	64
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Foreign currency forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	3,782	2,552
Estimated Fair Value Assets	90	43
Estimated Fair Value Liabilities	20	61
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Currency options [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	5,000	4,375
Estimated Fair Value Assets	137	43
Estimated Fair Value Liabilities	0	3
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	339,432	305,485
Estimated Fair Value Assets	9,551	10,375
Estimated Fair Value Liabilities	4,686	4,942
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	102,074	83,250
Estimated Fair Value Assets	4,834	5,201
Estimated Fair Value Liabilities	1,920	2,043
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	0	0
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	56,246	56,246
Estimated Fair Value Assets	1,026	1,174
Estimated Fair Value Liabilities	709	837
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	37,015	49,465
Estimated Fair Value Assets	81	74
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	9,882	11,684
Estimated Fair Value Assets	1	1
Estimated Fair Value Liabilities	16	38
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	34,474	16,328
Estimated Fair Value Assets	769	640
Estimated Fair Value Liabilities	74	60
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	4,291	4,162
Estimated Fair Value Assets	0	0
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	8,694	8,208
Estimated Fair Value Assets	294	199
Estimated Fair Value Liabilities	580	736
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	10,836	9,202
Estimated Fair Value Assets	123	26
Estimated Fair Value Liabilities	153	288
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	1,542	1,408
Estimated Fair Value Assets	1	4
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency options [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	730	129
Estimated Fair Value Assets	37	1
Estimated Fair Value Liabilities	0	0
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps - purchased [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	3,925	3,674
Estimated Fair Value Assets	14	11
Estimated Fair Value Liabilities	42	34
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps - written [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	8,909	8,879
Estimated Fair Value Assets	91	79
Estimated Fair Value Liabilities	3	5
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	6,626	7,008
Estimated Fair Value Assets	1	14
Estimated Fair Value Liabilities	7	132
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity Options [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	29,624	22,920
Estimated Fair Value Assets	2,145	2,825
Estimated Fair Value Liabilities	588	356
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Variance swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	21,023	19,830
Estimated Fair Value Assets	132	122
Estimated Fair Value Liabilities	486	310
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Total rate of return swaps [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	3,541	3,092
Estimated Fair Value Assets	2	4
Estimated Fair Value Liabilities	$ 108	$ 103

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Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net investment gains (losses)	$ 374	$ 23
Net derivative gains (losses)	(630)	(1,978)
Net investment income	6,077	6,200
Other expenses	(4,138)	(4,321)
Other-than-temporary impairments on fixed maturity securities	(29)	(135)
Income (loss) from continuing operations before provision for income tax	1,247	(409)
Provision for income tax expense (benefit)	(252)	275
Amounts reclassified from AOCI, net of income tax	6
Net income (loss)	992	(120)
Unrealized Investment Gains (Losses) Net of Related Offsets [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI, net of income tax	159
Unrealized Gains (Losses) on Derivatives [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI, net of income tax	(116)
Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amounts reclassified from AOCI, net of income tax	(37)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income (loss)	6
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Investment Gains (Losses) Net of Related Offsets [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other net investment gains (losses)	290
Net investment income	21
Income (loss) from continuing operations before provision for income tax	280
Provision for income tax expense (benefit)	(121)
Net income (loss)	159
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other-than-Temporary Impairment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other-than-temporary impairments on fixed maturity securities	(31)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income (loss) from continuing operations before provision for income tax	(181)
Provision for income tax expense (benefit)	65
Net income (loss)	(116)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives [Member] | Interest Rate Swaps [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	4
Net investment income	2
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives [Member] | Interest Rate Forwards [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	3
Net investment income	1
Other expenses	(1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives [Member] | Foreign Currency Swaps [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net derivative gains (losses)	(189)
Net investment income	(1)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of net actuarial gains (losses)	(71)
Amortization of prior service (costs) credit	16
Income (loss) from continuing operations before provision for income tax	(55)
Provision for income tax expense (benefit)	18
Net income (loss)	$ (37)

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Acquisitions and Dispositions (Acquisitions - Narrative) (Details) (Pending Acquisition of Administradora de Fondos de Pensiones Provida S.A. [Member], USD $) In Billions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Business Acquisition [Line Items]
Business Acquisition, Name of Acquired Entity	Administradora de Fondos de Pensiones Provida S.A. (“Provida”)
Pending Business Acquisition, Percentage of Voting Interests To Be Acquired Directly From Seller	64.30%
Maximum [Member]
Business Acquisition [Line Items]
Pending Business Acquisition, Anticipated Approximate Cost of Acquired Entity, Purchase Price	2

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Investments (Credit Quality of Commercial Mortgage Loans) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	$ 39,605	$ 40,472
% of Total	100.00%	100.00%
Estimated Fair Value	42,518	43,082
% of Total	100.00%	100.00%
Less than 65% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	30,936	31,291
% of Total	78.10%	77.30%
Estimated Fair Value	33,682	33,730
% of Total	79.20%	78.30%
65% to 75% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	5,667	5,882
% of Total	14.30%	14.60%
Estimated Fair Value	5,912	6,129
% of Total	13.90%	14.20%
76% to 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	1,556	1,385
% of Total	3.90%	3.40%
Estimated Fair Value	1,582	1,436
% of Total	3.70%	3.30%
Greater than 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	1,446	1,914
% of Total	3.70%	4.70%
Estimated Fair Value	1,342	1,787
% of Total	3.20%	4.20%
Greater than 1.20x [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	36,720	36,919
Greater than 1.20x [Member] | Less than 65% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	29,872	29,839
Greater than 1.20x [Member] | 65% to 75% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	4,864	5,057
Greater than 1.20x [Member] | 76% to 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	918	938
Greater than 1.20x [Member] | Greater than 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	1,066	1,085
1.00x - 1.20x [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	1,826	2,085
1.00x - 1.20x [Member] | Less than 65% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	701	730
1.00x - 1.20x [Member] | 65% to 75% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	645	672
1.00x - 1.20x [Member] | 76% to 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	297	131
1.00x - 1.20x [Member] | Greater than 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	183	552
Less than 1.00x [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	1,059	1,468
Less than 1.00x [Member] | Less than 65% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	363	722
Less than 1.00x [Member] | 65% to 75% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	158	153
Less than 1.00x [Member] | 76% to 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	341	316
Less than 1.00x [Member] | Greater than 80% [Member]
Commercial Mortgage Loans - by Credit Quality Indicators with Estimated Fair Value:
Commercial mortgage loans	$ 197	$ 277

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Investments (Fixed Maturity and Eqiuty Securities Available-For-Sale - Narrative) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	$ 374,294	$ 374,266
Gross Unrealized OTTI Loss	260	361	724
Foreign corporate securities [Member]
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	66,086	67,184
Net unrealized gains (losses)	5,322	5,654
Gross Unrealized OTTI Loss	(2)	(1)
Non-income producing fixed maturity securities [Member]
Summary of Certain Fixed Maturity Securities
Available-for-sale Securities, Debt Securities	80	85
Net unrealized gains (losses)	$ 19	$ 11

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Investments (Consolidated Variable Interest Entities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Total Assets	$ 8,616	$ 6,692
Total Liabilities	4,286	2,567
Consolidated Securitization Entities [Member]
Variable Interest Entity [Line Items]
Total Assets	2,453	2,730
Total Liabilities	2,282	2,545
MRSC collateral financing arrangement [Member]
Variable Interest Entity [Line Items]
Total Assets	3,449	3,439
Total Liabilities	0	0
Operating joint venture [Member]
Variable Interest Entity [Line Items]
Total Assets	2,364	0
Total Liabilities	1,976	0
Other limited partnership interests [Member]
Variable Interest Entity [Line Items]
Total Assets	187	356
Total Liabilities	14	8
Real estate joint ventures [Member]
Variable Interest Entity [Line Items]
Total Assets	11	11
Total Liabilities	14	14
Other invested assets [Member]
Variable Interest Entity [Line Items]
Total Assets	85	85
Total Liabilities	0	0
Trading Account Assets [Member]
Variable Interest Entity [Line Items]
Total Assets	67	71
Total Liabilities	$ 0	$ 0

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Investments (Maturities of Fixed Maturity Securities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Available-for-sale Securities, Debt Maturities [Abstract]
Amortized Cost, Due in one year or less	$ 23,879	$ 24,177
Amortized Cost, Due after one year through five years	70,432	66,973
Amortized Cost, Due after five years through ten years	80,420	82,376
Amortized Cost, Due after ten years	100,543	97,739
Amortized Cost, Subtotal	275,274	271,265
Amortized Cost, RMBS, CMBS and ABS	67,259	69,605
Amortized cost of fixed maturity securities available-for-sale	342,533	340,870
Estimated Fair Value, Due in one year or less	24,118	24,394
Estimated Fair Value, Due after one year through five years	74,386	70,759
Estimated Fair Value, Due after five years through ten years	89,648	91,975
Estimated Fair Value, Due after ten years	115,784	114,533
Estimated Fair Value, Subtotal	303,936	301,661
Estimated fair value, Mortgage-backed and asset-backed securities	70,358	72,605
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	$ 374,294	$ 374,266

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Segment Information

3 Months Ended

Mar. 31, 2013

Segment Information [Abstract]

Segment Information

2. Segment Information

MetLife is organized into six segments, reflecting three broad geographic regions: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; and Latin America (collectively, the “Americas”); Asia; and EMEA. In addition, the Company reports certain of its results of operations in Corporate & Other, which included MetLife Bank, National Association (“MetLife Bank”) (see Note 3) and other business activities.

As anticipated, in the third quarter of 2012, the Company continued to realign certain products and businesses among its existing segments. Management realigned certain individual disability income and property & casualty products, which were previously reported in the Group, Voluntary & Worksite Benefits segment and began reporting such product results in the Retail segment. In accordance with this realignment, prior period operating earnings for the Retail segment increased by $61 million, net of $19 million of income tax, with a corresponding decrease in the Group, Voluntary & Worksite Benefits segment, for the three months ended March 31, 2012. Management also realigned the businesses in South Asia and India, which were previously reported in the EMEA segment and began reporting such results in the Asia segment. In accordance with this realignment, prior period operating earnings for the Asia segment increased by $4 million, net of $2 million of income tax, with a corresponding decrease in the EMEA segment, for the three months ended March 31, 2012.

Americas

The Americas consists of the following segments:

Retail

The Retail segment offers a broad range of protection products and services and a variety of annuities to individuals and employees of corporations and other institutions, and is organized into two businesses: Life & Other and Annuities. Life & Other insurance products and services include variable life, universal life, term life and whole life products. Additionally, through broker-dealer affiliates, the Company offers a full range of mutual funds and other securities products. Life & Other products and services also include individual disability income products and personal lines property & casualty insurance, including private passenger automobile, homeowners and personal excess liability insurance. Annuities includes a variety of variable and fixed annuities which provide for both asset accumulation and asset distribution needs.

Group, Voluntary & Worksite Benefits

The Group, Voluntary & Worksite Benefits segment offers a broad range of protection products and services to individuals and corporations, as well as other institutions and their respective employees, and is organized into two businesses: Group and Voluntary & Worksite. Group insurance products and services include variable life, universal life and term life products. Group insurance products and services also include dental, group short- and long-term disability and accidental death & dismemberment coverages. The Voluntary & Worksite business includes personal lines property & casualty insurance, including private passenger automobile, homeowners and personal excess liability insurance offered to employees on a voluntary basis. The Voluntary & Worksite business also includes long-term care, prepaid legal plans and critical illness products.

Corporate Benefit Funding

The Corporate Benefit Funding segment offers a broad range of annuity and investment products, including guaranteed interest products and other stable value products, income annuities, and separate account contracts for the investment management of defined benefit and defined contribution plan assets. This segment also includes certain products to fund postretirement benefits and company-, bank- or trust-owned life insurance used to finance non-qualified benefit programs for executives.

Latin America

The Latin America segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident and health insurance, group medical, dental, credit insurance, endowment and retirement & savings products written in Latin America. Starting in the first quarter of 2013, the Latin America segment includes U.S. sponsored direct business, comprised of group products sold through sponsoring organizations and affinity groups. Products included are life, dental, group short- and long-term disability, accidental death & dismemberment coverages, property & casualty and critical illness.

Asia

The Asia segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include whole life, term life, variable life, universal life, accident and health insurance, fixed and variable annuities and endowment products.

EMEA

The EMEA segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident and health insurance, credit insurance, annuities, endowment and retirement & savings products.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments, external integration costs, internal resource costs for associates committed to acquisitions, enterprise-wide strategic initiative restructuring charges, and various start-up and certain run-off businesses. Start-up businesses include expatriate benefits insurance, as well as direct and digital marketing products. Corporate & Other also includes assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. Under this in-force reinsurance agreement, the Company reinsures living and death benefit guarantees issued in connection with variable annuity products. Additionally, Corporate & Other includes interest expense related to the majority of the Company’s outstanding debt and expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes the elimination of intersegment amounts, which generally relate to intersegment loans, which bear interest rates commensurate with related borrowings.

Financial Measures and Segment Accounting Policies

Operating earnings is the measure of segment profit or loss the Company uses to evaluate segment performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is the Company’s measure of segment performance and is reported below. Operating earnings should not be viewed as a substitute for income (loss) from continuing operations, net of income tax. The Company believes the presentation of operating earnings as the Company measures it for management purposes enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business.

Operating earnings is defined as operating revenues less operating expenses, both net of income tax.

Operating revenues and operating expenses exclude results of discontinued operations and other businesses that have been or will be sold or exited by MetLife, Inc. (“Divested Businesses”). Operating revenues also excludes net investment gains (losses) and net derivative gains (losses). Operating expenses also excludes goodwill impairments.

The following additional adjustments are made to GAAP revenues, in the line items indicated, in calculating operating revenues:

• Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”);

• Net investment income: (i) includes amounts for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of investments but do not qualify for hedge accounting treatment, (ii) includes income from discontinued real estate operations, (iii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iv) excludes certain amounts related to contractholder-directed unit-linked investments, and (v) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other revenues are adjusted for settlements of foreign currency earnings hedges.

The following additional adjustments are made to GAAP expenses, in the line items indicated, in calculating operating expenses:

• Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets, (iii) benefits and hedging costs related to GMIBs (“GMIB Costs”), and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”);

• Interest credited to policyholder account balances includes adjustments for scheduled periodic settlement payments and amortization of premium on derivatives that are hedges of policyholder account balances (“PABs”) but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments;

• Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB Fees and GMIB Costs, and (iii) Market Value Adjustments;

• Amortization of negative VOBA excludes amounts related to Market Value Adjustments;

• Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and

• Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements, and (iii) acquisition and integration costs.

Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance.

In the third quarter of 2012, MetLife, Inc. began reporting additional MetLife Bank operations as Divested Businesses. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. Consequently, prior period results for Corporate & Other have increased by $1 million, net of $0 of income tax, for the three months ended March 31, 2012.

Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months ended March 31, 2013 and 2012. The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for operating earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below.

Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business.

The Company’s economic capital model aligns segment allocated equity with emerging standards and consistent risk principles. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, operating earnings or income (loss) from continuing operations, net of income tax.

	Operating Earnings
	Americas
Three Months Ended March 31, 2013	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,547	$	3,874	$	464	$	675	$	6,560	$	1,998	$	567	$	26	$	9,151	$	—	$	9,151
Universal life and investment-type product policy fees		1,167		180		68		225		1,640		444		91		36		2,211		80		2,291
Net investment income		1,961		453		1,435		277		4,126		732		128		146		5,132		945		6,077
Other revenues		243		108		73		4		428		13		27		13		481		(1)		480
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		314		314
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(630)		(630)
Total revenues		4,918		4,615		2,040		1,181		12,754		3,187		813		221		16,975		708		17,683
Expenses
Policyholder benefits and claims and policyholder dividends		2,153		3,640		1,098		554		7,445		1,415		237		9		9,106		602		9,708
Interest credited to policyholder account balances		579		39		343		104		1,065		442		35		12		1,554		1,036		2,590
Capitalization of DAC		(374)		(33)		(17)		(105)		(529)		(546)		(177)		(4)		(1,256)		—		(1,256)
Amortization of DAC and VOBA		331		34		11		74		450		401		165		—		1,016		(192)		824
Amortization of negative VOBA		—		—		—		(1)		(1)		(113)		(17)		—		(131)		(15)		(146)
Interest expense on debt		—		—		2		(1)		1		—		1		286		288		33		321
Other expenses		1,278		588		143		372		2,381		1,094		448		164		4,087		308		4,395
Total expenses		3,967		4,268		1,580		997		10,812		2,693		692		467		14,664		1,772		16,436
Provision for income tax expense (benefit)		325		117		161		41		644		161		34		(193)		646		(394)		252
Operating earnings	$	626	$	230	$	299	$	143	$	1,298	$	333	$	87	$	(53)		1,665
Adjustments to:
Total revenues																		708
Total expenses																		(1,772)
Provision for income tax (expense) benefit																		394
Income (loss) from continuing operations, net of income tax																	$	995			$	995

	Operating Earnings
	Americas
Three Months Ended March 31, 2012	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,624	$	3,585	$	507	$	686	$	6,402	$	2,039	$	652	$	14	$	9,107	$	22	$	9,129
Universal life and investment-type product policy fees		1,114		166		51		196		1,527		362		80		40		2,009		69		2,078
Net investment income		1,911		436		1,401		299		4,047		681		157		192		5,077		1,123		6,200
Other revenues		209		108		64		5		386		16		36		14		452		145		597
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		(110)		(110)
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(1,978)		(1,978)
Total revenues		4,858		4,295		2,023		1,186		12,362		3,098		925		260		16,645		(729)		15,916
Expenses
Policyholder benefits and claims and policyholder dividends		2,228		3,313		1,092		592		7,225		1,360		343		11		8,939		508		9,447
Interest credited to policyholder account balances		596		42		339		100		1,077		429		33		—		1,539		1,018		2,557
Capitalization of DAC		(476)		(31)		(7)		(84)		(598)		(587)		(177)		—		(1,362)		(2)		(1,364)
Amortization of DAC and VOBA		404		30		10		55		499		373		146		—		1,018		(304)		714
Amortization of negative VOBA		—		—		—		(2)		(2)		(131)		(4)		—		(137)		(18)		(155)
Interest expense on debt		—		—		2		1		3		1		—		311		315		43		358
Other expenses		1,397		575		128		326		2,426		1,191		471		155		4,243		525		4,768
Total expenses		4,149		3,929		1,564		988		10,630		2,636		812		477		14,555		1,770		16,325
Provision for income tax expense (benefit)		240		123		161		50		574		161		41		(180)		596		(871)		(275)
Operating earnings	$	469	$	243	$	298	$	148	$	1,158	$	301	$	72	$	(37)		1,494
Adjustments to:
Total revenues																		(729)
Total expenses																		(1,770)
Provision for income tax (expense) benefit																		871
Income (loss) from continuing operations, net of income tax																	$	(134)			$	(134)

The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at:

	March 31, 2013		December 31, 2012
	(In millions)
Retail	$	342,524	$	332,387
Group, Voluntary & Worksite Benefits		45,158		44,138
Corporate Benefit Funding		227,839		217,352
Latin America		25,640		23,272
Asia		124,510		131,138
EMEA		23,080		23,474
Corporate & Other		52,934		65,020
Total	$	841,685	$	836,781

Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolio adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing.

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Investments (Unconsolidated Variable Interest Entities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Variable Interest Entity [Line Items]
Total Assets	$ 82,384	$ 84,541
Total Liabilities	84,190	86,334
Real estate joint ventures [Member]
Variable Interest Entity [Line Items]
Total Assets	114	150
Total Liabilities	119	157
Other limited partnership interests [Member]
Variable Interest Entity [Line Items]
Total Assets	4,717	4,436
Total Liabilities	6,259	5,908
Trading securities [Member]
Variable Interest Entity [Line Items]
Total Assets	603	563
Total Liabilities	603	563
Mortgage loans, net [Member]
Variable Interest Entity [Line Items]
Total Assets	199	351
Total Liabilities	199	351
Other invested assets [Member]
Variable Interest Entity [Line Items]
Total Assets	1,210	1,117
Total Liabilities	1,469	1,431
Structured securities (RMBS, CMBS, and ABS) [Member]
Variable Interest Entity [Line Items]
Total Assets	70,358	72,605
Total Liabilities	70,358	72,605
US and foreign corporate securities [Member]
Variable Interest Entity [Line Items]
Total Assets	5,150	5,287
Total Liabilities	5,150	5,287
Non-redeemable preferred stock [Member]
Variable Interest Entity [Line Items]
Total Assets	33	32
Total Liabilities	$ 33	$ 32

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Closed Block (Liabilities and Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Closed Block Liabilities
Future policy benefits	$ 42,366	$ 42,586
Other policy-related balances	310	298
Policyholder dividends payable	480	466
Policyholder dividend obligation	3,599	3,828
Current income tax payable	14	0
Other liabilities	646	602
Total closed block liabilities	47,415	47,780
Assets Designated to the Closed Block
Fixed maturity securities available-for-sale, at estimated fair value	30,109	30,546
Equity securities available-for-sale, at estimated fair value	91	41
Mortgage loans	6,068	6,192
Policy loans	4,661	4,670
Real estate and real estate joint ventures	460	459
Other invested assets	1,198	953
Total investments	42,587	42,861
Cash and cash equivalents	321	381
Accrued investment income	506	481
Premiums, reinsurance and other receivables	85	107
Current income tax recoverable	0	2
Deferred income tax assets	320	319
Total assets designated to the closed block	43,819	44,151
Excess of closed block liabilities over assets designated to the closed block	3,596	3,629
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax	2,714	2,891
Unrealized gains (losses) on derivatives, net of income tax	17	9
Allocated to policyholder dividend obligation, net of income tax	(2,339)	(2,488)
Total amounts included in AOCI	392	412
Maximum future earnings to be recognized from closed block assets and liabilities	$ 3,988	$ 4,041

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Equity (Tables)

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

	Unrealized Investment Gains (Losses), Net of   Related Offsets (1)		Unrealized Gains   (Losses) on Derivatives		Foreign Currency   Translation Adjustments		Defined Benefit   Plans Adjustment		Total
	(In millions)
Balance at December 31, 2012	$	13,590	$	829	$	(533)	$	(2,489)	$	11,397
OCI before reclassifications, net of income tax		(99)		(40)		(672)		—		(811)
Amounts reclassified from AOCI, net of income tax		(159)		116		—		37		(6)
Balance at March 31, 2013	$	13,332	$	905	$	(1,205)	$	(2,452)	$	10,580

(1) See Note 6 for information on offsets to investments related to insurance liabilities, DAC and VOBA and the policyholder dividend obligation.

Reclassification out of Accumulated Other Comprehensive Income (Loss)

AOCI Components	Amounts Reclassified from AOCI		Statement of Operations and Comprehensive Income Location
	Three Months Ended March 31, 2013
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	290	Other net investment gains (losses)
Net unrealized investment gains (losses)		21	Net investment income
OTTI		(31)	OTTI on fixed maturity securities
Net unrealized investment gains (losses), before income tax		280
Income tax (expense) benefit		(121)
Net unrealized investment gains (losses), net of income tax	$	159
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	$	4	Net derivative gains (losses)
Interest rate swaps		2	Net investment income
Interest rate forwards		3	Net derivative gains (losses)
Interest rate forwards		1	Net investment income
Interest rate forwards		(1)	Other expenses
Foreign currency swaps		(189)	Net derivative gains (losses)
Foreign currency swaps		(1)	Net investment income
Gains (losses) on cash flow hedges, before income tax		(181)
Income tax (expense) benefit		65
Gains (losses) on cash flow hedges, net of income tax	$	(116)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	$	(71)
Amortization of prior service (costs) credit		16
Amortization of defined benefit plan items, before income tax		(55)
Income tax (expense) benefit		18
Amortization of defined benefit plan items, net of income tax	$	(37)
Total reclassifications, net of income tax	$	6

(1) These AOCI components are included in the computation of net periodic benefit costs. See Note 11.

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value [Abstract]

Recurring Fair Value Measurements

	March 31, 2013
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	106,580	$	6,426	$	113,006
Foreign corporate		—		60,261		5,825		66,086
Foreign government		—		53,232		2,203		55,435
U.S. Treasury and agency		30,283		24,059		115		54,457
RMBS		1,148		32,773		2,426		36,347
CMBS		—		16,813		1,084		17,897
ABS		—		12,348		3,766		16,114
State and political subdivision		—		14,899		53		14,952
Total fixed maturity securities		31,431		320,965		21,898		374,294
Equity securities:
Common stock		1,041		1,052		189		2,282
Non-redeemable preferred stock		—		505		401		906
Total equity securities		1,041		1,557		590		3,188
FVO and trading securities:
Actively Traded Securities		6		772		14		792
FVO general account securities		—		145		44		189
FVO contractholder-directed unit-linked investments		9,593		5,148		831		15,572
FVO securities held by CSEs		—		35		—		35
Total FVO and trading securities		9,599		6,100		889		16,588
Short-term investments (1)		4,986		5,630		2,130		12,746
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,407		—		2,407
Mortgage loans held-for-sale (2)		—		—		2		2
Total mortgage loans		—		2,407		2		2,409
Other invested assets:
Other investments		165		100		—		265
Derivative assets: (3)
Interest rate		1		8,989		163		9,153
Foreign currency exchange rate		1		1,245		39		1,285
Credit		—		67		38		105
Equity market		1		1,904		375		2,280
Total derivative assets		3		12,205		615		12,823
Total other invested assets		168		12,305		615		13,088
Net embedded derivatives within asset host contracts (4)		—		1		419		420
Separate account assets (5)		33,790		214,211		1,219		249,220
Total assets	$	81,015	$	563,176	$	27,762	$	671,953
Liabilities:
Derivative liabilities: (3)
Interest rate	$	16	$	2,765	$	19	$	2,800
Foreign currency exchange rate		—		1,251		9		1,260
Credit		—		45		—		45
Equity market		7		668		514		1,189
Total derivative liabilities		23		4,729		542		5,294
Net embedded derivatives within liability host contracts (4)		—		15		2,003		2,018
Long-term debt of CSEs		—		2,237		31		2,268
Trading liabilities (6)		155		—		—		155
Total liabilities	$	178	$	6,981	$	2,576	$	9,735

	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:
Commercial mortgage loans held by CSEs		—		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		—		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.

(2) Mortgage loans held-for-sale are comprised of residential mortgage loans held-for-sale. See “— Fair Value Option” for additional information. The amounts in the preceding tables differ from the amounts presented in the consolidated balance sheets as these tables do not include mortgage loans that are stated at lower of amortized cost or estimated fair value.

(3) Derivative liabilities are presented within other liabilities in the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation in the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables in the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented primarily within PABs in the consolidated balance sheets. At March 31, 2013, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($147) million, respectively. At December 31, 2012, fixed maturity securities and equity securities included embedded derivatives of $0 and ($88) million, respectively.

(5) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

(6) Trading liabilities are presented within other liabilities in the consolidated balance sheets.

Fair Value Inputs, Quantitative Information

					March 31, 2013				December 31, 2012				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities: (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	–	250	86	(50)	–	500	90	Decrease
			•	Illiquidity premium (4)	30	–	30	30	30	–	30	30	Decrease
			•	Credit spreads (4)	(1,424)	–	716	259	(1,416)	–	876	272	Decrease
			•	Offered quotes (5)	—	–	127	100	—	–	348	115	Increase
	•	Consensus pricing	•	Offered quotes (5)	18	–	575	94	—	–	555	92	Increase
Foreign government	•	Matrix pricing	•	Credit spreads (4)	5	–	52	31	(58)	–	150	72	Decrease
	•	Market pricing	•	Quoted prices (5)	—	–	149	93	77	–	146	99	Increase
	•	Consensus pricing	•	Offered quotes (5)	82	–	187	120	82	–	200	117	Increase
RMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	(123)	–	2,980	342	9	–	2,980	521	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	73	–	110	97	13	–	109	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	22	–	100	75	28	–	100	75	Increase (6)
CMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	383	–	14,811	874	1	–	9,164	374	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	11	–	104	98	1	–	106	99	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	109	–	109	109					Increase (6)
ABS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	35	–	1,828	183	—	–	1,829	109	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	—	–	109	101	40	–	105	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	—	–	111	90	—	–	111	97	Increase (6)
Derivatives:
Interest rate	•	Present value techniques	•	Swap yield (7)	186	–	378		186	–	353		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	230	–	762		228	–	795		Increase (12)
			•	Correlation (8)	43%	–	58%		43%	–	57%
Credit	•	Present value techniques	•	Credit spreads (9)	100	–	100		100	–	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques	•	Volatility (11)	14%	–	29%		13%	–	32%		Increase (12)
		or option pricing models	•	Correlation (8)	60%	–	60%		65%	–	65%
Embedded derivatives:
Direct and assumed	•	Option pricing	•	Mortality rates:
guaranteed		techniques		Ages 0 - 40	0%	–	0.14%		0%	–	0.14%		Decrease (13)
minimum benefits				Ages 41 - 60	0.05%	–	0.88%		0.05%	–	0.88%		Decrease (13)
				Ages 61 - 115	0.26%	–	100%		0.26%	–	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.50%	–	100%		0.50%	–	100%		Decrease (14)
				Durations 11 - 20	2%	–	100%		2%	–	100%		Decrease (14)
				Durations 21 - 116	2%	–	100%		2%	–	100%		Decrease (14)
			•	Utilization rates	20%	–	50%		20%	–	50%		Increase (15)
			•	Withdrawal rates	0%	–	20%		0.07%	–	20%		(16)
			•	Long-term equity
				volatilities	13.69%	–	40%		15.18%	–	40%		Increase (17)
			•	Nonperformance risk
				spread	(0.08%)	–	1.42%		0.10%	–	1.72%		Decrease (18)

(1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.

(2) The impact of a decrease in input would have the opposite impact on the estimated fair value.

(3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.

(4) Range and, if applicable, weighted average are presented in basis points.

(5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.

(9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. The range being provided is a single quoted spread in the valuation model. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10) At both March 31, 2013 and December 31, 2012, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(12) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign   Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	7,433	$	6,208	$	1,814	$	71	$	2,037	$	1,147	$	3,656	$	54
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		6		1		5		—		8		—		3		—
Net investment gains (losses)		(4)		(17)		5		—		(1)		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		171		1		(25)		—		112		(21)		(23)		—
Purchases (3)		288		313		395		45		432		392		805		—
Sales (3)		(326)		(275)		(41)		(1)		(77)		(315)		(275)		(1)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		412		26		149		—		9		143		1		—
Transfers out of Level 3 (4)		(1,554)		(432)		(99)		—		(94)		(262)		(401)		—
Balance, end of period	$	6,426	$	5,825	$	2,203	$	115	$	2,426	$	1,084	$	3,766	$	53
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	4	$	4	$	6	$	—	$	8	$	(2)	$	3	$	—
Net investment gains (losses)	$	(5)	$	(18)	$	—	$	—	$	(1)	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common     Stock		Non-   redeemable   Preferred Stock		Actively Traded   Securities		FVO General Account   Securities		FVO Contractholder- directed Unit-linked Investments		Short-term     Investments		Mortgage   Loans Held-   for-sale
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	190	$	419	$	6	$	32	$	937	$	429	$	49
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		4		(27)		1		—
Net investment gains (losses)		(1)		(22)		—		—		—		(23)		—
Net derivative gains (losses)		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(3)		48		—		—		—		21		—
Purchases (3)		5		3		8		—		578		2,048		—
Sales (3)		(2)		(47)		—		(7)		(628)		(341)		(43)
Issuances (3)		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		(4)
Transfers into Level 3 (4)		—		—		—		15		30		—		—
Transfers out of Level 3 (4)		—		—		—		—		(59)		(5)		—
Balance, end of period	$	189	$	401	$	14	$	44	$	831	$	2,130	$	2
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	3	$	(1)	$	2	$	—
Net investment gains (losses)	$	—	$	(20)	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign Currency   Exchange   Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate     Account Assets (8)		Long-term   Debt of CSEs
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	177	$	37	$	43	$	128	$	(3,162)	$	1,205	$	(44)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		16		(1)
Net derivative gains (losses)		5		(8)		(5)		(272)		1,690		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		13		(47)		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(25)		—		—		(1)		104		—		—
Purchases (3)		—		—		—		—		—		92		—
Sales (3)		—		—		—		—		—		(49)		—
Issuances (3)		—		—		—		—		—		3		—
Settlements (3)		(13)		1		—		(7)		(169)		—		14
Transfers into Level 3 (4)		—		—		—		—		—		3		—
Transfers out of Level 3 (4)		—		—		—		—		—		(51)		—
Balance, end of period	$	144	$	30	$	38	$	(139)	$	(1,584)	$	1,219	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)
Net derivative gains (losses)	$	5	$	(7)	$	(5)	$	(272)	$	1,683	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	13	$	(46)	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign     Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	6,784	$	4,370	$	2,322	$	31	$	1,602	$	753	$	1,850	$	53
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2		5		3		—		7		6		6		—
Net investment gains (losses)		(1)		(41)		(1)		—		(1)		(18)		1		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		2		107		34		(1)		8		4		(18)		3
Purchases (3)		730		435		256		—		794		66		542		26
Sales (3)		(313)		(112)		(141)		(6)		(128)		(57)		(135)		—
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		118		44		36		—		—		8		—		—
Transfers out of Level 3 (4)		(17)		(162)		(296)		—		(36)		—		(48)		—
Balance, end of period	$	7,305	$	4,646	$	2,213	$	24	$	2,246	$	762	$	2,198	$	82
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2	$	5	$	3	$	—	$	7	$	6	$	6	$	—
Net investment gains (losses)	$	(1)	$	(30)	$	(1)	$	—	$	—	$	(15)	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common Stock		Non- redeemable Preferred Stock		Actively Traded Securities		FVO General Account Securities		FVO Contractholder- directed Unit-linked Investments		Short-term Investments		Mortgage Loans Held- for-sale		MSRs (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	281	$	438	$	—	$	23	$	1,386	$	590	$	1,414	$	666
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		1		—		—		7		17		2		—		—
Net investment gains (losses)		(1)		(3)		—		—		—		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		32		45
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		6		28		—		—		—		2		—		—
Purchases (3)		20		—		13		—		870		213		—		—
Sales (3)		—		(17)		—		—		(1,037)		(100)		—		—
Issuances (3)		—		—		—		—		—		—		277		59
Settlements (3)		—		—		—		—		—		—		(18)		(43)
Transfers into Level 3 (4)		15		—		—		—		4		—		12		—
Transfers out of Level 3 (4)		(54)		—		—		—		(3)		(245)		(9)		—
Balance, end of period	$	268	$	446	$	13	$	30	$	1,237	$	462	$	1,708	$	727
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	7	$	26	$	2	$	—	$	—
Net investment gains (losses)	$	—	$	(3)	$	—	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	32	$	47
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign   Currency   Exchange Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate Account     Assets (8)		Long-term   Debt of CSEs		Liability Related to     Securitized     Reverse Mortgage Loans (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	300	$	44	$	1	$	889	$	(4,203)	$	1,325	$	(116)	$	(1,175)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		55		(10)		—
Net derivative gains (losses)		1		17		43		(508)		1,873		—		—		—
Other revenues		(63)		—		—		—		—		—		—		(2)
Policyholder benefits and claims		—		—		—		16		(47)		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(86)		—		—		(4)		103		—		—		—
Purchases (3)		—		—		—		—		—		139		—		—
Sales (3)		—		—		—		—		—		(143)		—		—
Issuances (3)		—		—		(3)		—		—		1		—		(340)
Settlements (3)		(10)		(7)		(3)		—		(139)		(4)		44		12
Transfers into Level 3 (4)		—		—		—		—		—		26		—		—
Transfers out of Level 3 (4)		—		—		—		—		—		(17)		—		—
Balance, end of period	$	142	$	54	$	38	$	393	$	(2,413)	$	1,382	$	(82)	$	(1,505)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(10)	$	—
Net derivative gains (losses)	$	2	$	7	$	41	$	(507)	$	1,864	$	—	$	—	$	—
Other revenues	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	(3)
Policyholder benefits and claims	$	—	$	—	$	—	$	16	$	(46)	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and certain mortgage loans are included in net investment gains (losses) while changes in the estimated fair value of certain mortgage loans and mortgage servicing rights (“MSRs”) are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).

(2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4) Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.

(6) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(7) Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(8) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(9) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a discussion of the MetLife Bank Divestiture. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for discussion of the valuation techniques and key inputs. Other revenues related to MSRs represent the changes in estimated fair value due to changes in valuation model inputs or assumptions.

Fair Value, Option, Quantitative Disclosures

	Mortgage Loans Held-for-Sale (1)				Certain Assets and Liabilities of CSEs (2)
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Assets:
Unpaid principal balance	$	4	$	80	$	2,293	$	2,539
Difference between estimated fair value and unpaid principal balance		(2)		(31)		114		127
Carrying value at estimated fair value	$	2	$	49	$	2,407	$	2,666
Loans in non-accrual status	$	1	$	3	$	—	$	—
Loans more than 90 days past due	$	1	$	23	$	—	$	—
Loans in non-accrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(14)	$	—	$	—
Liabilities:
Contractual principal balance					$	2,191	$	2,430
Difference between estimated fair value and contractual principal balance						77		97
Carrying value at estimated fair value					$	2,268	$	2,527

(1) Interest income on residential mortgage loans held-for-sale is recorded based on the stated rate of the loan and is included in net investment income. Gains and losses from initial measurement, subsequent changes in estimated fair value and gains or losses on sales are recognized in other revenues. Changes in estimated fair value for these loans were due to the following:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(1)	$	(2)
Other changes in estimated fair value		—		170
Total gains (losses) recognized in other revenues	$	(1)	$	168

(2) These assets and liabilities are comprised of the commercial mortgage loans and the long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs is recognized in net investment income. Interest expense from long-term debt of CSEs is recognized in other expenses.

