Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | METLIFE INC | ||
Entity Central Index Key | 1099219 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $62.60 | ||
Entity Common Stock, Shares Outstanding | 1,117,440,997 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | $365,425 | $350,187 |
Equity securities available-for-sale, at estimated fair value (cost: $3,076 and $3,012, respectively) | 3,631 | 3,402 |
Fair value option and trading securities, at estimated fair value (includes $704 and $662, respectively, of actively traded securities; and $60 and $92, respectively, relating to variable interest entities) | 16,689 | 17,423 |
Mortgage loans (net of valuation allowances of $305 and $322, respectively; includes $280 and $1,621, respectively, at estimated fair value, relating to variable interest entities; includes $308 and $338, respectively, under the fair value option) | 60,118 | 57,706 |
Policy loans (includes $3 and $2, respectively, relating to variable interest entities) | 11,618 | 11,764 |
Real estate and real estate joint ventures (includes $8 and $1,141, respectively, relating to variable interest entities; includes $172 and $186, respectively, of real estate held-for-sale) | 10,525 | 10,712 |
Other limited partnership interests (includes $34 and $53, respectively, relating to variable interest entities) | 8,085 | 7,401 |
Short-term investments, principally at estimated fair value (includes $20 and $8, respectively, relating to variable interest entities) | 8,621 | 13,955 |
Other invested assets, principally at estimated fair value (includes $56 and $78, respectively, relating to variable interest entities) | 21,283 | 16,229 |
Total investments | 505,995 | 488,779 |
Cash and cash equivalents, principally at estimated fair value (includes $57 and $70, respectively, relating to variable interest entities) | 10,808 | 7,585 |
Accrued investment income (includes $21 and $26, respectively, relating to variable interest entities) | 4,120 | 4,255 |
Premiums, reinsurance and other receivables (includes $21 and $22, respectively, relating to variable interest entities) | 22,244 | 21,859 |
Deferred policy acquisition costs and value of business acquired (includes $235 and $255, respectively, relating to variable interest entities) | 24,442 | 26,706 |
Goodwill | 9,872 | 10,542 |
Other assets (includes $134 and $152, respectively, relating to variable interest entities) | 7,862 | 8,369 |
Separate account assets (includes $1,128 and $1,033, respectively, relating to variable interest entities) | 316,994 | 317,201 |
Total assets | 902,337 | 885,296 |
Liabilities | ||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities) | 189,586 | 187,942 |
Policyholder account balances (includes $33 and $56, respectively, relating to variable interest entities) | 209,294 | 212,885 |
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities) | 14,422 | 15,214 |
Policyholder dividends payable | 684 | 675 |
Policyholder dividend obligation | 3,155 | 1,771 |
Payables for collateral under securities loaned and other transactions | 35,326 | 30,411 |
Short-term debt | 100 | 175 |
Long-term debt (includes $151 and $1,868, respectively, at estimated fair value, relating to variable interest entities) | 16,286 | 18,653 |
Collateral financing arrangements | 4,196 | 4,196 |
Junior subordinated debt securities | 3,193 | 3,193 |
Current income tax payable | 184 | 186 |
Deferred income tax liability | 11,821 | 6,643 |
Other liabilities (includes $80 and $88, respectively, relating to variable interest entities) | 24,437 | 23,168 |
Separate account liabilities (includes $1,128 and $1,033, respectively, relating to variable interest entities) | 316,994 | 317,201 |
Total liabilities | 829,678 | 822,313 |
Contingencies, Commitments and Guarantees (Note 21) | ||
Redeemable noncontrolling interests | 99 | 887 |
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; 1,153,998,144 and 1,125,224,024 shares issued, respectively; 1,131,927,894 and 1,122,030,137 shares outstanding, respectively | 12 | 11 |
Additional paid-in capital | 30,543 | 29,277 |
Retained earnings | 32,020 | 27,332 |
Treasury stock, at cost; 22,070,250 and 3,193,887 shares, respectively | -1,172 | -172 |
Accumulated other comprehensive income (loss) | 10,649 | 5,104 |
Total MetLife, Inc.’s stockholders’ equity | 72,053 | 61,553 |
Noncontrolling interests | 507 | 543 |
Total equity | 72,560 | 62,096 |
Total liabilities and equity | $902,337 | $885,296 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Assets | ||
Amortized cost of fixed maturity securities available-for-sale | $334,780 | $333,599 |
Fixed maturity securities relating to variable interest entities | 365,425 | 350,187 |
Cost of equity securities available-for-sale | 3,076 | 3,012 |
Actively traded securities | 704 | 662 |
Fair value option and trading securities relating to variable interest entities | 16,689 | 17,423 |
Mortgage loans valuation allowances | 305 | 322 |
Mortgage Loans on Real Estate | 60,118 | 57,706 |
Policy loans | 11,618 | 11,764 |
Real estate and real estate joint ventures relating to variable interest entities | 10,525 | 10,712 |
Real estate held-for-sale | 172 | 186 |
Other limited partnership interests relating to variable interest entities | 8,085 | 7,401 |
Short-term investments | 8,621 | 13,955 |
Other invested assets relating to variable interest entities | 21,283 | 16,229 |
Cash and cash equivalents relating to variable interest entities | 10,808 | 7,585 |
Accrued investment income relating to variable interest entities | 4,120 | 4,255 |
Premiums, reinsurance and other receivables relating to variable interest entities | 22,244 | 21,859 |
Deferred policy acquisition costs and value of business acquired relating to variable interest entities | 24,442 | 26,706 |
Other assets relating to variable interest entities | 7,862 | 8,369 |
Separate account assets | 316,994 | 317,201 |
Liabilities | ||
Future policy benefits relating to variable interest entities | 189,586 | 187,942 |
Policyholder account balances | 209,294 | 212,885 |
Other policy-related balances relating to variable interest entities | 14,422 | 15,214 |
Long-term debt, at estimated fair value, relating to variable interest entities | 16,286 | 18,653 |
Other liabilities relating to variable interest entities | 24,437 | 23,168 |
Separate account liabilities | 316,994 | 317,201 |
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 | 1,153,998,144 | 1,125,224,024 |
Common stock, shares outstanding | 1,131,927,894 | 1,122,030,137 |
Treasury stock, shares | 22,070,250 | 3,193,887 |
Residential Mortgage Loans - FVO | ||
Assets | ||
Mortgage Loans on Real Estate | 308 | 338 |
Variable interest entities [Member] | ||
Assets | ||
Fixed maturity securities relating to variable interest entities | 4,266 | 4,005 |
Fair value option and trading securities relating to variable interest entities | 60 | 92 |
Mortgage Loans on Real Estate | 280 | 1,621 |
Policy loans | 3 | 2 |
Real estate and real estate joint ventures relating to variable interest entities | 8 | 1,141 |
Other limited partnership interests relating to variable interest entities | 34 | 53 |
Short-term investments | 20 | 8 |
Other invested assets relating to variable interest entities | 56 | 78 |
Cash and cash equivalents relating to variable interest entities | 57 | 70 |
Accrued investment income relating to variable interest entities | 21 | 26 |
Premiums, reinsurance and other receivables relating to variable interest entities | 21 | 22 |
Deferred policy acquisition costs and value of business acquired relating to variable interest entities | 235 | 255 |
Other assets relating to variable interest entities | 134 | 152 |
Separate account assets | 1,128 | 1,033 |
Liabilities | ||
Future policy benefits relating to variable interest entities | 579 | 516 |
Policyholder account balances | 33 | 56 |
Other policy-related balances relating to variable interest entities | 198 | 123 |
Long-term debt, at estimated fair value, relating to variable interest entities | 151 | 1,868 |
Other liabilities relating to variable interest entities | 80 | 88 |
Separate account liabilities | $1,128 | $1,033 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Premiums | $39,067 | $37,674 | $37,975 |
Universal life and investment-type product policy fees | 9,946 | 9,451 | 8,556 |
Net investment income | 21,153 | 22,232 | 21,984 |
Other revenues | 2,030 | 1,920 | 1,906 |
Net investment gains (losses): | |||
Other-than-temporary impairments on fixed maturity securities | -43 | -106 | -346 |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | -17 | -60 | 29 |
Other net investment gains (losses) | -137 | 327 | -35 |
Total net investment gains (losses) | -197 | 161 | -352 |
Net derivative gains (losses) | 1,317 | -3,239 | -1,919 |
Total revenues | 73,316 | 68,199 | 68,150 |
Expenses | |||
Policyholder benefits and claims | 39,102 | 38,107 | 37,987 |
Interest credited to policyholder account balances | 6,943 | 8,179 | 7,729 |
Policyholder dividends | 1,376 | 1,259 | 1,369 |
Goodwill impairment | 0 | 0 | 1,868 |
Other expenses | 17,091 | 16,602 | 17,755 |
Total expenses | 64,512 | 64,147 | 66,708 |
Income (loss) from continuing operations before provision for income tax | 8,804 | 4,052 | 1,442 |
Provision for income tax expense (benefit) | 2,465 | 661 | 128 |
Income (loss) from continuing operations, net of income tax | 6,339 | 3,391 | 1,314 |
Income (loss) from discontinued operations, net of income tax | -3 | 2 | 48 |
Net income (loss) | 6,336 | 3,393 | 1,362 |
Less: Net income (loss) attributable to noncontrolling interests | 27 | 25 | 38 |
Net income (loss) attributable to MetLife, Inc. | 6,309 | 3,368 | 1,324 |
Less: Preferred stock dividends | 122 | 122 | 122 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $6,187 | $3,246 | $1,202 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | $5.48 | $2.94 | $1.08 |
Diluted | $5.42 | $2.91 | $1.08 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | |||
Basic | $5.48 | $2.94 | $1.12 |
Diluted | $5.42 | $2.91 | $1.12 |
Cash dividends declared per common share | $1.33 | $1.01 | $0.74 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $6,336 | [1] | $3,393 | [1] | $1,353 | [1] |
Other comprehensive income (loss): | ||||||
Unrealized investment gains (losses), net of related offsets | 10,103 | -8,086 | 9,394 | |||
Unrealized gains (losses) on derivatives | 1,386 | -899 | -239 | |||
Foreign currency translation adjustments | -1,444 | -975 | -139 | |||
Defined benefit plans adjustment | -970 | 1,292 | -842 | |||
Other comprehensive income (loss), before income tax | 9,075 | -8,668 | 8,174 | |||
Income tax (expense) benefit related to items of other comprehensive income (loss) | -3,528 | 2,329 | -2,851 | |||
Other comprehensive income (loss), net of income tax | 5,547 | -6,339 | 5,323 | |||
Comprehensive income (loss) | 11,883 | -2,946 | 6,676 | |||
Less: Comprehensive income (loss) attributable to noncontrolling interest, net of income tax | 29 | -21 | 38 | |||
Comprehensive income (loss) attributable to MetLife, Inc. | $11,854 | ($2,925) | $6,638 | |||
[1] | Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests of less than $1 million for each of the years ended December 31, 2014 and 2013, and $9 million for the year ended December 31, 2012. |
Recovered_Sheet1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $9 | ||
Maximum | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $1 | $1 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) Net Unrealized Investment Gains (Losses) | Total MetLife, Inc.'s Stockholders' Equity | Noncontrolling Interests | ||
In Millions | |||||||||||
Beginning Balance at Dec. 31, 2011 | $57,889 | $1 | $11 | $26,782 | $24,814 | ($172) | $6,083 | $57,519 | $370 | ||
Common stock issuance | 1,000 | 1,000 | 1,000 | ||||||||
Stock-based compensation | 229 | 229 | 229 | ||||||||
Dividends on preferred stock | -122 | -122 | -122 | ||||||||
Dividends on common stock | -811 | -811 | -811 | ||||||||
Change in equity of noncontrolling interests | -24 | 0 | -24 | ||||||||
Net income (loss) | 1,353 | [1] | 1,324 | 1,324 | 29 | [2] | |||||
Other comprehensive income (loss), net of income tax | 5,323 | 5,314 | 5,314 | 9 | |||||||
Ending Balance at Dec. 31, 2012 | 64,837 | 1 | 11 | 28,011 | 25,205 | -172 | 11,397 | 64,453 | 384 | ||
Common stock issuance | 1,000 | 1,000 | 1,000 | ||||||||
Stock-based compensation | 305 | 305 | 305 | ||||||||
Dividends on preferred stock | -122 | -122 | -122 | ||||||||
Dividends on common stock | -1,119 | -1,119 | -1,119 | ||||||||
Change in equity of noncontrolling interests | 141 | -39 | -39 | 180 | |||||||
Net income (loss) | 3,393 | [1] | 3,368 | 3,368 | 25 | [2] | |||||
Other comprehensive income (loss), net of income tax | -6,339 | -6,293 | -6,293 | -46 | |||||||
Ending Balance at Dec. 31, 2013 | 62,096 | 1 | 11 | 29,277 | 27,332 | -172 | 5,104 | 61,553 | 543 | ||
Treasury stock acquired in connection with share repurchases | -1,000 | -1,000 | -1,000 | ||||||||
Common stock issuance | 1,000 | 1 | 999 | 1,000 | |||||||
Stock-based compensation | 267 | 267 | 267 | ||||||||
Dividends on preferred stock | -122 | -122 | -122 | ||||||||
Dividends on common stock | -1,499 | -1,499 | -1,499 | ||||||||
Change in equity of noncontrolling interests | -65 | 0 | -65 | ||||||||
Net income (loss) | 6,336 | [1] | 6,309 | 6,309 | 27 | [2] | |||||
Other comprehensive income (loss), net of income tax | 5,547 | 5,545 | 5,545 | 2 | |||||||
Ending Balance at Dec. 31, 2014 | $72,560 | $1 | $12 | $30,543 | $32,020 | ($1,172) | $10,649 | $72,053 | $507 | ||
[1] | Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests of less than $1 million for each of the years ended December 31, 2014 and 2013, and $9 million for the year ended December 31, 2012. | ||||||||||
[2] | Net income (loss) attributable to noncontrolling interests excludes gains of redeemable noncontrolling interests of less than $1 million for each of the years ended December 31, 2014 and 2013, and $9Â million for the year ended December 31, 2012. |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $9 | ||
Maximum | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | $1 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income (loss) | $6,336 | $3,393 | $1,362 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization expenses | 713 | 714 | 596 |
Amortization of premiums and accretion of discounts associated with investments, net | -611 | -167 | -426 |
(Gains) losses on investments and from sales of businesses, net | 202 | -155 | 332 |
(Gains) losses on derivatives, net | -21 | 5,122 | 3,187 |
(Income) loss from equity method investments, net of dividends or distributions | 327 | 99 | 108 |
Interest credited to policyholder account balances | 6,943 | 8,179 | 7,729 |
Interest credited to bank deposits | 0 | 2 | 78 |
Universal life and investment-type product policy fees | -9,946 | -9,451 | -8,556 |
Goodwill impairment | 0 | 0 | 1,868 |
Change in fair value option and trading securities | -739 | -1,433 | 1,900 |
Change in residential mortgage loans held-for-sale, net | 0 | 373 | 3,370 |
Change in mortgage servicing rights | 0 | 0 | 153 |
Change in accrued investment income | 207 | 293 | 219 |
Change in premiums, reinsurance and other receivables | -650 | -582 | -109 |
Change in deferred policy acquisition costs and value of business acquired, net | 1,134 | -920 | -1,139 |
Change in income tax | 2,075 | 871 | -883 |
Change in other assets | 2,573 | 1,767 | 2,951 |
Change in insurance-related liabilities and policy-related balances | 5,847 | 6,897 | 5,918 |
Change in other liabilities | 1,885 | 1,008 | -1,699 |
Other, net | 101 | 121 | 201 |
Net cash provided by (used in) operating activities | 16,376 | 16,131 | 17,160 |
Cash flows from investing activities | |||
Sales, maturities and repayments of fixed maturity securities | 118,526 | 117,523 | 103,823 |
Sales, maturities and repayments of equity securities | 490 | 725 | 1,140 |
Sales, maturities and repayments of mortgage loans | 14,128 | 12,881 | 14,673 |
Sales, maturities and repayments of real estate and real estate joint ventures | 1,012 | 356 | 1,018 |
Sales, maturities and repayments of other limited partnership interests | 823 | 807 | 974 |
Purchases of fixed maturity securities | -130,197 | -117,826 | -115,793 |
Purchases of equity securities | -530 | -943 | -627 |
Purchases of mortgage loans | -17,464 | -14,677 | -11,442 |
Purchases of real estate and real estate joint ventures | -2,282 | -1,880 | -1,942 |
Purchases of other limited partnership interests | -1,764 | -1,356 | -1,323 |
Cash received in connection with freestanding derivatives | 1,760 | 1,567 | 1,933 |
Cash paid in connection with freestanding derivatives | -4,003 | -6,710 | -3,258 |
Net change in securitized reverse residential mortgage loans | 0 | 0 | -1,198 |
Sales of businesses, net of cash and cash equivalents disposed of $323, $14 and $29, respectively | 436 | 393 | 576 |
Sale of bank deposits | 0 | -6,395 | 0 |
Purchases of businesses, net of cash and cash equivalents acquired of $0, $20 and $33, respectively | 0 | -1,840 | -16 |
Purchases of investments in insurance joint ventures | -277 | 0 | 0 |
Net change in policy loans | -27 | -112 | -111 |
Net change in short-term investments | 5,167 | 2,955 | 593 |
Net change in other invested assets | -512 | -547 | -791 |
Other, net | -341 | -86 | -158 |
Net cash provided by (used in) investing activities | -15,055 | -15,165 | -11,929 |
Cash flows from financing activities | |||
Policyholder account balances: Deposits | 89,520 | 79,193 | 91,284 |
Policyholder account balances: Withdrawals | -88,037 | -84,874 | -86,994 |
Net change in payables for collateral under securities loaned and other transactions | 5,031 | -3,276 | -29 |
Net change in bank deposits | 0 | 8 | -4,169 |
Net change in short-term debt | -75 | 75 | -586 |
Long-term debt issued | 1,000 | 1,372 | 750 |
Long-term debt repaid | -2,862 | -1,746 | -1,702 |
Collateral financing arrangements repaid | 0 | 0 | -349 |
Cash received (paid) in connection with collateral financing arrangements | 0 | 0 | -44 |
Net change in liability for securitized reverse residential mortgage loans | 0 | 0 | 1,198 |
Cash received in connection with redeemable noncontrolling interests | 0 | 774 | 0 |
Common stock issued, net of issuance costs | 1,000 | 1,000 | 1,000 |
Treasury stock acquired in connection with share repurchases | -1,000 | 0 | 0 |
Dividends on preferred stock | -122 | -122 | -122 |
Dividends on common stock | -1,499 | -1,119 | -811 |
Other, net | -700 | -192 | 609 |
Net cash provided by (used in) financing activities | 2,256 | -8,907 | 35 |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | -354 | -212 | 11 |
Change in cash and cash equivalents | 3,223 | -8,153 | 5,277 |
Cash and cash equivalents, beginning of year | 7,585 | 15,738 | 10,461 |
Cash and cash equivalents, end of year | 10,808 | 7,585 | 15,738 |
Supplemental disclosures of cash flow information: | |||
Net cash paid for Interest | 1,213 | 1,270 | 1,335 |
Net cash paid for income tax | 748 | 677 | 554 |
Business acquisitions: | |||
Assets acquired | 0 | 2,988 | 595 |
Liabilities assumed | 0 | -972 | -579 |
Noncontrolling interests assumed | 0 | -176 | 0 |
Cash paid, excluding transaction costs of $0, $17 and $0, respectively | 0 | 1,840 | 16 |
Real estate and real estate joint ventures acquired in satisfaction of debt | 3 | 59 | 553 |
Collateral financing arrangements repaid | 0 | 0 | 102 |
Redemption of advances agreements in long-term debt | 0 | 0 | 3,806 |
Issuance of funding agreements in policyholder account balances | 0 | 0 | 3,806 |
Reduction of redeemable noncontrolling interests | 774 | 0 | 0 |
Reduction of long-term debt | 413 | 0 | 0 |
Reduction of real estate and real estate joint ventures | $1,132 | $0 | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from investing activities | |||