Estimated fair value of certain investments

	Three Months Ended March 31,
	2013						2012
	Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)		Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	248	$	255	$	7	$	166	$	167	$	1
Held-for-sale	$	288	$	267	$	(21)	$	320		304	$	(16)
Other limited partnership interests (2)	$	1	$	1	$	—	$	10	$	7	$	(3)
Real estate joint ventures (3)	$	5	$	3	$	(2)	$	5	$	2	$	(3)

(1) The carrying value after measurement has been adjusted for the excess of the carrying value prior to measurement over the estimated fair value. Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.

(2) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

(3) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include several real estate funds that typically invest primarily in commercial real estate. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next one to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

Fair value of financial instruments

	March 31, 2013
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	52,936	$	—	$	—	$	56,652	$	56,652
Held-for-sale		269		—		—		269		269
Mortgage loans, net	$	53,205	$	—	$	—	$	56,921	$	56,921
Policy loans	$	11,781	$	—	$	1,690	$	12,376	$	14,066
Real estate joint ventures	$	108	$	—	$	—	$	169	$	169
Other limited partnership interests	$	1,132	$	—	$	—	$	1,265	$	1,265
Other invested assets	$	882	$	232	$	301	$	349	$	882
Premiums, reinsurance and other receivables	$	2,894	$	—	$	408	$	2,756	$	3,164
Other assets	$	259	$	—	$	214	$	77	$	291
Liabilities:
PABs	$	149,851	$	—	$	—	$	157,571	$	157,571
Bank deposits	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	16,422	$	—	$	18,603	$	—	$	18,603
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,879	$	3,879
Junior subordinated debt securities	$	3,193	$	—	$	4,066	$	—	$	4,066
Other liabilities	$	4,547	$	—	$	3,303	$	1,247	$	4,550
Separate account liabilities	$	60,219	$	—	$	60,219	$	—	$	60,219
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	16	$	16
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	26	$	—	$	26

	December 31, 2012
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,926	$	—	$	—	$	57,381	$	57,381
Held-for-sale		365		—		—		365		365
Mortgage loans, net	$	54,291	$	—	$	—	$	57,746	$	57,746
Policy loans	$	11,884	$	—	$	1,690	$	12,567	$	14,257
Real estate joint ventures	$	113	$	—	$	—	$	171	$	171
Other limited partnership interests	$	1,154	$	—	$	—	$	1,277	$	1,277
Other invested assets	$	815	$	305	$	144	$	366	$	815
Premiums, reinsurance and other receivables	$	3,287	$	—	$	745	$	2,960	$	3,705
Other assets	$	260	$	—	$	214	$	78	$	292
Liabilities:
PABs	$	149,928	$	—	$	—	$	158,040	$	158,040
Bank deposits	$	6,416	$	—	$	2,018	$	4,398	$	6,416
Long-term debt	$	16,502	$	—	$	18,978	$	—	$	18,978
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,839	$	3,839
Junior subordinated debt securities	$	3,192	$	—	$	3,984	$	—	$	3,984
Other liabilities	$	1,913	$	—	$	673	$	1,243	$	1,916
Separate account liabilities	$	58,726	$	—	$	58,726	$	—	$	58,726
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	12	$	12
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	22	$	—	$	22

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 13 for additional information on these off-balance sheet obligations.

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Other Expenses (Other Restructuring Charges) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Restructuring Charges
Balance, beginning of period	$ 23	$ 0
Restructuring charges	33	27
Cash payments	(36)	0
Balance, end of period	20	27
Total restructuring charges incurred since inception of initiative	$ 192	$ 27

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Investments (Net Unrealized Investment Gains Losses) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss
Fixed maturity securities that were temporarily impaired	$ 31,932	$ 33,641
Fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss)	(260)	(361)	(724)
Total fixed maturity securities	31,672	33,280
Equity securities	341	97
Derivatives	1,393	1,274
Other	(16)	(30)
Subtotal	33,390	34,621
Insurance liability loss recognition	(5,613)	(6,049)
DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)	9	19
DAC and VOBA	(2,242)	(2,485)
Policyholder dividend obligation	(3,599)	(3,828)
Subtotal	(11,445)	(12,343)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)	87	119
Deferred income tax benefit (expense)	(7,788)	(7,973)
Net unrealized investment gains (losses)	14,244	14,424
Net unrealized investment gains (losses) attributable to noncontrolling interests	(7)	(5)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$ 14,237	$ 14,419

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Closed Block (Policyholder Dividend Obligation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Closed block policyholder dividend obligation
Balance beginning of period	$ 3,828	$ 2,919
Change in unrealized investment and derivative gains (losses)	(229)	909
Balance end of period	$ 3,599	$ 3,828

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Other Expenses (Tables)

3 Months Ended

Mar. 31, 2013

Other Expenses [Abstract]

Other Expenses

	Three Months Ended March 31,
	2013		2012
	(In millions)
Compensation	$	1,291	$	1,494
Pension, postretirement and postemployment benefit costs		123		118
Commissions		1,388		1,557
Volume-related costs		183		92
Interest credited to bank deposits		2		21
Capitalization of DAC		(1,256)		(1,364)
Amortization of DAC and VOBA		824		714
Amortization of negative VOBA		(146)		(155)
Interest expense on debt and debt issuance costs		321		358
Premium taxes, licenses and fees		159		199
Professional services		303		415
Rent, net of sublease income		93		120
Other (1)		853		752
Total other expenses	$	4,138	$	4,321

(1) See Note 3 for information on the Japan income tax refund included in other expenses for the three months ended March 31, 2013.

Restructuring Charges

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	23	$	—
Restructuring charges		33		27
Cash payments		(36)		—
Balance, end of period	$	20	$	27
Total restructuring charges incurred since inception of initiative	$	192	$	27

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Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2013

Employee Benefit Plans [Abstract]

Net periodic benefit costs

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012		2013		2012
	(In millions)
Service costs	$	59	$	56	$	17	$	20	$	5	$	5	$	—	$	—
Interest costs		97		101		4		4		23		26		1		1
Expected return on plan assets		(121)		(121)		(2)		(2)		(19)		(19)		—		—
Amortization of net actuarial (gains) losses		57		49		—		—		14		14		—		—
Amortization of prior service costs (credit)		3		2		—		—		(19)		(26)		—		—
Net periodic benefit costs	$	95	$	87	$	19	$	22	$	4	$	—	$	1	$	1

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Business, Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2013

Business, Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Business, Basis of Presentation and Summary of Significant Accounting Policies

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“MetLife” or the “Company” refers to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is a leading global provider of insurance, annuities and employee benefit programs throughout the United States, Japan, Latin America, Asia, Europe and the Middle East. MetLife offers life insurance, annuities, property & casualty insurance, and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.

MetLife is organized into six segments: Retail; Group, Voluntary & Worksite Benefits; Corporate Benefit Funding; and Latin America (collectively, the “Americas”); Asia; and Europe, the Middle East and Africa (“EMEA”).

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from estimates.

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

Certain international subsidiaries have a fiscal year-end of November 30. Accordingly, the Company’s interim condensed consolidated financial statements reflect the assets and liabilities of such subsidiaries as of February 28, 2013 and November 30, 2012 and the operating results of such subsidiaries for the three months ended February 28, 2013 and February 29, 2012.

The Company uses the equity method of accounting for investments in equity securities when it has significant influence or at least a 20% interest and for investments in real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than minor influence over the investee’s operations, but does not have a controlling financial interest. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations.

Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the 2013 presentation as discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company at March 31, 2013, its consolidated results of operations and comprehensive income for the three months ended March 31, 2013 and 2012, its consolidated statements of equity for the three months ended March 31, 2013 and 2012, and its consolidated statements of cash flows for the three months ended March 31, 2013 and 2012, in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2012 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, (the “2012 Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2012 Annual Report.

Adoption of New Accounting Pronouncements

Effective January 1, 2013, the Company adopted new guidance regarding comprehensive income that requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income (loss) (“AOCI”) by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The adoption was prospectively applied and resulted in additional disclosures. See Note 9 for expanded disclosures.

Effective January 1, 2013, the Company adopted new guidance regarding balance sheet offsetting disclosures which requires an entity to disclose information about offsetting and related arrangements for derivatives, including bifurcated embedded derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, to enable users of its financial statements to understand the effects of those arrangements on its financial position. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of the guidance is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The adoption was retrospectively applied and resulted in additional disclosures related to derivatives. See Note 7 for such expanded disclosures.

Future Adoption of New Accounting Pronouncements

In March 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance regarding foreign currency (Accounting Standards Update (“ASU”) 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity), effective prospectively for fiscal years and interim reporting periods within those years beginning after December 15, 2013. The amendments require an entity that ceases to have a controlling financial interest in a subsidiary or group of assets within a foreign entity to apply the guidance in Subtopic 830-30, Foreign Currency Matters — Translation of Financial Statements, to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. For an equity method investment that is a foreign entity, the partial sale guidance in section 830-30-40, Derecognition, still applies. As such, a pro rata portion of the cumulative translation adjustment should be released into net income upon a partial sale of such an equity method investment. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In February 2013, the FASB issued new guidance regarding liabilities (ASU 2013-04, Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date), effective retrospectively for fiscal years beginning after December 15, 2013 and interim periods within those years. The amendments require an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of the guidance is fixed at the reporting date, as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. In addition, the amendments require an entity to disclose the nature and amount of the obligation, as well as other information about the obligations. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In July 2011, the FASB issued new guidance on other expenses (ASU 2011-06, Other Expenses (Topic 720): Fees Paid to the Federal Government by Health Insurers), effective for calendar years beginning after December 31, 2013. The objective of this standard is to address how health insurers should recognize and classify in their income statements fees mandated by the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act. The amendments in this standard specify that the liability for the fee should be estimated and recorded in full once the entity provides qualifying health insurance in the applicable calendar year in which the fee is payable with a corresponding deferred cost that is amortized to expense using the straight-line method of allocation unless another method better allocates the fee over the calendar year that it is payable. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

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Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share [Abstract]

Earnings Per Common Share

	Three Months Ended March 31,
	2013		2012
	(In millions, except share and per share data)
Weighted Average Shares:
Weighted average common stock outstanding for basic earnings per common share		1,096,925,583		1,064,252,898
Incremental common shares from assumed:
Stock purchase contracts underlying common equity units (1)		—		—
Exercise or issuance of stock-based awards (2)		6,959,822		—
Weighted average common stock outstanding for diluted earnings per common share		1,103,885,405		1,064,252,898
Income (Loss) from Continuing Operations:
Income (loss) from continuing operations, net of income tax	$	995	$	(134)
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	959	$	(188)
Basic	$	0.87	$	(0.17)
Diluted	$	0.87	$	(0.17)
Income (Loss) from Discontinued Operations:
Income (loss) from discontinued operations, net of income tax	$	(3)	$	14
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests		—		—
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	(3)	$	14
Basic	$	—	$	0.01
Diluted	$	—	$	0.01
Net Income (Loss):
Net income (loss)	$	992	$	(120)
Less: Net income (loss) attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	(174)
Basic	$	0.87	$	(0.16)
Diluted	$	0.87	$	(0.16)

(1) See Note 15 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the Company’s common equity units. For the three months ended March 31, 2013 and 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive.

(2) For the three months ended March 31, 2012, 6,627,984 shares related to the assumed exercise or issuance of stock-based awards have been excluded from the calculation of diluted earnings per common share as to include such assumed shares would be anti-dilutive.

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Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 12,823	$ 13,777
Derivative Liability, Fair Value	5,294	5,536
Netting [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	13,094	14,067
Derivative Liability, Fair Value	5,437	5,650
Estimated fair value of derivative assets presented in the consolidated balance sheets	13,094	14,067
Estimated fair value of derivative liabilities presented in the consolidated balance sheets	5,437	5,650
Net amount of derivative assets after application of master netting agreements and cash collateral	259	0
Net amount of derivative liabilities after application of master netting agreements and cash collateral	95	42
Netting [Member] | Over the Counter [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	13,091	14,048
Derivative Liability, Fair Value	5,414	5,480
Gross estimated fair value of derivative assets	(4,548)	(4,562)
Gross estimated fair value of derivative liabilities	(4,548)	(4,562)
Cash collateral on derivative assets	(3,912)	(5,960)
Cash collateral on derivative liabilities	(2)	(1)
Securities collateral on derivative assets	(4,372)	(3,526)
Securities collateral on derivative liabilities	(769)	(875)
Netting [Member] | Exchange Traded [Member]
Offsetting Assets [Line Items]
Derivative Asset, Fair Value, Gross Asset	3	19
Derivative Liability, Fair Value	23	170
Gross estimated fair value of derivative assets	(3)	(19)
Gross estimated fair value of derivative liabilities	(3)	(19)
Cash collateral on derivative assets	0	0
Cash collateral on derivative liabilities	(20)	(151)
Securities collateral on derivative assets	0	0
Securities collateral on derivative liabilities	$ 0	$ 0

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Acquisitions and Dispositions (Japan Income Tax Refund - Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 USD ($)	Mar. 31, 2012 USD ($)	Mar. 31, 2013 Indemnification Agreement [Member] USD ($)	Mar. 31, 2013 American Life [Member] Japan [Member] USD ($)	Mar. 31, 2013 American Life [Member] Japan [Member] JPY (¥)
Business Acquisition [Line Items]
American Life income tax exam refund				$ 176	¥ 16,000
Net charge related to the indemnification provisions of the Stock Purchase Agreement	24
Other expenses	4,138	4,321	154
Other net investment gains (losses)	374	23	11
Provision for income tax expense (benefit)	$ 252	$ (275)	$ (119)

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Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	$ 12,669	$ 12,843
% of Total	100.00%	100.00%
Residential Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	994	958
% of Total	100.00%	100.00%
Less than 65% [Member]
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	11,676	11,908
% of Total	92.20%	92.70%
65% to 75% [Member]
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	679	590
% of Total	5.40%	4.60%
76% to 80% [Member]
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	79	92
% of Total	0.60%	0.70%
Greater than 80% [Member]
Agricultural Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	235	253
% of Total	1.80%	2.00%
Performing [Member]
Residential Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	967	929
% of Total	97.30%	97.00%
Nonperforming [Member]
Residential Mortgage Loans - by Credit Quality Indicator:
Recorded investment in Mortgage Loan	$ 27	$ 29
% of Total	2.70%	3.00%

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Investments (Concentrations of Credit Risk - Narrative) (Details) (USD $) In Billions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2013 Foreign government debt securities [Member] Japan [Member]	Dec. 31, 2012 Foreign government debt securities [Member] Japan [Member]	Mar. 31, 2013 Foreign government debt securities [Member] Mexico [Member]	Mar. 31, 2013 Fixed maturity and equity securities [Member] Japan [Member]	Dec. 31, 2012 Fixed maturity and equity securities [Member] Japan [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Securities holdings exposure in single issuer greater than stated percentage of Company's equity	10.00%
Government and agency fixed maturity securities		$ 20.6	$ 22.4	$ 6.6	$ 26.6	$ 28.7

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Consolidated Balance Sheets (Unaudited) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $342,533 and $340,870, respectively; includes $3,873 and $3,378, respectively, relating to variable interest entities)	$ 374,294	$ 374,266
Equity securities available-for-sale, at estimated fair value (cost: $2,898 and $2,838, respectively)	3,188	2,891
Fair value option and trading securities, at estimated fair value (includes $792 and $659, respectively, of actively traded securities; and $101 and $112, respectively, relating to variable interest entities)	16,588	16,348
Mortgage loans:
Held-for-investment, principally at amortized cost (net of valuation allowances of $332 and $347, respectively; includes $2,454 and $2,715, respectively, at estimated fair value, relating to variable interest entities)	55,343	56,592
Held-for-sale, principally at estimated fair value (includes $2 and $49, respectively, under the fair value option)	271	414
Mortgage loans, net	55,614	57,006
Policy loans (includes $3 and $0, respectively, relating to variable interest entities)	11,781	11,884
Real estate and real estate joint ventures (includes $10 and $10, respectively, relating to variable interest entities)	9,998	9,918
Other limited partnership interests (includes $156 and $274, respectively, relating to variable interest entities)	7,087	6,688
Short-term investments, principally at estimated fair value (includes $14 and $0, respectively, relating to variable interest entities)	13,653	16,906
Other invested assets, principally at estimated fair value (includes $81 and $81, respectively, relating to variable interest entities)	20,269	21,145
Total investments	512,472	517,052
Cash and cash equivalents, principally at estimated fair value (includes $208 and $99, respectively, relating to variable interest entities)	9,983	15,738
Accrued investment income (includes $30 and $13, respectively, relating to variable interest entities)	4,555	4,374
Premiums, reinsurance and other receivables (includes $20 and $5, respectively, relating to variable interest entities)	23,052	21,634
Deferred policy acquisition costs and value of business acquired (includes $299 and $0, respectively, relating to variable interest entities)	24,645	24,761
Goodwill	9,696	9,953
Other assets (includes $149 and $5, respectively, relating to variable interest entities)	8,062	7,876
Separate account assets (includes $1,218 and $0, respectively, relating to variable interest entities)	249,220	235,393
Total assets	841,685	836,781
Liabilities
Future policy benefits (includes $475 and $0, respectively, relating to variable interest entities)	190,054	192,351
Policyholder account balances (includes $71 and $0, respectively, relating to variable interest entities)	224,044	225,821
Other policy-related balances (includes $145 and $0, respectively, relating to variable interest entities)	15,472	15,463
Policyholder dividends payable	713	728
Policyholder dividend obligation	3,599	3,828
Payables for collateral under securities loaned and other transactions	34,215	33,687
Bank deposits	0	6,416
Short-term debt	100	100
Long-term debt (includes $2,268 and $2,527, respectively, at estimated fair value, relating to variable interest entities)	18,721	19,062
Collateral financing arrangements	4,196	4,196
Junior subordinated debt securities	3,193	3,192
Current income tax payable	231	401
Deferred income tax liability	8,699	8,693
Other liabilities (includes $109 and $40, respectively, relating to variable interest entities)	24,260	22,492
Separate account liabilities (includes $1,218 and $0, respectively, relating to variable interest entities)	249,220	235,393
Total liabilities	776,717	771,823
Contingencies, Commitments and Guarantees (Note 13)
Redeemable noncontrolling interests in partially-owned consolidated subsidiaries	96	121
MetLife, Inc.'s stockholders' equity:
Preferred stock, par value $0.01 per share; 200,000,000 shares authorized: 84,000,000 shares issued and outstanding; $2,100 aggregate liquidation preference	1	1
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,097,412,771 and 1,094,880,623 shares issued at March 31, 2013 and December 31, 2012, respectively; 1,094,218,884 and 1,091,686,736 shares outstanding at March 31, 2013 and December 31, 2012, respectively	11	11
Additional paid-in capital	28,072	28,011
Retained earnings	25,958	25,205
Treasury stock, at cost; 3,193,887 shares at March 31, 2013 and December 31, 2012	(172)	(172)
Accumulated other comprehensive income (loss)	10,580	11,397
Total MetLife, Inc.'s stockholders' equity	64,450	64,453
Noncontrolling interests	422	384
Total equity	64,872	64,837
Total liabilities and equity	$ 841,685	$ 836,781

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Closed Block (Revenues and Expenses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Premiums	$ 464	$ 498
Net investment income	533	550
Net investment gains (losses)	3	11
Net derivative gains (losses)	8	(9)
Total revenues	1,008	1,050
Expenses
Policyholder benefits and claims	643	662
Policyholder dividends	242	268
Other expenses	42	45
Total expenses	927	975
Revenues, net of expenses before provision for income tax expense (benefit)	81	75
Provision for income tax expense (benefit)	27	27
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations	54	48
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations	0	4
Revenues, net of expenses and provision for income tax expense (benefit)	$ 54	$ 52

XML

Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31,	$ 11,397
OCI before reclassifications, net of income tax	(811)
Amounts reclassified from AOCI, net of income tax	(6)
Balance at March 31,	10,580
Unrealized Investment Gains (Losses) Net of Related Offsets [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31,	13,590
OCI before reclassifications, net of income tax	(99)
Amounts reclassified from AOCI, net of income tax	(159)
Balance at March 31,	13,332
Unrealized Gains (Losses) on Derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31,	829
OCI before reclassifications, net of income tax	(40)
Amounts reclassified from AOCI, net of income tax	116
Balance at March 31,	905
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31,	(533)
OCI before reclassifications, net of income tax	(672)
Amounts reclassified from AOCI, net of income tax	0
Balance at March 31,	(1,205)
Defined Benefit Plans Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at December 31,	(2,489)
OCI before reclassifications, net of income tax	0
Amounts reclassified from AOCI, net of income tax	37
Balance at March 31,	$ (2,452)

XML

Consolidated Statements of Equity (Unaudited) (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Consolidated Statements of Stockholders Equity [Abstract]
Amount of net income (loss) attributable to noncontrolling interests excluded from noncontrolling interests equity	$ 1	$ 16

XML

Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	$ 55,343	$ 56,592
Held-for-sale	2	49
Policy loans	11,781	11,884
Other Limited Partnership Interests	7,087	6,688
Other Investments	20,269	21,145
Liabilities
Policyholder account balances	224,044	225,821
Bank deposits	0	6,416
Collateral financing arrangements	4,196	4,196
Junior subordinated debt securities	3,193	3,192
Other Liabilities	24,260	22,492
Separate account liabilities	249,220	235,393
Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	3,100	3,000
Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	906	1,200
Estimate of Fair Value, Fair Value Disclosure [Member]
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	56,652	57,381
Held-for-sale	269	365
Mortgage loans, net	56,921	57,746
Policy loans	14,066	14,257
Real estate joint ventures	169	171
Other Limited Partnership Interests	1,265	1,277
Other Investments	882	815
Premiums, reinsurance and other receivables	3,164	3,705
Other assets	291	292
Liabilities
Policyholder account balances	157,571	158,040
Bank deposits	0	6,416
Long-term Debt	18,603	18,978
Collateral financing arrangements	3,879	3,839
Junior subordinated debt securities	4,066	3,984
Other Liabilities	4,550	1,916
Separate account liabilities	60,219	58,726
Estimate of Fair Value, Fair Value Disclosure [Member] | Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	16	12
Estimate of Fair Value, Fair Value Disclosure [Member] | Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	26	22
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member]
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Held-for-sale	0	0
Mortgage loans, net	0	0
Policy loans	0	0
Real estate joint ventures	0	0
Other Limited Partnership Interests	0	0
Other Investments	232	305
Premiums, reinsurance and other receivables	0	0
Other assets	0	0
Liabilities
Policyholder account balances	0	0
Bank deposits	0	0
Long-term Debt	0	0
Collateral financing arrangements	0	0
Junior subordinated debt securities	0	0
Other Liabilities	0	0
Separate account liabilities	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member]
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Held-for-sale	0	0
Mortgage loans, net	0	0
Policy loans	1,690	1,690
Real estate joint ventures	0	0
Other Limited Partnership Interests	0	0
Other Investments	301	144
Premiums, reinsurance and other receivables	408	745
Other assets	214	214
Liabilities
Policyholder account balances	0	0
Bank deposits	0	2,018
Long-term Debt	18,603	18,978
Collateral financing arrangements	0	0
Junior subordinated debt securities	4,066	3,984
Other Liabilities	3,303	673
Separate account liabilities	60,219	58,726
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	26	22
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member]
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	56,652	57,381
Held-for-sale	269	365
Mortgage loans, net	56,921	57,746
Policy loans	12,376	12,567
Real estate joint ventures	169	171
Other Limited Partnership Interests	1,265	1,277
Other Investments	349	366
Premiums, reinsurance and other receivables	2,756	2,960
Other assets	77	78
Liabilities
Policyholder account balances	157,571	158,040
Bank deposits	0	4,398
Long-term Debt	0	0
Collateral financing arrangements	3,879	3,839
Junior subordinated debt securities	0	0
Other Liabilities	1,247	1,243
Separate account liabilities	0	0
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	16	12
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	0	0
Carrying Value [Member]
Mortgage loans [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	52,936	53,926
Held-for-sale	269	365
Mortgage loans, net	53,205	54,291
Policy loans	11,781	11,884
Real estate joint ventures	108	113
Other Limited Partnership Interests	1,132	1,154
Other Investments	882	815
Premiums, reinsurance and other receivables	2,894	3,287
Other assets	259	260
Liabilities
Policyholder account balances	149,851	149,928
Bank deposits	0	6,416
Long-term Debt	16,422	16,502
Collateral financing arrangements	4,196	4,196
Junior subordinated debt securities	3,193	3,192
Other Liabilities	4,547	1,913
Separate account liabilities	60,219	58,726
Carrying Value [Member] | Mortgage Loan Commitments [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	0	0
Carrying Value [Member] | Commitments to Extend Credit [Member]
Commitments [Abstract]
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$ 0	$ 0

XML

Investments (Securities Lending) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Securities Financing Transaction [Line Items]
Total cash collateral liability	$ 30,284	$ 27,727
Security collateral on deposit from counterparties	23	104
Reinvestment portfolio - estimated fair value	30,776	28,112
Securities Financing Transaction, Cost [Member]
Securities Financing Transaction [Line Items]
Securities loaned	27,034	23,380
Securities Financing Transaction, Fair Value [Member]
Securities Financing Transaction [Line Items]
Securities loaned	$ 29,605	$ 27,077

XML

Other Expenses (Other Expenses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Other Expenses
Compensation	$ 1,291	$ 1,494
Pension, postretirement and postemployment benefit costs	123	118
Commissions	1,388	1,557
Volume-related costs	183	92
Interest credited to bank deposits	2	21
Capitalization of DAC	(1,256)	(1,364)
Amortization of DAC and VOBA	824	714
Amortization of negative VOBA	(146)	(155)
Interest expense on debt and debt issuance costs	321	358
Premium taxes, licenses and fees	159	199
Professional services	303	415
Rent, net of sublease income	93	120
Other	853	752
Total other expenses	$ 4,138	$ 4,321

XML

Segment Information (Total Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Total assets	$ 841,685	$ 836,781
Latin America [Member]
Segment Reporting Information [Line Items]
Total assets	25,640	23,272
Asia [Member]
Segment Reporting Information [Line Items]
Total assets	124,510	131,138
Europe, the Middle East and Africa [Member]
Segment Reporting Information [Line Items]
Total assets	23,080	23,474
Retail [Member]
Segment Reporting Information [Line Items]
Total assets	342,524	332,387
Group, Voluntary & Worksite Benefits [Member]
Segment Reporting Information [Line Items]
Total assets	45,158	44,138
Corporate Benefit Funding [Member]
Segment Reporting Information [Line Items]
Total assets	227,839	217,352
Corporate & Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 52,934	$ 65,020

XML

Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	$ 19,636	$ 19,519
Gross investment gains	508	335
Gross investment losses	(145)	(336)
Total OTTI losses recognized in earnings:
Credit-related	(42)	(73)
Other	(39)	(75)
Total OTTI losses recognized in earnings	(81)	(148)
Net investment gains (losses)	282	(149)
Fixed maturity securities [Member]
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	19,550	19,394
Gross investment gains	500	325
Gross investment losses	(131)	(332)
Total OTTI losses recognized in earnings:
Credit-related	(42)	(73)
Other	(18)	(60)
Total OTTI losses recognized in earnings	(60)	(133)
Net investment gains (losses)	309	(140)
Equity Securities [Member]
Components of Sales or Disposals of Fixed Maturity and Equity Securities
Proceeds	86	125
Gross investment gains	8	10
Gross investment losses	(14)	(4)
Total OTTI losses recognized in earnings:
Credit-related	0	0
Other	(21)	(15)
Total OTTI losses recognized in earnings	(21)	(15)
Net investment gains (losses)	$ (27)	$ (9)

XML

Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2013

Business, Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Use of Estimates

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported in the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from estimates.

Consolidation of Subsidiaries

The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting for investments in equity securities when it has significant influence or at least a 20% interest and for investments in real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than minor influence over the investee’s operations, but does not have a controlling financial interest. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company at March 31, 2013, its consolidated results of operations and comprehensive income for the three months ended March 31, 2013 and 2012, its consolidated statements of equity for the three months ended March 31, 2013 and 2012, and its consolidated statements of cash flows for the three months ended March 31, 2013 and 2012, in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2012 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, (the “2012 Annual Report”) filed with the U.S. Securities and Exchange Commission (“SEC”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2012 Annual Report.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Fiscal Period

Certain international subsidiaries have a fiscal year-end of November 30. Accordingly, the Company’s interim condensed consolidated financial statements reflect the assets and liabilities of such subsidiaries as of February 28, 2013 and November 30, 2012 and the operating results of such subsidiaries for the three months ended February 28, 2013 and February 29, 2012.

Investments

Maturities of Fixed Maturity Securities

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. RMBS, CMBS and ABS are shown separately, as they are not due at a single maturity.

Past Due and Interest Accrual Status of Mortgage Loans

The Company defines delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days.

Variable Interest Entities

The Company has invested in certain structured transactions (including CSEs), formed trusts to invest proceeds from certain collateral financing arrangements and has insurance operations, that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity.

The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. The Company generally uses a qualitative approach to determine whether it is the primary beneficiary. However, for VIEs that are investment companies or apply measurement principles consistent with those utilized by investment companies, the primary beneficiary is based on a risks and rewards model and is defined as the entity that will absorb a majority of a VIE’s expected losses, receive a majority of a VIE’s expected residual returns if no single entity absorbs a majority of expected losses, or both. The Company reassesses its involvement with VIEs on a quarterly basis. The use of different methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements.

Derivatives

Freestanding Derivatives

Freestanding derivatives are carried in the Company’s consolidated balance sheets either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. See “— Credit Risk on Freestanding Derivatives”.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Policyholder benefits and claims	•  Economic hedges of variable annuity guarantees included in future policy benefits
Net investment income	•  Economic hedges of equity method investments in joint ventures
	•  All derivatives held in relation to trading portfolios
	•  Derivatives held within contractholder-directed unit-linked investments
Other revenues	•  Derivatives held in connection with the Company’s mortgage banking activities

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

• Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in fair value of the hedged item attributable to the designated risk being hedged.

• Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses).

• Net investment in a foreign operation hedge - effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses).

The change in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company purchases certain securities, issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

• the combined instrument is not accounted for in its entirety at fair value with changes in fair value recorded in earnings;

• the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

• a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried in the consolidated balance sheets at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses) except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees.

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash market.

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated fixed rate investments.

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed-rate borrowings.

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company measures ineffectiveness on these derivatives based upon the change in forward rates.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the consolidated statement of operations, while a pro rata portion will be reclassified upon partial sale of the net investments in foreign operations.

The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting agreements and any collateral received pursuant to credit support annexes.

Employee Benefit Plans

Certain subsidiaries of MetLife, Inc. (the “Subsidiaries”) sponsor and/or administer various U.S. qualified and non-qualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. The Subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees.

Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

XML

Segment Information (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013 Segment	Mar. 31, 2012 Corporate & Other [Member] Segment, Divested Business [Member]	Mar. 31, 2012 Certain Individual Income Disability and Property & Casualty Products [Member]	Mar. 31, 2012 South Asia and India Businesses [Member]
Segment Information [Abstract]
Number of segments	6
Segment Reporting Information [Line Items]
Prior period operating earnings reclassifications to conform with current period presentation		$ 1	$ 61	$ 4
Prior period adjustment to operating earnings tax expense		$ 0	$ 19	$ 2

XML

Equity (Stock-Based Compensation Plans - Narrative) (Details)	12 Months Ended
	Dec. 31, 2012 Performance_Factor	Mar. 31, 2013 Performance_Factor
Performance Shares [Member]
Equity - Stock-based Compensation Plans [Line Items]
Vesting period	3 years
Performance factor lower range	0.0
Performance factor upper range	2.0
Performance factor lower range, future		0.0
Performance factor upper range, future		1.75
Performance Factor	0.92
Vested in period	1,346,025
Expected payout		1,238,343
Performance Units [Member]
Equity - Stock-based Compensation Plans [Line Items]
Vesting period	3 years
Performance factor lower range	0.0
Performance factor upper range	2.0
Performance factor lower range, future		0.0
Performance factor upper range, future		1.75
Performance Factor	0.92
Vested in period	51,650
Expected payout		47,518

XML

Insurance (Tables)

3 Months Ended

Mar. 31, 2013

Insurance [Abstract]

Guarantees related to Annuity, Universal and Variable Life Contracts

	March 31, 2013				December 31, 2012
	In the   Event of Death		At   Annuitization		In the   Event of Death		At   Annuitization
	(In millions)
Annuity Contracts (1)
Variable Annuity Guarantees
Total contract account value (2)	$	191,877	$	94,429	$	184,095	$	89,137
Separate account value	$	152,741	$	89,992	$	143,893	$	84,354
Net amount at risk	$	6,279	$	2,978	$	9,501	$	4,593
Average attained age of contractholders		63 years		64 years		62 years		62 years
Two Tier Annuities
General account value		N/A	$	856		N/A	$	848
Net amount at risk		N/A	$	224		N/A	$	232
Average attained age of contractholders		N/A		52 years		N/A		51 years

	March 31, 2013				December 31, 2012
	Secondary      Guarantees		Paid-Up      Guarantees		Secondary      Guarantees		Paid-Up      Guarantees
	(In millions)
Universal and Variable Life Contracts (1)
Account value (general and separate account)	$	14,743	$	3,790	$	14,256	$	3,828
Net amount at risk	$	187,848	$	22,835	$	189,197	$	23,276
Average attained age of policyholders		55 years		60 years		54 years		60 years

(1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2) Includes amounts, which are not reported in the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.

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Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Equity securities available-for-sale with gross unrealized loss of equal to or greater than stated percentage	20.00%	20.00%
Fixed maturity securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in Gross Unrealized Temporary Loss	$ (183)
Gross Unrealized Temporary Loss	1,600	1,700
Gross Unrealized Temporary Loss	1,079	1,455
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Change in Gross Unrealized Temporary Loss	(73)
Gross Unrealized Temporary Loss	86	159
Gross Unrealized Temporary Loss	78	141
Non-redeemable preferred stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Temporary Loss	77	140
20% or more [Member] | Six months or greater [Member] | Fixed maturity securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Temporary Loss	364
Number of Securities	116
20% or more [Member] | Six months or greater [Member] | Fixed maturity securities [Member] | Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Temporary Loss	179
Number of Securities	51
Percentage of gross unrealized loss	49.00%
20% or more [Member] | Six months or greater [Member] | Fixed maturity securities [Member] | Below Investment Grade [Member]
Schedule of Available-for-sale Securities [Line Items]
Gross Unrealized Temporary Loss	185
Number of Securities	65
Percentage of gross unrealized loss	51.00%
20% or more [Member] | Twelve months or greater [Member] | Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of Securities	10
Gross Unrealized Temporary Loss	$ 54
20% or more [Member] | Twelve months or greater [Member] | Non-redeemable preferred stock [Member] | Investment Grade [Member] | Financial Services Industry [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of gross unrealized loss	100.00%
20% or more [Member] | Twelve months or greater [Member] | Non-redeemable preferred stock [Member] | Aaa/Aa/A [Member] | Financial Services Industry [Member]
Schedule of Available-for-sale Securities [Line Items]
Percentage of gross unrealized loss	65.00%

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Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Consolidated Statements of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 2,733		$ 5,758
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	30,024		25,815
Sales, maturities and repayments of equity securities	249		166
Sales, maturities and repayments of mortgage loans	2,510		2,160
Sales, maturities and repayments of real estate and real estate joint ventures	86		251
Sales, maturities and repayments of other limited partnership interests	225		188
Purchases of fixed maturity securities	(34,698)		(27,657)
Purchases of equity securities	(389)		(108)
Purchases of mortgage loans	(1,764)		(1,802)
Purchases of real estate and real estate joint ventures	(426)		(117)
Purchases of other limited partnership interests	(481)		(278)
Cash received in connection with freestanding derivatives	330		417
Cash paid in connection with freestanding derivatives	(2,428)		(1,566)
Net change in securitized reverse residential mortgage loans	0		(561)
Sales of businesses	373	[1]	0	[1]
Sale of bank deposits	(6,395)		0
Net change in policy loans	(52)		(53)
Net change in short-term investments	3,303		5,522
Net change in other invested assets	(226)		(170)
Other, net	40		(40)
Net cash provided by (used in) investing activities	(9,719)		2,167
Cash flows from financing activities
Policyholder account balances: Deposits	21,370		25,069
Policyholder account balances: Withdrawals	(20,034)		(23,247)
Net change in payables for collateral under securities loaned and other transactions	528		(1,220)
Net change in bank deposits	8		(50)
Net change in short-term debt	0		(585)
Long-term debt repaid	(240)		(349)
Net change in liability for securitized reverse residential mortgage loans	0		561
Dividends on preferred stock	(30)		(30)
Dividends on common stock	(203)		0
Other, net	(75)		91
Net cash provided by (used in) financing activities	1,324		240
Effect of change in foreign currency exchange rates on cash and cash equivalents balances	(93)		41
Change in cash and cash equivalents	(5,755)		8,206
Cash and cash equivalents, beginning of period	15,738		10,461
Cash and cash equivalents, end of period	9,983		18,667
Supplemental disclosures of cash flow information:
Net cash paid (received) for Interest	264		266
Net cash paid (received) for Income tax	217		83
Non-cash transactions:
Real estate and real estate joint ventures acquired in satisfaction of debt	$ 55		$ 123

[1] See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

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Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Investments:
Amortized cost of fixed maturity securities available-for-sale	$ 342,533	$ 340,870
Fixed maturity securities relating to variable interest entities	374,294	374,266
Cost of equity securities available-for-sale	2,898	2,838
Actively traded securities	792	659
Fair value option and trading securities relating to variable interest entities	16,588	16,348
Mortgage loans:
Valuation allowances for held-for-investment	332	347
Mortgage loans, at estimated fair value, relating to variable interest entities	55,343	56,592
Mortgage loans held-for-sale under fair value option	2	49
Policy loans	11,781	11,884
Real estate and real estate joint ventures relating to variable interest entities	9,998	9,918
Other limited partnership interests relating to variable interest entities	7,087	6,688
Short-term investments	13,653	16,906
Other invested assets relating to variable interest entities	20,269	21,145
Cash and cash equivalents relating to variable interest entities	9,983	15,738
Accrued investment income relating to variable interest entities	4,555	4,374
Premiums, reinsurance and other receivables relating to variable interest entities	23,052	21,634
Deferred policy acquisition costs and value of business acquired relating to variable interest entities	24,645	24,761
Other assets relating to variable interest entities	8,062	7,876
Separate account assets	249,220	235,393
Liabilities
Future policy benefits relating to variable interest entities	190,054	192,351
Policyholder account balances	224,044	225,821
Other policy-related balances relating to variable interest entities	15,472	15,463
Long-term debt, at estimated fair value, relating to variable interest entities	18,721	19,062
Other liabilities relating to variable interest entities	24,260	22,492
Separate account liabilities	249,220	235,393
MetLife, Inc.'s stockholders' equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares issued	84,000,000	84,000,000
Preferred stock, shares outstanding	84,000,000	84,000,000
Preferred stock, aggregate liquidation preference	$ 2,100	$ 2,100
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	1,097,412,771	1,094,880,623
Common stock, shares outstanding	1,094,218,884	1,091,686,736
Treasury stock, shares	3,193,887	3,193,887
Variable interest entities [Member]
Investments:
Fixed maturity securities relating to variable interest entities	3,873	3,378
Fair value option and trading securities relating to variable interest entities	101	112
Mortgage loans:
Mortgage loans, at estimated fair value, relating to variable interest entities	2,454	2,715
Policy loans	3	0
Real estate and real estate joint ventures relating to variable interest entities	10	10
Other limited partnership interests relating to variable interest entities	156	274
Short-term investments	14	0
Other invested assets relating to variable interest entities	81	81
Cash and cash equivalents relating to variable interest entities	208	99
Accrued investment income relating to variable interest entities	30	13
Premiums, reinsurance and other receivables relating to variable interest entities	20	5
Deferred policy acquisition costs and value of business acquired relating to variable interest entities	299	0
Other assets relating to variable interest entities	149	5
Separate account assets	1,218	0
Liabilities
Future policy benefits relating to variable interest entities	475	0
Policyholder account balances	71	0
Other policy-related balances relating to variable interest entities	145	0
Long-term debt, at estimated fair value, relating to variable interest entities	2,268	2,527
Other liabilities relating to variable interest entities	109	40
Separate account liabilities	$ 1,218	$ 0

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Other Expenses

3 Months Ended

Mar. 31, 2013

Other Expenses [Abstract]

Other Expenses

10. Other Expenses

Information on other expenses was as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Compensation	$	1,291	$	1,494
Pension, postretirement and postemployment benefit costs		123		118
Commissions		1,388		1,557
Volume-related costs		183		92
Interest credited to bank deposits		2		21
Capitalization of DAC		(1,256)		(1,364)
Amortization of DAC and VOBA		824		714
Amortization of negative VOBA		(146)		(155)
Interest expense on debt and debt issuance costs		321		358
Premium taxes, licenses and fees		159		199
Professional services		303		415
Rent, net of sublease income		93		120
Other (1)		853		752
Total other expenses	$	4,138	$	4,321

(1) See Note 3 for information on the Japan income tax refund included in other expenses for the three months ended March 31, 2013.