Cash disposed from sale of businesses | $323 | $14 | $29 |
Cash received from purchase of businesses | 0 | 20 | 33 |
Business acquisitions: | |||
Cash paid excluding transaction cost | $0 | $17 | $0 |
Business_Basis_of_Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Business, Basis of Presentation and Summary of Significant Accounting Policies | |||||||
Business | ||||||||
“MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is a global provider of life insurance, annuities, employee benefits and asset management. 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 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 | ||||||||
The accompanying 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 cutoff of November 30. Accordingly, the Company’s consolidated financial statements reflect the assets and liabilities of such subsidiaries as of November 30, 2014 and 2013 and the operating results of such subsidiaries for the years ended November 30, 2014, 2013 and 2012. | ||||||||
Discontinued Operations | ||||||||
The results of operations of a component of the Company that has either been disposed of or is classified as held-for-sale are reported in discontinued operations if certain criteria are met. Effective January 1, 2014, the Company early adopted new guidance regarding reporting of discontinued operations for disposals or classifications as held-for-sale that have not been previously reported in the consolidated financial statements. A disposal of a component is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. See “— Adoption of New Accounting Pronouncements.” | ||||||||
Separate Accounts | ||||||||
Separate accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: | ||||||||
• | such separate accounts are legally recognized; | |||||||
• | assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; | |||||||
• | investments are directed by the contractholder; and | |||||||
• | all investment performance, net of contract fees and assessments, is passed through to the contractholder. | |||||||
The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line in the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) and trading securities. | ||||||||
The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees in the statements of operations. | ||||||||
Reclassifications | ||||||||
Amounts in the prior years’ consolidated financial statements have been reclassified to conform with the 2014 presentation. Certain derivatives (gains) losses were previously reported in: (i) (gains) losses on investments and sales of businesses, net; and (ii) other, net and were reclassified to (gains) losses on derivatives, net. The following table presents such reclassifications, all within cash flows from operating activities, in the consolidated statements of cash flows: | ||||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
(Gains) losses on investments and sales of businesses, net | $ | (4,166 | ) | $ | (2,865 | ) | ||
Other, net | $ | (956 | ) | $ | (322 | ) | ||
(Gains) losses on derivatives, net | $ | 5,122 | $ | 3,187 | ||||
Additionally, certain amounts in the prior years’ footnotes have been reclassified to conform with the current year presentation as discussed throughout the Notes to the Consolidated Financial Statements. | ||||||||
Summary of Significant Accounting Policies | ||||||||
The following are the Company’s significant accounting policies with references to notes providing additional information on such policies and critical accounting estimates relating to such policies. | ||||||||
Accounting Policy | Note | |||||||
Insurance | 4 | |||||||
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | 5 | |||||||
Reinsurance | 6 | |||||||
Investments | 8 | |||||||
Derivatives | 9 | |||||||
Fair Value | 10 | |||||||
Goodwill | 11 | |||||||
Employee Benefit Plans | 18 | |||||||
Income Tax | 19 | |||||||
Litigation Contingencies | 21 | |||||||
Insurance | ||||||||
Future Policy Benefit Liabilities and Policyholder Account Balances | ||||||||
The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid reduced by the present value of future expected premiums. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. | ||||||||
Premium deficiency reserves may also be established for short duration contracts to provide for expected future losses. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short duration contracts. | ||||||||
Liabilities for universal and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the Standard & Poor’s Ratings Services (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. | ||||||||
The Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. | ||||||||
Policyholder account balances (“PABs”) relate to contract or contract features where the Company has no significant insurance risk. | ||||||||
The Company issues directly and assumes through 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. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. | ||||||||
Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the portion of guaranteed minimum income benefits (“GMIBs”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”). | ||||||||
Guarantees accounted for as embedded derivatives in PABs include the non life-contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and the portion of GMIBs that do not require annuitization. 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. | ||||||||
Other Policy-Related Balances | ||||||||
Other policy-related balances include policy and contract claims, unearned revenue liabilities, premiums received in advance, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired. | ||||||||
The liability for policy and contract claims generally relates to incurred but not reported death, disability, long-term care (“LTC”) and dental claims, as well as claims which have been reported but not yet settled. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of incurred but not reported claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. | ||||||||
The unearned revenue liability relates to universal life-type and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. | ||||||||
The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance and applies the cash received to premiums when due. | ||||||||
See “— Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles” for a discussion of negative value of business acquired. | ||||||||
Recognition of Insurance Revenues and Deposits | ||||||||
Premiums related to traditional life, annuity policies with life contingencies, long-duration accident & health, and credit insurance policies are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. | ||||||||
Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. | ||||||||
Deposits related to universal life-type and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs. | ||||||||
Premiums related to property and casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are also included in future policy benefits. | ||||||||
Premiums, policy fees, policyholder benefits and expenses are presented net of reinsurance. | ||||||||
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | ||||||||
The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: | ||||||||
• | incremental direct costs of contract acquisition, such as commissions; | |||||||
• | the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; | |||||||
• | other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and | |||||||
• | the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. | |||||||
All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. | ||||||||
Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. | ||||||||
DAC and VOBA are amortized as follows: | ||||||||
Products: | In proportion to the following over estimated lives of the contracts: | |||||||
• | Nonparticipating and non-dividend-paying traditional contracts: | Historic actual and expected future gross premiums. | ||||||
• | Term insurance | |||||||
• | Nonparticipating whole life insurance | |||||||
• | Traditional group life insurance | |||||||
• | Non-medical health insurance | |||||||
• | Accident & health insurance | |||||||
• | Participating, dividend-paying traditional contracts | Actual and expected future gross margins. | ||||||
• | Fixed and variable universal life contracts | Actual and expected future gross profits. | ||||||
• | Fixed and variable deferred annuity contracts | |||||||
• | Credit insurance contracts | Historic and future earned premiums. | ||||||
• | Property and casualty insurance contracts | |||||||
• | Other short-duration contracts | |||||||
See Note 5 for additional information on DAC and VOBA amortization. | ||||||||
The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated in the financial statements for reporting purposes. | ||||||||
The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. | ||||||||
Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over useful lives ranging from 10 to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. | ||||||||
For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as an additional insurance liability. The fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized over the policy period in proportion to the approximate consumption of losses included in the liability usually expressed in terms of insurance in-force or account value. Such amortization is recorded as a contra-expense in other expenses. | ||||||||
Reinsurance | ||||||||
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. | ||||||||
For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC and recognized as a component of other expenses on a basis consistent with the way the acquisition costs on the underlying reinsured contracts would be recognized. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established. | ||||||||
For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria of reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method. | ||||||||
Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. | ||||||||
Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives. These embedded derivatives are included in premiums, reinsurance and other receivables with changes in estimated fair value reported in policyholder benefits and claims. | ||||||||
If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate. | ||||||||
Investments | ||||||||
Net Investment Income and Net Investment Gains (Losses) | ||||||||
Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported within net investment gains (losses), unless otherwise stated herein. | ||||||||
Fixed Maturity and Equity Securities | ||||||||
The majority of the Company’s fixed maturity and equity securities are classified as available-for-sale (“AFS”) and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Investment gains and losses on sales are determined on a specific identification basis. | ||||||||
Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recognized when declared. | ||||||||
The Company periodically evaluates fixed maturity and equity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age as described in Note 8 “— Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities.” | ||||||||
For fixed maturity securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI. | ||||||||
With respect to equity securities, the Company considers in its OTTI analysis its intent and ability to hold a particular equity security for a period of time sufficient to allow for the recovery of its estimated fair value to an amount equal to or greater than cost. If a sale decision is made for an equity security and recovery to an amount at least equal to cost prior to the sale is not expected, the security will be deemed to be other-than-temporarily impaired in the period that the sale decision was made and an OTTI loss will be recorded in earnings. The OTTI loss recognized is the entire difference between the security’s cost and its estimated fair value. | ||||||||
FVO and Trading Securities | ||||||||
FVO and trading securities are stated at estimated fair value and include investments for which the FVO has been elected (“FVO Securities”) and investments that are actively purchased and sold (“Actively Traded Securities”). FVO Securities include: | ||||||||
• | fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts (“FVO general account securities”); and | |||||||
• | contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate 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 contractholder-directed unit-linked investments”). | |||||||
Actively Traded Securities principally include fixed maturity securities and short sale agreement liabilities, which are included in other liabilities. | ||||||||
Changes in estimated fair value of these securities are included in net investment income, except for certain securities included in FVO Securities where changes are included in net investment gains (losses). | ||||||||
Mortgage Loans | ||||||||
The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural, and residential. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8. | ||||||||
Mortgage Loans Held-For-Investment | ||||||||
Mortgage loans held-for-investment are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. | ||||||||
Also included in mortgage loans held-for-investment are commercial mortgage loans held by consolidated securitization entities (“CSEs”) and residential mortgage loans for which the FVO was elected, which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment gains (losses) for commercial mortgage loans held by CSEs — FVO, and net investment income for residential mortgage loans — FVO. | ||||||||
Mortgage Loans Held-For-Sale | ||||||||
Mortgage loans held-for-sale that were previously designated as held-for-investment and mortgage loans originated with the intent to sell for which FVO was not elected, are stated at the lower of amortized cost or estimated fair value. | ||||||||
Policy Loans | ||||||||
Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. | ||||||||
Real Estate | ||||||||
Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset (typically 20 to 55 years). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable and exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. | ||||||||
Real estate for which the Company commits to a plan to sell within one year and actively markets in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated. | ||||||||
Real Estate Joint Ventures and Other Limited Partnership Interests | ||||||||
The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a 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 Company recognizes distributions on cost method investments as earned or received. Because of the nature and structure of these cost method investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. | ||||||||
The Company routinely evaluates its equity method and cost method investments for impairment. For equity method investees, the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. The Company considers its cost method investments for impairment when the carrying value of such investments exceeds the net asset value (“NAV”). The Company takes into consideration the severity and duration of this excess when determining whether the cost method investment is impaired. | ||||||||
Short-term Investments | ||||||||
Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. | ||||||||
Other Invested Assets | ||||||||
Other invested assets consist principally of the following: | ||||||||
• | Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. | |||||||
• | Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. Where tax credits are guaranteed by a creditworthy third party, the investment is accounted for under the effective yield method. Otherwise, the investment is accounted for under the equity method. | |||||||
• | Leveraged leases which are recorded net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease. The Company regularly reviews residual values for impairment. | |||||||
• | Direct financing leases gross investment is equal to the minimum lease payments plus the unguaranteed residual value. Income is recorded by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews lease receivables for impairment. Certain direct financing leases are linked to inflation. | |||||||
• | Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments. | |||||||
• | Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method. | |||||||
Securities Lending Program | ||||||||
Securities lending transactions, whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the Company’s financial statements. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, within net investment income. | ||||||||
Derivatives | ||||||||
Freestanding Derivatives | ||||||||
Freestanding derivatives are carried in the Company’s 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. | ||||||||
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 previous 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 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 changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the 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 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 statements 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 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 balance sheets, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). | ||||||||
Embedded Derivatives | ||||||||
The Company sells variable annuities and 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 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. | ||||||||
Fair Value | ||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. | ||||||||
Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of assets and liabilities. | ||||||||
Goodwill | ||||||||
Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of cost over the estimated fair value of such net assets acquired, is not amortized, and is tested for impairment based on a fair value approach at least annually or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter of each year based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event. | ||||||||
The impairment test is performed at the reporting unit level, which is the operating segment or a business one level below the operating segment, if discrete financial information is prepared and regularly reviewed by management at that level. For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, there may be an indication of impairment. In such instances, the implied fair value of the goodwill is determined in the same manner as the amount of goodwill that would be determined in a business combination. The excess of the carrying value of goodwill over the implied fair value of goodwill would be recognized as an impairment and recorded as a charge against net income. | ||||||||
On an ongoing basis, the Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. | ||||||||
Employee Benefit Plans | ||||||||
Certain subsidiaries of MetLife, Inc. sponsor and/or administer various plans that provide defined benefit pension and other postretirement benefits covering eligible employees and sales representatives. Measurement dates used for all of the subsidiaries’ defined benefit pension and other postretirement benefit plans correspond with the fiscal year ends of sponsoring subsidiaries, which are December 31 for U.S. and most non-U.S. subsidiaries and November 30 for certain non-U.S. subsidiaries. | ||||||||
The Company recognizes the funded status of the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits for each of its plans. The Company recognizes an expense for differences between actual experience and estimates over the average future service period of participants. The actuarial gains (losses), prior service costs (credit) and the remaining net transition asset or obligation not yet included in net periodic benefit costs are charged to accumulated OCI (“AOCI”), net of income tax. | ||||||||
The subsidiaries also sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions is matched. Applicable matching contributions are made each payroll period. Accordingly, the Company recognizes compensation cost for current matching contributions. As all contributions are transferred currently as earned to the defined contribution plans, no liability for matching contributions is recognized in the balance sheets. | ||||||||
Income Tax | ||||||||
MetLife, Inc. and its includable life insurance and non-life insurance subsidiaries file a consolidated U.S. federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Non-includable subsidiaries file either separate individual corporate tax returns or separate consolidated tax returns. | ||||||||
The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. | ||||||||
Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||||||||
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination the Company considers many factors, including: | ||||||||
• | the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; | |||||||
• | the jurisdiction in which the deferred tax asset was generated; | |||||||
• | the length of time that carryforward can be utilized in the various taxing jurisdiction; | |||||||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||||||
• | future reversals of existing taxable temporary differences; | |||||||
• | taxable income in prior carryback years; and | |||||||
• | tax planning strategies. | |||||||
The Company may be required to change its provision for income taxes in certain circumstances. Examples of such circumstances include when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income tax and the effective tax rate. Any such changes could significantly affect the amounts reported in the financial statements in the year these changes occur. | ||||||||
The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. | ||||||||
The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax. | ||||||||
Litigation Contingencies | ||||||||
The Company is a party to a number of legal actions and is involved in a number of regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate the impact on the Company’s financial position. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 21, legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected in the Company’s financial statements. | ||||||||
Other Accounting Policies | ||||||||
Redeemable Noncontrolling Interests | ||||||||
Redeemable noncontrolling interests associated with certain joint ventures and partially-owned consolidated subsidiaries are reported in the temporary section of the balance sheet. | ||||||||
Stock-Based Compensation | ||||||||
The Company grants certain employees and directors stock-based compensation awards under various plans that are subject to specific vesting conditions. With the exception of performance shares granted in 2014 and 2013 which are re-measured quarterly, the cost of all stock-based transactions is measured at fair value at grant date and recognized over the period during which a grantee is required to provide services in exchange for the award. Although the terms of the Company’s stock-based plans do not accelerate vesting upon retirement, or the attainment of retirement eligibility, the requisite service period subsequent to attaining such eligibility is considered nonsubstantive. Accordingly, the Company recognizes compensation expense related to stock-based awards over the shorter of the requisite service period or the period to attainment of retirement eligibility. An estimation of future forfeitures of stock-based awards is incorporated into the determination of compensation expense when recognizing expense over the requisite service period. | ||||||||
Cash and Cash Equivalents | ||||||||
The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, which approximates estimated fair value. | ||||||||
Property, Equipment, Leasehold Improvements and Computer Software | ||||||||
Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to 25 years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of the property, equipment and leasehold improvements was $2.0 billion at both December 31, 2014 and 2013. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $1.0 billion at both December 31, 2014 and 2013. Related depreciation and amortization expense was $182 million, $183 million and $208 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Such costs are amortized generally over a four-year period using the straight-line method. The cost basis of computer software was $1.9 billion and $1.7 billion at December 31, 2014 and 2013, respectively. Accumulated amortization of capitalized software was $1.3 billion and $1.1 billion at December 31, 2014 and 2013, respectively. Related amortization expense was $212 million, $216 million and $221 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||
Other Revenues | ||||||||
Other revenues include, in addition to items described elsewhere herein, advisory fees, broker-dealer commissions and fees, administrative service fees, and changes in account value relating to corporate-owned life insurance (“COLI”). Such fees and commissions are recognized in the period in which services are performed. Under certain COLI contracts, if the Company reports certain unlikely adverse results in its financial statements, withdrawals would not be immediately available and would be subject to market value adjustment, which could result in a reduction of the account value. | ||||||||
Policyholder Dividends | ||||||||
Policyholder dividends are approved annually by the insurance subsidiaries’ boards of directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by the insurance subsidiaries. | ||||||||
Foreign Currency | ||||||||
Assets, liabilities and operations of foreign affiliates and subsidiaries are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. With the exception of certain foreign operations, primarily Japan, where multiple functional currencies exist, the local currencies of foreign operations are the functional currencies. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and income and expense accounts are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur. | ||||||||
Earnings Per Common Share | ||||||||
Basic earnings per common share are computed based on the weighted average number of common shares, or their equivalent, outstanding during the period. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares. Diluted earnings per common share include the dilutive effect of the assumed: (i) exercise or issuance of stock-based awards using the treasury stock method; (ii) settlement of stock purchase contracts underlying common equity units using the treasury stock method; and (iii) settlement of accelerated common stock repurchase contracts. Under the treasury stock method, exercise or issuance of stock-based awards and settlement of the stock purchase contracts underlying common equity units is assumed to occur with the proceeds used to purchase common stock at the average market price for the period. | ||||||||
Adoption of New Accounting Pronouncements | ||||||||
Effective November 18, 2014, the Company adopted new guidance on when, if ever, the cost of acquiring an entity should be used to establish a new accounting basis (“pushdown”) in the acquired entity’s separate financial statements. The guidance provides an acquired entity and its subsidiaries with an irrevocable option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. If a reporting entity elects to apply pushdown accounting, its stand-alone financial statements would reflect the acquirer’s new basis in the acquired entity’s assets and liabilities. The election to apply pushdown accounting should be determined by an acquired entity for each individual change-in-control event in which an acquirer obtains control of the acquired entity; however, an entity that does not elect to apply pushdown accounting in the period of a change-in-control can later elect to retrospectively apply pushdown accounting to the most recent change-in-control transaction as a change in accounting principle. The new guidance did not have a material impact on the financial statements upon adoption. | ||||||||
Effective January 1, 2014, the Company early adopted new guidance regarding reporting of discontinued operations and disclosures of disposals of components of an entity. The guidance increases the threshold for a disposal to qualify as a discontinued operation, expands the disclosures for discontinued operations and requires new disclosures for certain disposals that do not meet the definition of a discontinued operation. Disposals must now represent a strategic shift that has or will have a major effect on the entity’s operations and financial results to qualify as discontinued operations. | ||||||||
Effective January 1, 2014, the Company adopted new guidance regarding the presentation of an unrecognized tax benefit. The new guidance requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. However, when the carryforwards are not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or the applicable tax law does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit will be presented in the financial statements as a liability and will not be combined with the related deferred tax asset. The adoption was prospectively applied and resulted in a reduction to other liabilities and a corresponding increase to deferred income tax liability in the amount of $277 million. | ||||||||
Effective January 1, 2014, the Company adopted new guidance on other expenses. 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. In accordance with the adoption of the new accounting pronouncement on January 1, 2014, the Company recorded $57 million in other liabilities, and a corresponding deferred cost, in other assets. | ||||||||