Restructuring Charges

The Company commenced in 2012 an enterprise-wide strategic initiative. This global strategy focuses on leveraging the Company’s scale to improve the value it provides to customers and shareholders in order to reduce costs, enhance revenues, achieve efficiencies and reinvest in its technology, platforms and functionality to improve its current operations and develop new capabilities.

These restructuring charges are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Estimated restructuring costs may change as management continues to execute this enterprise-wide strategic initiative. Such restructuring charges, primarily related to severance, were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	23	$	—
Restructuring charges		33		27
Cash payments		(36)		—
Balance, end of period	$	20	$	27
Total restructuring charges incurred since inception of initiative	$	192	$	27

Management anticipates further restructuring charges including severance, lease and asset impairments, through the year ending December 31, 2014. However, such restructuring plans were not sufficiently developed to enable management to make an estimate of such restructuring charges at March 31, 2013.

ALICO Acquisition Integration-Related Expenses

Integration-related costs were $36 million and $85 million for the three months ended March 31, 2013 and 2012, respectively. Integration-related costs represent costs directly related to integrating American Life and Delaware American Life Insurance Company (collectively, “ALICO”), including expenses for consulting and the integration of information systems. Such costs have been expensed as incurred and, as the integration of ALICO is an enterprise-wide initiative, these expenses are reported in Corporate & Other.

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Earnings Per Common Share (Earnings Per Common Share) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Weighted Average Shares:
Weighted average common stock outstanding for basic earnings per common share	1,096,925,583	1,064,252,898
Incremental common shares from assumed:
Stock purchase contracts underlying common equity units	0	0
Exercise or issuance of stock-based awards	6,959,822	0
Weighted average common stock outstanding for diluted earnings per common share	1,103,885,405	1,064,252,898
Income (Loss) from Continuing Operations:
Income (loss) from continuing operations, net of income tax	$ 995	$ (134)
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests	6	24
Less: Preferred stock dividends	30	30
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.'s common shareholders	959	(188)
Basic	$ 0.87	$ (0.17)
Diluted	$ 0.87	$ (0.17)
Income (Loss) from Discontinued Operations:
Income (loss) from discontinued operations, net of income tax	(3)	14
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests	0	0
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.'s common shareholders	(3)	14
Basic	$ 0.00	$ 0.01
Diluted	$ 0.00	$ 0.01
Net Income (Loss):
Net income (loss)	992	(120)
Less: Net income (loss) attributable to noncontrolling interests	6	24
Less: Preferred stock dividends	30	30
Net income (loss) available to MetLife, Inc.'s common shareholders	$ 956	$ (174)
Basic	$ 0.87	$ (0.16)
Diluted	$ 0.87	$ (0.16)

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Fair Value (Nonrecurring Fair Value Measurements) (Details) (USD $) In Millions, unless otherwise specified			3 Months Ended				3 Months Ended				3 Months Ended				3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2013 Non Recurring [Member] Real Estate Funds [Member]	Mar. 31, 2012 Non Recurring [Member] Real Estate Funds [Member]	Mar. 31, 2013 Non Recurring [Member] Real Estate Funds [Member] Level 3 [Member]	Mar. 31, 2012 Non Recurring [Member] Real Estate Funds [Member] Level 3 [Member]	Mar. 31, 2013 Non Recurring [Member] Held-for-investments [Member]	Mar. 31, 2012 Non Recurring [Member] Held-for-investments [Member]	Mar. 31, 2013 Non Recurring [Member] Held-for-investments [Member] Level 3 [Member]	Mar. 31, 2012 Non Recurring [Member] Held-for-investments [Member] Level 3 [Member]	Mar. 31, 2013 Non Recurring [Member] Held-for-sale [Member]	Mar. 31, 2012 Non Recurring [Member] Held-for-sale [Member]	Mar. 31, 2013 Non Recurring [Member] Held-for-sale [Member] Level 3 [Member]	Mar. 31, 2012 Non Recurring [Member] Held-for-sale [Member] Level 3 [Member]	Mar. 31, 2013 Non Recurring [Member] Other limited partnership interests [Member]	Mar. 31, 2012 Non Recurring [Member] Other limited partnership interests [Member]	Mar. 31, 2013 Non Recurring [Member] Other limited partnership interests [Member] Level 3 [Member]	Mar. 31, 2012 Non Recurring [Member] Other limited partnership interests [Member] Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value Prior to Measurement			$ 5	$ 5			$ 248	$ 166			$ 288	$ 320			$ 1	$ 10
Carrying Value After Measurement									255	167
Mortgage loans held-for-sale	2	49											267	304
Carrying Value After Measurement					3	2											1	7
Gain (Losses)							7	1			(21)	(16)
Gain (Losses)			$ (2)	$ (3)											$ 0	$ (3)

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Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Option, Quantitative Disclosures [Line Items]
Carrying value at estimated fair value	$ 2	$ 49
Carrying value at estimated fair value	55,343	56,592
Residential Mortgage Loans Held For Sale [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	4	80
Difference between estimated fair value and unpaid principal balance	(2)	(31)
Carrying value at estimated fair value	2	49
Loans in non-accrual status	1	3
Loans more than 90 days past due	1	23
Loans in non-accrual status or more than 90 days past due, or both - difference between aggregate estimated fair value and unpaid principal balance	(2)	(14)
Assets and Liabilities Held by CSEs [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unpaid principal balance	2,293	2,539
Difference between estimated fair value and unpaid principal balance	114	127
Carrying value at estimated fair value	2,407	2,666
Loans in non-accrual status	0	0
Loans more than 90 days past due	0	0
Loans in non-accrual status or more than 90 days past due, or both - difference between aggregate estimated fair value and unpaid principal balance	0	0
Contractual principal balance	2,191	2,430
Difference between estimated fair value and contractual principal balance	77	97
Carrying value at estimated fair value	$ 2,268	$ 2,527

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Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Apr. 30, 2013	Jun. 30, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	METLIFE INC
Entity Central Index Key	0001099219
Document Type	10-Q
Document Period End Date	Mar. 31, 2013
Amendment Flag	false
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 32.8
Entity Common Stock, Shares Outstanding		1,095,013,165

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2013

Employee Benefit Plans [Abstract]

Employee Benefit Plans

11. Employee Benefit Plans

Pension and Other Postretirement Benefit Plans

Certain subsidiaries of MetLife, Inc. (the “Subsidiaries”) sponsor and/or administer various U.S. qualified and non-qualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. The Subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees.

The components of net periodic benefit costs were as follows:

	Pension Benefits								Other Postretirement Benefits
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012		2013		2012
	(In millions)
Service costs	$	59	$	56	$	17	$	20	$	5	$	5	$	—	$	—
Interest costs		97		101		4		4		23		26		1		1
Expected return on plan assets		(121)		(121)		(2)		(2)		(19)		(19)		—		—
Amortization of net actuarial (gains) losses		57		49		—		—		14		14		—		—
Amortization of prior service costs (credit)		3		2		—		—		(19)		(26)		—		—
Net periodic benefit costs	$	95	$	87	$	19	$	22	$	4	$	—	$	1	$	1

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Derivatives (Cash Flow Hedges) (Details) (Cash Flow Hedges [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	$ (62)	$ (485)
Interest rate swaps [Member]
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	(124)	(293)
Foreign currency swaps [Member]
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	87	(104)
Interest rate forwards [Member]
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	(25)	(88)
Credit forwards [Member]
Derivatives in cash flow hedging relationships
Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)	0	0
Net Derivative Gains (Losses) [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	(182)	12
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	2	4
Net Derivative Gains (Losses) [Member] | Interest rate swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	4	1
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	(2)	4
Net Derivative Gains (Losses) [Member] | Foreign currency swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	(189)	11
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	4	(1)
Net Derivative Gains (Losses) [Member] | Interest rate forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	3	0
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	0	1
Net Derivative Gains (Losses) [Member] | Credit forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	0	0
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)	0	0
Net Investment Gains (Losses) [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	2	0
Net Investment Gains (Losses) [Member] | Interest rate swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	2	1
Net Investment Gains (Losses) [Member] | Foreign currency swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	(1)	(1)
Net Investment Gains (Losses) [Member] | Interest rate forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	1	0
Net Investment Gains (Losses) [Member] | Credit forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	0	0
Other Expenses [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	(1)	(2)
Other Expenses [Member] | Interest rate swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	0	(2)
Other Expenses [Member] | Foreign currency swaps [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	0	0
Other Expenses [Member] | Interest rate forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	(1)	0
Other Expenses [Member] | Credit forwards [Member]
Derivatives in cash flow hedging relationships
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion)	$ 0	$ 0

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Fair Value (Unobservable Input Reconciliation) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
U.S. corporate securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	$ 7,433	$ 6,784
Earnings [Abstract]
Net Investment Income	6	2
Net Investment Gains (Losses)	(4)	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	171	2
Purchases	288	730
Sales	(326)	(313)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	412	118
Transfers Out of Level 3	(1,554)	(17)
Balance, End of Period	6,426	7,305
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	4	2
Net Investment Gains (Losses)	(5)	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Foreign corporate securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	6,208	4,370
Earnings [Abstract]
Net Investment Income	1	5
Net Investment Gains (Losses)	(17)	(41)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	1	107
Purchases	313	435
Sales	(275)	(112)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	26	44
Transfers Out of Level 3	(432)	(162)
Balance, End of Period	5,825	4,646
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	4	5
Net Investment Gains (Losses)	(18)	(30)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Foreign government debt securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	1,814	2,322
Earnings [Abstract]
Net Investment Income	5	3
Net Investment Gains (Losses)	5	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	(25)	34
Purchases	395	256
Sales	(41)	(141)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	149	36
Transfers Out of Level 3	(99)	(296)
Balance, End of Period	2,203	2,213
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	6	3
Net Investment Gains (Losses)	0	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
RMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	2,037	1,602
Earnings [Abstract]
Net Investment Income	8	7
Net Investment Gains (Losses)	(1)	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	112	8
Purchases	432	794
Sales	(77)	(128)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	9	0
Transfers Out of Level 3	(94)	(36)
Balance, End of Period	2,426	2,246
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	8	7
Net Investment Gains (Losses)	(1)	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
U.S. Treasury and agency securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	71	31
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	(1)
Purchases	45	0
Sales	(1)	(6)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	115	24
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
CMBS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	1,147	753
Earnings [Abstract]
Net Investment Income	0	6
Net Investment Gains (Losses)	0	(18)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	(21)	4
Purchases	392	66
Sales	(315)	(57)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	143	8
Transfers Out of Level 3	(262)	0
Balance, End of Period	1,084	762
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	(2)	6
Net Investment Gains (Losses)	0	(15)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
ABS [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	3,656	1,850
Earnings [Abstract]
Net Investment Income	3	6
Net Investment Gains (Losses)	0	1
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	(23)	(18)
Purchases	805	542
Sales	(275)	(135)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	1	0
Transfers Out of Level 3	(401)	(48)
Balance, End of Period	3,766	2,198
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	3	6
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
State and political subdivision securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	54	53
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	3
Purchases	0	26
Sales	(1)	0
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	53	82
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other fixed maturity securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	0	0
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	0	0
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Common Stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	190	281
Earnings [Abstract]
Net Investment Income	0	1
Net Investment Gains (Losses)	(1)	(1)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	(3)	6
Purchases	5	20
Sales	(2)	0
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	15
Transfers Out of Level 3	0	(54)
Balance, End of Period	189	268
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Non-redeemable preferred stock [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	419	438
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	(22)	(3)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	48	28
Purchases	3	0
Sales	(47)	(17)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	401	446
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	(20)	(3)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Actively traded securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	6	0
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	8	13
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	14	13
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
FVO general account securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	32	23
Earnings [Abstract]
Net Investment Income	4	7
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	(7)	0
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	15	0
Transfers Out of Level 3	0	0
Balance, End of Period	44	30
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	3	7
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
FVO contractholder-directed unit-linked investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	937	1,386
Earnings [Abstract]
Net Investment Income	(27)	17
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	578	870
Sales	(628)	(1,037)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	30	4
Transfers Out of Level 3	(59)	(3)
Balance, End of Period	831	1,237
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	(1)	26
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Short-term Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	429	590
Earnings [Abstract]
Net Investment Income	1	2
Net Investment Gains (Losses)	(23)	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	21	2
Purchases	2,048	213
Sales	(341)	(100)
Issuances	0	0
Settlements	0	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	(5)	(245)
Balance, End of Period	2,130	462
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	2	2
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Mortgage loans held-for-sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	49	1,414
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	32
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	(43)	0
Issuances	0	277
Settlements	(4)	(18)
Transfers Into Level 3	0	12
Transfers Out of Level 3	0	(9)
Balance, End of Period	2	1,708
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	32
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
MSR's [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period		666
Earnings [Abstract]
Net Investment Income		0
Net Investment Gains (Losses)		0
Net Derivative Gains (Losses)		0
Other Revenues		45
Policyholder Benefits and Claims		0
Other Expenses		0
Other Comprehensive Income (Loss)		0
Purchases		0
Sales		0
Issuances		59
Settlements		(43)
Transfers Into Level 3		0
Transfers Out of Level 3		0
Balance, End of Period		727
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income		0
Net Investment Gains (Losses)		0
Net Derivative Gains (Losses)		0
Other Revenues		47
Policyholder Benefits and Claims		0
Other Expenses		0
Separate account assets [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	1,205	1,325
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	16	55
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	92	139
Sales	(49)	(143)
Issuances	3	1
Settlements	0	(4)
Transfers Into Level 3	3	26
Transfers Out of Level 3	(51)	(17)
Balance, End of Period	1,219	1,382
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Interest rate contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	177	300
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	5	1
Other Revenues	0	(63)
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	(25)	(86)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(13)	(10)
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	144	142
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	5	2
Other Revenues	0	3
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Foreign currency contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	37	44
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(8)	17
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	1	(7)
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	30	54
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(7)	7
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Credit contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	43	1
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(5)	43
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issuances	0	(3)
Settlements	0	(3)
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	38	38
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(5)	41
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Equity market contracts [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	128	889
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(272)	(508)
Other Revenues	0	0
Policyholder Benefits and Claims	13	16
Other Expenses	0	0
Other Comprehensive Income (Loss)	(1)	(4)
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(7)	0
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	(139)	393
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	(272)	(507)
Other Revenues	0	0
Policyholder Benefits and Claims	13	16
Other Expenses	0	0
Net Embedded Derivatives [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	(3,162)	(4,203)
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	1,690	1,873
Other Revenues	0	0
Policyholder Benefits and Claims	(47)	(47)
Other Expenses	0	0
Other Comprehensive Income (Loss)	104	103
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	(169)	(139)
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	(1,584)	(2,413)
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	0	0
Net Derivative Gains (Losses)	1,683	1,864
Other Revenues	0	0
Policyholder Benefits and Claims	(46)	(46)
Other Expenses	0	0
Long Term Debt Of Consolidated Securitization Entities Estimated Fair Value [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period	(44)	(116)
Earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	(1)	(10)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Other Comprehensive Income (Loss)	0	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	14	44
Transfers Into Level 3	0	0
Transfers Out of Level 3	0	0
Balance, End of Period	(31)	(82)
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income	0	0
Net Investment Gains (Losses)	(1)	(10)
Net Derivative Gains (Losses)	0	0
Other Revenues	0	0
Policyholder Benefits and Claims	0	0
Other Expenses	0	0
Liability Related To Securitized Reverse Residential Mortgage Loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, Beginning of Period		(1,175)
Earnings [Abstract]
Net Investment Income		0
Net Investment Gains (Losses)		0
Net Derivative Gains (Losses)		0
Other Revenues		(2)
Policyholder Benefits and Claims		0
Other Expenses		0
Other Comprehensive Income (Loss)		0
Purchases		0
Sales		0
Issuances		(340)
Settlements		12
Transfers Into Level 3		0
Transfers Out of Level 3		0
Balance, End of Period		(1,505)
Changes in unrealized gains (losses) relating to assets still held at end of period included in earnings [Abstract]
Net Investment Income		0
Net Investment Gains (Losses)		0
Net Derivative Gains (Losses)		0
Other Revenues		(3)
Policyholder Benefits and Claims		0
Other Expenses		$ 0

XML

Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Premiums	$ 9,151	$ 9,129
Universal life and investment-type product policy fees	2,291	2,078
Net investment income	6,077	6,200
Other revenues	480	597
Net investment gains (losses):
Other-than-temporary impairments on fixed maturity securities	(29)	(135)
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss)	(31)	2
Other net investment gains (losses)	374	23
Total net investment gains (losses)	314	(110)
Net derivative gains (losses)	(630)	(1,978)
Total revenues	17,683	15,916
Expenses
Policyholder benefits and claims	9,395	9,104
Interest credited to policyholder account balances	2,590	2,557
Policyholder dividends	313	343
Other expenses	4,138	4,321
Total expenses	16,436	16,325
Income (loss) from continuing operations before provision for income tax	1,247	(409)
Provision for income tax expense (benefit)	252	(275)
Income (loss) from continuing operations, net of income tax	995	(134)
Income (loss) from discontinued operations, net of income tax	(3)	14
Net income (loss)	992	(120)
Less: Net income (loss) attributable to noncontrolling interests	6	24
Net income (loss) attributable to MetLife, Inc.	986	(144)
Less: Preferred stock dividends	30	30
Net income (loss) available to MetLife, Inc.'s common shareholders	956	(174)
Comprehensive income (loss)	178	1,054
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax	9	15
Comprehensive income (loss) attributable to MetLife, Inc.	$ 169	$ 1,039
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.'s common shareholders per common share:
Basic	$ 0.87	$ (0.17)
Diluted	$ 0.87	$ (0.17)
Net income (loss) available to MetLife, Inc.'s common shareholders per common share:
Basic	$ 0.87	$ (0.16)
Diluted	$ 0.87	$ (0.16)
Cash dividends declared per common share	$ 0.185	$ 0.00

XML

Closed Block

3 Months Ended

Mar. 31, 2013

Closed Block [Abstract]

Closed Block

5. Closed Block

On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC.

Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block.

Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item.

Information regarding the closed block liabilities and assets designated to the closed block was as follows:

	March 31, 2013		December 31, 2012
	(In millions)
Closed Block Liabilities
Future policy benefits	$	42,366	$	42,586
Other policy-related balances		310		298
Policyholder dividends payable		480		466
Policyholder dividend obligation		3,599		3,828
Current income tax payable		14		—
Other liabilities		646		602
Total closed block liabilities		47,415		47,780
Assets Designated to the Closed Block
Investments:
Fixed maturity securities available-for-sale, at estimated fair value		30,109		30,546
Equity securities available-for-sale, at estimated fair value		91		41
Mortgage loans		6,068		6,192
Policy loans		4,661		4,670
Real estate and real estate joint ventures		460		459
Other invested assets		1,198		953
Total investments		42,587		42,861
Cash and cash equivalents		321		381
Accrued investment income		506		481
Premiums, reinsurance and other receivables		85		107
Current income tax recoverable		—		2
Deferred income tax assets		320		319
Total assets designated to the closed block		43,819		44,151
Excess of closed block liabilities over assets designated to the closed block		3,596		3,629
Amounts included in AOCI:
Unrealized investment gains (losses), net of income tax		2,714		2,891
Unrealized gains (losses) on derivatives, net of income tax		17		9
Allocated to policyholder dividend obligation, net of income tax		(2,339)		(2,488)
Total amounts included in AOCI		392		412
Maximum future earnings to be recognized from closed block assets and liabilities	$	3,988	$	4,041

Information regarding the closed block policyholder dividend obligation was as follows:

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	3,828	$	2,919
Change in unrealized investment and derivative gains (losses)		(229)		909
Balance, end of period	$	3,599	$	3,828

Information regarding the closed block revenues and expenses was as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Revenues
Premiums	$	464	$	498
Net investment income		533		550
Net investment gains (losses)		3		11
Net derivative gains (losses)		8		(9)
Total revenues		1,008		1,050
Expenses
Policyholder benefits and claims		643		662
Policyholder dividends		242		268
Other expenses		42		45
Total expenses		927		975
Revenues, net of expenses before provision for income tax expense (benefit)		81		75
Provision for income tax expense (benefit)		27		27
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations		54		48
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations		—		4
Revenues, net of expenses and provision for income tax expense (benefit)	$	54	$	52

MLIC charges the closed block with federal income taxes, state and local premium taxes and other additive state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block.

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Insurance

3 Months Ended

Mar. 31, 2013

Insurance [Abstract]

Insurance

4. Insurance

Guarantees

As discussed in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report, the Company issues variable annuity products with guaranteed minimum benefits. The non-life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”) and the portion of certain GMIBs that does not require annuitization are accounted for as embedded derivatives in PABs and are further discussed in Note 7.

The Company also issues annuity contracts that apply a lower rate of funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize (“two tier annuities”). These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit.

Based on the type of guarantee, the Company defines net amount at risk as listed below. These amounts include direct and assumed business, but exclude offsets from hedging or reinsurance, if any.

Variable Annuity Guarantees

In the Event of Death

Defined as the guaranteed minimum death benefit less the total contract account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

At Annuitization

Defined as the amount (if any) that would be required to be added to the total contract account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that only allow annuitization of the guaranteed amount after the 10th anniversary of the contract, which not all contractholders have achieved.

Two Tier Annuities

Defined as the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date. These contracts apply a lower rate of funds if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize.

Universal and Variable Life Contracts

Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date.

Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at:

	March 31, 2013				December 31, 2012
	In the   Event of Death		At   Annuitization		In the   Event of Death		At   Annuitization
	(In millions)
Annuity Contracts (1)
Variable Annuity Guarantees
Total contract account value (2)	$	191,877	$	94,429	$	184,095	$	89,137
Separate account value	$	152,741	$	89,992	$	143,893	$	84,354
Net amount at risk	$	6,279	$	2,978	$	9,501	$	4,593
Average attained age of contractholders		63 years		64 years		62 years		62 years
Two Tier Annuities
General account value		N/A	$	856		N/A	$	848
Net amount at risk		N/A	$	224		N/A	$	232
Average attained age of contractholders		N/A		52 years		N/A		51 years

	March 31, 2013				December 31, 2012
	Secondary      Guarantees		Paid-Up      Guarantees		Secondary      Guarantees		Paid-Up      Guarantees
	(In millions)
Universal and Variable Life Contracts (1)
Account value (general and separate account)	$	14,743	$	3,790	$	14,256	$	3,828
Net amount at risk	$	187,848	$	22,835	$	189,197	$	23,276
Average attained age of policyholders		55 years		60 years		54 years		60 years

(1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive.

(2) Includes amounts, which are not reported in the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Information [Abstract]

Segment Reporting Information, by Segment

	Operating Earnings
	Americas
Three Months Ended March 31, 2013	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,547	$	3,874	$	464	$	675	$	6,560	$	1,998	$	567	$	26	$	9,151	$	—	$	9,151
Universal life and investment-type product policy fees		1,167		180		68		225		1,640		444		91		36		2,211		80		2,291
Net investment income		1,961		453		1,435		277		4,126		732		128		146		5,132		945		6,077
Other revenues		243		108		73		4		428		13		27		13		481		(1)		480
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		314		314
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(630)		(630)
Total revenues		4,918		4,615		2,040		1,181		12,754		3,187		813		221		16,975		708		17,683
Expenses
Policyholder benefits and claims and policyholder dividends		2,153		3,640		1,098		554		7,445		1,415		237		9		9,106		602		9,708
Interest credited to policyholder account balances		579		39		343		104		1,065		442		35		12		1,554		1,036		2,590
Capitalization of DAC		(374)		(33)		(17)		(105)		(529)		(546)		(177)		(4)		(1,256)		—		(1,256)
Amortization of DAC and VOBA		331		34		11		74		450		401		165		—		1,016		(192)		824
Amortization of negative VOBA		—		—		—		(1)		(1)		(113)		(17)		—		(131)		(15)		(146)
Interest expense on debt		—		—		2		(1)		1		—		1		286		288		33		321
Other expenses		1,278		588		143		372		2,381		1,094		448		164		4,087		308		4,395
Total expenses		3,967		4,268		1,580		997		10,812		2,693		692		467		14,664		1,772		16,436
Provision for income tax expense (benefit)		325		117		161		41		644		161		34		(193)		646		(394)		252
Operating earnings	$	626	$	230	$	299	$	143	$	1,298	$	333	$	87	$	(53)		1,665
Adjustments to:
Total revenues																		708
Total expenses																		(1,772)
Provision for income tax (expense) benefit																		394
Income (loss) from continuing operations, net of income tax																	$	995			$	995

	Operating Earnings
	Americas
Three Months Ended March 31, 2012	Retail		Group, Voluntary   & Worksite   Benefits		Corporate   Benefit Funding		Latin     America		Total		Asia		EMEA		Corporate     & Other		Total		Adjustments		Total   Consolidated
	(In millions)
Revenues
Premiums	$	1,624	$	3,585	$	507	$	686	$	6,402	$	2,039	$	652	$	14	$	9,107	$	22	$	9,129
Universal life and investment-type product policy fees		1,114		166		51		196		1,527		362		80		40		2,009		69		2,078
Net investment income		1,911		436		1,401		299		4,047		681		157		192		5,077		1,123		6,200
Other revenues		209		108		64		5		386		16		36		14		452		145		597
Net investment gains (losses)		—		—		—		—		—		—		—		—		—		(110)		(110)
Net derivative gains (losses)		—		—		—		—		—		—		—		—		—		(1,978)		(1,978)
Total revenues		4,858		4,295		2,023		1,186		12,362		3,098		925		260		16,645		(729)		15,916
Expenses
Policyholder benefits and claims and policyholder dividends		2,228		3,313		1,092		592		7,225		1,360		343		11		8,939		508		9,447
Interest credited to policyholder account balances		596		42		339		100		1,077		429		33		—		1,539		1,018		2,557
Capitalization of DAC		(476)		(31)		(7)		(84)		(598)		(587)		(177)		—		(1,362)		(2)		(1,364)
Amortization of DAC and VOBA		404		30		10		55		499		373		146		—		1,018		(304)		714
Amortization of negative VOBA		—		—		—		(2)		(2)		(131)		(4)		—		(137)		(18)		(155)
Interest expense on debt		—		—		2		1		3		1		—		311		315		43		358
Other expenses		1,397		575		128		326		2,426		1,191		471		155		4,243		525		4,768
Total expenses		4,149		3,929		1,564		988		10,630		2,636		812		477		14,555		1,770		16,325
Provision for income tax expense (benefit)		240		123		161		50		574		161		41		(180)		596		(871)		(275)
Operating earnings	$	469	$	243	$	298	$	148	$	1,158	$	301	$	72	$	(37)		1,494
Adjustments to:
Total revenues																		(729)
Total expenses																		(1,770)
Provision for income tax (expense) benefit																		871
Income (loss) from continuing operations, net of income tax																	$	(134)			$	(134)

	March 31, 2013		December 31, 2012
	(In millions)
Retail	$	342,524	$	332,387
Group, Voluntary & Worksite Benefits		45,158		44,138
Corporate Benefit Funding		227,839		217,352
Latin America		25,640		23,272
Asia		124,510		131,138
EMEA		23,080		23,474
Corporate & Other		52,934		65,020
Total	$	841,685	$	836,781

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Earnings Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share [Abstract]

Earnings Per Common Share

12. Earnings Per Common Share

The following table presents the weighted average shares used in calculating basic earnings per common share and those used in calculating diluted earnings per common share for each income category presented below:

	Three Months Ended March 31,
	2013		2012
	(In millions, except share and per share data)
Weighted Average Shares:
Weighted average common stock outstanding for basic earnings per common share		1,096,925,583		1,064,252,898
Incremental common shares from assumed:
Stock purchase contracts underlying common equity units (1)		—		—
Exercise or issuance of stock-based awards (2)		6,959,822		—
Weighted average common stock outstanding for diluted earnings per common share		1,103,885,405		1,064,252,898
Income (Loss) from Continuing Operations:
Income (loss) from continuing operations, net of income tax	$	995	$	(134)
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	959	$	(188)
Basic	$	0.87	$	(0.17)
Diluted	$	0.87	$	(0.17)
Income (Loss) from Discontinued Operations:
Income (loss) from discontinued operations, net of income tax	$	(3)	$	14
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests		—		—
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders	$	(3)	$	14
Basic	$	—	$	0.01
Diluted	$	—	$	0.01
Net Income (Loss):
Net income (loss)	$	992	$	(120)
Less: Net income (loss) attributable to noncontrolling interests		6		24
Less: Preferred stock dividends		30		30
Net income (loss) available to MetLife, Inc.’s common shareholders	$	956	$	(174)
Basic	$	0.87	$	(0.16)
Diluted	$	0.87	$	(0.16)

(1) See Note 15 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the Company’s common equity units. For the three months ended March 31, 2013 and 2012, all shares related to the assumed issuance of shares in settlement of the applicable purchase contracts have been excluded from the calculation of diluted earnings per common share as these assumed shares are anti-dilutive.

(2) For the three months ended March 31, 2012, 6,627,984 shares related to the assumed exercise or issuance of stock-based awards have been excluded from the calculation of diluted earnings per common share as to include such assumed shares would be anti-dilutive.

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Derivatives (Credit Risk on Freestanding Derivatives) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	$ 808	$ 850
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating	20	35
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position	24	73
Fixed Maturities [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	879	875
Cash [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	3	1
Derivatives Subject To Credit-Contingent Provisions [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	729	771
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating	20	35
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position	24	73
Derivatives Subject To Credit-Contingent Provisions [Member] | Fixed Maturities [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	737	775
Derivatives Subject To Credit-Contingent Provisions [Member] | Cash [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	0	0
Derivatives Not Subject To Credit-Contingent Provisions [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Derivatives in Net Liability Position	79	79
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating	0	0
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position	0	0
Derivatives Not Subject To Credit-Contingent Provisions [Member] | Fixed Maturities [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	142	100
Derivatives Not Subject To Credit-Contingent Provisions [Member] | Cash [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Collateral Provided	$ 3	$ 1

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Fair Value

3 Months Ended

Mar. 31, 2013

Fair Value [Abstract]

Fair Value

8. Fair Value

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Recurring Fair Value Measurements

The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below.

	March 31, 2013
	Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets:
Fixed maturity securities:
U.S. corporate	$	—	$	106,580	$	6,426	$	113,006
Foreign corporate		—		60,261		5,825		66,086
Foreign government		—		53,232		2,203		55,435
U.S. Treasury and agency		30,283		24,059		115		54,457
RMBS		1,148		32,773		2,426		36,347
CMBS		—		16,813		1,084		17,897
ABS		—		12,348		3,766		16,114
State and political subdivision		—		14,899		53		14,952
Total fixed maturity securities		31,431		320,965		21,898		374,294
Equity securities:
Common stock		1,041		1,052		189		2,282
Non-redeemable preferred stock		—		505		401		906
Total equity securities		1,041		1,557		590		3,188
FVO and trading securities:
Actively Traded Securities		6		772		14		792
FVO general account securities		—		145		44		189
FVO contractholder-directed unit-linked investments		9,593		5,148		831		15,572
FVO securities held by CSEs		—		35		—		35
Total FVO and trading securities		9,599		6,100		889		16,588
Short-term investments (1)		4,986		5,630		2,130		12,746
Mortgage loans:
Commercial mortgage loans held by CSEs		—		2,407		—		2,407
Mortgage loans held-for-sale (2)		—		—		2		2
Total mortgage loans		—		2,407		2		2,409
Other invested assets:
Other investments		165		100		—		265
Derivative assets: (3)
Interest rate		1		8,989		163		9,153
Foreign currency exchange rate		1		1,245		39		1,285
Credit		—		67		38		105
Equity market		1		1,904		375		2,280
Total derivative assets		3		12,205		615		12,823
Total other invested assets		168		12,305		615		13,088
Net embedded derivatives within asset host contracts (4)		—		1		419		420
Separate account assets (5)		33,790		214,211		1,219		249,220
Total assets	$	81,015	$	563,176	$	27,762	$	671,953
Liabilities:
Derivative liabilities: (3)
Interest rate	$	16	$	2,765	$	19	$	2,800
Foreign currency exchange rate		—		1,251		9		1,260
Credit		—		45		—		45
Equity market		7		668		514		1,189
Total derivative liabilities		23		4,729		542		5,294
Net embedded derivatives within liability host contracts (4)		—		15		2,003		2,018
Long-term debt of CSEs		—		2,237		31		2,268
Trading liabilities (6)		155		—		—		155
Total liabilities	$	178	$	6,981	$	2,576	$	9,735

	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:
Commercial mortgage loans held by CSEs		—		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		—		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.

(2) Mortgage loans held-for-sale are comprised of residential mortgage loans held-for-sale. See “— Fair Value Option” for additional information. The amounts in the preceding tables differ from the amounts presented in the consolidated balance sheets as these tables do not include mortgage loans that are stated at lower of amortized cost or estimated fair value.

(3) Derivative liabilities are presented within other liabilities in the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation in the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables.

(4) Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables in the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented primarily within PABs in the consolidated balance sheets. At March 31, 2013, fixed maturity securities and equity securities also included embedded derivatives of $0 and ($147) million, respectively. At December 31, 2012, fixed maturity securities and equity securities included embedded derivatives of $0 and ($88) million, respectively.

(5) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets.

(6) Trading liabilities are presented within other liabilities in the consolidated balance sheets.

The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy.

Investments

Valuation Controls and Procedures

On behalf of the Company’s Chief Investment Officer and Chief Financial Officer, a pricing and valuation committee that is independent of the trading and investing functions and comprised of senior management, provides oversight of control systems and valuation policies for securities, mortgage loans and derivatives. On a monthly basis, this committee reviews and approves new transaction types and markets, ensures that observable market prices and market-based parameters are used for valuation, wherever possible, and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. This committee also provides oversight of the selection of independent third party pricing providers and the controls and procedures to evaluate third party pricing. Periodically, the Chief Accounting Officer reports to the Audit Committee of MetLife, Inc.’s Board of Directors regarding compliance with fair value accounting standards.

The Company reviews its valuation methodologies on an ongoing basis and revises those methodologies when necessary based on changing market conditions. Assurance is gained on the overall reasonableness and consistent application of input assumptions, valuation methodologies and compliance with fair value accounting standards through controls designed to ensure valuations represent an exit price. Several controls are utilized, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, comparing fair value estimates to management’s knowledge of the current market, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. The Company ensures that prices received from independent brokers, also referred to herein as “consensus pricing,” represent a reasonable estimate of fair value by considering such pricing relative to the Company’s knowledge of the current market dynamics and current pricing for similar financial instruments. While independent non-binding broker quotations are utilized, they are not used for a significant portion of the portfolio. For example, fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 6% of the total estimated fair value of Level 3 fixed maturity securities.