Effective July 17, 2013, the Company adopted guidance regarding derivatives that permits the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the United States Treasury and London Interbank Offered Rate (“LIBOR”). Also, this new guidance removes the restriction on using different benchmark rates for similar hedges. The new guidance did not have a material impact on the financial statements upon adoption. | ||||||||
Effective January 1, 2013, the Company adopted guidance regarding comprehensive income that requires an entity to provide information about the amounts reclassified out of 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 in Note 16. | ||||||||
Effective January 1, 2013, the Company adopted 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 adoption was retrospectively applied and resulted in additional disclosures related to derivatives in Note 9. | ||||||||
On January 1, 2012, the Company adopted guidance regarding accounting for DAC, which was retrospectively applied. The guidance specifies that only costs related directly to successful acquisition of new or renewal contracts can be capitalized as DAC; all other acquisition-related costs must be expensed as incurred. Under the new guidance, advertising costs may only be included in DAC if the capitalization criteria in the direct-response advertising guidance in Subtopic 340-20, Other Assets and Deferred Costs—Capitalized Advertising Costs, are met. As a result, certain direct marketing, sales manager compensation and administrative costs previously capitalized by the Company will no longer be deferred. | ||||||||
On January 1, 2012, the Company adopted guidance regarding comprehensive income, which was retrospectively applied, that provides companies with the option to present the total of comprehensive income, components of net income, and the components of OCI either in a single continuous statement of comprehensive income or in two separate but consecutive statements in annual financial statements. The standard eliminates the option to present components of OCI as part of the statement of changes in stockholders’ equity. The Company adopted the two-statement approach for annual financial statements. | ||||||||
Effective January 1, 2012, the Company adopted guidance on goodwill impairment testing that simplifies how an entity tests goodwill for impairment. This new guidance allows an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value as a basis for determining whether it needs to perform the quantitative two-step goodwill impairment test. Only if an entity determines, based on qualitative assessment, that it is more likely than not that a reporting unit’s fair value is less than its carrying value will it be required to calculate the fair value of the reporting unit. The qualitative assessment is optional and the Company is permitted to bypass it for any reporting unit in any period and begin its impairment analysis with the quantitative calculation. The Company is permitted to perform the qualitative assessment in any subsequent period. | ||||||||
Effective January 1, 2012, the Company adopted guidance regarding fair value measurements that establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards. Some of the amendments clarify the Financial Accounting Standards Board’s (“FASB”) intent on the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The adoption did not have a material impact on the Company’s financial statements other than the expanded disclosures in Note 10. | ||||||||
Future Adoption of New Accounting Pronouncements | ||||||||
In February 2015, the FASB issued new guidance to improve consolidation guidance for legal entities (Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis), effective for fiscal years beginning after December 15, 2015 and interim periods within those years and early adoption is permitted. The new standard is intended to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amendments in the ASU affect the consolidation evaluation for reporting organizations. In addition, the amendments in this ASU simplify and improve current GAAP by reducing the number of consolidation models. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | ||||||||
In June 2014, the FASB issued new guidance on transfers and servicing ASU 2014‑11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure), effective prospectively for fiscal years beginning after December 15, 2014 and interim periods within those years. The new guidance requires that repurchase-to-maturity transactions and repurchase financing arrangements be accounted for as secured borrowings and provides for enhanced disclosures, including the nature of collateral pledged and the time to maturity. Certain interim period disclosures for repurchase agreements and securities lending transactions are not required until the second quarter of 2015. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements. | ||||||||
In May 2014, the FASB issued a comprehensive new revenue recognition standard (ASU 2014‑09, Revenue from Contracts with Customers (Topic 606)), effective retrospectively for fiscal years beginning after December 15, 2016 and interim periods within those years. Early adoption of this standard is not permitted. The new guidance will supersede nearly all existing revenue recognition guidance under GAAP; however, it will not impact the accounting for insurance contracts, leases, financial instruments and guarantees. For those contracts that are impacted by the new guidance, the guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | ||||||||
In January 2014, the FASB issued new guidance regarding investments (ASU 2014‑01, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects), effective retrospectively for fiscal years beginning after December 15, 2014 and interim reporting periods within those years. The new guidance is applicable to investments in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. Under the guidance, an entity that meets certain conditions is permitted to make an accounting policy election to amortize the initial cost of its investment in proportion to the tax credits and other tax benefits received and recognize the net investment performance on the statement of operations as a component of income tax expense (benefit). The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [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. | |||||||||||||||||||||||||||||||||||||||||||||
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. Group, Voluntary & Worksite Benefits insurance products and services include life, dental, group short- and long-term disability and accidental death and dismemberment (“AD&D”) coverages. In addition, the Group, Voluntary & Worksite Benefits segment offers property & casualty insurance, including private passenger automobile, homeowners and personal excess liability, which is offered to employees on a voluntary basis, LTC, critical illness and accident & health coverages, as well as prepaid legal plans. | |||||||||||||||||||||||||||||||||||||||||||||
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 structured settlements and 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 & health insurance, group medical, dental, credit insurance, endowment and retirement & savings products written in Latin America. The Latin America segment also includes U.S. sponsored direct business, comprised of group and individual products sold through sponsoring organizations and affinity groups. Products included are life, dental, group short- and long-term disability, AD&D coverages, property & casualty and other accident & health coverages, as well as non-insurance products such as identity protection. | |||||||||||||||||||||||||||||||||||||||||||||
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 & health insurance, fixed and variable annuities, credit insurance 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 & health insurance, credit insurance, annuities, endowment and retirement & savings products. | |||||||||||||||||||||||||||||||||||||||||||||
Corporate & Other | |||||||||||||||||||||||||||||||||||||||||||||
Corporate & Other contains the excess capital, as well as certain charges and activities, not allocated to the segments, including external integration costs, internal resource costs for associates committed to acquisitions, enterprise-wide strategic initiative restructuring charges, various start-up businesses (including expatriate benefits insurance, the investment management business through which we offer fee-based investment management services to institutional clients, as well as direct and digital marketing products) and certain run-off businesses. 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 and are referred to as 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 or that are used to replicate certain 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 and other pass through adjustments, (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 to the tax impact of the adjustments mentioned above, provision for income tax expense (benefit) also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. | |||||||||||||||||||||||||||||||||||||||||||||
The sale of MetLife Assurance Limited (“MAL”) was completed in May 2014. As a result, the operations of MAL have been classified as divested business for all periods presented. See Note 3. Consequently, the results for Corporate Benefit Funding decreased by $12 million, net of $8 million of income tax, and $21 million, net of $13 million of income tax, for the years ended December 31, 2013 and 2012, respectively. Also, the results for Corporate & Other decreased by $14 million, net of $7 million of income tax, and $16 million, net of $8 million of income tax, for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the years ended December 31, 2014, 2013 and 2012 and at December 31, 2014 and 2013. 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. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon and applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards. | |||||||||||||||||||||||||||||||||||||||||||||