The Company also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained, or an internally developed valuation is prepared. Internally developed valuations of current estimated fair value, which reflect internal estimates of liquidity and nonperformance risks, compared with pricing received from the independent pricing services, did not produce material differences in the estimated fair values for the majority of the portfolio; accordingly, overrides were not material. This is, in part, because internal estimates of liquidity and nonperformance risks are generally based on available market evidence and estimates used by other market participants. In the absence of such market-based evidence, management’s best estimate is used.

Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities

When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment.

When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances.

The estimated fair value of FVO securities held by CSEs, other investments, long-term debt of CSEs and trading liabilities is determined on a basis consistent with the methodologies described herein for securities. The Company consolidates certain securitization entities that hold securities that have been accounted for under the FVO and classified within FVO and trading securities.

Level 2 Valuation Techniques and Key Inputs:

This level includes securities priced principally by independent pricing services using observable inputs. FVO and trading securities, short-term investments and other investments within this level are of a similar nature and class to the Level 2 fixed maturity securities and equity securities. Contractholder-directed unit-linked investments reported within FVO and trading securities include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported NAV provided by the fund managers, which were based on observable inputs.

U.S. corporate and foreign corporate securities

These securities are principally valued using the market and income approaches. Valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques that use standard market observable inputs such as benchmark yields, spreads off benchmark yields, new issuances, issuer rating, duration, and trades of identical or comparable securities. Privately placed securities are valued using matrix pricing methodologies using standard market observable inputs, and inputs derived from, or corroborated by, market observable data including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues that incorporate the credit quality and industry sector of the issuer, and in certain cases, delta spread adjustments to reflect specific credit-related issues.

Foreign government and state and political subdivision securities

These securities are principally valued using the market approach. Valuations are based primarily on matrix pricing or other similar techniques using standard market observable inputs, including a benchmark U.S. Treasury yield or other yields, issuer ratings, broker-dealer quotes, issuer spreads and reported trades of similar securities, including those within the same sub-sector or with a similar maturity or credit rating.

U.S. Treasury and agency securities

These securities are principally valued using the market approach. Valuations are based primarily on quoted prices in markets that are not active, or using matrix pricing or other similar techniques using standard market observable inputs such as a benchmark U.S. Treasury yield curve, the spread off the U.S. Treasury yield curve for the identical security and comparable securities that are actively traded.

Structured securities comprised of RMBS, CMBS and ABS

These securities are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques using standard market inputs, including spreads for actively traded securities, spreads off benchmark yields, expected prepayment speeds and volumes, current and forecasted loss severity, rating, weighted average coupon, weighted average maturity, average delinquency rates, geographic region, debt-service coverage ratios and issuance-specific information, including, but not limited to: collateral type, payment terms of the underlying assets, payment priority within the tranche, structure of the security, deal performance and vintage of loans.

Common and non-redeemable preferred stock

These securities are principally valued using the market approach. Valuations are based principally on observable inputs, including quoted prices in markets that are not considered active.

Level 3 Valuation Techniques and Key Inputs:

In general, securities classified within Level 3 use many of the same valuation techniques and inputs as described previously for Level 2. However, if key inputs are unobservable, or if the investments are less liquid and there is very limited trading activity, the investments are generally classified as Level 3. The use of independent non-binding broker quotations to value investments generally indicates there is a lack of liquidity or a lack of transparency in the process to develop the valuation estimates, generally causing these investments to be classified in Level 3.

FVO and trading securities and short-term investments within this level are of a similar nature and class to the Level 3 securities described below; accordingly, the valuation techniques and significant market standard observable inputs used in their valuation are also similar to those described below.

U.S. corporate and foreign corporate securities

These securities, including financial services industry hybrid securities classified within fixed maturity securities, are principally valued using the market approach. Valuations are based primarily on matrix pricing or other similar techniques that utilize unobservable inputs or inputs that cannot be derived principally from, or corroborated by, observable market data, including illiquidity premium, delta spread adjustments to reflect specific credit-related issues, credit spreads; and inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain valuations are based on independent non-binding broker quotations.

Foreign government and state and political subdivision securities

These securities are principally valued using the market approach. Valuations are based primarily on independent non-binding broker quotations and inputs, including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain valuations are based on matrix pricing that utilize inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data, including credit spreads.

Structured securities comprised of RMBS, CMBS and ABS

These securities are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques that utilize inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data, including credit spreads. Below investment grade securities, alternative residential mortgage loan RMBS and sub-prime RMBS included in this level are valued based on inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2. Certain of these valuations are based on independent non-binding broker quotations.

Common and non-redeemable preferred stock

These securities, including privately held securities and financial services industry hybrid securities classified within equity securities, are principally valued using the market and income approaches. Valuations are based primarily on matrix pricing, discounted cash flow methodologies or other similar techniques using inputs such as comparable credit rating and issuance structure. Certain of these securities are valued based on inputs including quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 and independent non-binding broker quotations.

Mortgage Loans

The Company has elected the FVO for commercial mortgage loans held by CSEs and certain residential mortgage loans held-for-sale.

Level 2 Valuation Techniques and Key Inputs:

Commercial Mortgage Loans Held by CSEs

These investments are principally valued using the market approach. The principal market for these investments is the securitization market. The Company uses the quoted securitization market price of the obligations of the CSEs to determine the estimated fair value of these commercial loan portfolios. These market prices are determined principally by independent pricing services using observable inputs.

Level 3 Valuation Techniques and Key Inputs:

Mortgage Loans Held-for-Sale

For these investments, when pricing for securities backed by similar adjustable-rate loans is not observable, the estimated fair value is determined using unobservable independent broker quotations or valuation models using significant unobservable inputs.

Separate Account Assets

Separate account assets are carried at estimated fair value and reported as a summarized total on the consolidated balance sheets. The estimated fair value of separate account assets is based on the estimated fair value of the underlying assets. Separate account assets include: mutual funds, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents.

Level 2 Valuation Techniques and Key Inputs:

These assets are comprised of investments that are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities” and “— Derivatives —Freestanding Derivatives.” Also included are certain mutual funds and hedge funds without readily determinable fair values as prices are not published publicly. Valuation of the mutual funds and hedge funds is based upon quoted prices or reported NAVs provided by the fund managers.

Level 3 Valuation Techniques and Key Inputs:

These assets are comprised of investments that are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities” and “— Derivatives —Freestanding Derivatives.” Also included are other limited partnership interests, which are valued giving consideration to the value of the underlying holdings of the partnerships and by applying a premium or discount, if appropriate, for factors such as liquidity, bid/ask spreads, the performance record of the fund manager or other relevant variables that may impact the exit value of the particular partnership interest.

Derivatives

The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives or through the use of pricing models for OTC derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The valuation controls and procedures for derivatives are described in “— Investments.”

The significant inputs to the pricing models for most OTC derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Significant inputs that are observable generally include: interest rates, foreign currency exchange rates, interest rate curves, credit curves and volatility. However, certain OTC derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant inputs that are unobservable generally include references to emerging market currencies and inputs that are outside the observable portion of the interest rate curve, credit curve, volatility or other relevant market measure. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its derivatives using the standard swap curve which includes a spread to the risk free rate. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with the standard swap curve. As the Company and its significant derivative counterparties consistently execute trades at such pricing levels, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Most inputs for OTC derivatives are mid-market inputs but, in certain cases, bid level inputs are used when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income.

Freestanding Derivatives

Level 2 Valuation Techniques and Key Inputs:

This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. These derivatives are principally valued using the income approach.

Interest rate

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve and LIBOR basis curves.

Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves and interest rate volatility.

Foreign currency exchange rate

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates and cross currency basis curves.

Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, LIBOR basis curves, currency spot rates, cross currency basis curves and currency volatility.

Credit

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, credit curves and recovery rates.

Equity market

Non-option-based. Valuations are based on present value techniques, which utilize significant inputs that may include the swap yield curve, spot equity index levels and dividend yield curves.

Option-based. Valuations are based on option pricing models, which utilize significant inputs that may include the swap yield curve, spot equity index levels, dividend yield curves and equity volatility.

Level 3 Valuation Techniques and Key Inputs:

These derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. These valuation methodologies generally use the same inputs as described in the corresponding sections above for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data.

Interest rate

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve and LIBOR basis curves.

Option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves and interest rate volatility.

Foreign currency exchange rate

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves, cross currency basis curves and currency correlation.

Option-based. Significant unobservable inputs may include currency correlation and the extrapolation beyond observable limits of the swap yield curve, LIBOR basis curves, cross currency basis curves and currency volatility.

Credit

Non-option-based. Significant unobservable inputs may include credit spreads, repurchase rates and the extrapolation beyond observable limits of the swap yield curve and credit curves. Certain of these derivatives are valued based on independent non-binding broker quotations.

Equity market

Non-option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of dividend yield curves and equity volatility.

Option-based. Significant unobservable inputs may include the extrapolation beyond observable limits of dividend yield curves, equity volatility and unobservable correlation between model inputs.

Embedded Derivatives

Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees and equity or bond indexed crediting rates within certain funding agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income.

The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and GMIBs are embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within PABs in the consolidated balance sheets.

The fair value of these embedded derivatives, estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk free rates.

Capital market assumptions, such as risk free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience.

The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries compared to MetLife, Inc.

Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income.

The Company ceded the risk associated with certain of the GMIBs and GMABs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables in the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer.

The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as previously described in “— Investments — Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs and Trading Liabilities.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities in the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

The estimated fair value of the embedded equity and bond indexed derivatives contained in certain funding agreements is determined using market standard swap valuation models and observable market inputs, including a nonperformance risk adjustment. The estimated fair value of these embedded derivatives are included, along with their funding agreements host, within PABs with changes in estimated fair value recorded in net derivative gains (losses). Changes in equity and bond indices, interest rates and the Company’s credit standing may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income.

Embedded Derivatives Within Asset and Liability Host Contracts

Level 3 Valuation Techniques and Key Inputs:

Direct and Assumed Guaranteed Minimum Benefits

These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curve, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curve and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin.

Reinsurance Ceded on Certain Guaranteed Minimum Benefits

These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and Assumed Guaranteed Minimum Benefits” and also include counterparty credit spreads.

Transfers between Levels

Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period.

Transfers between Levels 1 and 2:

Transfers between Levels 1 and 2 were not significant for assets and liabilities measured at estimated fair value and still held at March 31, 2013 and 2012.

Transfers into or out of Level 3:

Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable.

Transfers into Level 3 for fixed maturity securities were due primarily to a lack of trading activity, decreased liquidity and credit ratings downgrades (e.g., from investment grade to below investment grade) which have resulted in decreased transparency of valuations and an increased use of independent non-binding broker quotations and unobservable inputs, such as illiquidity premiums, delta spread adjustments, or credit spreads.

Transfers out of Level 3 for fixed maturity securities resulted primarily from increased transparency of both new issuances that, subsequent to issuance and establishment of trading activity, became priced by independent pricing services and existing issuances that, over time, the Company was able to obtain pricing from, or corroborate pricing received from, independent pricing services with observable inputs (such as observable spreads used in pricing securities) or increases in market activity and upgraded credit ratings.

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at:

					March 31, 2013				December 31, 2012				Impact of Increase in Input on Estimated Fair Value (2)
	Valuation Techniques		Significant Unobservable Inputs		Range			Weighted Average (1)	Range			Weighted Average (1)
Fixed maturity securities: (3)
U.S. corporate and foreign corporate	•	Matrix pricing	•	Delta spread adjustments (4)	(50)	–	250	86	(50)	–	500	90	Decrease
			•	Illiquidity premium (4)	30	–	30	30	30	–	30	30	Decrease
			•	Credit spreads (4)	(1,424)	–	716	259	(1,416)	–	876	272	Decrease
			•	Offered quotes (5)	—	–	127	100	—	–	348	115	Increase
	•	Consensus pricing	•	Offered quotes (5)	18	–	575	94	—	–	555	92	Increase
Foreign government	•	Matrix pricing	•	Credit spreads (4)	5	–	52	31	(58)	–	150	72	Decrease
	•	Market pricing	•	Quoted prices (5)	—	–	149	93	77	–	146	99	Increase
	•	Consensus pricing	•	Offered quotes (5)	82	–	187	120	82	–	200	117	Increase
RMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	(123)	–	2,980	342	9	–	2,980	521	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	73	–	110	97	13	–	109	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	22	–	100	75	28	–	100	75	Increase (6)
CMBS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	383	–	14,811	874	1	–	9,164	374	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	11	–	104	98	1	–	106	99	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	109	–	109	109					Increase (6)
ABS	•	Matrix pricing and
		discounted cash flow	•	Credit spreads (4)	35	–	1,828	183	—	–	1,829	109	Decrease (6)
	•	Market pricing	•	Quoted prices (5)	—	–	109	101	40	–	105	100	Increase (6)
	•	Consensus pricing	•	Offered quotes (5)	—	–	111	90	—	–	111	97	Increase (6)
Derivatives:
Interest rate	•	Present value techniques	•	Swap yield (7)	186	–	378		186	–	353		Increase (12)
Foreign currency exchange rate	•	Present value techniques	•	Swap yield (7)	230	–	762		228	–	795		Increase (12)
			•	Correlation (8)	43%	–	58%		43%	–	57%
Credit	•	Present value techniques	•	Credit spreads (9)	100	–	100		100	–	100		Decrease (9)
	•	Consensus pricing	•	Offered quotes (10)
Equity market	•	Present value techniques	•	Volatility (11)	14%	–	29%		13%	–	32%		Increase (12)
		or option pricing models	•	Correlation (8)	60%	–	60%		65%	–	65%
Embedded derivatives:
Direct and assumed	•	Option pricing	•	Mortality rates:
guaranteed		techniques		Ages 0 - 40	0%	–	0.14%		0%	–	0.14%		Decrease (13)
minimum benefits				Ages 41 - 60	0.05%	–	0.88%		0.05%	–	0.88%		Decrease (13)
				Ages 61 - 115	0.26%	–	100%		0.26%	–	100%		Decrease (13)
			•	Lapse rates:
				Durations 1 - 10	0.50%	–	100%		0.50%	–	100%		Decrease (14)
				Durations 11 - 20	2%	–	100%		2%	–	100%		Decrease (14)
				Durations 21 - 116	2%	–	100%		2%	–	100%		Decrease (14)
			•	Utilization rates	20%	–	50%		20%	–	50%		Increase (15)
			•	Withdrawal rates	0%	–	20%		0.07%	–	20%		(16)
			•	Long-term equity
				volatilities	13.69%	–	40%		15.18%	–	40%		Increase (17)
			•	Nonperformance risk
				spread	(0.08%)	–	1.42%		0.10%	–	1.72%		Decrease (18)

(1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities.

(2) The impact of a decrease in input would have the opposite impact on the estimated fair value.

(3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations.

(4) Range and, if applicable, weighted average are presented in basis points.

(5) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par.

(6) Changes in the assumptions used for the probability of default is accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates.

(7) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curve is utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(8) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations.

(9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. The range being provided is a single quoted spread in the valuation model. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps.

(10) At both March 31, 2013 and December 31, 2012, independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value.

(11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation.

(12) Changes are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions.

(13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(15) The utilization rate assumption estimates the percentage of contract holders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value.

(17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative.

(18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative.

The following is a summary of the valuation techniques and significant unobservable inputs used in the fair value measurement of assets and liabilities classified within Level 3 that are not included in the preceding table. Generally, all other classes of securities classified within Level 3, including those within separate account assets, use the same valuation techniques and significant unobservable inputs as previously described for Level 3 securities. This includes matrix pricing and discounted cash flow methodologies, inputs such as quoted prices for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2, as well as independent non-binding broker quotations. The long-term debt of CSEs is valued using independent non-binding broker quotations and internal models including matrix pricing and discounted cash flow methodologies using current interest rates. The sensitivity of the estimated fair value to changes in the significant unobservable inputs for these other assets and liabilities is similar in nature to that described in the preceding table. The valuation techniques and significant unobservable inputs used in the fair value measurement for the more significant assets measured at estimated fair value on a nonrecurring basis and determined using significant unobservable inputs (Level 3) are summarized in “— Nonrecurring Fair Value Measurements.”

The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3):

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign   Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	7,433	$	6,208	$	1,814	$	71	$	2,037	$	1,147	$	3,656	$	54
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		6		1		5		—		8		—		3		—
Net investment gains (losses)		(4)		(17)		5		—		(1)		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		171		1		(25)		—		112		(21)		(23)		—
Purchases (3)		288		313		395		45		432		392		805		—
Sales (3)		(326)		(275)		(41)		(1)		(77)		(315)		(275)		(1)
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		412		26		149		—		9		143		1		—
Transfers out of Level 3 (4)		(1,554)		(432)		(99)		—		(94)		(262)		(401)		—
Balance, end of period	$	6,426	$	5,825	$	2,203	$	115	$	2,426	$	1,084	$	3,766	$	53
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	4	$	4	$	6	$	—	$	8	$	(2)	$	3	$	—
Net investment gains (losses)	$	(5)	$	(18)	$	—	$	—	$	(1)	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common     Stock		Non-   redeemable   Preferred Stock		Actively Traded   Securities		FVO General Account   Securities		FVO Contractholder- directed Unit-linked Investments		Short-term     Investments		Mortgage   Loans Held-   for-sale
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	190	$	419	$	6	$	32	$	937	$	429	$	49
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		4		(27)		1		—
Net investment gains (losses)		(1)		(22)		—		—		—		(23)		—
Net derivative gains (losses)		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(3)		48		—		—		—		21		—
Purchases (3)		5		3		8		—		578		2,048		—
Sales (3)		(2)		(47)		—		(7)		(628)		(341)		(43)
Issuances (3)		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		(4)
Transfers into Level 3 (4)		—		—		—		15		30		—		—
Transfers out of Level 3 (4)		—		—		—		—		(59)		(5)		—
Balance, end of period	$	189	$	401	$	14	$	44	$	831	$	2,130	$	2
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	3	$	(1)	$	2	$	—
Net investment gains (losses)	$	—	$	(20)	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign Currency   Exchange   Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate     Account Assets (8)		Long-term   Debt of CSEs
	(In millions)
Three Months Ended March 31, 2013:
Balance, beginning of period	$	177	$	37	$	43	$	128	$	(3,162)	$	1,205	$	(44)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		16		(1)
Net derivative gains (losses)		5		(8)		(5)		(272)		1,690		—		—
Other revenues		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		13		(47)		—		—
Other expenses		—		—		—		—		—		—		—
OCI		(25)		—		—		(1)		104		—		—
Purchases (3)		—		—		—		—		—		92		—
Sales (3)		—		—		—		—		—		(49)		—
Issuances (3)		—		—		—		—		—		3		—
Settlements (3)		(13)		1		—		(7)		(169)		—		14
Transfers into Level 3 (4)		—		—		—		—		—		3		—
Transfers out of Level 3 (4)		—		—		—		—		—		(51)		—
Balance, end of period	$	144	$	30	$	38	$	(139)	$	(1,584)	$	1,219	$	(31)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(1)
Net derivative gains (losses)	$	5	$	(7)	$	(5)	$	(272)	$	1,683	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	13	$	(46)	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities:
	U.S.     Corporate		Foreign     Corporate		Foreign   Government		U.S. Treasury   and Agency		RMBS		CMBS		ABS		State and Political   Subdivision
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	6,784	$	4,370	$	2,322	$	31	$	1,602	$	753	$	1,850	$	53
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		2		5		3		—		7		6		6		—
Net investment gains (losses)		(1)		(41)		(1)		—		(1)		(18)		1		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		—		—
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		2		107		34		(1)		8		4		(18)		3
Purchases (3)		730		435		256		—		794		66		542		26
Sales (3)		(313)		(112)		(141)		(6)		(128)		(57)		(135)		—
Issuances (3)		—		—		—		—		—		—		—		—
Settlements (3)		—		—		—		—		—		—		—		—
Transfers into Level 3 (4)		118		44		36		—		—		8		—		—
Transfers out of Level 3 (4)		(17)		(162)		(296)		—		(36)		—		(48)		—
Balance, end of period	$	7,305	$	4,646	$	2,213	$	24	$	2,246	$	762	$	2,198	$	82
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	2	$	5	$	3	$	—	$	7	$	6	$	6	$	—
Net investment gains (losses)	$	(1)	$	(30)	$	(1)	$	—	$	—	$	(15)	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Equity Securities:				FVO and Trading Securities:
	Common Stock		Non- redeemable Preferred Stock		Actively Traded Securities		FVO General Account Securities		FVO Contractholder- directed Unit-linked Investments		Short-term Investments		Mortgage Loans Held- for-sale		MSRs (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	281	$	438	$	—	$	23	$	1,386	$	590	$	1,414	$	666
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		1		—		—		7		17		2		—		—
Net investment gains (losses)		(1)		(3)		—		—		—		—		—		—
Net derivative gains (losses)		—		—		—		—		—		—		—		—
Other revenues		—		—		—		—		—		—		32		45
Policyholder benefits and claims		—		—		—		—		—		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		6		28		—		—		—		2		—		—
Purchases (3)		20		—		13		—		870		213		—		—
Sales (3)		—		(17)		—		—		(1,037)		(100)		—		—
Issuances (3)		—		—		—		—		—		—		277		59
Settlements (3)		—		—		—		—		—		—		(18)		(43)
Transfers into Level 3 (4)		15		—		—		—		4		—		12		—
Transfers out of Level 3 (4)		(54)		—		—		—		(3)		(245)		(9)		—
Balance, end of period	$	268	$	446	$	13	$	30	$	1,237	$	462	$	1,708	$	727
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	7	$	26	$	2	$	—	$	—
Net investment gains (losses)	$	—	$	(3)	$	—	$	—	$	—	$	—	$	—	$	—
Net derivative gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other revenues	$	—	$	—	$	—	$	—	$	—	$	—	$	32	$	47
Policyholder benefits and claims	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Net Derivatives: (6)
	Interest     Rate		Foreign   Currency   Exchange Rate		Credit		Equity     Market		Net Embedded   Derivatives (7)		Separate Account     Assets (8)		Long-term   Debt of CSEs		Liability Related to     Securitized     Reverse Mortgage Loans (9)
	(In millions)
Three Months Ended March 31, 2012:
Balance, beginning of period	$	300	$	44	$	1	$	889	$	(4,203)	$	1,325	$	(116)	$	(1,175)
Total realized/unrealized gains (losses) included in:
Net income (loss): (1), (2)
Net investment income		—		—		—		—		—		—		—		—
Net investment gains (losses)		—		—		—		—		—		55		(10)		—
Net derivative gains (losses)		1		17		43		(508)		1,873		—		—		—
Other revenues		(63)		—		—		—		—		—		—		(2)
Policyholder benefits and claims		—		—		—		16		(47)		—		—		—
Other expenses		—		—		—		—		—		—		—		—
OCI		(86)		—		—		(4)		103		—		—		—
Purchases (3)		—		—		—		—		—		139		—		—
Sales (3)		—		—		—		—		—		(143)		—		—
Issuances (3)		—		—		(3)		—		—		1		—		(340)
Settlements (3)		(10)		(7)		(3)		—		(139)		(4)		44		12
Transfers into Level 3 (4)		—		—		—		—		—		26		—		—
Transfers out of Level 3 (4)		—		—		—		—		—		(17)		—		—
Balance, end of period	$	142	$	54	$	38	$	393	$	(2,413)	$	1,382	$	(82)	$	(1,505)
Changes in unrealized gains (losses) included in net income (loss): (5)
Net investment income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Net investment gains (losses)	$	—	$	—	$	—	$	—	$	—	$	—	$	(10)	$	—
Net derivative gains (losses)	$	2	$	7	$	41	$	(507)	$	1,864	$	—	$	—	$	—
Other revenues	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	(3)
Policyholder benefits and claims	$	—	$	—	$	—	$	16	$	(46)	$	—	$	—	$	—
Other expenses	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and certain mortgage loans are included in net investment gains (losses) while changes in the estimated fair value of certain mortgage loans and mortgage servicing rights (“MSRs”) are included in other revenues. Lapses associated with net embedded derivatives are included in net derivative gains (losses).

(2) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward.

(3) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements.

(4) Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward.

(5) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods.

(6) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward.

(7) Embedded derivative assets and liabilities are presented net for purposes of the rollforward.

(8) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income. For the purpose of this disclosure, these changes are presented within net investment gains (losses).

(9) See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a discussion of the MetLife Bank Divestiture. See Note 10 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for discussion of the valuation techniques and key inputs. Other revenues related to MSRs represent the changes in estimated fair value due to changes in valuation model inputs or assumptions.

Fair Value Option

The following table presents information for certain assets and liabilities accounted for under the FVO. These assets and liabilities were initially measured at fair value.

	Mortgage Loans Held-for-Sale (1)				Certain Assets and Liabilities of CSEs (2)
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Assets:
Unpaid principal balance	$	4	$	80	$	2,293	$	2,539
Difference between estimated fair value and unpaid principal balance		(2)		(31)		114		127
Carrying value at estimated fair value	$	2	$	49	$	2,407	$	2,666
Loans in non-accrual status	$	1	$	3	$	—	$	—
Loans more than 90 days past due	$	1	$	23	$	—	$	—
Loans in non-accrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance	$	(2)	$	(14)	$	—	$	—
Liabilities:
Contractual principal balance					$	2,191	$	2,430
Difference between estimated fair value and contractual principal balance						77		97
Carrying value at estimated fair value					$	2,268	$	2,527

(1) Interest income on residential mortgage loans held-for-sale is recorded based on the stated rate of the loan and is included in net investment income. Gains and losses from initial measurement, subsequent changes in estimated fair value and gains or losses on sales are recognized in other revenues. Changes in estimated fair value for these loans were due to the following:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$	(1)	$	(2)
Other changes in estimated fair value		—		170
Total gains (losses) recognized in other revenues	$	(1)	$	168

(2) These assets and liabilities are comprised of the commercial mortgage loans and the long-term debt. Changes in estimated fair value on these assets and liabilities and gains or losses on sales of these assets are recognized in net investment gains (losses). Interest income on commercial mortgage loans held by CSEs is recognized in net investment income. Interest expense from long-term debt of CSEs is recognized in other expenses.

Nonrecurring Fair Value Measurements

The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods presented; that is, they are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3).

	Three Months Ended March 31,
	2013						2012
	Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)		Carrying Value Prior to     Measurement		Carrying Value After     Measurement		Gains         (Losses)
	(In millions)
Mortgage loans: (1)
Held-for-investment	$	248	$	255	$	7	$	166	$	167	$	1
Held-for-sale	$	288	$	267	$	(21)	$	320		304	$	(16)
Other limited partnership interests (2)	$	1	$	1	$	—	$	10	$	7	$	(3)
Real estate joint ventures (3)	$	5	$	3	$	(2)	$	5	$	2	$	(3)

(1) The carrying value after measurement has been adjusted for the excess of the carrying value prior to measurement over the estimated fair value. Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows.

(2) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next two to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

(3) For these cost method investments, estimated fair value is determined from information provided in the financial statements of the underlying entities including NAV data. These investments include several real estate funds that typically invest primarily in commercial real estate. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. It is estimated that the underlying assets of the funds will be liquidated over the next one to 10 years. Unfunded commitments for these investments at both March 31, 2013 and 2012 were not significant.

Fair Value of Financial Instruments Carried at Other Than Fair Value

The following tables provide fair value information for financial instruments that are carried on the balance sheet at amounts other than fair value. These tables exclude the following financial instruments: cash and cash equivalents, accrued investment income, payables for collateral under securities loaned and other transactions, short-term debt and those short-term investments that are not securities, such as time deposits, and therefore are not included in the three level hierarchy table disclosed in the “— Recurring Fair Value Measurements” section. The estimated fair value of the excluded financial instruments, which are primarily classified in Level 2 and, to a lesser extent, in Level 1, approximates carrying value as they are short-term in nature such that the Company believes there is minimal risk of material changes in interest rates or credit quality. All remaining balance sheet amounts excluded from the table below are not considered financial instruments subject to this disclosure.

The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at:

	March 31, 2013
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	52,936	$	—	$	—	$	56,652	$	56,652
Held-for-sale		269		—		—		269		269
Mortgage loans, net	$	53,205	$	—	$	—	$	56,921	$	56,921
Policy loans	$	11,781	$	—	$	1,690	$	12,376	$	14,066
Real estate joint ventures	$	108	$	—	$	—	$	169	$	169
Other limited partnership interests	$	1,132	$	—	$	—	$	1,265	$	1,265
Other invested assets	$	882	$	232	$	301	$	349	$	882
Premiums, reinsurance and other receivables	$	2,894	$	—	$	408	$	2,756	$	3,164
Other assets	$	259	$	—	$	214	$	77	$	291
Liabilities:
PABs	$	149,851	$	—	$	—	$	157,571	$	157,571
Bank deposits	$	—	$	—	$	—	$	—	$	—
Long-term debt	$	16,422	$	—	$	18,603	$	—	$	18,603
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,879	$	3,879
Junior subordinated debt securities	$	3,193	$	—	$	4,066	$	—	$	4,066
Other liabilities	$	4,547	$	—	$	3,303	$	1,247	$	4,550
Separate account liabilities	$	60,219	$	—	$	60,219	$	—	$	60,219
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	16	$	16
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	26	$	—	$	26

	December 31, 2012
			Fair Value Hierarchy
	Carrying         Value		Level 1		Level 2		Level 3		Total Estimated     Fair Value
	(In millions)
Assets:
Mortgage loans:
Held-for-investment	$	53,926	$	—	$	—	$	57,381	$	57,381
Held-for-sale		365		—		—		365		365
Mortgage loans, net	$	54,291	$	—	$	—	$	57,746	$	57,746
Policy loans	$	11,884	$	—	$	1,690	$	12,567	$	14,257
Real estate joint ventures	$	113	$	—	$	—	$	171	$	171
Other limited partnership interests	$	1,154	$	—	$	—	$	1,277	$	1,277
Other invested assets	$	815	$	305	$	144	$	366	$	815
Premiums, reinsurance and other receivables	$	3,287	$	—	$	745	$	2,960	$	3,705
Other assets	$	260	$	—	$	214	$	78	$	292
Liabilities:
PABs	$	149,928	$	—	$	—	$	158,040	$	158,040
Bank deposits	$	6,416	$	—	$	2,018	$	4,398	$	6,416
Long-term debt	$	16,502	$	—	$	18,978	$	—	$	18,978
Collateral financing arrangements	$	4,196	$	—	$	—	$	3,839	$	3,839
Junior subordinated debt securities	$	3,192	$	—	$	3,984	$	—	$	3,984
Other liabilities	$	1,913	$	—	$	673	$	1,243	$	1,916
Separate account liabilities	$	58,726	$	—	$	58,726	$	—	$	58,726
Commitments: (1)
Mortgage loan commitments	$	—	$	—	$	—	$	12	$	12
Commitments to fund bank credit facilities, bridge loans and private corporate bond investments	$	—	$	—	$	22	$	—	$	22

(1) Commitments are off-balance sheet obligations. Negative estimated fair values represent off-balance sheet liabilities. See Note 13 for additional information on these off-balance sheet obligations.

The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows:

Mortgage Loans

Mortgage loans held-for-investment

For commercial and agricultural mortgage loans, the estimated fair value is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk. For residential mortgage loans, the estimated fair value is primarily determined from pricing for similar loans.

Mortgage loans held-for-sale

For mortgage loans held-for-sale, estimated fair value is determined using independent non-binding broker quotations or internal valuation models using significant unobservable inputs.

Policy Loans

Policy loans with fixed interest rates are classified within Level 3. The estimated fair values for these loans are determined using a discounted cash flow model applied to groups of similar policy loans determined by the nature of the underlying insurance liabilities. Cash flow estimates are developed by applying a weighted-average interest rate to the outstanding principal balance of the respective group of policy loans and an estimated average maturity determined through experience studies of the past performance of policyholder repayment behavior for similar loans. These cash flows are discounted using current risk-free interest rates with no adjustment for borrower credit risk as these loans are fully collateralized by the cash surrender value of the underlying insurance policy. Policy loans with variable interest rates are classified within Level 2 and the estimated fair value approximates carrying value due to the absence of borrower credit risk and the short time period between interest rate resets, which presents minimal risk of a material change in estimated fair value due to changes in market interest rates.

Real Estate Joint Ventures and Other Limited Partnership Interests

The estimated fair values of these cost method investments are generally based on the Company’s share of the NAV as provided in the financial statements of the investees. In certain circumstances, management may adjust the NAV by a premium or discount when it has sufficient evidence to support applying such adjustments.

Other Invested Assets

These other invested assets are principally comprised of funds withheld, various interest-bearing assets held in foreign subsidiaries and certain amounts due under contractual indemnifications. For funds withheld and for the various interest-bearing assets held in foreign subsidiaries, the Company evaluates the specific facts and circumstances of each instrument to determine the appropriate estimated fair values. These estimated fair values were not materially different from the recognized carrying values.

Premiums, Reinsurance and Other Receivables

Premiums, reinsurance and other receivables are principally comprised of certain amounts recoverable under reinsurance agreements, amounts on deposit with financial institutions to facilitate daily settlements related to certain derivatives and amounts receivable for securities sold but not yet settled.

Amounts recoverable under ceded reinsurance agreements, which the Company has determined do not transfer significant risk such that they are accounted for using the deposit method of accounting, have been classified as Level 3. The valuation is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using interest rates determined to reflect the appropriate credit standing of the assuming counterparty.

The amounts on deposit for derivative settlements, classified within Level 2, essentially represent the equivalent of demand deposit balances and amounts due for securities sold are generally received over short periods such that the estimated fair value approximates carrying value.

Other Assets

These other assets are principally comprised of a receivable for cash paid to an unaffiliated financial institution under the MetLife Reinsurance Company of Charleston (“MRC”) collateral financing arrangement described in Note 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. The estimated fair value of the receivable for the cash paid to the unaffiliated financial institution under the MRC collateral financing arrangement is determined by discounting the expected future cash flows using a discount rate that reflects the credit rating of the unaffiliated financial institution.

PABs

These PABs include investment contracts. Embedded derivatives on investment contracts and certain variable annuity guarantees accounted for as embedded derivatives are excluded from this caption in the preceding tables as they are separately presented in “— Recurring Fair Value Measurements.”

The investment contracts primarily include certain funding agreements, fixed deferred annuities, modified guaranteed annuities, fixed term payout annuities and total control accounts. The valuation of these investment contracts is based on discounted cash flow methodologies using significant unobservable inputs. The estimated fair value is determined using current market risk-free interest rates adding a spread to reflect the nonperformance risk in the liability.

Bank Deposits

Due to the frequency of interest rate resets on customer bank deposits held in money market accounts, the Company believes that there is minimal risk of a material change in interest rates such that the estimated fair value approximates carrying value. For time deposits, the Company has taken into consideration the sale price for the disposition of the depository business of MetLife Bank to determine the estimated fair value of bank deposits. See Note 3.

Long-term Debt, Collateral Financing Arrangements and Junior Subordinated Debt Securities

The estimated fair values of long-term debt and junior subordinated debt securities are principally determined using market standard valuation methodologies. Capital leases, which are not required to be disclosed at estimated fair value, are excluded from the preceding tables.

Valuations classified as Level 2 are based primarily on quoted prices in markets that are not active or using matrix pricing that use standard market observable inputs such as quoted prices in markets that are not active and observable yields and spreads in the market. Instruments valued using discounted cash flow methodologies use standard market observable inputs including market yield curve, duration, call provisions, observable prices and spreads for similar publicly traded or privately traded issues.

Valuations classified as Level 3 are based primarily on discounted cash flow methodologies that utilize unobservable discount rates that can vary significantly based upon the specific terms of each individual arrangement. The determination of estimated fair values of collateral financing arrangements incorporates valuations obtained from the counterparties to the arrangements, as part of the collateral management process.

Other Liabilities

Other liabilities consist primarily of interest and dividends payable, amounts due for securities purchased but not yet settled, funds withheld amounts payable, which are contractually withheld by the Company in accordance with the terms of the reinsurance agreements, and amounts payable under certain assumed reinsurance agreements, which are recorded using the deposit method of accounting. The Company evaluates the specific terms, facts and circumstances of each instrument to determine the appropriate estimated fair values, which are not materially different from the carrying values, with the exception of certain deposit type reinsurance payables. For such payables, the estimated fair value is determined as the present value of expected future cash flows, which are discounted using an interest rate determined to reflect the appropriate credit standing of the assuming counterparty.

Separate Account Liabilities

Separate account liabilities represent those balances due to policyholders under contracts that are classified as investment contracts.

Separate account liabilities classified as investment contracts primarily represent variable annuities with no significant mortality risk to the Company such that the death benefit is equal to the account balance, funding agreements related to group life contracts and certain contracts that provide for benefit funding.

Since separate account liabilities are fully funded by cash flows from the separate account assets which are recognized at estimated fair value as described in the section “— Recurring Fair Value Measurements,” the value of those assets approximates the estimated fair value of the related separate account liabilities. The valuation techniques and inputs for separate account liabilities are similar to those described for separate account assets.

Mortgage Loan Commitments and Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The estimated fair values for mortgage loan commitments that will be held for investment and commitments to fund bank credit facilities, bridge loans and private corporate bonds that will be held for investment represent the difference between the discounted expected future cash flows using interest rates that incorporate current credit risk for similar instruments on the reporting date and the principal amounts of the commitments.

XML

Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Investments [Abstract]
Invested assets on deposit	$ 2,335	$ 2,362
Invested assets held in trust	11,702	12,434
Invested assets pledged as collateral	23,763	23,251
Total invested assets on deposit, held in trust and pledged as collateral	$ 37,800	$ 38,047

XML

Investments

3 Months Ended

Mar. 31, 2013

Investments [Abstract]

Investments

6. Investments

Fixed Maturity and Equity Securities Available-for-Sale

Fixed Maturity and Equity Securities Available-for-Sale by Sector

The following table presents the fixed maturity and equity securities available-for-sale (“AFS”) by sector. The unrealized loss amounts presented below include the noncredit loss component of other-than-temporary impairments (“OTTI”) losses. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”) and asset-backed securities (“ABS”).