For the Company’s domestic segments, 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. | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios 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. | |||||||||||||||||||||||||||||||||||||||||||||
Effective January 1, 2015, the Company implemented certain segment reporting changes related to the measurement of segment operating earnings, as well as the realignment of consumer direct business from Corporate & Other to Latin America. The changes will be applied retrospectively beginning with the first quarter of 2015. The changes will not impact total consolidated operating earnings or net income. | |||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 7,280 | $ | 15,979 | $ | 2,768 | $ | 2,967 | $ | 28,994 | $ | 7,566 | $ | 2,309 | $ | 153 | $ | 39,022 | $ | 45 | $ | 39,067 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 5,074 | 716 | 226 | 1,239 | 7,255 | 1,693 | 466 | 127 | 9,541 | 405 | 9,946 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,953 | 1,844 | 5,799 | 1,347 | 16,943 | 2,856 | 508 | 177 | 20,484 | 669 | 21,153 | ||||||||||||||||||||||||||||||||||
Other revenues | 1,059 | 420 | 286 | 34 | 1,799 | 106 | 60 | 68 | 2,033 | (3 | ) | 2,030 | |||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | (197 | ) | (197 | ) | ||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | 1,317 | 1,317 | ||||||||||||||||||||||||||||||||||
Total revenues | 21,366 | 18,959 | 9,079 | 5,587 | 54,991 | 12,221 | 3,343 | 525 | 71,080 | 2,236 | 73,316 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,851 | 14,897 | 5,106 | 2,743 | 32,597 | 5,724 | 1,053 | 104 | 39,478 | 1,000 | 40,478 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,245 | 156 | 1,140 | 394 | 3,935 | 1,544 | 148 | 34 | 5,661 | 1,282 | 6,943 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (969 | ) | (143 | ) | (31 | ) | (385 | ) | (1,528 | ) | (1,914 | ) | (680 | ) | (60 | ) | (4,182 | ) | (1 | ) | (4,183 | ) | |||||||||||||||||||||||
Amortization of DAC and VOBA | 1,515 | 149 | 19 | 321 | 2,004 | 1,397 | 613 | 13 | 4,027 | 105 | 4,132 | ||||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (1 | ) | (1 | ) | (364 | ) | (31 | ) | — | (396 | ) | (46 | ) | (442 | ) | |||||||||||||||||||||||||||
Interest expense on debt | 1 | 1 | 9 | — | 11 | — | — | 1,167 | 1,178 | 38 | 1,216 | ||||||||||||||||||||||||||||||||||
Other expenses | 4,695 | 2,570 | 513 | 1,677 | 9,455 | 3,971 | 1,810 | 1,018 | 16,254 | 114 | 16,368 | ||||||||||||||||||||||||||||||||||
Total expenses | 17,338 | 17,630 | 6,756 | 4,749 | 46,473 | 10,358 | 2,913 | 2,276 | 62,020 | 2,492 | 64,512 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,382 | 464 | 812 | 156 | 2,814 | 575 | 68 | (1,079 | ) | 2,378 | 87 | 2,465 | |||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,646 | $ | 865 | $ | 1,511 | $ | 682 | $ | 5,704 | $ | 1,288 | $ | 362 | $ | (672 | ) | 6,682 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 2,236 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | (2,492 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | (87 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 6,339 | $ | 6,339 | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | ||||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 359,173 | $ | 45,434 | $ | 230,124 | $ | 71,419 | $ | 116,915 | $ | 27,698 | $ | 51,574 | $ | 902,337 | |||||||||||||||||||||||||||||
Separate account assets | $ | 171,726 | $ | 669 | $ | 81,150 | $ | 50,301 | $ | 9,078 | $ | 4,070 | $ | — | $ | 316,994 | |||||||||||||||||||||||||||||
Separate account liabilities | $ | 171,726 | $ | 669 | $ | 81,150 | $ | 50,301 | $ | 9,078 | $ | 4,070 | $ | — | $ | 316,994 | |||||||||||||||||||||||||||||
______________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Total assets includes $93.8 billion of assets from the Japan operations which represents 10% of total consolidated assets. See Note 11 for information regarding goodwill. | ||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 6,528 | $ | 15,250 | $ | 2,767 | $ | 2,824 | $ | 27,369 | $ | 7,801 | $ | 2,297 | $ | 116 | $ | 37,583 | $ | 91 | $ | 37,674 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 4,912 | 688 | 247 | 991 | 6,838 | 1,722 | 386 | 139 | 9,085 | 366 | 9,451 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,898 | 1,856 | 5,621 | 1,246 | 16,621 | 2,915 | 498 | 360 | 20,394 | 1,838 | 22,232 | ||||||||||||||||||||||||||||||||||
Other revenues | 1,018 | 418 | 278 | 23 | 1,737 | 92 | 97 | 28 | 1,954 | (34 | ) | 1,920 | |||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | 161 | 161 | ||||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | (3,239 | ) | (3,239 | ) | ||||||||||||||||||||||||||||||||
Total revenues | 20,356 | 18,212 | 8,913 | 5,084 | 52,565 | 12,530 | 3,278 | 643 | 69,016 | (817 | ) | 68,199 | |||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,028 | 14,227 | 5,180 | 2,454 | 30,889 | 5,755 | 1,039 | 63 | 37,746 | 1,620 | 39,366 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,331 | 155 | 1,233 | 417 | 4,136 | 1,690 | 147 | 42 | 6,015 | 2,164 | 8,179 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (1,309 | ) | (141 | ) | (27 | ) | (424 | ) | (1,901 | ) | (2,143 | ) | (714 | ) | (28 | ) | (4,786 | ) | — | (4,786 | ) | ||||||||||||||||||||||||
Amortization of DAC and VOBA | 1,384 | 140 | 23 | 310 | 1,857 | 1,542 | 683 | 1 | 4,083 | (533 | ) | 3,550 | |||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (2 | ) | (2 | ) | (427 | ) | (95 | ) | — | (524 | ) | (55 | ) | (579 | ) | |||||||||||||||||||||||||||
Interest expense on debt | — | 1 | 9 | — | 10 | — | 1 | 1,148 | 1,159 | 123 | 1,282 | ||||||||||||||||||||||||||||||||||
Other expenses | 5,084 | 2,380 | 504 | 1,612 | 9,580 | 4,312 | 1,810 | 894 | 16,596 | 539 | 17,135 | ||||||||||||||||||||||||||||||||||
Total expenses | 16,518 | 16,762 | 6,922 | 4,367 | 44,569 | 10,729 | 2,871 | 2,120 | 60,289 | 3,858 | 64,147 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,314 | 488 | 696 | 143 | 2,641 | 557 | 78 | (932 | ) | 2,344 | (1,683 | ) | 661 | ||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,524 | $ | 962 | $ | 1,295 | $ | 574 | $ | 5,355 | $ | 1,244 | $ | 329 | $ | (545 | ) | 6,383 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | (817 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | (3,858 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | 1,683 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 3,391 | $ | 3,391 | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | ||||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 349,516 | $ | 43,404 | $ | 220,612 | $ | 69,874 | $ | 119,717 | $ | 33,382 | $ | 48,791 | $ | 885,296 | |||||||||||||||||||||||||||||
Separate account assets | $ | 172,382 | $ | 644 | $ | 77,023 | $ | 49,660 | $ | 8,996 | $ | 8,496 | $ | — | $ | 317,201 | |||||||||||||||||||||||||||||
Separate account liabilities | $ | 172,382 | $ | 644 | $ | 77,023 | $ | 49,660 | $ | 8,996 | $ | 8,496 | $ | — | $ | 317,201 | |||||||||||||||||||||||||||||
______________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Total assets includes $98.4 billion of assets from the Japan operations which represents 11% of total consolidated assets. See Note 11 for information regarding goodwill. | ||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite Benefits | Funding | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 6,532 | $ | 14,794 | $ | 2,681 | $ | 2,578 | $ | 26,585 | $ | 8,344 | $ | 2,370 | $ | 56 | $ | 37,355 | $ | 620 | $ | 37,975 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 4,561 | 662 | 225 | 785 | 6,233 | 1,491 | 333 | 155 | 8,212 | 344 | 8,556 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,670 | 1,768 | 5,542 | 1,198 | 16,178 | 2,895 | 535 | 679 | 20,287 | 1,697 | 21,984 | ||||||||||||||||||||||||||||||||||
Other revenues | 879 | 422 | 259 | 16 | 1,576 | 26 | 121 | 33 | 1,756 | 150 | 1,906 | ||||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | (352 | ) | (352 | ) | ||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | (1,919 | ) | (1,919 | ) | ||||||||||||||||||||||||||||||||
Total revenues | 19,642 | 17,646 | 8,707 | 4,577 | 50,572 | 12,756 | 3,359 | 923 | 67,610 | 540 | 68,150 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,010 | 13,691 | 5,039 | 2,231 | 29,971 | 5,819 | 1,196 | 119 | 37,105 | 2,251 | 39,356 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,375 | 167 | 1,358 | 393 | 4,293 | 1,784 | 126 | 39 | 6,242 | 1,487 | 7,729 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | 1,868 | 1,868 | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (1,753 | ) | (138 | ) | (29 | ) | (353 | ) | (2,273 | ) | (2,288 | ) | (723 | ) | — | (5,284 | ) | (5 | ) | (5,289 | ) | ||||||||||||||||||||||||
Amortization of DAC and VOBA | 1,607 | 133 | 22 | 224 | 1,986 | 1,563 | 626 | 2 | 4,177 | 22 | 4,199 | ||||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (5 | ) | (5 | ) | (456 | ) | (94 | ) | — | (555 | ) | (67 | ) | (622 | ) | |||||||||||||||||||||||||||
Interest expense on debt | — | 1 | 8 | (1 | ) | 8 | 5 | 1 | 1,176 | 1,190 | 166 | 1,356 | |||||||||||||||||||||||||||||||||
Other expenses | 5,369 | 2,351 | 460 | 1,375 | 9,555 | 4,738 | 1,810 | 559 | 16,662 | 1,449 | 18,111 | ||||||||||||||||||||||||||||||||||
Total expenses | 16,608 | 16,205 | 6,858 | 3,864 | 43,535 | 11,165 | 2,942 | 1,895 | 59,537 | 7,171 | 66,708 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,032 | 481 | 646 | 130 | 2,289 | 554 | 146 | (687 | ) | 2,302 | (2,174 | ) | 128 | ||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,002 | $ | 960 | $ | 1,203 | $ | 583 | $ | 4,748 | $ | 1,037 | $ | 271 | $ | (285 | ) | 5,771 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 540 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | (7,171 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | 2,174 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 1,314 | $ | 1,314 | |||||||||||||||||||||||||||||||||||||||||