	March 31, 2013										December 31, 2012
	Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value
			Gains		Temporary Losses		OTTI Losses						Gains		Temporary Losses		OTTI Losses
	(In millions)
Fixed maturity securities:
U.S. corporate	$	102,086	$	11,364	$	444	$	—	$	113,006	$	102,669	$	11,887	$	430	$	—	$	114,126
Foreign corporate (1)		61,067		5,322		305		(2)		66,086		61,806		5,654		277		(1)		67,184
Foreign government		49,951		5,552		68		—		55,435		51,967		5,440		71		—		57,336
U.S. Treasury and agency		49,258		5,229		30		—		54,457		41,874		6,104		11		—		47,967
RMBS		34,403		2,391		198		249		36,347		35,666		2,477		315		349		37,479
CMBS		17,015		935		53		—		17,897		18,177		1,009		57		—		19,129
ABS		15,841		423		137		13		16,114		15,762		404		156		13		15,997
State and political subdivision		12,912		2,110		70		—		14,952		12,949		2,169		70		—		15,048
Total fixed maturity securities	$	342,533	$	33,326	$	1,305	$	260	$	374,294	$	340,870	$	35,144	$	1,387	$	361	$	374,266
Equity securities:
Common stock	$	1,985	$	305	$	8	$	—	$	2,282	$	2,034	$	147	$	19	$	—	$	2,162
Non-redeemable preferred stock		913		71		78		—		906		804		65		140		—		729
Total equity securities	$	2,898	$	376	$	86	$	—	$	3,188	$	2,838	$	212	$	159	$	—	$	2,891

(1) OTTI losses, as presented above, represent the noncredit portion of OTTI losses that is included in AOCI. OTTI losses include both the initial recognition of noncredit losses, and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities that were previously noncredit loss impaired. The noncredit loss component of OTTI losses for foreign corporate securities was in an unrealized gain position of $2 million and $1 million at March 31, 2013 and December 31, 2012, respectively, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

The Company held non-income producing fixed maturity securities with an estimated fair value of $80 million and $85 million with unrealized gains (losses) of $19 million and $11 million at March 31, 2013 and December 31, 2012, respectively.

Maturities of Fixed Maturity Securities

The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at:

	March 31, 2013				December 31, 2012
	Amortized   Cost		Estimated   Fair Value		Amortized   Cost		Estimated   Fair Value
	(In millions)
Due in one year or less	$	23,879	$	24,118	$	24,177	$	24,394
Due after one year through five years		70,432		74,386		66,973		70,759
Due after five years through ten years		80,420		89,648		82,376		91,975
Due after ten years		100,543		115,784		97,739		114,533
Subtotal		275,274		303,936		271,265		301,661
Structured securities (RMBS, CMBS and ABS)		67,259		70,358		69,605		72,605
Total fixed maturity securities	$	342,533	$	374,294	$	340,870	$	374,266

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. RMBS, CMBS and ABS are shown separately, as they are not due at a single maturity.

Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities AFS by Sector

The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position. The unrealized loss amounts include the noncredit component of OTTI loss.

	March 31, 2013								December 31, 2012
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions, except number of securities)
Fixed maturity securities:
U.S. corporate	$	5,868	$	171	$	2,663	$	273	$	3,799	$	88	$	3,695	$	342
Foreign corporate		4,884		146		2,144		157		2,783		96		2,873		180
Foreign government		1,428		28		462		40		1,431		22		543		49
U.S. Treasury and agency		2,645		30		—		—		1,951		11		—		—
RMBS		1,284		42		3,235		405		735		31		4,098		633
CMBS		1,440		16		401		37		842		11		577		46
ABS		2,356		43		1,015		107		1,920		30		1,410		139
State and political subdivision		525		10		243		60		260		4		251		66
Total fixed maturity securities	$	20,430	$	486	$	10,163	$	1,079	$	13,721	$	293	$	13,447	$	1,455
Equity securities:
Common stock	$	67	$	7	$	12	$	1	$	201	$	18	$	14	$	1
Non-redeemable preferred stock		56		1		274		77		—		—		295		140
Total equity securities	$	123	$	8	$	286	$	78	$	201	$	18	$	309	$	141
Total number of securities in an unrealized loss position		2,188				1,070				1,941				1,335

Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities

As described more fully in Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities, equity securities and perpetual hybrid securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired.

Current Period Evaluation

Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company has concluded that these securities are not other-than-temporarily impaired at March 31, 2013. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, changes in collateral valuation, changes in interest rates and changes in credit spreads. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods.

Gross unrealized losses on fixed maturity securities in an unrealized loss position decreased $183 million during the three months ended March 31, 2013 from $1.7 billion to $1.6 billion. The decline in, or improvement in, gross unrealized losses for the three months ended March 31, 2013, was primarily attributable to narrowing credit spreads, partially offset by an increase in interest rates.

At March 31, 2013, $364 million of the total $1.6 billion of gross unrealized losses were from 116 fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater.

Investment Grade Fixed Maturity Securities

Of the $364 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $179 million, or 49%, are related to gross unrealized losses on 51 investment grade fixed maturity securities. Unrealized losses on investment grade fixed maturity securities are principally related to widening credit spreads and, with respect to fixed rate fixed maturity securities, rising interest rates since purchase.

Below Investment Grade Fixed Maturity Securities

Of the $364 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $185 million, or 51%, are related to gross unrealized losses on 65 below investment grade fixed maturity securities. Unrealized losses on below investment grade fixed maturity securities are principally related to non-agency RMBS (primarily alternative residential mortgage loans), ABS (primarily foreign ABS) and foreign government securities (primarily European sovereign bonds) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainties including concerns over unemployment levels, sovereign debt levels and valuations of residential real estate supporting non-agency RMBS. Management evaluates foreign government securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuer; and evaluates non-agency RMBS and ABS based on actual and projected cash flows after considering the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying assets backing a particular security, and the payment priority within the tranche structure of the security.

Equity Securities

Equity securities in an unrealized loss position decreased $73 million during the three months ended March 31, 2013 from $159 million to $86 million. Of the $86 million, $54 million were from 10 equity securities with gross unrealized losses of 20% or more of cost for 12 months or greater, all of which were financial services industry investment grade non-redeemable preferred stock, of which 65% were rated A, AA, or AAA.

Fair Value Option and Trading Securities

See Note 8 for tables that present the categories of securities that comprise fair value option (“FVO”) and trading securities. See “— Net Investment Income” and “— Net Investment Gains (Losses)” for the net investment income recognized on FVO and trading securities and the related changes in estimated fair value subsequent to purchase included in net investment income and net investment gains (losses) for securities still held as of the end of the respective periods, as applicable.

Mortgage Loans

Mortgage Loans Held-for-Investment and Held-for-Sale by Portfolio Segment

Mortgage loans are summarized as follows at:

	March 31, 2013					December 31, 2012
	Carrying     Value		% of     Total			Carrying     Value		% of     Total
	(In millions)					(In millions)
Mortgage loans held-for-investment:
Commercial	$	39,605		71.2	%	$	40,472		71.0	%
Agricultural		12,669		22.8			12,843		22.5
Residential		994		1.8			958		1.7
Subtotal (1)		53,268		95.8			54,273		95.2
Valuation allowances		(332)		(0.6)			(347)		(0.6)
Subtotal mortgage loans held-for-investment, net		52,936		95.2			53,926		94.6
Commercial mortgage loans held by CSEs		2,407		4.3			2,666		4.7
Total mortgage loans held-for-investment, net		55,343		99.5			56,592		99.3
Mortgage loans held-for-sale:
Residential — FVO		2		—			49		0.1
Mortgage loans — lower of amortized cost or estimated fair value		269		0.5			365		0.6
Total mortgage loans held-for-sale		271		0.5			414		0.7
Total mortgage loans, net	$	55,614		100.0	%	$	57,006		100.0	%

(1) Purchases of mortgage loans were $50 million for the three months ended March 31, 2013. There were no mortgage loan purchases for the three months ended March 31, 2012.

See “— Variable Interest Entities” for discussion of consolidated securitization entities (“CSEs”).

Mortgage Loans and Valuation Allowance by Portfolio Segment

The carrying value prior to valuation allowance (“recorded investment”) in mortgage loans held-for-investment, by portfolio segment, by method of evaluation of credit loss, and the related valuation allowances, by type of credit loss, were as follows:

	March 31, 2013								December 31, 2012
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Mortgage loans:
Evaluated individually for credit losses	$	533	$	156	$	14	$	703	$	539	$	181	$	13	$	733
Evaluated collectively for credit losses		39,072		12,513		980		52,565		39,933		12,662		945		53,540
Total mortgage loans		39,605		12,669		994		53,268		40,472		12,843		958		54,273
Valuation allowances:
Specific credit losses		61		19		2		82		94		21		2		117
Non-specifically identified credit losses		214		35		1		250		199		31		—		230
Total valuation allowances		275		54		3		332		293		52		2		347
Mortgage loans, net of valuation allowance	$	39,330	$	12,615	$	991	$	52,936	$	40,179	$	12,791	$	956	$	53,926

Valuation Allowance Rollforward by Portfolio Segment

The changes in the valuation allowance, by portfolio segment, were as follows:

	Commercial		Agricultural		Residential		Total
	(In millions)
For the Three Months Ended March 31, 2013:
Balance, beginning of period	$	293	$	52	$	2	$	347
Provision (release)		(18)		6		1		(11)
Charge-offs, net of recoveries		—		(4)		—		(4)
Balance, end of period	$	275	$	54	$	3	$	332
For the Three Months Ended March 31, 2012:
Balance, beginning of period	$	398	$	81	$	2	$	481
Provision (release)		(30)		(6)		1		(35)
Charge-offs, net of recoveries		—		—		—		—
Balance, end of period	$	368	$	75	$	3	$	446

Credit Quality of Commercial Mortgage Loans

Information about the credit quality of commercial mortgage loans held-for-investment is presented below at:

	Recorded Investment											Estimated    Fair Value		% of      Total
	Debt Service Coverage Ratios								% of      Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total
	(In millions)											(In millions)
March 31, 2013:
Loan-to-value ratios:
Less than 65%	$	29,872	$	701	$	363	$	30,936		78.1	%	$	33,682		79.2	%
65% to 75%		4,864		645		158		5,667		14.3			5,912		13.9
76% to 80%		918		297		341		1,556		3.9			1,582		3.7
Greater than 80%		1,066		183		197		1,446		3.7			1,342		3.2
Total	$	36,720	$	1,826	$	1,059	$	39,605		100.0	%	$	42,518		100.0	%
December 31, 2012:
Loan-to-value ratios:
Less than 65%	$	29,839	$	730	$	722	$	31,291		77.3	%	$	33,730		78.3	%
65% to 75%		5,057		672		153		5,882		14.6			6,129		14.2
76% to 80%		938		131		316		1,385		3.4			1,436		3.3
Greater than 80%		1,085		552		277		1,914		4.7			1,787		4.2
Total	$	36,919	$	2,085	$	1,468	$	40,472		100.0	%	$	43,082		100.0	%

Credit Quality of Agricultural Mortgage Loans

Information about the credit quality of agricultural mortgage loans held-for-investment is presented below at:

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Loan-to-value ratios:
Less than 65%	$	11,676		92.2	%	$	11,908		92.7	%
65% to 75%		679		5.4			590		4.6
76% to 80%		79		0.6			92		0.7
Greater than 80%		235		1.8			253		2.0
Total	$	12,669		100.0	%	$	12,843		100.0	%

The estimated fair value of agricultural mortgage loans held-for-investment was $13.1 billion and $13.3 billion at March 31, 2013 and December 31, 2012, respectively.

Credit Quality of Residential Mortgage Loans

Information about the credit quality of residential mortgage loans held-for-investment is presented below at:

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Performance indicators:
Performing	$	967		97.3	%	$	929		97.0	%
Nonperforming		27		2.7			29		3.0
Total	$	994		100.0	%	$	958		100.0	%

The estimated fair value of residential mortgage loans held-for-investment was $1.0 billion at both March 31, 2013 and December 31, 2012.

Past Due and Interest Accrual Status of Mortgage Loans

The Company has a high quality, well performing, mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both March 31, 2013 and December 31, 2012. The Company defines delinquent mortgage loans consistent with industry practice, when interest and principal payments are past due as follows: commercial and residential mortgage loans — 60 days; and agricultural mortgage loans — 90 days. The recorded investment in mortgage loans held-for-investment, prior to valuation allowances, past due according to these aging categories, greater than 90 days past due and still accruing interest and in nonaccrual status, by portfolio segment, were as follows at:

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual Status
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Commercial	$	—	$	2	$	—	$	—	$	223	$	84
Agricultural		105		116		44		53		75		67
Residential		27		29		—		—		18		18
Total	$	132	$	147	$	44	$	53	$	316	$	169

Impaired Mortgage Loans

Information regarding impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, by portfolio segment, were as follows at:

	Loans with a Valuation Allowance								Loans without a Valuation Allowance				All Impaired Loans
	Unpaid   Principal   Balance		Recorded   Investment		Valuation   Allowances		Carrying   Value		Unpaid   Principal   Balance		Recorded   Investment		Unpaid   Principal   Balance		Carrying   Value
	(In millions)
March 31, 2013:
Commercial	$	261	$	245	$	61	$	184	$	302	$	288	$	563	$	472
Agricultural		91		90		19		71		71		66		162		137
Residential		12		12		2		10		2		2		14		12
Total	$	364	$	347	$	82	$	265	$	375	$	356	$	739	$	621
December 31, 2012:
Commercial	$	445	$	436	$	94	$	342	$	103	$	103	$	548	$	445
Agricultural		110		107		21		86		79		74		189		160
Residential		13		13		2		11		—		—		13		11
Total	$	568	$	556	$	117	$	439	$	182	$	177	$	750	$	616

Unpaid principal balance is generally prior to any charge-offs.

The average recorded investment in impaired mortgage loans held-for-investment, including those modified in a troubled debt restructuring, and the related interest income, which is primarily recognized on a cash basis, by portfolio segment, was:

	Impaired Mortgage Loans
	Average Recorded  Investment		Interest              Income
	(In millions)
For the Three Months Ended March 31, 2013:
Commercial	$	536	$	3
Agricultural		169		1
Residential		14		—
Total	$	719	$	4
For the Three Months Ended March 31, 2012:
Commercial	$	273	$	3
Agricultural		229		1
Residential		14		—
Total	$	516	$	4

Mortgage Loans Modified in a Troubled Debt Restructuring

At March 31, 2013 and 2012, the Company had no mortgage loans modified during the period in a troubled debt restructuring.

During the three months ended March 31, 2013, the Company had no mortgage loans with subsequent payment defaults that were modified in a troubled debt restructuring during the previous 12 months. During the three months ended March 31, 2012, the Company had one agricultural mortgage loan that had a payment default with a carrying value after specific valuation allowance of $8 million, which was modified as a troubled debt restructuring during the previous 12 months. Payment default is determined in the same manner as delinquency status — when interest and principal payments are past due as described above.

Cash Equivalents

The carrying value of cash equivalents, which includes securities and other investments with an original or remaining maturity of three months or less at the time of purchase, was $6.3 billion and $6.1 billion at March 31, 2013 and December 31, 2012, respectively.

Net Unrealized Investment Gains (Losses)

The components of net unrealized investment gains (losses), included in AOCI, were as follows at:

	March 31, 2013		December 31, 2012
	(In millions)
Fixed maturity securities	$	31,932	$	33,641
Fixed maturity securities with noncredit OTTI losses in AOCI		(260)		(361)
Total fixed maturity securities		31,672		33,280
Equity securities		341		97
Derivatives		1,393		1,274
Other		(16)		(30)
Subtotal		33,390		34,621
Amounts allocated from:
Insurance liability loss recognition		(5,613)		(6,049)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		9		19
DAC and VOBA		(2,242)		(2,485)
Policyholder dividend obligation		(3,599)		(3,828)
Subtotal		(11,445)		(12,343)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		87		119
Deferred income tax benefit (expense)		(7,788)		(7,973)
Net unrealized investment gains (losses)		14,244		14,424
Net unrealized investment gains (losses) attributable to noncontrolling interests		(7)		(5)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	14,237	$	14,419

The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows:

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	(361)	$	(724)
Noncredit OTTI losses and subsequent changes recognized (1)		31		(29)
Securities sold with previous noncredit OTTI loss		54		177
Subsequent changes in estimated fair value		16		215
Balance, end of period	$	(260)	$	(361)

(1) Noncredit OTTI losses and subsequent changes recognized, net of DAC, were $24 million and ($21) million for the three months ended March 31, 2013 and year ended December 31, 2012, respectively.

The changes in net unrealized investment gains (losses) were as follows:

	Three Months Ended     March 31, 2013
	(In millions)
Balance, beginning of period	$	14,419
Fixed maturity securities on which noncredit OTTI losses have been recognized		101
Unrealized investment gains (losses) during the period		(1,332)
Unrealized investment gains (losses) relating to:
Insurance liability gain (loss) recognition		436
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		(10)
DAC and VOBA		243
Policyholder dividend obligation		229
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		(32)
Deferred income tax benefit (expense)		185
Net unrealized investment gains (losses)		14,239
Net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Balance, end of period	$	14,237
Change in net unrealized investment gains (losses)	$	(180)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(182)

Concentrations of Credit Risk

Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, were in fixed income securities of the Japanese and Mexican governments and their agencies with an estimated fair value, at March 31, 2013, of $20.6 billion and $6.6 billion, respectively, and in fixed income securities of the Japanese government and its agencies with an estimated fair value, at December 31, 2012, of $22.4 billion. The Company’s investment in fixed maturity and equity securities to counterparties that primarily conduct business in Japan, including Japan government and agency fixed maturity securities, was $26.6 billion and $28.7 billion at March 31, 2013 and December 31, 2012, respectively.

Securities Lending

The Company participates in a securities lending program. Elements of the securities lending program are presented below at:

	March 31, 2013		December 31, 2012
	(In millions)
Securities on loan: (1)
Amortized cost	$	27,034	$	23,380
Estimated fair value	$	29,605	$	27,077
Cash collateral on deposit from counterparties (2)	$	30,284	$	27,727
Security collateral on deposit from counterparties (3)	$	23	$	104
Reinvestment portfolio — estimated fair value	$	30,776	$	28,112

(1) Included within fixed maturity securities, short-term investments, equity securities and cash and cash equivalents.

(2) Included within payables for collateral under securities loaned and other transactions.

(3) Security collateral on deposit from counterparties may not be sold or repledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for cash and cash equivalents, short-term investments, fixed maturity and equity securities, and FVO and trading securities, and at carrying value for mortgage loans.

	March 31, 2013		December 31, 2012
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2,335	$	2,362
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)		11,702		12,434
Invested assets pledged as collateral (1)		23,763		23,251
Total invested assets on deposit, held in trust and pledged as collateral	$	37,800	$	38,047

(1) The Company has pledged fixed maturity securities, mortgage loans and cash and cash equivalents in connection with various agreements and transactions, including funding and advances agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report), collateral financing arrangements (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report) and derivative transactions (see Note 7).

Variable Interest Entities

The Company has invested in certain structured transactions (including CSEs), formed trusts to invest proceeds from certain collateral financing arrangements and has insurance operations, that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity.

The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. The Company generally uses a qualitative approach to determine whether it is the primary beneficiary. However, for VIEs that are investment companies or apply measurement principles consistent with those utilized by investment companies, the primary beneficiary is based on a risks and rewards model and is defined as the entity that will absorb a majority of a VIE’s expected losses, receive a majority of a VIE’s expected residual returns if no single entity absorbs a majority of expected losses, or both. The Company reassesses its involvement with VIEs on a quarterly basis. The use of different methodologies, assumptions and inputs in the determination of the primary beneficiary could have a material effect on the amounts presented within the consolidated financial statements.

Consolidated VIEs

The following table presents the total assets and total liabilities relating to VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at March 31, 2013 and December 31, 2012. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.

	March 31, 2013				December 31, 2012
	Total      Assets		Total   Liabilities		Total      Assets		Total   Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,449	$	—	$	3,439	$	—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (2)		2,453		2,282		2,730		2,545
Operating joint venture (3)		2,364		1,976		—		—
Investments:
Other limited partnership interests		187		14		356		8
FVO and trading securities		67		—		71		—
Other invested assets		85		—		85		—
Real estate joint ventures		11		14		11		14
Total	$	8,616	$	4,286	$	6,692	$	2,567

(1) See Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. These assets primarily consist of fixed maturity securities.

(2) The Company consolidates former qualified special purpose entities (“QSPEs”) that are structured as CMBS and as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The assets and liabilities of these CSEs are primarily commercial mortgage loans held-for-investment and long-term debt, respectively. The Company’s exposure was limited to that of its remaining investment in the former QSPEs of $155 million and $168 million at estimated fair value at March 31, 2013 and December 31, 2012, respectively. The long-term debt bears interest primarily at fixed rates ranging from 2.25% to 5.57%, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was $33 million and $43 million for the three months ended March 31, 2013 and 2012, respectively.

(3) Assets of the operating joint venture are primarily fixed maturity securities and separate account assets. Liabilities of the operating joint venture are primarily future policy benefits, other policyholder funds and separate account liabilities. The assets and liabilities of the operating joint venture were consolidated in earlier periods, however as a result of the quarterly reassessment in the first quarter of 2013 it was determined to be a consolidated VIE.

Unconsolidated VIEs

The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at:

	March 31, 2013				December 31, 2012
	Carrying      Amount		Maximum Exposure     to Loss (1)		Carrying      Amount		Maximum Exposure     to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, CMBS and ABS) (2)	$	70,358	$	70,358	$	72,605	$	72,605
U.S. and foreign corporate		5,150		5,150		5,287		5,287
Other limited partnership interests		4,717		6,259		4,436		5,908
Other invested assets		1,210		1,469		1,117		1,431
FVO and trading securities		603		603		563		563
Mortgage loans		199		199		351		351
Real estate joint ventures		114		119		150		157
Equity securities AFS:
Non-redeemable preferred		33		33		32		32
Total	$	82,384	$	84,190	$	84,541	$	86,334

(1) The maximum exposure to loss relating to fixed maturity securities and the FVO and trading securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments of the Company. The maximum exposure to loss relating to mortgage loans is equal to the carrying amounts plus any unfunded commitments of the Company. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $309 million and $318 million at March 31, 2013 and December 31, 2012, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2) For these variable interests, the Company’s involvement is limited to that of a passive investor.

As described in Note 13, the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during the three months ended March 31, 2013 and 2012.

Net Investment Income

The components of net investment income were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Investment income:
Fixed maturity securities	$	3,826	$	3,808
Equity securities		24		32
FVO and trading securities — Actively Traded Securities and FVO general account securities (1)		21		45
Mortgage loans		738		830
Policy loans		155		158
Real estate and real estate joint ventures		193		177
Other limited partnership interests		246		182
Cash, cash equivalents and short-term investments		49		36
International joint ventures		(14)		3
Other		63		41
Subtotal		5,301		5,312
Less: Investment expenses		300		259
Subtotal, net		5,001		5,053
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)		1,039		1,015
Securitized reverse residential mortgage loans		—		85
FVO CSEs — interest income:
Commercial mortgage loans		37		45
Securities		—		2
Subtotal		1,076		1,147
Net investment income	$	6,077	$	6,200

(1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Actively Traded Securities and FVO general account securities	$	13	$	29
FVO contractholder-directed unit-linked investments	$	956	$	877

See “— Variable Interest Entities” for discussion of CSEs.

Net Investment Gains (Losses)

Components of Net Investment Gains (Losses)

The components of net investment gains (losses) were as follows:

	Three Months Ended March 31,
	2013		2012
	(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:
Finance	$	(10)	$	(32)
Consumer		(8)		(3)
Utility		(5)		(38)
Communications		—		(17)
Industrial		—		(1)
Total U.S. and foreign corporate securities		(23)		(91)
RMBS		(37)		(9)
CMBS		—		(30)
ABS		—		(2)
State and political subdivision		—		(1)
OTTI losses on fixed maturity securities recognized in earnings		(60)		(133)
Fixed maturity securities — net gains (losses) on sales and disposals		369		(7)
Total gains (losses) on fixed maturity securities (1)		309		(140)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock		(20)		—
Common stock		(1)		(15)
OTTI losses on equity securities recognized in earnings		(21)		(15)
Equity securities — net gains (losses) on sales and disposals		(6)		6
Total gains (losses) on equity securities		(27)		(9)
FVO and trading securities — FVO general account securities — changes in estimated fair value		4		4
Mortgage loans (1)		12		36
Real estate and real estate joint ventures		(14)		(4)
Other limited partnership interests		—		(2)
Other investment portfolio gains (losses)		7		(25)
Subtotal — investment portfolio gains (losses) (1)		291		(140)
FVO CSEs — changes in estimated fair value subsequent to consolidation:
Commercial mortgage loans		(13)		6
Long-term debt — related to commercial mortgage loans		22		—
Long-term debt — related to securities		(1)		(11)
Non-investment portfolio gains (losses) (2)		15		35
Subtotal FVO CSEs and non-investment portfolio gains (losses)		23		30
Total net investment gains (losses)	$	314	$	(110)

(1) For the three months ended March 31, 2012, net investment gains (losses) includes a net gain of $95 million, as a result of the MetLife Bank Divestiture, which is comprised of gains (losses) on investments sold of $102 million, and impairments on mortgage loans of ($7) million. See Note 3.

(2) Non-investment portfolio gains (losses) for the three months ended March 31, 2013 includes a gain of $30 million related to the MetLife Bank Divestiture. See Note 3.

See “— Variable Interest Entities” for discussion of CSEs.

Gains (losses) from foreign currency transactions included within net investment gains (losses) were $58 million for both the three months ended March 31, 2013 and 2012.

Sales or Disposals and Impairments of Fixed Maturity and Equity Securities

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) are as shown in the table below. Investment gains and losses on sales of securities are determined on a specific identification basis.

	Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012
	Fixed Maturity Securities				Equity Securities				Total
	(In millions)
Proceeds	$	19,550	$	19,394	$	86	$	125	$	19,636	$	19,519
Gross investment gains	$	500	$	325	$	8	$	10	$	508	$	335
Gross investment losses		(131)		(332)		(14)		(4)		(145)		(336)
Total OTTI losses recognized in earnings:
Credit-related		(42)		(73)		—		—		(42)		(73)
Other (1)		(18)		(60)		(21)		(15)		(39)		(75)
Total OTTI losses recognized in earnings		(60)		(133)		(21)		(15)		(81)		(148)
Net investment gains (losses)	$	309	$	(140)	$	(27)	$	(9)	$	282	$	(149)

(1) Other OTTI losses recognized in earnings include impairments on (i) equity securities, (ii) perpetual hybrid securities classified within fixed maturity securities where the primary reason for the impairment was the severity and/or the duration of an unrealized loss position and (iii) fixed maturity securities where there is an intent to sell or it is more likely than not that the Company will be required to sell the security before recovery of the decline in estimated fair value.

Credit Loss Rollforward

The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”):

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	392	$	471
Additions:
Initial impairments — credit loss OTTI recognized on securities not previously impaired		1		16
Additional impairments — credit loss OTTI recognized on securities previously impaired		35		6
Reductions:
Sales (maturities, pay downs or prepayments) during the period of securities previously impaired as credit loss OTTI		(30)		(104)
Securities impaired to net present value of expected future cash flows		—		(8)
Balance, end of period	$	398	$	381

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Derivatives

3 Months Ended

Mar. 31, 2013

Derivatives [Abstract]

Derivatives

7. Derivatives

Accounting for Derivatives

Freestanding Derivatives

Freestanding derivatives are carried in the Company’s consolidated balance sheets either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. See “— Credit Risk on Freestanding Derivatives”.

Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities.

If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows:

Statement of Operations Presentation:	Derivative:
Policyholder benefits and claims	•  Economic hedges of variable annuity guarantees included in future policy benefits
Net investment income	•  Economic hedges of equity method investments in joint ventures
	•  All derivatives held in relation to trading portfolios
	•  Derivatives held within contractholder-directed unit-linked investments
Other revenues	•  Derivatives held in connection with the Company’s mortgage banking activities

Hedge Accounting

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows:

• Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in fair value of the hedged item attributable to the designated risk being hedged.

• Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses).

• Net investment in a foreign operation hedge - effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses).

The change in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the consolidated statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI.

In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the consolidated statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried in the consolidated balance sheets at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses).

In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value in the consolidated balance sheets, with changes in its estimated fair value recognized in the current period as net derivative gains (losses).

Embedded Derivatives

The Company purchases certain securities, issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if:

• the combined instrument is not accounted for in its entirety at fair value with changes in fair value recorded in earnings;

• the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and

• a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument.

Such embedded derivatives are carried in the consolidated balance sheets at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses) except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees.

See Note 8 for information about the fair value hierarchy for derivatives.

Derivative Strategies

The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash market.

Interest Rate Derivatives

The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, caps, floors, swaptions, futures and forwards.

Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and non-qualifying hedging relationships.

The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. Treasury, agency, or other fixed maturity security. Structured interest rate swaps are included in interest rate swaps. Structured interest rate swaps are not designated as hedging instruments

The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in non-qualifying hedging relationships.

In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring and to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance. The Company utilizes exchange-traded interest rate futures in non-qualifying hedging relationships.

Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in non-qualifying hedging relationships. Swaptions are included in interest rate options.

The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow hedging relationships.

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency exchange rate derivatives including foreign currency swaps, foreign currency forwards and currency options, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of its net investments in foreign operations.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and non-qualifying hedging relationships.

In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in fair value, net investment in foreign operations and non-qualifying hedging relationships.

The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign exchange rate and the strike price. The Company uses currency options to hedge against the foreign currency exposure inherent in certain of its variable annuity products. The Company also uses currency options as an economic hedge of foreign currency exposure related to the Company’s international subsidiaries. The Company utilizes currency options in net investment in foreign operations and non-qualifying hedging relationships.

To a lesser extent, the Company uses exchange-traded currency futures to hedge currency mismatches between assets and liabilities. The Company utilizes exchange-traded currency futures in non-qualifying hedging relationships.

Credit Derivatives

The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, or involuntary restructuring. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in non-qualifying hedging relationships.

The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. Treasury securities, agency securities or other fixed maturity securities. These credit default swaps are not designated as hedging instruments.

The Company also enters into certain purchased and written credit default swaps held in relation to trading portfolios for the purpose of generating profits on short-term differences in price. These credit default swaps are not designated as hedging instruments.

The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships.

Equity Derivatives

The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, variance swaps, exchange-traded equity futures and total rate of return swaps (“TRRs”).

Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in non-qualifying hedging relationships.

Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships.

In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge liabilities embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in non-qualifying hedging relationships.

TRRs are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Inter-Bank Offered Rate (“LIBOR”), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses TRRs to hedge its equity market guarantees in certain of its insurance products. TRRs can be used as hedges or to synthetically create investments. The Company utilizes TRRs in non-qualifying hedging relationships.

Primary Risks Managed by Derivatives

The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at:

		March 31, 2013						December 31, 2012
	Primary Underlying Risk Exposure	Notional Amount		Estimated Fair Value				Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments
Fair value hedges:
Interest rate swaps	Interest rate	$	5,438	$	1,802	$	74	$	5,397	$	1,921	$	90
Foreign currency swaps	Foreign currency exchange rate		3,291		252		139		3,187		332		85
Subtotal			8,729		2,054		213		8,584		2,253		175
Cash flow hedges:
Interest rate swaps	Interest rate		3,482		539		7		3,642		705		—
Interest rate forwards	Interest rate		620		101		—		675		139		—
Foreign currency swaps	Foreign currency exchange rate		11,007		351		368		9,038		219		355
Credit forwards	Credit		60		—		—		—		—		—
Subtotal			15,169		991		375		13,355		1,063		355
Foreign operations hedges:
Foreign currency forwards	Foreign currency exchange rate		3,782		90		20		2,552		43		61
Currency options	Foreign currency exchange rate		5,000		137		—		4,375		43		3
Subtotal			8,782		227		20		6,927		86		64
Total qualifying hedges			32,680		3,272		608		28,866		3,402		594
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate		102,074		4,834		1,920		83,250		5,201		2,043
Interest rate floors	Interest rate		56,246		1,026		709		56,246		1,174		837
Interest rate caps	Interest rate		37,015		81		—		49,465		74		—
Interest rate futures	Interest rate		9,882		1		16		11,684		1		38
Interest rate options	Interest rate		34,474		769		74		16,328		640		60
Synthetic GICs	Interest rate		4,291		—		—		4,162		—		—
Foreign currency swaps	Foreign currency exchange rate		8,694		294		580		8,208		199		736
Foreign currency forwards	Foreign currency exchange rate		10,836		123		153		9,202		26		288
Currency futures	Foreign currency exchange rate		1,542		1		—		1,408		4		—
Currency options	Foreign currency exchange rate		730		37		—		129		1		—
Credit default swaps - purchased	Credit		3,925		14		42		3,674		11		34
Credit default swaps - written	Credit		8,909		91		3		8,879		79		5
Equity futures	Equity market		6,626		1		7		7,008		14		132
Equity options	Equity market		29,624		2,145		588		22,920		2,825		356
Variance swaps	Equity market		21,023		132		486		19,830		122		310
Total rate of return swaps	Equity market		3,541		2		108		3,092		4		103
Total non-designated or non-qualifying derivatives			339,432		9,551		4,686		305,485		10,375		4,942
Total		$	372,112	$	12,823	$	5,294	$	334,351	$	13,777	$	5,536

Based on notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship as of March 31, 2013 and December 31, 2012. The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps that are used to synthetically create credit investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these non-qualified derivatives, changes in market factors can lead to the recognition of fair value changes in the consolidated statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged.

Net Derivative Gains (Losses)

The components of net derivative gains (losses) were as follows:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Derivatives and hedging gains (losses) (1)	$	(2,314)	$	(3,802)
Embedded derivatives		1,684		1,824
Total net derivative gains (losses)	$	(630)	$	(1,978)

(1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.

The following table presents earned income on derivatives:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Qualifying hedges:
Net investment income	$	36	$	24
Interest credited to policyholder account balances		35		45
Other expenses		(3)		(1)
Non-qualifying hedges:
Net investment income		(1)		(1)
Other revenues		—		18
Net derivative gains (losses)		15		(11)
Policyholder benefits and claims		(65)		(62)
Total	$	17	$	12

Non-Qualifying Derivatives and Derivatives for Purposes Other Than Hedging

The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or qualifying as hedging instruments:

	Net Derivative Gains (Losses)		Net Investment Income (1)		Policyholder Benefits and Claims (2)		Other Revenues (3)
	(In millions)
For the Three Months Ended March 31, 2013:
Interest rate derivatives	$	(233)	$	—	$	2	$	—
Foreign currency exchange rate derivatives		(451)		—		—		—
Credit derivatives - purchased		(6)		(3)		—		—
Credit derivatives - written		32		—		—		—
Equity derivatives		(1,553)		(7)		(274)		—
Total	$	(2,211)	$	(10)	$	(272)	$	—
For the Three Months Ended March 31, 2012:
Interest rate derivatives	$	(1,459)	$	—	$	—	$	(114)
Foreign currency exchange rate derivatives		(342)		—		—		—
Credit derivatives - purchased		(188)		(9)		—		—
Credit derivatives - written		104		—		—		—
Equity derivatives		(1,938)		7		(263)		—
Total	$	(3,823)	$	(2)	$	(263)	$	(114)

(1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.

(2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

(3) Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities.

Fair Value Hedges

The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated fixed rate investments.

The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses):

Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Ineffectiveness Recognized in Net Derivative Gains (Losses)
		(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps:	Fixed maturity securities	$	8	$	(8)	$	—
	Policyholder liabilities (1)		(153)		152		(1)
Foreign currency swaps:	Foreign-denominated fixed maturity securities		4		(5)		(1)
	Foreign-denominated PABs (2)		(139)		133		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		—		—		—
Total		$	(280)	$	272	$	(8)
For the Three Months Ended March 31, 2012:
Interest rate swaps:	Fixed maturity securities	$	6	$	(6)	$	—
	Policyholder liabilities (1)		(300)		301		1
Foreign currency swaps:	Foreign-denominated fixed maturity securities		2		(2)		—
	Foreign-denominated PABs (2)		57		(63)		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		(58)		56		(2)
Total		$	(293)	$	286	$	(7)

(1) Fixed rate liabilities reported in PABs or future policy benefits.

(2) Fixed rate or floating rate liabilities.

For the Company’s foreign currency forwards, the change in the fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the three months ended March 31, 2013, no component of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness. For the three months ended March 31, 2012, an insignificant amount of the change in fair value of derivatives was excluded from the assessment of hedge effectiveness.

Cash Flow Hedges

The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed-rate borrowings.

In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurring. Because certain of the forecasted transactions also were not probable of occurring within two months of the anticipated date, the Company reclassified $0 and $3 million from AOCI into net derivative gains (losses) for the three months ended March 31, 2013 and 2012, respectively, related to such discontinued cash flow hedges.

At both March 31, 2013 and December 31, 2012, the maximum length of time over which the Company was hedging its exposure to variability in future cash flows for forecasted transactions did not exceed eight years.

At March 31, 2013 and December 31, 2012, the balance in AOCI associated with cash flow hedges was $1.4 billion and $1.3 billion, respectively.

The following table presents the effects of derivatives in cash flow hedging relationships on the interim condensed consolidated statements of operations and comprehensive income and the interim condensed consolidated statements of equity:

Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)						Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)		(Effective Portion)						(Ineffective Portion)
			Net Derivative Gains (Losses)		Net Investment Income		Other Expenses		Net Derivative Gains (Losses)
			(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps	$	(124)	$	4	$	2	$	—	$	(2)
Interest rate forwards		(25)		3		1		(1)		—
Foreign currency swaps		87		(189)		(1)		—		4
Credit forwards		—		—		—		—		—
Total	$	(62)	$	(182)	$	2	$	(1)	$	2
For the Three Months Ended March 31, 2012:
Interest rate swaps	$	(293)	$	1	$	1	$	(2)	$	4
Interest rate forwards		(88)		—		—		—		1
Foreign currency swaps		(104)		11		(1)		—		(1)
Credit forwards		—		—		—		—		—
Total	$	(485)	$	12	$	—	$	(2)	$	4

All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2013, $33 million of deferred net gains (losses) on derivatives in AOCI was expected to be reclassified to earnings within the next 12 months.

Hedges of Net Investments in Foreign Operations

The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company measures ineffectiveness on these derivatives based upon the change in forward rates.

When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the consolidated statement of operations, while a pro rata portion will be reclassified upon partial sale of the net investments in foreign operations.

The following table presents the effects of derivatives in net investment hedging relationships in the interim condensed consolidated statements of operations and comprehensive income and the interim condensed consolidated statements of equity:

Derivatives in Net Investment Hedging Relationships (1), (2)	Amount of Gains (Losses) Deferred in AOCI (Effective Portion)
	(In millions)
For the Three Months Ended March 31, 2013:
Foreign currency forwards	$	80
Currency options		90
Total	$	170
For the Three Months Ended March 31, 2012:
Foreign currency forwards	$	(52)
Currency options		1
Total	$	(51)

(1) During the three months ended March 31, 2013 and 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.

(2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

At March 31, 2013 and December 31, 2012, the cumulative foreign currency translation gain (loss) recorded in AOCI related to hedges of net investments in foreign operations was $72 million and ($98) million, respectively.

Credit Derivatives

In connection with synthetically created credit investment transactions and credit default swaps held in relation to the trading portfolio, the Company writes credit default swaps for which it receives a premium to insure credit risk. Such credit derivatives are included within the non-qualifying derivatives and derivatives for purposes other than hedging table. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the Company paying the counterparty the specified swap notional amount in exchange for the delivery of par quantities of the referenced credit obligation. The Company’s maximum amount at risk, assuming the value of all referenced credit obligations is zero, was $8.9 billion at both March 31, 2013 and December 31, 2012. The Company can terminate these contracts at any time through cash settlement with the counterparty at an amount equal to the then current fair value of the credit default swaps. At March 31, 2013 and December 31, 2012, the Company would have received $88 million and $74 million, respectively, to terminate all of these contracts.

The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at:

	March 31, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)		Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)
	(In millions)						(In millions)
Aaa/Aa/A
Single name credit default swaps (corporate)	$	9	$	717		2.5	$	10	$	777		2.7
Credit default swaps referencing indices		36		2,713		1.8		42		2,713		2.1
Subtotal		45		3,430		2.0		52		3,490		2.2
Baa
Single name credit default swaps (corporate)		12		1,209		3.4		8		1,314		3.4
Credit default swaps referencing indices		21		3,945		5.1		11		3,750		4.9
Subtotal		33		5,154		4.7		19		5,064		4.5
Ba
Single name credit default swaps (corporate)		—		25		2.4		—		25		2.7
Credit default swaps referencing indices		—		—		—		—		—		—
Subtotal		—		25		2.4		—		25		2.7
B
Single name credit default swaps (corporate)		—		—		—		—		—		—
Credit default swaps referencing indices		10		300		5.2		3		300		4.9
Subtotal		10		300		5.2		3		300		4.9
Total	$	88	$	8,909		3.7	$	74	$	8,879		3.6

(1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2) Assumes the value of the referenced credit obligations is zero.

(3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

The Company has also entered into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. As a result, the maximum amounts of potential future recoveries available to offset the $8.9 billion and $8.9 billion from the table above were $70 million and $150 million at March 31, 2013 and December 31, 2012, respectively.

Written credit default swaps held in relation to the trading portfolio amounted to $30 million in notional and $0 in fair value at March 31, 2013. Written credit default swaps held in relation to the trading portfolio amounted to $10 million in notional and $0 in fair value at December 31, 2012.

Credit Risk on Freestanding Derivatives

The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting agreements and any collateral received pursuant to credit support annexes.

The Company manages its credit risk related to OTC derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC derivative transactions are generally governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited, to events of default and bankruptcy. In the event of an early termination, the Company is permitted to set off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. Substantially all of the Company’s ISDA Master Agreements also include Credit Support Annex provisions which require both the pledging and accepting of collateral in connection with its OTC derivatives. Because exchange-traded futures and options are effected through regulated exchanges, and positions are marked to market on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives. See Note 8 for a description of the impact of credit risk on the valuation of derivatives.

The estimated fair value of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at:

	March 31, 2013				December 31, 2012
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
Over-the-counter (1)	$	13,091	$	5,414	$	14,048	$	5,480
Exchange-traded		3		23		19		170
Total gross estimated fair value of derivatives (1)		13,094		5,437		14,067		5,650
Amounts offset in the consolidated balance sheets		—		—		—		—
Estimated fair value of derivatives presented in the consolidated balance sheets (1)		13,094		5,437		14,067		5,650
Gross amounts not offset in the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
Over-the-counter		(4,548)		(4,548)		(4,562)		(4,562)
Exchange-traded		(3)		(3)		(19)		(19)
Cash collateral: (3)
Over-the-counter		(3,912)		(2)		(5,960)		(1)
Exchange-traded		—		(20)		—		(151)
Securities collateral: (4)
Over-the-counter		(4,372)		(769)		(3,526)		(875)
Exchange-traded		—		—		—		—
Net amount after application of master netting agreements and collateral	$	259	$	95	$	—	$	42

(1) At March 31, 2013 and December 31, 2012, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $271 million and $290 million, respectively, and derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $143 million and $114 million, respectively.

(2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3) Cash collateral received is included in cash and cash equivalents or in short-term investments, and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets. The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded derivatives and is included in premiums, reinsurance and other receivables in the consolidated balance sheets. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2013 and December 31, 2012, the Company received excess cash collateral of $19 million and $0, respectively, and provided excess cash collateral of $422 million and $290 million, respectively, which is not included in the table above due to the foregoing limitation.

(4) Securities collateral received by the Company are held in separate custodial accounts and are not recorded on the consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge this collateral, but at March 31, 2013 none of the collateral had been sold or repledged. Securities collateral pledged by the Company are reported in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2013 and December 31, 2012, the Company received excess securities collateral of $239 million and $161 million, respectively, for its OTC derivatives and $0 and $0, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2013 and December 31, 2012, the Company provided excess securities collateral of $110 million and $0, respectively, for its OTC derivatives and $40 million and $40 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

The Company’s collateral arrangements for its OTC derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the fair value of that counterparty’s derivatives reaches a pre-determined threshold. Certain of these arrangements also include credit-contingent provisions that provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of the Company and/or the counterparty. In addition, certain of the Company’s netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody’s and S&P. If a party’s credit ratings were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party’s reasonable valuation of the derivatives.

The following table presents the estimated fair value of the Company’s OTC derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The table also presents the incremental collateral that the Company would be required to provide if there was a one notch downgrade in the Company’s credit rating at the reporting date or if the Company’s credit rating sustained a downgrade to a level that triggered full overnight collateralization or termination of the derivative position at the reporting date. Derivatives that are not subject to collateral agreements are not included in the scope of this table.

			Estimated Fair Value of Collateral Provided:				Fair Value of Incremental Collateral Provided Upon:
	Estimated Fair Value of Derivatives in Net Liability Position  (1)		Fixed Maturity Securities		Cash		One Notch Downgrade in the Company’s Credit Rating		Downgrade in the Company’s Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position
	(In millions)
March 31, 2013:
Derivatives subject to credit-contingent provisions	$	729	$	737	$	—	$	20	$	24
Derivatives not subject to credit-contingent provisions		79		142		3		—		—
Total	$	808	$	879	$	3	$	20	$	24
December 31, 2012:
Derivatives subject to credit-contingent provisions	$	771	$	775	$	—	$	35	$	73
Derivatives not subject to credit-contingent provisions		79		100		1		—		—
Total	$	850	$	875	$	1	$	35	$	73

(1) After taking into consideration the existence of netting agreements.

Embedded Derivatives

The Company issues certain products or purchases certain investments that contain embedded derivatives that are required to be separated from their host contracts and accounted for as freestanding derivatives. These host contracts principally include: variable annuities with guaranteed minimum benefits, including GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and certain GMIBs; ceded reinsurance of guaranteed minimum benefits related to GMABs and certain GMIBs; assumed reinsurance of guaranteed minimum benefits related to GMWBs and GMABs; funding agreements with equity or bond indexed crediting rates; funds withheld on assumed and ceded reinsurance; and certain debt and equity securities.

The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at:

	Balance Sheet Location	March 31, 2013		December 31, 2012
		(In millions)
Net embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	356	$	439
Funds withheld on assumed reinsurance	Other invested assets		63		66
Options embedded in debt or equity securities	Investments		(147)		(88)
Other	Other invested assets		1		1
Net embedded derivatives within asset host contracts		$	273	$	418
Net embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	PABs	$	(165)	$	923
Assumed guaranteed minimum benefits	PABs		2,024		2,582
Funds withheld on ceded reinsurance	Other liabilities		144		162
Other	PABs		15		17
Net embedded derivatives within liability host contracts		$	2,018	$	3,684

The following table presents changes in estimated fair value related to embedded derivatives:

	Three Months Ended March  31,
	2013		2012
	(In millions)
Net derivative gains (losses) (1)	$	1,684	$	1,824
Policyholder benefits and claims	$	(47)	$	(47)

(1) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($414) million and ($1.2) billion for the three months ended March 31, 2013 and 2012, respectively.

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Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Equity

9. Equity

Stock-Based Compensation Plans

Performance Shares and Performance Units

For awards granted prior to the January 1, 2013 – December 31, 2015 performance period, vested Performance Shares and Performance Units are multiplied by a performance factor of 0.0 to 2.0 based on MetLife, Inc.’s adjusted income, total shareholder return, and performance in change in annual net operating earnings and total shareholder return compared to the performance of its competitors, each measured with respect to the applicable three-year performance period or portions thereof.

For the January 1, 2013 - December 31, 2015 performance period, the vested Performance Shares and Performance Units will be multiplied by a performance factor of 0.0 to 1.75. Assuming that MetLife, Inc. has met threshold performance goals related to its adjusted income or total shareholder return, the MetLife, Inc. Compensation Committee will determine the performance factor in its discretion. In doing so, the Compensation Committee may consider MetLife, Inc.’s total shareholder return relative to the performance of its competitors and MetLife, Inc.’s operating return on equity relative to its financial plan. The estimated fair value of performance shares will be remeasured each quarter until final settlement.

Payout of 2010 - 2012 Performance Shares

Final Performance Shares are paid in shares of MetLife, Inc. common stock. The performance factor for the January 1, 2010 — December 31, 2012 performance period was 0.92. This factor has been applied to the 1,346,025 Performance Shares associated with that performance period that vested on December 31, 2012 and, as a result, 1,238,343 shares of MetLife, Inc.’s common stock (less withholding for taxes and other items, as applicable) were issued, aside from shares that payees choose to defer, in April 2013.

Payout of 2010 - 2012 Performance Units

Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2010 — December 31, 2012 performance period was 0.92. This factor has been applied to the 51,650 Performance Units associated with that performance period that vested on December 31, 2012 and, as a result, the cash value of 47,518 units was paid in April 2013.

Accumulated Other Comprehensive Income (Loss)

Information regarding changes in the balances of each component of AOCI attributable to Metlife, Inc. was as follows:

	Unrealized Investment Gains (Losses), Net of   Related Offsets (1)		Unrealized Gains   (Losses) on Derivatives		Foreign Currency   Translation Adjustments		Defined Benefit   Plans Adjustment		Total
	(In millions)
Balance at December 31, 2012	$	13,590	$	829	$	(533)	$	(2,489)	$	11,397
OCI before reclassifications, net of income tax		(99)		(40)		(672)		—		(811)
Amounts reclassified from AOCI, net of income tax		(159)		116		—		37		(6)
Balance at March 31, 2013	$	13,332	$	905	$	(1,205)	$	(2,452)	$	10,580

(1) See Note 6 for information on offsets to investments related to insurance liabilities, DAC and VOBA and the policyholder dividend obligation.

Information regarding amounts reclassified out of each component of AOCI was as follows:

AOCI Components	Amounts Reclassified from AOCI		Statement of Operations and Comprehensive Income Location
	Three Months Ended March 31, 2013
	(In millions)
Net unrealized investment gains (losses):
Net unrealized investment gains (losses)	$	290	Other net investment gains (losses)
Net unrealized investment gains (losses)		21	Net investment income
OTTI		(31)	OTTI on fixed maturity securities
Net unrealized investment gains (losses), before income tax		280
Income tax (expense) benefit		(121)
Net unrealized investment gains (losses), net of income tax	$	159
Unrealized gains (losses) on derivatives - cash flow hedges:
Interest rate swaps	$	4	Net derivative gains (losses)
Interest rate swaps		2	Net investment income
Interest rate forwards		3	Net derivative gains (losses)
Interest rate forwards		1	Net investment income
Interest rate forwards		(1)	Other expenses
Foreign currency swaps		(189)	Net derivative gains (losses)
Foreign currency swaps		(1)	Net investment income
Gains (losses) on cash flow hedges, before income tax		(181)
Income tax (expense) benefit		65
Gains (losses) on cash flow hedges, net of income tax	$	(116)
Defined benefit plans adjustment: (1)
Amortization of net actuarial gains (losses)	$	(71)
Amortization of prior service (costs) credit		16
Amortization of defined benefit plan items, before income tax		(55)
Income tax (expense) benefit		18
Amortization of defined benefit plan items, net of income tax	$	(37)
Total reclassifications, net of income tax	$	6

(1) These AOCI components are included in the computation of net periodic benefit costs. See Note 11.

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Investments (Components of Net Investment Gains Losses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	$ (81)	$ (148)
Fixed maturity securities - net gains (losses) on sales and disposals	369	(7)
Equity securities - net gains (losses) on sales and disposals	(6)	6
Net investment gains (losses)	282	(149)
Other net investment gains (losses):
Trading and other securities FVO general account securities - changes in estimated fair value	4	4
Mortgage Loans	12	36
Real estate and real estate joint ventures	(14)	(4)
Other limited partnership interests	0	(2)
Other investment portfolio gains (losses)	7	(25)
Subtotal - investment portfolio gains (losses)	291	(140)
FVO CSEs - changes in estimated fair value subsequent to consolidation:
Commercial mortgage loans	(13)	6
Trading securities	(1)	(11)
Long-term debt - related to commercial mortgage loans	22	0
Non-investment portfolio gains (losses)	15	35
Subtotal FVO CSEs and non-investment portfolio gains (losses)	23	30
Total net investment gains (losses)	314	(110)
Fixed maturity securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(60)	(133)
Net investment gains (losses)	309	(140)
Utility Domestic Corporate Debt Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(5)	(38)
Finance Domestic Corporate Debt Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(10)	(32)
Consumer Domestic Corporate Debt Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(8)	(3)
Communications Domestic Corporate Debt Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(17)
Industrial Domestic Corporate Debt Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(1)
Corporate fixed maturity securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(23)	(91)
RMBS [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(37)	(9)
CMBS [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(30)
ABS [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(2)
State and political subdivision securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	0	(1)
Equity Securities [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(21)	(15)
Net investment gains (losses)	(27)	(9)
Non-redeemable preferred stock [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	(20)	0
Common Stock [Member]
Marketable Securities, Gain (Loss) [Abstract]
Total OTTI losses recognized in earnings	$ (1)	$ (15)

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Derivatives (Embedded Derivatives) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset	$ 273	$ 418
Embedded Derivative, Fair Value of Embedded Derivative Liability	2,018	3,684
Ceded Guaranteed Minimum Benefit [Member] | Premiums, reinsurance and other receivables [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset	356	439
Direct Guaranteed Minimum Benefit [Member] | Policyholder account balances [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	(165)	923
Funds withheld on assumed reinsurance [Member] | Other invested assets [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset	63	66
Assumed Guaranteed Minimum Benefit [Member] | Policyholder account balances [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	2,024	2,582
Funds withheld on ceded reinsurance [Member] | Other liabilities [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	144	162
Other [Member] | Other invested assets [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset	1	1
Other [Member] | Policyholder account balances [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Liability	15	17
Options embedded in debt or equity securities [Member] | Investments [Member]
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract]
Embedded Derivative, Fair Value of Embedded Derivative Asset	$ (147)	$ (88)

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Investments (Credit Loss Rollforward) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward]
Balance, beginning of period	$ 392	$ 471
Additions:
Initial impairments - credit loss OTTI recognized on securities not previously impaired	1	16
Additional impairments - credit loss OTTI recognized on securities previously impaired	35	6
Reductions:
Due to sales (maturities, pay downs or prepayments) during the period of securities previously credit loss OTTI impaired	(30)	(104)
Due to securities impaired to net present value of expected future cash flows	0	(8)
Balance, end of period	$ 398	$ 381

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Employee Benefit Plans (Net Periodic Benefit Costs) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
United States Pension Plans of US Entity, Defined Benefit [Member]
Components of net periodic benefit costs
Service costs	$ 59	$ 56
Interest costs	97	101
Expected return on plan assets	(121)	(121)
Amortization of net actuarial (gains) losses	57	49
Amortization of prior service costs (credit)	3	2
Net periodic benefit costs	95	87
Foreign Pension Plans, Defined Benefit [Member]
Components of net periodic benefit costs
Service costs	17	20
Interest costs	4	4
Expected return on plan assets	(2)	(2)
Amortization of net actuarial (gains) losses	0	0
Amortization of prior service costs (credit)	0	0
Net periodic benefit costs	19	22
United States Postretirement Benefit Plans of US Entity, Defined Benefit [Member]
Components of net periodic benefit costs
Service costs	5	5
Interest costs	23	26
Expected return on plan assets	(19)	(19)
Amortization of net actuarial (gains) losses	14	14
Amortization of prior service costs (credit)	(19)	(26)
Net periodic benefit costs	4	0
Foreign Postretirement Benefit Plans, Defined Benefit [Member]
Components of net periodic benefit costs
Service costs	0	0
Interest costs	1	1
Expected return on plan assets	0	0
Amortization of net actuarial (gains) losses	0	0
Amortization of prior service costs (credit)	0	0
Net periodic benefit costs	$ 1	$ 1

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Investments (Net Investment Income) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
The Components of Net Investment Income
Fixed maturity securities	$ 3,826	$ 3,808
Equity securities	24	32
Trading securities - actively traded and FVO general account securities	21	45
Mortgage loans	738	830
Policy loans	155	158
Real estate and real estate joint ventures	193	177
Other limited partnership interests	246	182
Cash, cash equivalents and short-term investments	49	36
International joint ventures	(14)	3
Other	63	41
Subtotal	5,301	5,312
Less: Investment expenses	300	259
Subtotal, net	5,001	5,053
Trading securities - FVO contractholder-directed unit-linked investments	1,039	1,015
Securitized reverse residential mortgage loan	0	85
FVO consolidated securitization entities - changes in estimated fair value included in net investment gains (losses):
Commercial mortgage loans	37	45
Securities	0	2
Subtotal	1,076	1,147
Net investment income	6,077	6,200
Actively traded securities and FVO general account securities [Member]
Changes in estimated fair value subsequent to purchase included in net investment income:
Changes in estimated fair value included in net investment income	13	29
FVO contractholder-directed unit-linked investments [Member]
Changes in estimated fair value subsequent to purchase included in net investment income:
Changes in estimated fair value included in net investment income	$ 956	$ 877

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Fair Value (Fair Value Option Gains Losses for Mortgage Loans Held-for-Sale) (Details) (Residential Loans [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Residential Loans [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Instrument-specific credit risk based on changes in credit spreads for non-agency loans and adjustments in individual loan quality	$ (1)	$ (2)
Other changes in estimated fair value	0	170
Total gains (losses) recognized in other revenues	$ (1)	$ 168

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Segment Information (Earnings) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues
Premiums	$ 9,151	$ 9,129
Universal life and investment-type product policy fees	2,291	2,078
Net investment income	6,077	6,200
Other revenues	480	597
Net investment gains (losses)	314	(110)
Net derivative gains (losses)	(630)	(1,978)
Total revenues	17,683	15,916
Expenses
Policyholder benefits and claims and policyholder dividends	9,708	9,447
Interest credited to policyholder account balances	2,590	2,557
Capitalization of DAC	(1,256)	(1,364)
Amortization of DAC and VOBA	824	714
Amortization of negative VOBA	(146)	(155)
Interest expense on debt	321	358
Other expenses	4,395	4,768
Total expenses	16,436	16,325
Provision for income tax expense (benefit)	252	(275)
Income (loss) from continuing operations, net of income tax	995	(134)
Operating Segments [Member]
Revenues
Premiums	9,151	9,107
Universal life and investment-type product policy fees	2,211	2,009
Net investment income	5,132	5,077
Other revenues	481	452
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	16,975	16,645
Expenses
Policyholder benefits and claims and policyholder dividends	9,106	8,939
Interest credited to policyholder account balances	1,554	1,539
Capitalization of DAC	(1,256)	(1,362)
Amortization of DAC and VOBA	1,016	1,018
Amortization of negative VOBA	(131)	(137)
Interest expense on debt	288	315
Other expenses	4,087	4,243
Total expenses	14,664	14,555
Provision for income tax expense (benefit)	646	596
Operating earnings	1,665	1,494
Operating Segments [Member] | Americas [Member]
Revenues
Premiums	6,560	6,402
Universal life and investment-type product policy fees	1,640	1,527
Net investment income	4,126	4,047
Other revenues	428	386
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	12,754	12,362
Expenses
Policyholder benefits and claims and policyholder dividends	7,445	7,225
Interest credited to policyholder account balances	1,065	1,077
Capitalization of DAC	(529)	(598)
Amortization of DAC and VOBA	450	499
Amortization of negative VOBA	(1)	(2)
Interest expense on debt	1	3
Other expenses	2,381	2,426
Total expenses	10,812	10,630
Provision for income tax expense (benefit)	644	574
Operating earnings	1,298	1,158
Operating Segments [Member] | Latin America [Member]
Revenues
Premiums	675	686
Universal life and investment-type product policy fees	225	196
Net investment income	277	299
Other revenues	4	5
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	1,181	1,186
Expenses
Policyholder benefits and claims and policyholder dividends	554	592
Interest credited to policyholder account balances	104	100
Capitalization of DAC	(105)	(84)
Amortization of DAC and VOBA	74	55
Amortization of negative VOBA	(1)	(2)
Interest expense on debt	(1)	1
Other expenses	372	326
Total expenses	997	988
Provision for income tax expense (benefit)	41	50
Operating earnings	143	148
Operating Segments [Member] | Asia [Member]
Revenues
Premiums	1,998	2,039
Universal life and investment-type product policy fees	444	362
Net investment income	732	681
Other revenues	13	16
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	3,187	3,098
Expenses
Policyholder benefits and claims and policyholder dividends	1,415	1,360
Interest credited to policyholder account balances	442	429
Capitalization of DAC	(546)	(587)
Amortization of DAC and VOBA	401	373
Amortization of negative VOBA	(113)	(131)
Interest expense on debt	0	1
Other expenses	1,094	1,191
Total expenses	2,693	2,636
Provision for income tax expense (benefit)	161	161
Operating earnings	333	301
Operating Segments [Member] | Europe, the Middle East and Africa [Member]
Revenues
Premiums	567	652
Universal life and investment-type product policy fees	91	80
Net investment income	128	157
Other revenues	27	36
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	813	925
Expenses
Policyholder benefits and claims and policyholder dividends	237	343
Interest credited to policyholder account balances	35	33
Capitalization of DAC	(177)	(177)
Amortization of DAC and VOBA	165	146
Amortization of negative VOBA	(17)	(4)
Interest expense on debt	1	0
Other expenses	448	471
Total expenses	692	812
Provision for income tax expense (benefit)	34	41
Operating earnings	87	72
Operating Segments [Member] | Retail [Member]
Revenues
Premiums	1,547	1,624
Universal life and investment-type product policy fees	1,167	1,114
Net investment income	1,961	1,911
Other revenues	243	209
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	4,918	4,858
Expenses
Policyholder benefits and claims and policyholder dividends	2,153	2,228
Interest credited to policyholder account balances	579	596
Capitalization of DAC	(374)	(476)
Amortization of DAC and VOBA	331	404
Amortization of negative VOBA	0	0
Interest expense on debt	0	0
Other expenses	1,278	1,397
Total expenses	3,967	4,149
Provision for income tax expense (benefit)	325	240
Operating earnings	626	469
Operating Segments [Member] | Group, Voluntary & Worksite Benefits [Member]
Revenues
Premiums	3,874	3,585
Universal life and investment-type product policy fees	180	166
Net investment income	453	436
Other revenues	108	108
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	4,615	4,295
Expenses
Policyholder benefits and claims and policyholder dividends	3,640	3,313
Interest credited to policyholder account balances	39	42
Capitalization of DAC	(33)	(31)
Amortization of DAC and VOBA	34	30
Amortization of negative VOBA	0	0
Interest expense on debt	0	0
Other expenses	588	575
Total expenses	4,268	3,929
Provision for income tax expense (benefit)	117	123
Operating earnings	230	243
Operating Segments [Member] | Corporate Benefit Funding [Member]
Revenues
Premiums	464	507
Universal life and investment-type product policy fees	68	51
Net investment income	1,435	1,401
Other revenues	73	64
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	2,040	2,023
Expenses
Policyholder benefits and claims and policyholder dividends	1,098	1,092
Interest credited to policyholder account balances	343	339
Capitalization of DAC	(17)	(7)
Amortization of DAC and VOBA	11	10
Amortization of negative VOBA	0	0
Interest expense on debt	2	2
Other expenses	143	128
Total expenses	1,580	1,564
Provision for income tax expense (benefit)	161	161
Operating earnings	299	298
Operating Segments [Member] | Corporate & Other [Member]
Revenues
Premiums	26	14
Universal life and investment-type product policy fees	36	40
Net investment income	146	192
Other revenues	13	14
Net investment gains (losses)	0	0
Net derivative gains (losses)	0	0
Total revenues	221	260
Expenses
Policyholder benefits and claims and policyholder dividends	9	11
Interest credited to policyholder account balances	12	0
Capitalization of DAC	(4)	0
Amortization of DAC and VOBA	0	0
Amortization of negative VOBA	0	0
Interest expense on debt	286	311
Other expenses	164	155
Total expenses	467	477
Provision for income tax expense (benefit)	(193)	(180)
Operating earnings	(53)	(37)
Significant Reconciling Items [Member]
Revenues
Premiums	0	22
Universal life and investment-type product policy fees	80	69
Net investment income	945	1,123
Other revenues	(1)	145
Net investment gains (losses)	314	(110)
Net derivative gains (losses)	(630)	(1,978)
Total revenues	708	(729)
Expenses
Policyholder benefits and claims and policyholder dividends	602	508
Interest credited to policyholder account balances	1,036	1,018
Capitalization of DAC	0	(2)
Amortization of DAC and VOBA	(192)	(304)
Amortization of negative VOBA	(15)	(18)
Interest expense on debt	33	43
Other expenses	308	525
Total expenses	1,772	1,770
Provision for income tax expense (benefit)	$ (394)	$ (871)

XML

Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Allowance for Loan and Lease Losses, Provision for Loss, Net
Beginning Balance	$ 347	$ 481
Provision (release)	(11)	(35)
Charge-offs, net of recoveries	(4)	0
Ending Balance	332	446
Commercial mortgage loans portfolio segment [Member]
Allowance for Loan and Lease Losses, Provision for Loss, Net
Beginning Balance	293	398
Provision (release)	(18)	(30)
Charge-offs, net of recoveries	0	0
Ending Balance	275	368
Agricultural [Member]
Allowance for Loan and Lease Losses, Provision for Loss, Net
Beginning Balance	52	81
Provision (release)	6	(6)
Charge-offs, net of recoveries	(4)	0
Ending Balance	54	75
Residential [Member]
Allowance for Loan and Lease Losses, Provision for Loss, Net
Beginning Balance	2	2
Provision (release)	1	1
Charge-offs, net of recoveries	0	0
Ending Balance	$ 3	$ 3

XML

Subsequent Event

3 Months Ended

Mar. 31, 2013

Subsequent Event [Abstract]

Subsequent Event

14. Subsequent Event

Common Stock Dividend

On April 23, 2013, the Company’s Board of Directors approved a second quarter 2013 dividend of $0.275 per common share payable on June 13, 2013 to stockholders of record as of May 9, 2013. The Company estimates the aggregate dividend payment to be $302 million.

XML

Investments (Tables)

3 Months Ended

Mar. 31, 2013

Investments [Abstract]

Fixed Maturity and Equity Securities Available-for-Sale

	March 31, 2013										December 31, 2012
	Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value		Cost or Amortized Cost		Gross Unrealized						Estimated Fair Value
			Gains		Temporary Losses		OTTI Losses						Gains		Temporary Losses		OTTI Losses
	(In millions)
Fixed maturity securities:
U.S. corporate	$	102,086	$	11,364	$	444	$	—	$	113,006	$	102,669	$	11,887	$	430	$	—	$	114,126
Foreign corporate (1)		61,067		5,322		305		(2)		66,086		61,806		5,654		277		(1)		67,184
Foreign government		49,951		5,552		68		—		55,435		51,967		5,440		71		—		57,336
U.S. Treasury and agency		49,258		5,229		30		—		54,457		41,874		6,104		11		—		47,967
RMBS		34,403		2,391		198		249		36,347		35,666		2,477		315		349		37,479
CMBS		17,015		935		53		—		17,897		18,177		1,009		57		—		19,129
ABS		15,841		423		137		13		16,114		15,762		404		156		13		15,997
State and political subdivision		12,912		2,110		70		—		14,952		12,949		2,169		70		—		15,048
Total fixed maturity securities	$	342,533	$	33,326	$	1,305	$	260	$	374,294	$	340,870	$	35,144	$	1,387	$	361	$	374,266
Equity securities:
Common stock	$	1,985	$	305	$	8	$	—	$	2,282	$	2,034	$	147	$	19	$	—	$	2,162
Non-redeemable preferred stock		913		71		78		—		906		804		65		140		—		729
Total equity securities	$	2,898	$	376	$	86	$	—	$	3,188	$	2,838	$	212	$	159	$	—	$	2,891

(1) OTTI losses, as presented above, represent the noncredit portion of OTTI losses that is included in AOCI. OTTI losses include both the initial recognition of noncredit losses, and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities that were previously noncredit loss impaired. The noncredit loss component of OTTI losses for foreign corporate securities was in an unrealized gain position of $2 million and $1 million at March 31, 2013 and December 31, 2012, respectively, due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).”

Available-for-sale fixed maturity securities by contractual maturity date

	March 31, 2013				December 31, 2012
	Amortized   Cost		Estimated   Fair Value		Amortized   Cost		Estimated   Fair Value
	(In millions)
Due in one year or less	$	23,879	$	24,118	$	24,177	$	24,394
Due after one year through five years		70,432		74,386		66,973		70,759
Due after five years through ten years		80,420		89,648		82,376		91,975
Due after ten years		100,543		115,784		97,739		114,533
Subtotal		275,274		303,936		271,265		301,661
Structured securities (RMBS, CMBS and ABS)		67,259		70,358		69,605		72,605
Total fixed maturity securities	$	342,533	$	374,294	$	340,870	$	374,266

Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale

	March 31, 2013								December 31, 2012
	Less than 12 Months				Equal to or Greater than 12 Months				Less than 12 Months				Equal to or Greater than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions, except number of securities)
Fixed maturity securities:
U.S. corporate	$	5,868	$	171	$	2,663	$	273	$	3,799	$	88	$	3,695	$	342
Foreign corporate		4,884		146		2,144		157		2,783		96		2,873		180
Foreign government		1,428		28		462		40		1,431		22		543		49
U.S. Treasury and agency		2,645		30		—		—		1,951		11		—		—
RMBS		1,284		42		3,235		405		735		31		4,098		633
CMBS		1,440		16		401		37		842		11		577		46
ABS		2,356		43		1,015		107		1,920		30		1,410		139
State and political subdivision		525		10		243		60		260		4		251		66
Total fixed maturity securities	$	20,430	$	486	$	10,163	$	1,079	$	13,721	$	293	$	13,447	$	1,455
Equity securities:
Common stock	$	67	$	7	$	12	$	1	$	201	$	18	$	14	$	1
Non-redeemable preferred stock		56		1		274		77		—		—		295		140
Total equity securities	$	123	$	8	$	286	$	78	$	201	$	18	$	309	$	141
Total number of securities in an unrealized loss position		2,188				1,070				1,941				1,335

Disclosure of Mortgage Loans Net of Valuation Allowance

	March 31, 2013					December 31, 2012
	Carrying     Value		% of     Total			Carrying     Value		% of     Total
	(In millions)					(In millions)
Mortgage loans held-for-investment:
Commercial	$	39,605		71.2	%	$	40,472		71.0	%
Agricultural		12,669		22.8			12,843		22.5
Residential		994		1.8			958		1.7
Subtotal (1)		53,268		95.8			54,273		95.2
Valuation allowances		(332)		(0.6)			(347)		(0.6)
Subtotal mortgage loans held-for-investment, net		52,936		95.2			53,926		94.6
Commercial mortgage loans held by CSEs		2,407		4.3			2,666		4.7
Total mortgage loans held-for-investment, net		55,343		99.5			56,592		99.3
Mortgage loans held-for-sale:
Residential — FVO		2		—			49		0.1
Mortgage loans — lower of amortized cost or estimated fair value		269		0.5			365		0.6
Total mortgage loans held-for-sale		271		0.5			414		0.7
Total mortgage loans, net	$	55,614		100.0	%	$	57,006		100.0	%

(1) Purchases of mortgage loans were $50 million for the three months ended March 31, 2013. There were no mortgage loan purchases for the three months ended March 31, 2012.

Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss

	March 31, 2013								December 31, 2012
	Commercial		Agricultural		Residential		Total		Commercial		Agricultural		Residential		Total
	(In millions)
Mortgage loans:
Evaluated individually for credit losses	$	533	$	156	$	14	$	703	$	539	$	181	$	13	$	733
Evaluated collectively for credit losses		39,072		12,513		980		52,565		39,933		12,662		945		53,540
Total mortgage loans		39,605		12,669		994		53,268		40,472		12,843		958		54,273
Valuation allowances:
Specific credit losses		61		19		2		82		94		21		2		117
Non-specifically identified credit losses		214		35		1		250		199		31		—		230
Total valuation allowances		275		54		3		332		293		52		2		347
Mortgage loans, net of valuation allowance	$	39,330	$	12,615	$	991	$	52,936	$	40,179	$	12,791	$	956	$	53,926

Allowance for Loan and Lease Losses, Provision for Loss, Net

	Commercial		Agricultural		Residential		Total
	(In millions)
For the Three Months Ended March 31, 2013:
Balance, beginning of period	$	293	$	52	$	2	$	347
Provision (release)		(18)		6		1		(11)
Charge-offs, net of recoveries		—		(4)		—		(4)
Balance, end of period	$	275	$	54	$	3	$	332
For the Three Months Ended March 31, 2012:
Balance, beginning of period	$	398	$	81	$	2	$	481
Provision (release)		(30)		(6)		1		(35)
Charge-offs, net of recoveries		—		—		—		—
Balance, end of period	$	368	$	75	$	3	$	446

Schedule of Financing Receivables, Non Accrual Status

	Past Due				Greater than 90 Days Past Due and Still Accruing Interest				Nonaccrual Status
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In millions)
Commercial	$	—	$	2	$	—	$	—	$	223	$	84
Agricultural		105		116		44		53		75		67
Residential		27		29		—		—		18		18
Total	$	132	$	147	$	44	$	53	$	316	$	169

Impaired mortgage loans held-for-investment

	Loans with a Valuation Allowance								Loans without a Valuation Allowance				All Impaired Loans
	Unpaid   Principal   Balance		Recorded   Investment		Valuation   Allowances		Carrying   Value		Unpaid   Principal   Balance		Recorded   Investment		Unpaid   Principal   Balance		Carrying   Value
	(In millions)
March 31, 2013:
Commercial	$	261	$	245	$	61	$	184	$	302	$	288	$	563	$	472
Agricultural		91		90		19		71		71		66		162		137
Residential		12		12		2		10		2		2		14		12
Total	$	364	$	347	$	82	$	265	$	375	$	356	$	739	$	621
December 31, 2012:
Commercial	$	445	$	436	$	94	$	342	$	103	$	103	$	548	$	445
Agricultural		110		107		21		86		79		74		189		160
Residential		13		13		2		11		—		—		13		11
Total	$	568	$	556	$	117	$	439	$	182	$	177	$	750	$	616

	Impaired Mortgage Loans
	Average Recorded  Investment		Interest              Income
	(In millions)
For the Three Months Ended March 31, 2013:
Commercial	$	536	$	3
Agricultural		169		1
Residential		14		—
Total	$	719	$	4
For the Three Months Ended March 31, 2012:
Commercial	$	273	$	3
Agricultural		229		1
Residential		14		—
Total	$	516	$	4

Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss)

	March 31, 2013		December 31, 2012
	(In millions)
Fixed maturity securities	$	31,932	$	33,641
Fixed maturity securities with noncredit OTTI losses in AOCI		(260)		(361)
Total fixed maturity securities		31,672		33,280
Equity securities		341		97
Derivatives		1,393		1,274
Other		(16)		(30)
Subtotal		33,390		34,621
Amounts allocated from:
Insurance liability loss recognition		(5,613)		(6,049)
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		9		19
DAC and VOBA		(2,242)		(2,485)
Policyholder dividend obligation		(3,599)		(3,828)
Subtotal		(11,445)		(12,343)
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		87		119
Deferred income tax benefit (expense)		(7,788)		(7,973)
Net unrealized investment gains (losses)		14,244		14,424
Net unrealized investment gains (losses) attributable to noncontrolling interests		(7)		(5)
Net unrealized investment gains (losses) attributable to MetLife, Inc.	$	14,237	$	14,419

Other than temporary impairment, credit losses recongnized earnings

	Three Months Ended     March 31, 2013		Year Ended  December 31, 2012
	(In millions)
Balance, beginning of period	$	(361)	$	(724)
Noncredit OTTI losses and subsequent changes recognized (1)		31		(29)
Securities sold with previous noncredit OTTI loss		54		177
Subsequent changes in estimated fair value		16		215
Balance, end of period	$	(260)	$	(361)

(1) Noncredit OTTI losses and subsequent changes recognized, net of DAC, were $24 million and ($21) million for the three months ended March 31, 2013 and year ended December 31, 2012, respectively.

	Three Months Ended     March 31, 2013
	(In millions)
Balance, beginning of period	$	14,419
Fixed maturity securities on which noncredit OTTI losses have been recognized		101
Unrealized investment gains (losses) during the period		(1,332)
Unrealized investment gains (losses) relating to:
Insurance liability gain (loss) recognition		436
DAC and VOBA related to noncredit OTTI losses recognized in AOCI		(10)
DAC and VOBA		243
Policyholder dividend obligation		229
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI		(32)
Deferred income tax benefit (expense)		185
Net unrealized investment gains (losses)		14,239
Net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Balance, end of period	$	14,237
Change in net unrealized investment gains (losses)	$	(180)
Change in net unrealized investment gains (losses) attributable to noncontrolling interests		(2)
Change in net unrealized investment gains (losses) attributable to MetLife, Inc.	$	(182)

Securities Lending

	March 31, 2013		December 31, 2012
	(In millions)
Securities on loan: (1)
Amortized cost	$	27,034	$	23,380
Estimated fair value	$	29,605	$	27,077
Cash collateral on deposit from counterparties (2)	$	30,284	$	27,727
Security collateral on deposit from counterparties (3)	$	23	$	104
Reinvestment portfolio — estimated fair value	$	30,776	$	28,112

(1) Included within fixed maturity securities, short-term investments, equity securities and cash and cash equivalents.

(2) Included within payables for collateral under securities loaned and other transactions.

(3) Security collateral on deposit from counterparties may not be sold or repledged, unless the counterparty is in default, and is not reflected in the consolidated financial statements.

Invested Assets on Deposit, Held in Trust and Pledged as Collateral

	March 31, 2013		December 31, 2012
	(In millions)
Invested assets on deposit (regulatory deposits)	$	2,335	$	2,362
Invested assets held in trust (collateral financing arrangements and reinsurance agreements)		11,702		12,434
Invested assets pledged as collateral (1)		23,763		23,251
Total invested assets on deposit, held in trust and pledged as collateral	$	37,800	$	38,047

(1) The Company has pledged fixed maturity securities, mortgage loans and cash and cash equivalents in connection with various agreements and transactions, including funding and advances agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report), collateral financing arrangements (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report) and derivative transactions (see Note 7).

The Components of Net Investment Income

	Three Months Ended March 31,
	2013		2012
	(In millions)
Investment income:
Fixed maturity securities	$	3,826	$	3,808
Equity securities		24		32
FVO and trading securities — Actively Traded Securities and FVO general account securities (1)		21		45
Mortgage loans		738		830
Policy loans		155		158
Real estate and real estate joint ventures		193		177
Other limited partnership interests		246		182
Cash, cash equivalents and short-term investments		49		36
International joint ventures		(14)		3
Other		63		41
Subtotal		5,301		5,312
Less: Investment expenses		300		259
Subtotal, net		5,001		5,053
FVO and trading securities — FVO contractholder-directed unit-linked investments (1)		1,039		1,015
Securitized reverse residential mortgage loans		—		85
FVO CSEs — interest income:
Commercial mortgage loans		37		45
Securities		—		2
Subtotal		1,076		1,147
Net investment income	$	6,077	$	6,200

(1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were:

	Three Months Ended March 31,
	2013		2012
	(In millions)
Actively Traded Securities and FVO general account securities	$	13	$	29
FVO contractholder-directed unit-linked investments	$	956	$	877

The components of net investment gains (losses)

	Three Months Ended March 31,
	2013		2012
	(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:
Finance	$	(10)	$	(32)
Consumer		(8)		(3)
Utility		(5)		(38)
Communications		—		(17)
Industrial		—		(1)
Total U.S. and foreign corporate securities		(23)		(91)
RMBS		(37)		(9)
CMBS		—		(30)
ABS		—		(2)
State and political subdivision		—		(1)
OTTI losses on fixed maturity securities recognized in earnings		(60)		(133)
Fixed maturity securities — net gains (losses) on sales and disposals		369		(7)
Total gains (losses) on fixed maturity securities (1)		309		(140)
Total gains (losses) on equity securities:
Total OTTI losses recognized — by sector:
Non-redeemable preferred stock		(20)		—
Common stock		(1)		(15)
OTTI losses on equity securities recognized in earnings		(21)		(15)
Equity securities — net gains (losses) on sales and disposals		(6)		6
Total gains (losses) on equity securities		(27)		(9)
FVO and trading securities — FVO general account securities — changes in estimated fair value		4		4
Mortgage loans (1)		12		36
Real estate and real estate joint ventures		(14)		(4)
Other limited partnership interests		—		(2)
Other investment portfolio gains (losses)		7		(25)
Subtotal — investment portfolio gains (losses) (1)		291		(140)
FVO CSEs — changes in estimated fair value subsequent to consolidation:
Commercial mortgage loans		(13)		6
Long-term debt — related to commercial mortgage loans		22		—
Long-term debt — related to securities		(1)		(11)
Non-investment portfolio gains (losses) (2)		15		35
Subtotal FVO CSEs and non-investment portfolio gains (losses)		23		30
Total net investment gains (losses)	$	314	$	(110)

(1) For the three months ended March 31, 2012, net investment gains (losses) includes a net gain of $95 million, as a result of the MetLife Bank Divestiture, which is comprised of gains (losses) on investments sold of $102 million, and impairments on mortgage loans of ($7) million. See Note 3.

(2) Non-investment portfolio gains (losses) for the three months ended March 31, 2013 includes a gain of $30 million related to the MetLife Bank Divestiture. See Note 3.

Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses

	Three Months Ended March 31,
	2013		2012		2013		2012		2013		2012
	Fixed Maturity Securities				Equity Securities				Total
	(In millions)
Proceeds	$	19,550	$	19,394	$	86	$	125	$	19,636	$	19,519
Gross investment gains	$	500	$	325	$	8	$	10	$	508	$	335
Gross investment losses		(131)		(332)		(14)		(4)		(145)		(336)
Total OTTI losses recognized in earnings:
Credit-related		(42)		(73)		—		—		(42)		(73)
Other (1)		(18)		(60)		(21)		(15)		(39)		(75)
Total OTTI losses recognized in earnings		(60)		(133)		(21)		(15)		(81)		(148)
Net investment gains (losses)	$	309	$	(140)	$	(27)	$	(9)	$	282	$	(149)

(1) Other OTTI losses recognized in earnings include impairments on (i) equity securities, (ii) perpetual hybrid securities classified within fixed maturity securities where the primary reason for the impairment was the severity and/or the duration of an unrealized loss position and (iii) fixed maturity securities where there is an intent to sell or it is more likely than not that the Company will be required to sell the security before recovery of the decline in estimated fair value.

Rollforward of the Cumulative Credit Loss Component of OTTI income (loss)

	Three Months Ended March 31,
	2013		2012
	(In millions)
Balance, beginning of period	$	392	$	471
Additions:
Initial impairments — credit loss OTTI recognized on securities not previously impaired		1		16
Additional impairments — credit loss OTTI recognized on securities previously impaired		35		6
Reductions:
Sales (maturities, pay downs or prepayments) during the period of securities previously impaired as credit loss OTTI		(30)		(104)
Securities impaired to net present value of expected future cash flows		—		(8)
Balance, end of period	$	398	$	381

Variable Interest Entity, Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

	March 31, 2013				December 31, 2012
	Total      Assets		Total   Liabilities		Total      Assets		Total   Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,449	$	—	$	3,439	$	—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (2)		2,453		2,282		2,730		2,545
Operating joint venture (3)		2,364		1,976		—		—
Investments:
Other limited partnership interests		187		14		356		8
FVO and trading securities		67		—		71		—
Other invested assets		85		—		85		—
Real estate joint ventures		11		14		11		14
Total	$	8,616	$	4,286	$	6,692	$	2,567

(1) See Note 13 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. These assets primarily consist of fixed maturity securities.

(2) The Company consolidates former qualified special purpose entities (“QSPEs”) that are structured as CMBS and as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. The assets and liabilities of these CSEs are primarily commercial mortgage loans held-for-investment and long-term debt, respectively. The Company’s exposure was limited to that of its remaining investment in the former QSPEs of $155 million and $168 million at estimated fair value at March 31, 2013 and December 31, 2012, respectively. The long-term debt bears interest primarily at fixed rates ranging from 2.25% to 5.57%, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was $33 million and $43 million for the three months ended March 31, 2013 and 2012, respectively.

(3) Assets of the operating joint venture are primarily fixed maturity securities and separate account assets. Liabilities of the operating joint venture are primarily future policy benefits, other policyholder funds and separate account liabilities. The assets and liabilities of the operating joint venture were consolidated in earlier periods, however as a result of the quarterly reassessment in the first quarter of 2013 it was determined to be a consolidated VIE.

Variable Interest Entity, Not Primary Beneficiary [Member]

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities [Table Text Block]

	March 31, 2013				December 31, 2012
	Carrying      Amount		Maximum Exposure     to Loss (1)		Carrying      Amount		Maximum Exposure     to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, CMBS and ABS) (2)	$	70,358	$	70,358	$	72,605	$	72,605
U.S. and foreign corporate		5,150		5,150		5,287		5,287
Other limited partnership interests		4,717		6,259		4,436		5,908
Other invested assets		1,210		1,469		1,117		1,431
FVO and trading securities		603		603		563		563
Mortgage loans		199		199		351		351
Real estate joint ventures		114		119		150		157
Equity securities AFS:
Non-redeemable preferred		33		33		32		32
Total	$	82,384	$	84,190	$	84,541	$	86,334

(1) The maximum exposure to loss relating to fixed maturity securities and the FVO and trading securities is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments of the Company. The maximum exposure to loss relating to mortgage loans is equal to the carrying amounts plus any unfunded commitments of the Company. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $309 million and $318 million at March 31, 2013 and December 31, 2012, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.

(2) For these variable interests, the Company’s involvement is limited to that of a passive investor.

Commercial mortgage loans portfolio segment [Member]

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

	Recorded Investment											Estimated    Fair Value		% of      Total
	Debt Service Coverage Ratios								% of      Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total
	(In millions)											(In millions)
March 31, 2013:
Loan-to-value ratios:
Less than 65%	$	29,872	$	701	$	363	$	30,936		78.1	%	$	33,682		79.2	%
65% to 75%		4,864		645		158		5,667		14.3			5,912		13.9
76% to 80%		918		297		341		1,556		3.9			1,582		3.7
Greater than 80%		1,066		183		197		1,446		3.7			1,342		3.2
Total	$	36,720	$	1,826	$	1,059	$	39,605		100.0	%	$	42,518		100.0	%
December 31, 2012:
Loan-to-value ratios:
Less than 65%	$	29,839	$	730	$	722	$	31,291		77.3	%	$	33,730		78.3	%
65% to 75%		5,057		672		153		5,882		14.6			6,129		14.2
76% to 80%		938		131		316		1,385		3.4			1,436		3.3
Greater than 80%		1,085		552		277		1,914		4.7			1,787		4.2
Total	$	36,919	$	2,085	$	1,468	$	40,472		100.0	%	$	43,082		100.0	%

Agricultural [Member]

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Loan-to-value ratios:
Less than 65%	$	11,676		92.2	%	$	11,908		92.7	%
65% to 75%		679		5.4			590		4.6
76% to 80%		79		0.6			92		0.7
Greater than 80%		235		1.8			253		2.0
Total	$	12,669		100.0	%	$	12,843		100.0	%

Residential [Member]

Mortgage Loans on Real Estate [Line Items]

Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories

	March 31, 2013					December 31, 2012
	Recorded      Investment		% of     Total			Recorded      Investment		% of     Total
	(In millions)					(In millions)
Performance indicators:
Performing	$	967		97.3	%	$	929		97.0	%
Nonperforming		27		2.7			29		3.0
Total	$	994		100.0	%	$	958		100.0	%

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Fair Value (Narrative) (Details) (USD $) In Millions, unless otherwise specified				3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Maximum [Member]	Mar. 31, 2013 Non Recurring [Member] Other limited partnership interests [Member]	Mar. 31, 2012 Non Recurring [Member] Other limited partnership interests [Member]	Mar. 31, 2013 Non Recurring [Member] Real estate joint ventures [Member]	Mar. 31, 2012 Non Recurring [Member] Real estate joint ventures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unfunded commitment for investments						$ 0	$ 0	$ 0	$ 0
Liquidation period for other limited partnership interests				2 years	10 years
Liquidation period for real estate joint venture commitments				1 year	10 years
Fair Value (Textuals) [Abstract]
Call options in equity securities	(147)	(88)
Call options in fixed maturity securities	0	0
From Level 1 to Level 2	0		0
From Level 2 to Level 1	0		0
From Level 1 to Level 2	0		0
From Level 2 to Level 1	$ 0		$ 0

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Investments (Mortgage Loans by Portfolio Segment) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2012	Dec. 31, 2011
Company-held mortgage loans held-for-investment, net
Commercial mortgage loans	$ 39,605	$ 40,472
Percentage of loans receivable on commercial mortgage loans	71.20%	71.00%
Agricultural mortgage loans	12,669	12,843
Percentage of loans receivable on agricultural mortgage loans	22.80%	22.50%
Residential mortgage loans	994	958
Percentage of loans receivable on residential mortgage loans	1.80%	1.70%
Subtotal	53,268	54,273
Percentage of loans receivable on subtotal	95.80%	95.20%
Valuation allowances	(332)	(347)	(446)	(481)
Percentage of loans receivable on valuation allowances	(0.60%)	(0.60%)
Subtotal mortgage loans held-for-investment, net	52,936	53,926
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net	95.20%	94.60%
Commercial mortgage loans held by consolidated securitization entities - fair value option	2,407	2,666
Percentage of loans receivable on commercial mortgage loans held by consolidated securitization entities - fair value option	4.30%	4.70%
Mortgage loans, at estimated fair value, relating to variable interest entities	55,343	56,592
Percentage of loans receivable on mortgage loans, at estimated fair value	99.50%	99.30%
Mortgage loans held-for-sale
Residential mortgage loans - FVO	2	49
Percentage of loans held for sale on residential mortgage loans - FVO	0.00%	0.10%
Mortgage loans - lower of amortized cost or estimated fair value	269	365
Percentage of loans held for sale on mortgage loans - lower of amortized cost or estimated fair value	0.50%	0.60%
Held-for-sale, principally at estimated fair value (includes $2 and $49, respectively, under the fair value option)	271	414
Percentage of loans held for sale on held-for-sale, principally at estimated fair value	0.50%	0.70%
Total mortgage loans, net	$ 55,614	$ 57,006
Percentage of loans held for sale on total mortgage loans, net	100.00%	100.00%

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Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) (USD $)			3 Months Ended					3 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Maximum [Member]	Mar. 31, 2013 Superfund Site Settlement Agreements [Member] Claims	Mar. 31, 2013 Merrill Haviland, et Al v. Metropolitan Life Insurance Company [Member] Plaintiffs	Mar. 31, 2012 Unclaimed Property [Member]	Mar. 31, 2013 Derivative Actions And Demands [Member] Plaintiffs	Mar. 31, 2013 MetLife Bank Mortgage Regulatory and Law Enforcement Authorities' Inquiries [Member]	Mar. 31, 2013 Total Asset Recovery Services, LLC Florida v. MetLife, Inc et Al [Member] Contracts	Nov. 26, 2012 Roberts, et al. v. Tishman Speyer Properties, et Al [Member]	Mar. 31, 2013 Asbestos Related Claims [Member] Claims	Mar. 31, 2012 Asbestos Related Claims [Member] Claims	Dec. 31, 2012 Asbestos Related Claims [Member] Claims
Loss Contingencies
After tax charge for the multistate examination payment and the expected acceleration of benefit payments to policyholders under settlements					$ 52,000,000
Number of regulatory matters and other claims			2
Damages Sought			less than $1 million and an additional amount
Damages Sought								767,000,000
Assumed average face amount of life insurance policies in lawsuit								120,000
Number of life insurance contracts named in legal action								9,022
Number of plaintiffs				45		5
Loss Contingency, Range of Possible Loss, Maximum							3,200,000
Maximum estimate of aggregate costs to resolve matter			1,000,000
Maximum estimate of costs for environmental testing			100,000
The approximate amount of the aggregate range of reasonably possible losses in excess of amounts accrued for matters as to which an estimate can be made	0	315,000,000
Loss Contingency, Damages Paid, Value							$ 46,000,000		$ 10,500,000
Asbestos-Related Claims										1,435	1,214	5,303

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Insurance (Guarantees Related to Annuity Contracts) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Variable Annuity Guarantees [Member] | Guaranteed Death Benefits [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	$ 191,877	$ 184,095
Separate account value in event of death	152,741	143,893
Net amount at risk in event of death	6,279	9,501
Average attained age of contractholders	63 years	62 years
Variable Annuity Guarantees [Member] | Guaranteed Annuitization Benefits [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	94,429	89,137
Separate account value at annuitization	89,992	84,354
Net amount at risk at annuitization	2,978	4,593
Average attained age of contractholders	64 years	62 years
Two Tier Annuities [Member] | Guaranteed Annuitization Benefits [Member]
Net Amount at Risk by Product and Guarantee [Line Items]
Account value	856	848
Net amount at risk at annuitization	$ 224	$ 232
Average attained age of contractholders	52 years	51 years

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Subsequent Event (Narrative) (Details) (Subsequent Event [Member], USD $) In Millions, except Per Share data, unless otherwise specified	Jun. 30, 2013
Subsequent Event [Member]
Subsequent Event [Line Items]
Approved dividend, amount per share	$ 0.275
Estimated aggregate dividend payment	$ 302

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Consolidated Statements of Equity (Unaudited) (USD $) In Millions	Total	Noncontrolling Interests [Member]		Total MetLife, Inc.'s Stockholders' Equity [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock at Cost [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) Net Unrealized Investment Gains (Losses) [Member]	Accumulated Other Comprehensive Income (Loss) Other-Than-Temporary Impairments [Member]	Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments [Member]	Accumulated Other Comprehensive Income (Loss) Defined Benefit Plans Adjustment [Member]
Beginning Balance at Dec. 31, 2011	$ 57,889	$ 370		$ 57,519	$ 1	$ 11	$ 26,782	$ (172)	$ 24,814	$ 9,115	$ (441)	$ (648)	$ (1,943)
Stock-based compensation	138			138			138
Dividends on preferred stock	(30)			(30)					(30)
Change in equity of noncontrolling interests	(41)	(41)
Net income (loss)	(136)	8	[1]	(144)					(144)
Other comprehensive income (loss), net of income tax	1,190	7		1,183						814	31	313	25
Ending Balance at Mar. 31, 2012	59,010	344		58,666	1	11	26,920	(172)	24,640	9,929	(410)	(335)	(1,918)
Beginning Balance at Dec. 31, 2012	64,837	384		64,453	1	11	28,011	(172)	25,205	14,642	(223)	(533)	(2,489)
Stock-based compensation	100			100			100
Dividends on preferred stock	(30)			(30)					(30)
Dividends on common stock	(203)			(203)					(203)
Change in equity of noncontrolling interests	(10)	29		(39)			(39)
Net income (loss)	992	6	[1]	986					986
Other comprehensive income (loss), net of income tax	(814)	3		(817)						(241)	59	(672)	37
Ending Balance at Mar. 31, 2013	$ 64,872	$ 422		$ 64,450	$ 1	$ 11	$ 28,072	$ (172)	$ 25,958	$ 14,401	$ (164)	$ (1,205)	$ (2,452)

[1] Net income (loss) at March 31, 2013 and 2012, attributable to noncontrolling interests excludes gains (losses) of redeemable noncontrolling interests in partially-owned consolidated subsidiaries of less than $1 million and $16 million, respectively.

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Fair Value (Recurring Fair Value Measurements) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Assets [Abstract]
Short-term investments	$ 13,653	$ 16,906
Mortgage Loans on Real Estate, Commercial and Consumer, Net	55,343	56,592
Mortgage loans held-for-sale	2	49
Total derivative assets	12,823	13,777
Other Investments	20,269	21,145
Net embedded derivatives within asset host contracts	273	418
Separate account assets	249,220	235,393
Liabilities [Abstract]
Total derivative liabilities	5,294	5,536
Net embedded derivatives within liability host contracts	2,018	3,684
Variable interest entities [Member]
Assets [Abstract]
Short-term investments	14	0
Mortgage Loans on Real Estate, Commercial and Consumer, Net	2,454	2,715
Other Investments	81	81
Separate account assets	1,218	0
Recurring [Member]
Assets [Abstract]
Actively Traded Securities	16,588	16,348
Short-term investments	12,746	16,150
Total mortgage loans	2,409	2,715
Mortgage loans held-for-sale	2	49
Investment funds	265	426
Total derivative assets	12,823	13,777
Other Investments	13,088	14,203
Net embedded derivatives within asset host contracts	420	506
Separate account assets	249,220	235,393
Total assets	671,953	662,472
Liabilities [Abstract]
Total derivative liabilities	5,294	5,536
Net embedded derivatives within liability host contracts	2,018	3,684
Trading liabilities	155	163
Total liabilities	9,735	11,910
Recurring [Member] | Interest rate contracts [Member]
Assets [Abstract]
Total derivative assets	9,153	9,855
Liabilities [Abstract]
Total derivative liabilities	2,800	3,068
Recurring [Member] | Foreign currency contracts [Member]
Assets [Abstract]
Total derivative assets	1,285	867
Liabilities [Abstract]
Total derivative liabilities	1,260	1,528
Recurring [Member] | Credit contracts [Member]
Assets [Abstract]
Total derivative assets	105	90
Liabilities [Abstract]
Total derivative liabilities	45	39
Recurring [Member] | Equity market contracts [Member]
Assets [Abstract]
Total derivative assets	2,280	2,965
Liabilities [Abstract]
Total derivative liabilities	1,189	901
Recurring [Member] | Trading Account Assets [Member]
Assets [Abstract]
Actively Traded Securities	792	659
Recurring [Member] | FVO general account securities [Member]
Assets [Abstract]
Actively Traded Securities	189	183
Recurring [Member] | FVO contractholder-directed unit-linked investments [Member]
Assets [Abstract]
Actively Traded Securities	15,572	15,465
Recurring [Member] | FVO securities held by consolidated securitization entities [Member]
Assets [Abstract]
Actively Traded Securities	35	41
Recurring [Member] | Variable interest entities [Member]
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	2,407	2,666
Liabilities [Abstract]
Long-term debt of CSEs	2,268	2,527
Recurring [Member] | Fixed maturity securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	374,294	374,266
Recurring [Member] | U.S. corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	113,006	114,126
Recurring [Member] | Foreign corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	66,086	67,184
Recurring [Member] | Foreign government debt securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	55,435	57,336
Recurring [Member] | RMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	36,347	37,479
Recurring [Member] | U.S. Treasury and agency securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	54,457	47,967
Recurring [Member] | CMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	17,897	19,129
Recurring [Member] | ABS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	16,114	15,997
Recurring [Member] | State and political subdivision securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	14,952	15,048
Recurring [Member] | Equity Securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	3,188	2,891
Recurring [Member] | Common Stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	2,282	2,162
Recurring [Member] | Non-redeemable preferred stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	906	729
Recurring [Member] | Level 1 [Member]
Assets [Abstract]
Actively Traded Securities	9,599	9,110
Short-term investments	4,986	9,426
Total mortgage loans	0	0
Mortgage loans held-for-sale	0	0
Investment funds	165	303
Total derivative assets	3	19
Other Investments	168	322
Net embedded derivatives within asset host contracts	0	0
Separate account assets	33,790	31,620
Total assets	81,015	78,851
Liabilities [Abstract]
Total derivative liabilities	23	170
Net embedded derivatives within liability host contracts	0	0
Trading liabilities	155	163
Total liabilities	178	333
Recurring [Member] | Level 1 [Member] | Interest rate contracts [Member]
Assets [Abstract]
Total derivative assets	1	1
Liabilities [Abstract]
Total derivative liabilities	16	38
Recurring [Member] | Level 1 [Member] | Foreign currency contracts [Member]
Assets [Abstract]
Total derivative assets	1	4
Liabilities [Abstract]
Total derivative liabilities	0	0
Recurring [Member] | Level 1 [Member] | Credit contracts [Member]
Assets [Abstract]
Total derivative assets	0	0
Liabilities [Abstract]
Total derivative liabilities	0	0
Recurring [Member] | Level 1 [Member] | Equity market contracts [Member]
Assets [Abstract]
Total derivative assets	1	14
Liabilities [Abstract]
Total derivative liabilities	7	132
Recurring [Member] | Level 1 [Member] | Trading Account Assets [Member]
Assets [Abstract]
Actively Traded Securities	6	7
Recurring [Member] | Level 1 [Member] | FVO general account securities [Member]
Assets [Abstract]
Actively Traded Securities	0	0
Recurring [Member] | Level 1 [Member] | FVO contractholder-directed unit-linked investments [Member]
Assets [Abstract]
Actively Traded Securities	9,593	9,103
Recurring [Member] | Level 1 [Member] | FVO securities held by consolidated securitization entities [Member]
Assets [Abstract]
Actively Traded Securities	0	0
Recurring [Member] | Level 1 [Member] | Variable interest entities [Member]
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Liabilities [Abstract]
Long-term debt of CSEs	0	0
Recurring [Member] | Level 1 [Member] | Fixed maturity securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	31,431	27,441
Recurring [Member] | Level 1 [Member] | U.S. corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | Foreign corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | Foreign government debt securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | RMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,148	0
Recurring [Member] | Level 1 [Member] | U.S. Treasury and agency securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	30,283	27,441
Recurring [Member] | Level 1 [Member] | CMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | ABS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | State and political subdivision securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 1 [Member] | Equity Securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,041	932
Recurring [Member] | Level 1 [Member] | Common Stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,041	932
Recurring [Member] | Level 1 [Member] | Non-redeemable preferred stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	0	0
Recurring [Member] | Level 2 [Member]
Assets [Abstract]
Actively Traded Securities	6,100	6,263
Short-term investments	5,630	6,295
Total mortgage loans	2,407	2,666
Mortgage loans held-for-sale	0	0
Investment funds	100	123
Total derivative assets	12,205	12,992
Other Investments	12,305	13,115
Net embedded derivatives within asset host contracts	1	1
Separate account assets	214,211	202,568
Total assets	563,176	556,663
Liabilities [Abstract]
Total derivative liabilities	4,729	4,985
Net embedded derivatives within liability host contracts	15	17
Trading liabilities	0	0
Total liabilities	6,981	7,485
Recurring [Member] | Level 2 [Member] | Interest rate contracts [Member]
Assets [Abstract]
Total derivative assets	8,989	9,648
Liabilities [Abstract]
Total derivative liabilities	2,765	3,001
Recurring [Member] | Level 2 [Member] | Foreign currency contracts [Member]
Assets [Abstract]
Total derivative assets	1,245	819
Liabilities [Abstract]
Total derivative liabilities	1,251	1,521
Recurring [Member] | Level 2 [Member] | Credit contracts [Member]
Assets [Abstract]
Total derivative assets	67	47
Liabilities [Abstract]
Total derivative liabilities	45	39
Recurring [Member] | Level 2 [Member] | Equity market contracts [Member]
Assets [Abstract]
Total derivative assets	1,904	2,478
Liabilities [Abstract]
Total derivative liabilities	668	424
Recurring [Member] | Level 2 [Member] | Trading Account Assets [Member]
Assets [Abstract]
Actively Traded Securities	772	646
Recurring [Member] | Level 2 [Member] | FVO general account securities [Member]
Assets [Abstract]
Actively Traded Securities	145	151
Recurring [Member] | Level 2 [Member] | FVO contractholder-directed unit-linked investments [Member]
Assets [Abstract]
Actively Traded Securities	5,148	5,425
Recurring [Member] | Level 2 [Member] | FVO securities held by consolidated securitization entities [Member]
Assets [Abstract]
Actively Traded Securities	35	41
Recurring [Member] | Level 2 [Member] | Variable interest entities [Member]
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	2,407	2,666
Liabilities [Abstract]
Long-term debt of CSEs	2,237	2,483
Recurring [Member] | Level 2 [Member] | Fixed maturity securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	320,965	324,405
Recurring [Member] | Level 2 [Member] | U.S. corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	106,580	106,693
Recurring [Member] | Level 2 [Member] | Foreign corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	60,261	60,976
Recurring [Member] | Level 2 [Member] | Foreign government debt securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	53,232	55,522
Recurring [Member] | Level 2 [Member] | RMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	32,773	35,442
Recurring [Member] | Level 2 [Member] | U.S. Treasury and agency securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	24,059	20,455
Recurring [Member] | Level 2 [Member] | CMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	16,813	17,982
Recurring [Member] | Level 2 [Member] | ABS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	12,348	12,341
Recurring [Member] | Level 2 [Member] | State and political subdivision securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	14,899	14,994
Recurring [Member] | Level 2 [Member] | Equity Securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,557	1,350
Recurring [Member] | Level 2 [Member] | Common Stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,052	1,040
Recurring [Member] | Level 2 [Member] | Non-redeemable preferred stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	505	310
Recurring [Member] | Level 3 [Member]
Assets [Abstract]
Actively Traded Securities	889	975
Short-term investments	2,130	429
Total mortgage loans	2	49
Mortgage loans held-for-sale	2	49
Investment funds	0	0
Total derivative assets	615	766
Other Investments	615	766
Net embedded derivatives within asset host contracts	419	505
Separate account assets	1,219	1,205
Total assets	27,762	26,958
Liabilities [Abstract]
Total derivative liabilities	542	381
Net embedded derivatives within liability host contracts	2,003	3,667
Trading liabilities	0	0
Total liabilities	2,576	4,092
Recurring [Member] | Level 3 [Member] | Interest rate contracts [Member]
Assets [Abstract]
Total derivative assets	163	206
Liabilities [Abstract]
Total derivative liabilities	19	29
Recurring [Member] | Level 3 [Member] | Foreign currency contracts [Member]
Assets [Abstract]
Total derivative assets	39	44
Liabilities [Abstract]
Total derivative liabilities	9	7
Recurring [Member] | Level 3 [Member] | Credit contracts [Member]
Assets [Abstract]
Total derivative assets	38	43
Liabilities [Abstract]
Total derivative liabilities	0	0
Recurring [Member] | Level 3 [Member] | Equity market contracts [Member]
Assets [Abstract]
Total derivative assets	375	473
Liabilities [Abstract]
Total derivative liabilities	514	345
Recurring [Member] | Level 3 [Member] | Trading Account Assets [Member]
Assets [Abstract]
Actively Traded Securities	14	6
Recurring [Member] | Level 3 [Member] | FVO general account securities [Member]
Assets [Abstract]
Actively Traded Securities	44	32
Recurring [Member] | Level 3 [Member] | FVO contractholder-directed unit-linked investments [Member]
Assets [Abstract]
Actively Traded Securities	831	937
Recurring [Member] | Level 3 [Member] | FVO securities held by consolidated securitization entities [Member]
Assets [Abstract]
Actively Traded Securities	0	0
Recurring [Member] | Level 3 [Member] | Variable interest entities [Member]
Assets [Abstract]
Mortgage Loans on Real Estate, Commercial and Consumer, Net	0	0
Liabilities [Abstract]
Long-term debt of CSEs	31	44
Recurring [Member] | Level 3 [Member] | Fixed maturity securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	21,898	22,420
Recurring [Member] | Level 3 [Member] | U.S. corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	6,426	7,433
Recurring [Member] | Level 3 [Member] | Foreign corporate securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	5,825	6,208
Recurring [Member] | Level 3 [Member] | Foreign government debt securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	2,203	1,814
Recurring [Member] | Level 3 [Member] | RMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	2,426	2,037
Recurring [Member] | Level 3 [Member] | U.S. Treasury and agency securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	115	71
Recurring [Member] | Level 3 [Member] | CMBS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	1,084	1,147
Recurring [Member] | Level 3 [Member] | ABS [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	3,766	3,656
Recurring [Member] | Level 3 [Member] | State and political subdivision securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	53	54
Recurring [Member] | Level 3 [Member] | Equity Securities [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	590	609
Recurring [Member] | Level 3 [Member] | Common Stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	189	190
Recurring [Member] | Level 3 [Member] | Non-redeemable preferred stock [Member]
Assets [Abstract]
Available-for-sale securities, fair value disclosure	$ 401	$ 419

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Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2013

Acquisitions and Dispositions [Abstract]

Acquisitions and Dispositions

3. Acquisitions and Dispositions

2013 Pending Acquisition

Provida

On February 1, 2013, MetLife, Inc. announced that it has entered into a definitive agreement with Banco Bilbao Vizcaya Argentaria, S.A. (“BBVA”) and BBVA Inversiones Chile S.A. (“BBVA Inversiones,” and, together with BBVA, the “BBVA Sellers”) to acquire Administradora de Fondos de Pensiones Provida S.A. (“Provida”), the largest private pension fund administrator in Chile by assets under management and number of contributors. Under the terms of the agreement, MetLife will conduct a public cash tender offer for all of the outstanding shares of Provida, and the BBVA Sellers have agreed to transfer their 64.3% stake to MetLife. Assuming all publicly-held shares are tendered, the purchase price, which MetLife, Inc. and certain of its subsidiaries will fund from their existing cash balances, would be approximately $2 billion. The transaction is anticipated to close in the third quarter of 2013, subject to receipt of certain regulatory approvals and other customary conditions.

2013 Disposition

MetLife Bank

On January 11, 2013, MetLife Bank and MetLife, Inc. completed the sale of MetLife Bank’s $6.4 billion of deposits to GE Capital Retail Bank for $6.4 billion in net consideration paid. On February 14, 2013, MetLife, Inc. announced that it had received the required approvals from both the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve (the “Federal Reserve Board”) to de-register as a bank holding company.

MetLife Bank has sold or has otherwise committed to exit substantially all of its operations. In conjunction with exiting its businesses (the “MetLife Bank Divestiture”), for the three months ended March 31, 2013 and 2012, the Company recorded net gains (losses) of ($59) million and $7 million, respectively, net of income tax, related to the gain on disposal of the depository business and other costs related to MetLife Bank’s businesses. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. The Company expects to incur additional charges of $80 million to $105 million, net of income tax, exclusive of incremental legal settlements, related to exiting MetLife Bank’s businesses. See Note 13.

Each of the businesses that were exited could not be separated from the rest of the MetLife Bank operations since the Company did not separately manage or report the businesses as a reportable segment, operating segment, or reporting unit. As a result, the businesses have not been reported as discontinued operations in the consolidated financial statements.

2010 Acquisition

American Life Insurance Company

Branch Restructuring

During the first quarter of 2013, and in accordance with the closing agreement, American Life Insurance Company (“American Life”) entered into on March 4, 2010 (the “Closing Agreement”) with the Commissioner of the Internal Revenue Service (see Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report), the Company transferred the business of Portugal and Spain to wholly-owned subsidiaries. The deferred tax asset valuation allowance associated with this branch restructuring was reduced from $25 million at December 31, 2012 to $0 at March 31, 2013. For further information, see Note 19 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report.

A liability of $277 million was recognized in purchase accounting at November 1, 2010 for the anticipated and estimated costs associated with restructuring American Life’s foreign branches into subsidiaries in connection with the Closing Agreement. This liability has been reduced based on payments and revised estimates through March 31, 2013 resulting in a liability of $56 million at March 31, 2013.

Japan Income Tax Refund

In December 2012, the Tokyo District Court ruled in favor of the Japan branch of American Life in a tax case related to the deduction of unrealized foreign exchange losses on certain securities held by American Life prior to its acquisition by MetLife. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report. During the first quarter of 2013, American Life received a refund of ¥16 billion ($176 million) related to income tax, interest and penalties. Under the indemnification provisions of the stock purchase agreement dated March 7, 2010, as amended, by and among MetLife, Inc., American International Group, Inc. (“AIG”) and AM Holdings LLC (formerly known as ALICO Holdings LLC), MetLife Inc. is required to remit the refund to AIG, net of certain amounts it can retain as a counter claim. The receipt of the refund, net of obligations to AIG with related foreign currency exchange impact and corresponding U.S. tax effects, resulted in a net charge of $24 million in the interim condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2013, which was comprised of a $154 million charge included in other expenses, an $11 million gain included in other net investment gains (losses) and a $119 million benefit included in provision for income tax expense (benefit).

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Investments (Changes in Net Unrealized Investment Gains Losses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract]
Balance, beginning of period	$ 14,419
Fixed maturity securities on which noncredit OTTI losses have been recognized	101
Unrealized investment gains (losses) during the year	(1,332)
Unrealized investment gains (losses) relating to [Abstract]
Insurance liability gain (loss) recognition	436
DAC and VOBA related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)	(10)
DAC and VOBA	243
Policyholder dividend obligation	229
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in accumulated other comprehensive income (loss)	(32)
Deferred income tax benefit (expense)	185
Net unrealized investment gains (losses)	14,239
Net unrealized investment gains (losses) attributable to noncontrolling interests	(2)
Balance, end of period	14,237
Changes in net unrealized investment gains (losses)	(180)
Changes in net unrealized investment gains (losses) attributable to noncontrolling interests	(2)
Changes in net unrealized investment gains (losses) attributable to MetLife, Inc.	$ (182)

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Derivatives (Credit Derivatives) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	$ 88	$ 74
Maximum Amount of Future Payments under Credit Default Swaps	8,909	8,879
Weighted Average Years to Maturity	3 years 8 months 12 days	3 years 7 months 6 days
Aaa/Aa/A [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	45	52
Maximum Amount of Future Payments under Credit Default Swaps	3,430	3,490
Weighted Average Years to Maturity	2 years	2 years 2 months 12 days
Aaa/Aa/A [Member] | Single name credit default swaps (corporate) [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	9	10
Maximum Amount of Future Payments under Credit Default Swaps	717	777
Weighted Average Years to Maturity	2 years 6 months 0 days	2 years 8 months 12 days
Aaa/Aa/A [Member] | Credit default swaps referencing indices [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	36	42
Maximum Amount of Future Payments under Credit Default Swaps	2,713	2,713
Weighted Average Years to Maturity	1 year 9 months 18 days	2 years 1 month 6 days
Baa [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	33	19
Maximum Amount of Future Payments under Credit Default Swaps	5,154	5,064
Weighted Average Years to Maturity	4 years 8 months 12 days	4 years 6 months 0 days
Baa [Member] | Single name credit default swaps (corporate) [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	12	8
Maximum Amount of Future Payments under Credit Default Swaps	1,209	1,314
Weighted Average Years to Maturity	3 years 4 months 24 days	3 years 4 months 24 days
Baa [Member] | Credit default swaps referencing indices [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	21	11
Maximum Amount of Future Payments under Credit Default Swaps	3,945	3,750
Weighted Average Years to Maturity	5 years 1 month 6 days	4 years 10 months 24 days
Ba [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	0	0
Maximum Amount of Future Payments under Credit Default Swaps	25	25
Weighted Average Years to Maturity	2 years 4 months 24 days	2 years 8 months 12 days
Ba [Member] | Single name credit default swaps (corporate) [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	0	0
Maximum Amount of Future Payments under Credit Default Swaps	25	25
Weighted Average Years to Maturity	2 years 4 months 24 days	2 years 8 months 12 days
Ba [Member] | Credit default swaps referencing indices [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	0	0
Maximum Amount of Future Payments under Credit Default Swaps	0	0
Weighted Average Years to Maturity	0 years	0 years
B [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	10	3
Maximum Amount of Future Payments under Credit Default Swaps	300	300
Weighted Average Years to Maturity	5 years 2 months 12 days	4 years 10 months 24 days
B [Member] | Single name credit default swaps (corporate) [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	0	0
Maximum Amount of Future Payments under Credit Default Swaps	0	0
Weighted Average Years to Maturity	0 years	0 years
B [Member] | Credit default swaps referencing indices [Member]
Credit Derivatives [Line Items]
Estimated Fair Value of Credit Default Swaps	10	3
Maximum Amount of Future Payments under Credit Default Swaps	$ 300	$ 300
Weighted Average Years to Maturity	5 years 2 months 12 days	4 years 10 months 24 days

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Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Contingencies, Commitments and Guarantees (Textuals) [Abstract]
Number of years over which commitments will be invested in partnerships	5 years
Commitments to fund partnership investments	$ 3,500,000,000	$ 3,400,000,000
Liabilities for indemnities, guarantees and commitments	5,000,000	5,000,000
Commitments to Extend Credit [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability	906,000,000	1,200,000,000
Mortgage Loan Commitments [Member]
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items]
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability	$ 3,100,000,000	$ 3,000,000,000

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Investments (Mortgage Loans - Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013 Contracts	Mar. 31, 2012 Contracts	Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Financing Receivable, Significant Purchases	$ 50,000,000	$ 0
Percentage of Mortgage Loans Classified as Performing	99.00%		99.00%
Number of Mortgage Loans	0	0
Agricultural [Member]
Financing Receivable, Recorded Investment [Line Items]
Estimated fair value of mortgage loans held-for-investment	13,100,000,000		13,300,000,000
Number of Mortgage Loans	0	1
Carrying Value after Specific Valuation Allowance	0	8,000,000
Residential [Member]
Financing Receivable, Recorded Investment [Line Items]
Estimated fair value of mortgage loans held-for-investment	$ 1,000,000,000		1,000,000,000

XML

Derivatives (Tables)

3 Months Ended

Mar. 31, 2013

Derivatives [Abstract]

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

		March 31, 2013						December 31, 2012
	Primary Underlying Risk Exposure	Notional Amount		Estimated Fair Value				Notional Amount		Estimated Fair Value
				Assets		Liabilities				Assets		Liabilities
		(In millions)
Derivatives Designated as Hedging Instruments
Fair value hedges:
Interest rate swaps	Interest rate	$	5,438	$	1,802	$	74	$	5,397	$	1,921	$	90
Foreign currency swaps	Foreign currency exchange rate		3,291		252		139		3,187		332		85
Subtotal			8,729		2,054		213		8,584		2,253		175
Cash flow hedges:
Interest rate swaps	Interest rate		3,482		539		7		3,642		705		—
Interest rate forwards	Interest rate		620		101		—		675		139		—
Foreign currency swaps	Foreign currency exchange rate		11,007		351		368		9,038		219		355
Credit forwards	Credit		60		—		—		—		—		—
Subtotal			15,169		991		375		13,355		1,063		355
Foreign operations hedges:
Foreign currency forwards	Foreign currency exchange rate		3,782		90		20		2,552		43		61
Currency options	Foreign currency exchange rate		5,000		137		—		4,375		43		3
Subtotal			8,782		227		20		6,927		86		64
Total qualifying hedges			32,680		3,272		608		28,866		3,402		594
Derivatives Not Designated or Not Qualifying as Hedging Instruments
Interest rate swaps	Interest rate		102,074		4,834		1,920		83,250		5,201		2,043
Interest rate floors	Interest rate		56,246		1,026		709		56,246		1,174		837
Interest rate caps	Interest rate		37,015		81		—		49,465		74		—
Interest rate futures	Interest rate		9,882		1		16		11,684		1		38
Interest rate options	Interest rate		34,474		769		74		16,328		640		60
Synthetic GICs	Interest rate		4,291		—		—		4,162		—		—
Foreign currency swaps	Foreign currency exchange rate		8,694		294		580		8,208		199		736
Foreign currency forwards	Foreign currency exchange rate		10,836		123		153		9,202		26		288
Currency futures	Foreign currency exchange rate		1,542		1		—		1,408		4		—
Currency options	Foreign currency exchange rate		730		37		—		129		1		—
Credit default swaps - purchased	Credit		3,925		14		42		3,674		11		34
Credit default swaps - written	Credit		8,909		91		3		8,879		79		5
Equity futures	Equity market		6,626		1		7		7,008		14		132
Equity options	Equity market		29,624		2,145		588		22,920		2,825		356
Variance swaps	Equity market		21,023		132		486		19,830		122		310
Total rate of return swaps	Equity market		3,541		2		108		3,092		4		103
Total non-designated or non-qualifying derivatives			339,432		9,551		4,686		305,485		10,375		4,942
Total		$	372,112	$	12,823	$	5,294	$	334,351	$	13,777	$	5,536

Components of Net Derivatives Gains (Losses)

	Three Months Ended March 31,
	2013		2012
	(In millions)
Derivatives and hedging gains (losses) (1)	$	(2,314)	$	(3,802)
Embedded derivatives		1,684		1,824
Total net derivative gains (losses)	$	(630)	$	(1,978)

(1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note.

Earned Income On Derivatives And Income Statement Location

	Three Months Ended March 31,
	2013		2012
	(In millions)
Qualifying hedges:
Net investment income	$	36	$	24
Interest credited to policyholder account balances		35		45
Other expenses		(3)		(1)
Non-qualifying hedges:
Net investment income		(1)		(1)
Other revenues		—		18
Net derivative gains (losses)		15		(11)
Policyholder benefits and claims		(65)		(62)
Total	$	17	$	12

Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments

	Net Derivative Gains (Losses)		Net Investment Income (1)		Policyholder Benefits and Claims (2)		Other Revenues (3)
	(In millions)
For the Three Months Ended March 31, 2013:
Interest rate derivatives	$	(233)	$	—	$	2	$	—
Foreign currency exchange rate derivatives		(451)		—		—		—
Credit derivatives - purchased		(6)		(3)		—		—
Credit derivatives - written		32		—		—		—
Equity derivatives		(1,553)		(7)		(274)		—
Total	$	(2,211)	$	(10)	$	(272)	$	—
For the Three Months Ended March 31, 2012:
Interest rate derivatives	$	(1,459)	$	—	$	—	$	(114)
Foreign currency exchange rate derivatives		(342)		—		—		—
Credit derivatives - purchased		(188)		(9)		—		—
Credit derivatives - written		104		—		—		—
Equity derivatives		(1,938)		7		(263)		—
Total	$	(3,823)	$	(2)	$	(263)	$	(114)

(1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures; changes in estimated fair value related to derivatives held in relation to trading portfolios; and changes in estimated fair value related to derivatives held within contractholder-directed unit-linked investments.

(2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits.

(3) Changes in estimated fair value related to derivatives held in connection with the Company’s mortgage banking activities.

Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items

Derivatives in Fair Value Hedging Relationships	Hedged Items in Fair Value Hedging Relationships	Net Derivative Gains (Losses) Recognized for Derivatives		Net Derivative Gains (Losses) Recognized for Hedged Items		Ineffectiveness Recognized in Net Derivative Gains (Losses)
		(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps:	Fixed maturity securities	$	8	$	(8)	$	—
	Policyholder liabilities (1)		(153)		152		(1)
Foreign currency swaps:	Foreign-denominated fixed maturity securities		4		(5)		(1)
	Foreign-denominated PABs (2)		(139)		133		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		—		—		—
Total		$	(280)	$	272	$	(8)
For the Three Months Ended March 31, 2012:
Interest rate swaps:	Fixed maturity securities	$	6	$	(6)	$	—
	Policyholder liabilities (1)		(300)		301		1
Foreign currency swaps:	Foreign-denominated fixed maturity securities		2		(2)		—
	Foreign-denominated PABs (2)		57		(63)		(6)
Foreign currency forwards:	Foreign-denominated fixed maturity securities		(58)		56		(2)
Total		$	(293)	$	286	$	(7)

(1) Fixed rate liabilities reported in PABs or future policy benefits.

(2) Fixed rate or floating rate liabilities.

Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships

Derivatives in Net Investment Hedging Relationships (1), (2)	Amount of Gains (Losses) Deferred in AOCI (Effective Portion)
	(In millions)
For the Three Months Ended March 31, 2013:
Foreign currency forwards	$	80
Currency options		90
Total	$	170
For the Three Months Ended March 31, 2012:
Foreign currency forwards	$	(52)
Currency options		1
Total	$	(51)

(1) During the three months ended March 31, 2013 and 2012, there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings.

(2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness.

Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps

	March 31, 2013						December 31, 2012
Rating Agency Designation of Referenced Credit Obligations (1)	Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)		Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps (2)		Weighted Average Years to Maturity (3)
	(In millions)						(In millions)
Aaa/Aa/A
Single name credit default swaps (corporate)	$	9	$	717		2.5	$	10	$	777		2.7
Credit default swaps referencing indices		36		2,713		1.8		42		2,713		2.1
Subtotal		45		3,430		2.0		52		3,490		2.2
Baa
Single name credit default swaps (corporate)		12		1,209		3.4		8		1,314		3.4
Credit default swaps referencing indices		21		3,945		5.1		11		3,750		4.9
Subtotal		33		5,154		4.7		19		5,064		4.5
Ba
Single name credit default swaps (corporate)		—		25		2.4		—		25		2.7
Credit default swaps referencing indices		—		—		—		—		—		—
Subtotal		—		25		2.4		—		25		2.7
B
Single name credit default swaps (corporate)		—		—		—		—		—		—
Credit default swaps referencing indices		10		300		5.2		3		300		4.9
Subtotal		10		300		5.2		3		300		4.9
Total	$	88	$	8,909		3.7	$	74	$	8,879		3.6

(1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used.

(2) Assumes the value of the referenced credit obligations is zero.

(3) The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral

	March 31, 2013				December 31, 2012
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement	Assets		Liabilities		Assets		Liabilities
	(In millions)
Gross estimated fair value of derivatives:
Over-the-counter (1)	$	13,091	$	5,414	$	14,048	$	5,480
Exchange-traded		3		23		19		170
Total gross estimated fair value of derivatives (1)		13,094		5,437		14,067		5,650
Amounts offset in the consolidated balance sheets		—		—		—		—
Estimated fair value of derivatives presented in the consolidated balance sheets (1)		13,094		5,437		14,067		5,650
Gross amounts not offset in the consolidated balance sheets:
Gross estimated fair value of derivatives: (2)
Over-the-counter		(4,548)		(4,548)		(4,562)		(4,562)
Exchange-traded		(3)		(3)		(19)		(19)
Cash collateral: (3)
Over-the-counter		(3,912)		(2)		(5,960)		(1)
Exchange-traded		—		(20)		—		(151)
Securities collateral: (4)
Over-the-counter		(4,372)		(769)		(3,526)		(875)
Exchange-traded		—		—		—		—
Net amount after application of master netting agreements and collateral	$	259	$	95	$	—	$	42

(1) At March 31, 2013 and December 31, 2012, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $271 million and $290 million, respectively, and derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $143 million and $114 million, respectively.

(2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals.

(3) Cash collateral received is included in cash and cash equivalents or in short-term investments, and the obligation to return it is included in payables for collateral under securities loaned and other transactions in the consolidated balance sheets. The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded derivatives and is included in premiums, reinsurance and other receivables in the consolidated balance sheets. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At March 31, 2013 and December 31, 2012, the Company received excess cash collateral of $19 million and $0, respectively, and provided excess cash collateral of $422 million and $290 million, respectively, which is not included in the table above due to the foregoing limitation.

(4) Securities collateral received by the Company are held in separate custodial accounts and are not recorded on the consolidated balance sheets. Subject to certain constraints, the Company is permitted by contract to sell or repledge this collateral, but at March 31, 2013 none of the collateral had been sold or repledged. Securities collateral pledged by the Company are reported in fixed maturity securities in the consolidated balance sheets. Subject to certain constraints, the counterparties are permitted by contract to sell or repledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At March 31, 2013 and December 31, 2012, the Company received excess securities collateral of $239 million and $161 million, respectively, for its OTC derivatives and $0 and $0, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. At March 31, 2013 and December 31, 2012, the Company provided excess securities collateral of $110 million and $0, respectively, for its OTC derivatives and $40 million and $40 million, respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation.

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

Derivatives in Cash Flow Hedging Relationships	Amount of Gains (Losses) Deferred in Accumulated Other Comprehensive Income (Loss) on Derivatives		Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss)						Amount and Location of Gains (Losses) Recognized in Income (Loss) on Derivatives
	(Effective Portion)		(Effective Portion)						(Ineffective Portion)
			Net Derivative Gains (Losses)		Net Investment Income		Other Expenses		Net Derivative Gains (Losses)
			(In millions)
For the Three Months Ended March 31, 2013:
Interest rate swaps	$	(124)	$	4	$	2	$	—	$	(2)
Interest rate forwards		(25)		3		1		(1)		—
Foreign currency swaps		87		(189)		(1)		—		4
Credit forwards		—		—		—		—		—
Total	$	(62)	$	(182)	$	2	$	(1)	$	2
For the Three Months Ended March 31, 2012:
Interest rate swaps	$	(293)	$	1	$	1	$	(2)	$	4
Interest rate forwards		(88)		—		—		—		1
Foreign currency swaps		(104)		11		(1)		—		(1)
Credit forwards		—		—		—		—		—
Total	$	(485)	$	12	$	—	$	(2)	$	4

Schedule of Derivative Instruments

			Estimated Fair Value of Collateral Provided:				Fair Value of Incremental Collateral Provided Upon:
	Estimated Fair Value of Derivatives in Net Liability Position  (1)		Fixed Maturity Securities		Cash		One Notch Downgrade in the Company’s Credit Rating		Downgrade in the Company’s Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position
	(In millions)
March 31, 2013:
Derivatives subject to credit-contingent provisions	$	729	$	737	$	—	$	20	$	24
Derivatives not subject to credit-contingent provisions		79		142		3		—		—
Total	$	808	$	879	$	3	$	20	$	24
December 31, 2012:
Derivatives subject to credit-contingent provisions	$	771	$	775	$	—	$	35	$	73
Derivatives not subject to credit-contingent provisions		79		100		1		—		—
Total	$	850	$	875	$	1	$	35	$	73

(1) After taking into consideration the existence of netting agreements.

Embedded Derivative Financial Instruments [Member]

Derivative Instruments, Gain (Loss) [Line Items]

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

	Three Months Ended March  31,
	2013		2012
	(In millions)
Net derivative gains (losses) (1)	$	1,684	$	1,824
Policyholder benefits and claims	$	(47)	$	(47)

(1) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses), in connection with this adjustment, were ($414) million and ($1.2) billion for the three months ended March 31, 2013 and 2012, respectively.

Schedule of Derivative Instruments

	Balance Sheet Location	March 31, 2013		December 31, 2012
		(In millions)
Net embedded derivatives within asset host contracts:
Ceded guaranteed minimum benefits	Premiums, reinsurance and other receivables	$	356	$	439
Funds withheld on assumed reinsurance	Other invested assets		63		66
Options embedded in debt or equity securities	Investments		(147)		(88)
Other	Other invested assets		1		1
Net embedded derivatives within asset host contracts		$	273	$	418
Net embedded derivatives within liability host contracts:
Direct guaranteed minimum benefits	PABs	$	(165)	$	923
Assumed guaranteed minimum benefits	PABs		2,024		2,582
Funds withheld on ceded reinsurance	Other liabilities		144		162
Other	PABs		15		17
Net embedded derivatives within liability host contracts		$	2,018	$	3,684

XML

Investments (Net Investment Gains Losses - Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment portfolio gains (losses)	$ 0	$ 95
Non-investment portfolio gains (losses)	7	(25)
Gains (losses) from foreign currency transactions	58	58
Investments sold [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment portfolio gains (losses)	0	102
Impairments [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment portfolio gains (losses)	0	(7)
Non-investment portfolio gain (loss) related to disposal of certain closed blocks of business [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-investment portfolio gains (losses)	$ 30	$ 0

XML

Acquisitions and Dispositions (MetLife Bank Disposition - Narrative) (Details) (MetLife Bank [Member], USD $)				3 Months Ended
	Mar. 31, 2013	Jan. 11, 2013	Mar. 31, 2012	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Maximum [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets related to sale of business		$ 6,400,000,000
Net consideration paid		6,400,000,000
Gain (loss) on disposal	(59,000,000)		7,000,000
Additional charges expected related to the exit of business				$ 80,000,000	$ 105,000,000

XML

Contingencies, Commitments and Guarantees

3 Months Ended

Mar. 31, 2013

Contingencies, Commitments and Guarantees [Abstract]

Contingencies, Commitments and Guarantees

13. Contingencies, Commitments and Guarantees

Contingencies

Litigation

The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value.

Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, or at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will themselves view the relevant evidence and applicable law.

The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be estimated at March 31, 2013. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position.

Matters as to Which an Estimate Can Be Made

For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, no accrual has been made. As of March 31, 2013, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be approximately $0 to $315 million.

Matters as to Which an Estimate Cannot Be Made

For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews.

Asbestos-Related Claims

MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing, producing, distributing or selling asbestos or asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920’s through approximately the 1950’s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC. MLIC employs a number of resolution strategies to manage its asbestos loss exposure, including seeking resolution of pending litigation by judicial rulings and settling individual or groups of claims or lawsuits under appropriate circumstances.

Claims asserted against MLIC have included negligence, intentional tort and conspiracy concerning the health risks associated with asbestos. MLIC’s defenses (beyond denial of certain factual allegations) include that: (i) MLIC owed no duty to the plaintiffs— it had no special relationship with the plaintiffs and did not manufacture, produce, distribute or sell the asbestos products that allegedly injured plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known; and (v) the applicable time with respect to filing suit has expired. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions to dismiss. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials.

As reported in the 2012 Annual Report, MLIC received approximately 5,303 asbestos-related claims in 2012. During the three months ended March 31, 2013 and 2012, MLIC received approximately 1,435 and 1,214 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for historical information concerning asbestos claims and MLIC’s increase in its recorded liability at December 31, 2002. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year.

The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the impact of the number of new claims filed in a particular jurisdiction and variations in the law in the jurisdictions in which claims are filed, the possible impact of tort reform efforts, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts.

The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known by management, management does not believe any such charges are likely to have a material effect on the Company’s financial position.

The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability is based on its estimation of the following elements, as informed by the facts presently known to it, its understanding of current law and its past experiences: (i) the probable and reasonably estimable liability for asbestos claims already asserted against MLIC, including claims settled but not yet paid; (ii) the probable and reasonably estimable liability for asbestos claims not yet asserted against MLIC, but which MLIC believes are reasonably probable of assertion; and (iii) the legal defense costs associated with the foregoing claims. Significant assumptions underlying MLIC’s analysis of the adequacy of its recorded liability with respect to asbestos litigation include: (i) the number of future claims; (ii) the cost to resolve claims; and (iii) the cost to defend claims.

MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the U.S., assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through March 31, 2013.

Regulatory Matters

The Company receives and responds to subpoenas or other inquiries from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the SEC; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority (“FINRA”) seeking a broad range of information. The issues involved in information requests and regulatory matters vary widely. The Company cooperates in these inquiries.

MetLife Bank Mortgage Regulatory and Law Enforcement Authorities’ Inquiries

Since 2008, MetLife, through its affiliate, MetLife Bank, has been engaged in the origination, sale and servicing of forward and reverse residential mortgage loans. In 2012, MetLife Bank exited the business of originating residential mortgage loans and sold its residential mortgage servicing portfolios. It is in the process of winding down its mortgage servicing business. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2012 Annual Report for information regarding the MetLife Bank Divestiture. State and federal regulatory and law enforcement authorities have initiated various inquiries, investigations or examinations of alleged irregularities in the foreclosure practices of the residential mortgage servicing industry, mortgage origination and mortgage servicing practices.

On April 13, 2011, the Office of the Comptroller of the Currency (the “OCC”) entered into consent orders with several banks, including MetLife Bank. The consent orders require an independent review of foreclosure practices and set forth new residential mortgage servicing standards, including a requirement for a designated point of contact for a borrower during the loss mitigation process. MetLife Bank entered into an agreement with the OCC to settle obligations related to the independent foreclosure review required by its consent order, and will pay approximately $46 million to settle its obligations and end the foreclosure review. In addition, the Federal Reserve Board entered into consent decrees with the affiliated bank holding companies of these banks, including MetLife, Inc., to enhance the supervision of the mortgage servicing activities of their banking subsidiaries. On August 6, 2012, the Federal Reserve Board issued an Order of Assessment of a Civil Monetary Penalty Issued Upon Consent against MetLife, Inc. that will impose a penalty of up to $3.2 million for the alleged deficiencies in oversight of MetLife Bank’s servicing of residential mortgage loans and processing foreclosures that were the subject of the 2011 consent order.

MetLife Bank also had a meeting with the U.S. Department of Justice regarding mortgage servicing and foreclosure practices. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MetLife Bank relating to foreclosure practices.

MetLife Bank has also responded to a subpoena issued by the New York State Department of Financial Services regarding hazard insurance and flood insurance that MetLife Bank obtains to protect the lienholder’s interest when the borrower’s insurance has lapsed.

In April and May 2012, MetLife Bank received two subpoenas issued by the Office of Inspector General for the U.S. Department of Housing and Urban Development regarding Federal Housing Administration (“FHA”) insured loans. In June and September 2012, MetLife Bank received two Civil Investigative Demands that the U.S. Department of Justice issued as part of a False Claims Act investigation of allegations that MetLife Bank had improperly originated and/or underwritten loans insured by the FHA. MetLife Bank had an initial meeting with the U.S. Department of Justice in March 2013 to discuss the allegations and possible resolution of the FHA False Claims Act investigation. The Company has included what it currently believes to be the probable and estimable amount of such loss in the Company’s consolidated financial statements and is continuing to investigate matters raised during that meeting.

The consent decrees, as well as the inquiries or investigations referred to above, could adversely affect MetLife’s reputation or result in significant fines, penalties, equitable remedies or other enforcement actions, and result in significant legal costs in responding to governmental investigations or other litigation. The MetLife Bank Divestiture may not relieve MetLife from complying with the consent decrees, or protect it from inquiries and investigations relating to residential mortgage servicing and foreclosure activities, or any fines, penalties, equitable remedies or enforcement actions that may result, the costs of responding to any such governmental investigations, or other litigation. Management believes that the Company’s consolidated financial statements as a whole will not be materially affected by the MetLife Bank regulatory matters.

In the Matter of Chemform, Inc. Site, Pompano Beach, Broward County, Florida

In July 2010, the Environmental Protection Agency (“EPA”) advised MLIC that it believed payments were due under two settlement agreements, known as “Administrative Orders on Consent,” that New England Mutual Life Insurance Company (“New England Mutual”) signed in 1989 and 1992 with respect to the cleanup of a Superfund site in Florida (the “Chemform Site”). The EPA originally contacted MLIC (as successor to New England Mutual) and a third party in 2001, and advised that they owed additional clean-up costs for the Chemform Site. The matter was not resolved at that time. The EPA is requesting payment of an amount under $1 million from MLIC and such third party for past costs and an additional amount for future environmental testing costs at the Chemform Site. In June 2012, the EPA, MLIC and the third party executed an Administrative Order on Consent under which MLIC and the third party have agreed to be responsible for certain environmental testing at the Chemform site. The Company estimates that its costs for the environmental testing will not exceed $100,000. The June 2012 Administrative Order on Consent does not resolve the EPA’s claim for past clean-up costs. The EPA may seek additional costs if the environmental testing identifies issues. The Company estimates that the aggregate cost to resolve this matter will not exceed $1 million.

Metco Site, Hicksville, Nassau County, New York

On February 22, 2012, the New York State Department of Environmental Conservation issued a notice to MLIC, as purported successor in interest to New England Mutual, that it is a potentially responsible party with respect to hazardous substances and hazardous waste located on a property that New England Mutual owned for a time in 1978. MLIC has responded to the Department of Environmental Conservation and asserted that it is not a potentially responsible party under the law.

Sales Practices Regulatory Matters

Regulatory authorities in a small number of states and FINRA, and occasionally the SEC, have had investigations or inquiries relating to sales of individual life insurance policies or annuities or other products by MLIC, MetLife Insurance Company of Connecticut (“MICC”), New England Life Insurance Company (“NELICO”) and General American Life Insurance Company (“GALIC”), and broker-dealers MetLife Securities, Inc., New England Securities Corporation, Walnut Street Securities, Inc. and Tower Square Securities, Inc. These investigations often focus on the conduct of particular financial services representatives and the sale of unregistered or unsuitable products or the misuse of client assets. Over the past several years, these and a number of investigations by other regulatory authorities were resolved for monetary payments and certain other relief, including restitution payments. The Company may continue to resolve investigations in a similar manner. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for these sales practices-related investigations or inquiries.

Unclaimed Property Litigation and Inquiries

In 2012, the Company reached agreements with representatives of the U.S. jurisdictions that were conducting audits of MetLife, Inc. and certain of its affiliates for compliance with unclaimed property laws, and with state insurance regulators directly involved in a multistate targeted market conduct examination relating to claim-payment practices and compliance with unclaimed property laws. In the first quarter of 2012, the Company recorded a $52 million after tax charge for the multistate examination payment and the expected acceleration of benefit payments to policyholders under the settlements. On September 20, 2012, the West Virginia Treasurer filed an action against MLIC in West Virginia state court (West Virginia ex rel. John D. Perdue v. Metropolitan Life Insurance Company, Circuit Court of Putnam County, Civil Action No. 12-C-295) alleging that the Company violated the West Virginia Uniform Unclaimed Property Act, seeking to compel compliance with the Act, and seeking payment of unclaimed property, interest, and penalties. On November 14, 2012, November 21, 2012, December 28, 2012, and January 9, 2013, the Treasurer filed substantially identical suits against MetLife Investors USA Insurance Company, NELICO, MICC and GALIC, respectively. At least one other jurisdiction is pursuing a market conduct examination concerning compliance with unclaimed property statutes. It is possible that other jurisdictions may pursue similar examinations, audits, or lawsuits and that such actions may result in additional payments to beneficiaries, additional escheatment of funds deemed abandoned under state laws, administrative penalties, interest, and/or further changes to the Company’s procedures. The Company is not currently able to estimate these additional possible costs.

Total Asset Recovery Services, LLC on behalf of the State of Florida v. MetLife, Inc., et. al. (Cir. Ct. Leon County, FL, filed October 27, 2010)

Alleging that MetLife, Inc. and another company have violated the Florida Disposition of Unclaimed Property law by failing to escheat to Florida benefits of 9,022 life insurance contracts, Total Asset Recovery Services, LLC (“the Relator”) has brought an action under the Florida False Claims Act seeking to recover damages on behalf of Florida. The action had been sealed by court order until December 17, 2012. The Relator alleges that the aggregate damages attributable to MetLife, Inc., including statutory damages and treble damages, are $767 million. The Relator also bases its damage calculation in part on its assumption that the average face amount of the subject policies is $120,000. MetLife, Inc. strongly disputes this assumption, the Relator’s alleged damages amounts, and other allegations in the complaint. On December 14, 2012, the Florida Attorney General apprised the court that the State of Florida declined to intervene in the action and noted that the allegations in the complaint “. . . are very similar (if not identical) to those raised in regulatory investigations of the defendants that predated the filing of the action” and that those regulatory investigations have been resolved. MetLife, Inc. intends to defend this action vigorously.

City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012)

Seeking to represent a class of persons who purchased MetLife, Inc. common shares between February 2, 2010, and October 6, 2011, the plaintiff filed an action alleging that MetLife, Inc. and several current and former executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. On February 28, 2013, the Court issued an order granting defendants’ motion to dismiss plaintiff’s claims under the Securities Exchange Act of 1934 but denying defendants’ motion to dismiss plaintiff’s claims under the Securities Act of 1933. Plaintiff has moved for leave to file an amended complaint that will include a revised claim for violation of the Securities Exchange Act of 1934. The defendants intend to vigorously defend this action.

City of Birmingham Retirement and Relief System v. MetLife, Inc., et al. (N.D. Alabama, filed in state court on July 5, 2012 and removed to federal court on August 3, 2012)

Seeking to represent a class of persons who purchased MetLife, Inc. common equity units in or traceable to a public offering in March 2011, the plaintiff filed an action alleging that MetLife, Inc., certain current and former directors and executive officers of MetLife, Inc., and various underwriters violated several provisions of the Securities Act of 1933 related to the filing of the registration statement by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements and/or omissions concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. Defendants removed this action to federal court, and plaintiff has moved to remand the action to state court. The defendants intend to defend this action vigorously.

Derivative Actions and Demands

Seeking to sue derivatively on behalf of MetLife, Inc., four shareholders commenced separate actions against members of the MetLife, Inc. Board of Directors, alleging that they breached their fiduciary and other duties to the Company. The actions are Fishbaum v. Kandarian, et al. (Sup. Ct., New York County, filed January 27, 2012), Batchelder v. Burwell, et al. (Sup. Ct., New York County, filed March 6, 2012), Mallon v. Kandarian, et al. (S.D.N.Y., filed March 28, 2012), and Martino v. Kandarian, et al. (S.D.N.Y., filed April 19, 2012). The two federal court actions have been consolidated and have been stayed pending further order of the court. The two state court actions have been consolidated under the caption In re: MetLife Shareholder Derivative Action and an amended complaint has been filed. Plaintiffs in all four actions allege that the defendants failed to ensure that the Company complied with state unclaimed property laws and to ensure that the Company accurately reported its earnings. Plaintiffs allege that because of the defendants’ breaches of duty, MetLife, Inc. has incurred damage to its reputation and has suffered other unspecified damages. The defendants intend to defend these actions vigorously. A fifth shareholder, Western Pennsylvania Electrical Workers Pension Fund, has written to the MetLife, Inc. Board of Directors demanding that MetLife, Inc. take action against current and former Board members, executive officers, and MetLife, Inc.’s independent auditor, for similar alleged breaches of duty with respect to the Company’s compliance with unclaimed property laws and financial disclosures. The MetLife, Inc. Board of Directors appointed a Special Committee to investigate these allegations. On September 24, 2012, counsel for the Special Committee apprised this shareholder that the Board of Directors had reviewed the issues and rejected the demand.

Total Control Accounts Litigation

MLIC is a defendant in a consolidated lawsuit related to its use of retained asset accounts, known as Total Control Accounts (“TCA”), as a settlement option for death benefits.

Keife, et al. v. Metropolitan Life Insurance Company (D. Nev., filed in state court on July 30, 2010 and removed to federal court on September 7, 2010); and Simon v. Metropolitan Life Insurance Company (D. Nev., filed November 3, 2011)

These putative class action lawsuits, which have been consolidated, raise breach of contract claims arising from MLIC’s use of the TCA to pay life insurance benefits under the Federal Employees’ Group Life Insurance program. On March 8, 2013, the court granted MLIC’s motion for summary judgment. Plaintiffs have appealed that decision to the United States Court of Appeals for the Ninth Circuit.

Other Litigation

Roberts, et al. v. Tishman Speyer Properties, et al. (Sup. Ct., N.Y. County, filed January 22, 2007)

This lawsuit was filed by a putative class of market rate tenants at Stuyvesant Town and Peter Cooper Village against parties including Metropolitan Tower Life Insurance Company (“MTL”). These tenants claimed that MTL, as former owner, and the current owner improperly deregulated apartments while receiving J-51 tax abatements. The lawsuit sought declaratory relief and damages for rent overcharges. On November 26, 2012, the court preliminarily approved a proposed settlement, to include payment by MTL of $10.5 million. After notice to class members and a fairness hearing, on April 10, 2013, the Court issued an order approving the settlement and a judgment dismissing the case. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for this lawsuit.

Merrill Haviland, et al. v. Metropolitan Life Insurance Company (E.D. Mich., removed to federal court on July 22, 2011)

This lawsuit was filed by 45 retired General Motors (“GM”) employees against MLIC and the amended complaint includes claims for conversion, unjust enrichment, breach of contract, fraud, intentional infliction of emotional distress, fraudulent insurance acts, unfair trade practices, and Employee Retirement Income Security Act of 1974 (“ERISA”) claims based upon GM’s 2009 reduction of the employees’ life insurance coverage under GM’s ERISA-governed plan. The complaint includes a count seeking class action status. MLIC is the insurer of GM’s group life insurance plan and administers claims under the plan. According to the complaint, MLIC had previously provided plaintiffs with a “written guarantee” that their life insurance benefits under the GM plan would not be reduced for the rest of their lives. On June 26, 2012, the district court granted MLIC’s motion to dismiss the complaint. Plaintiffs have appealed that decision to the United States Court of Appeals for the Sixth Circuit.

McGuire v. Metropolitan Life Insurance Company (E.D. Mich., filed February 22, 2012)

This lawsuit was filed by the fiduciary for the Union Carbide Employees’ Pension Plan and alleges that MLIC, which issued annuity contracts to fund some of the benefits the Plan provides, engaged in transactions that ERISA prohibits and violated duties under ERISA and federal common law by determining that no dividends were payable with respect to the contracts from and after 1999. On September 26, 2012, the court denied MLIC’s motion to dismiss the complaint. The parties have begun discovery.

Sun Life Assurance Company of Canada v. Metropolitan Life Ins. Co. (Super. Ct., Ontario, October 2006)

In 2006, Sun Life Assurance Company of Canada (“Sun Life”), as successor to the purchaser of MLIC’s Canadian operations, filed this lawsuit in Toronto, seeking a declaration that MLIC remains liable for “market conduct claims” related to certain individual life insurance policies sold by MLIC and that have been transferred to Sun Life. Sun Life had asked that the court require MLIC to indemnify Sun Life for these claims pursuant to indemnity provisions in the sale agreement for the sale of MLIC’s Canadian operations entered into in June of 1998. In January 2010, the court found that Sun Life had given timely notice of its claim for indemnification but, because it found that Sun Life had not yet incurred an indemnifiable loss, granted MLIC’s motion for summary judgment. Both parties appealed. In September 2010, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Toronto, Kang v. Sun Life Assurance Co. (Super. Ct., Ontario, September 2010), alleging sales practices claims regarding the same individual policies sold by MLIC and transferred to Sun Life. An amended class action complaint in that case was served on Sun Life, again without naming MLIC as a party. On August 30, 2011, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Vancouver, Alamwala v. Sun Life Assurance Co. (Sup. Ct., British Columbia, August 2011), alleging sales practices claims regarding certain of the same policies sold by MLIC and transferred to Sun Life. Sun Life contends that MLIC is obligated to indemnify Sun Life for some or all of the claims in these lawsuits. The Company is unable to estimate the reasonably possible loss or range of loss arising from this litigation.

Sales Practices Claims

Over the past several years, the Company has faced numerous claims, including class action lawsuits, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds or other products. Some of the current cases seek substantial damages, including punitive and treble damages and attorneys’ fees. The Company continues to vigorously defend against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters.

Summary

Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods.

Commitments

Commitments to Fund Partnership Investments

The Company makes commitments to fund partnership investments in the normal course of business. The amounts of these unfunded commitments were $3.5 billion and $3.4 billion at March 31, 2013 and December 31, 2012, respectively. The Company anticipates that these amounts will be invested in partnerships over the next five years.

Mortgage Loan Commitments

The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.1 billion and $3.0 billion at March 31, 2013 and December 31, 2012, respectively.

Commitments to Fund Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments

The Company commits to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $906 million and $1.2 billion at March 31, 2013 and December 31, 2012, respectively.

Guarantees

The Company’s recorded liabilities were $5 million at both March 31, 2013 and December 31, 2012 for indemnities, guarantees and commitments.

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Other Expenses (ALICO Restructuring Charges - Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Other Expenses [Abstract]
Business acquisition integration related expenses	$ 36	$ 85