The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: | |||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Life insurance | $ | 23,483 | $ | 23,189 | $ | 22,832 | |||||||||||||||||||||||||||||||||||||||
Accident & health insurance | 13,336 | 13,214 | 13,255 | ||||||||||||||||||||||||||||||||||||||||||
Annuities | 9,984 | 8,987 | 8,891 | ||||||||||||||||||||||||||||||||||||||||||
Property and casualty insurance | 3,524 | 3,270 | 3,117 | ||||||||||||||||||||||||||||||||||||||||||
Non-insurance | 716 | 385 | 342 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,043 | $ | 49,045 | $ | 48,437 | |||||||||||||||||||||||||||||||||||||||
The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: | |||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
U.S. | $ | 34,536 | $ | 32,529 | $ | 31,500 | |||||||||||||||||||||||||||||||||||||||
Foreign: | |||||||||||||||||||||||||||||||||||||||||||||
Japan | 6,917 | 7,373 | 7,833 | ||||||||||||||||||||||||||||||||||||||||||
Other | 9,590 | 9,143 | 9,104 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,043 | $ | 49,045 | $ | 48,437 | |||||||||||||||||||||||||||||||||||||||
Revenues derived from any customer did not exceed 10% of consolidated premiums, universal life and investment-type product policy fees and other revenues for the years ended December 31, 2014, 2013 and 2012. |
Acquisitions_and_Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | 3. Acquisitions and Dispositions |
2014 Disposition | |
In May 2014, the Company completed the sale of its wholly-owned subsidiary, MAL, for $702 million (£418 million) in net cash consideration. As a result of the sale, a loss of $633 million ($442 million, net of income tax), was recorded for the year ended December 31, 2014, which includes a reduction to goodwill of $60 million ($51 million, net of income tax), as well as $77 million ($50 million, net of income tax) related to net investments in foreign operation hedges. The loss is reflected within net investment gains (losses) on the consolidated statements of operations and comprehensive income (loss). Compared to the expected loss at the time of the sales agreement, the actual loss on the sale was increased by net income from MAL of $77 million for the year ended December 31, 2014. MAL’s results of operations are included in continuing operations. They were historically included in the Corporate Benefit Funding segment. See Note 2. | |
2013 Acquisition | |
ProVida | |
Description of Transaction | |
On October 1, 2013, MetLife completed its previously announced acquisition of Administradora de Fondos de Pensiones Provida S.A. (“ProVida”), the largest private pension fund administrator in Chile based on assets under management and number of pension fund contributors. The acquisition of ProVida supports the Company's growth strategy in emerging markets and further strengthens the Company's overall position in Chile. Pursuant to an agreement with Banco Bilbao Vizcaya Argentaria, S.A. and BBVA Inversiones Chile S.A. (together, "BBVA"), a subsidiary of MetLife, Inc. acquired 64.32% of the outstanding shares of ProVida from BBVA and conducted a public cash tender offer, through which MetLife acquired an additional 27.06% of the outstanding shares of ProVida. As a result, as of October 1, 2013, MetLife owned 91.38% of the total outstanding shares of ProVida, for a total acquisition price of $1.9 billion. | |
MetLife’s accounting for pension products sold in foreign jurisdictions, where the sale and administration of those products are restricted by government regulations to pension companies, is under an insurance company accounting model. ProVida’s assets under management meet the qualifications for separate account presentation. As such, the portion of the assets representing pension participants’ funds are reported at estimated fair value as separate account assets, with an equivalent amount reported as separate account liabilities. The fair value of separate account assets and liabilities as of the acquisition date was $45.2 billion. ProVida’s mandatory ownership interest in the funds (the “Encaje investment”), representing a 1% interest in each of the funds offered, is accounted for as FVO Securities and reported in fair value option and trading securities on the balance sheet. Direct and incremental costs resulting in successful sales are capitalized and amortized over the estimated gross profits of the new business sold. Additionally, a portion of the revenue collected through fees on ProVida’s mandatory savings product are deferred and recognized when future services are provided to participants who have stopped contributing to the savings product due to retirement, disability or unemployment (“non-contributors”). | |
Allocation of Purchase Price | |
Of the $1.9 billion purchase price, $631 million and $159 million was allocated to the fair value of tangible assets acquired and liabilities assumed, respectively, of which $451 million in assets represented the Encaje investment. Additionally, $941 million was allocated to VOBA, which represented the value of the future profit margin from existing in-force pension participants (“acquired affiliates”) who were contributors as of the acquisition date and is subject to amortization as a percentage of estimated gross profits from the acquired contributing affiliates over an estimated weighted average period of 15 years. The amounts allocated to the ProVida trade name and goodwill were $179 million and $1.1 billion, respectively, both of which were not subject to amortization. The value of the trade name represented the savings or relief from royalty costs due to ownership of the ProVida name. Goodwill represented the expected future profits resulting from new sales after the acquisition date. The purchase price was also allocated to a future service liability (“FSL”) of $589 million attributable to acquired affiliates who, at the purchase date, were not contributing or would become non-contributors at some point in the future. This liability represents the discounted future cost of servicing these affiliate accounts. The FSL is being released to earnings over the non-contributor phase period based on the actual expenses incurred during the respective period for servicing non-contributors from the acquired business. The allocated purchase price also included deferred tax assets and deferred tax liabilities of $118 million and $224 million, respectively, which were attributable to the intangible assets and liabilities, excluding goodwill, established at the purchase date. No portion of goodwill is expected to be deductible for tax purposes. The fair value of noncontrolling interests was $176 million, and was valued based upon the offered public cash tender price for each outstanding share of ProVida not acquired by MetLife. | |
Revenues and Earnings of ProVida | |
Revenues and net income of $100 million and $42 million, respectively, resulting from the acquisition of ProVida since the acquisition date, were included in the consolidated statement of operations within the Latin America segment for the year ended December 31, 2013. | |
2013 Disposition | |
MetLife Bank | |
In 2013, MetLife Bank, National Association (“MetLife Bank”) and MetLife, Inc. completed the sale of MetLife Bank’s $6.4 billion of deposits. In August 2013, MetLife Bank merged with and into MetLife Home Loans LLC (“MLHL”), its former subsidiary, with MLHL as the surviving, non-bank entity. MetLife Bank has sold or otherwise exited substantially all of its operations. In conjunction with exiting MetLife Bank’s businesses (the “MetLife Bank Divestiture”), for the years ended December 31, 2014, 2013 and 2012, the Company recorded net losses of $21 million, $115 million and $163 million, respectively, net of income tax. The net losses included the gain on disposal of the depository business, the loss on disposal of mortgage servicing rights (“MSRs”), gains (losses) on securities and mortgage loans sold or other costs related to MetLife Bank’s businesses. | |
Each of the businesses that were exited as part of the MetLife Bank Divestiture could not be separated from the rest of the operations since the Company did not separately manage 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. | |
MetLife Bank had historically taken advantage of collateralized borrowing opportunities with the Federal Home Loan Bank (“FHLB”) of New York (“FHLB of NY”). In January 2012, MetLife Bank discontinued taking advances from the FHLB of NY. In April 2012, MetLife Bank transferred cash to Metropolitan Life Insurance Company (“MLIC”) related to $3.8 billion of outstanding advances which had been included in long-term debt, and MLIC assumed the associated obligations under terms similar to those of the transferred advances by issuing funding agreements which are included in PABs. See Note 12. |
Insurance
Insurance | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||
Insurance | 4. Insurance | |||||||||||||||||||
Insurance Liabilities | ||||||||||||||||||||
Insurance liabilities are comprised of future policy benefits, PABs and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Retail | $ | 136,812 | $ | 134,915 | ||||||||||||||||
Group, Voluntary & Worksite Benefits | 30,328 | 29,521 | ||||||||||||||||||
Corporate Benefit Funding | 115,440 | 112,591 | ||||||||||||||||||
Latin America | 15,480 | 16,162 | ||||||||||||||||||
Asia | 86,483 | 93,066 | ||||||||||||||||||
EMEA | 20,520 | 21,657 | ||||||||||||||||||
Corporate & Other | 8,239 | 8,129 | ||||||||||||||||||
Total | $ | 413,302 | $ | 416,041 | ||||||||||||||||
Future policy benefits are measured as follows: | ||||||||||||||||||||
Product Type: | Measurement Assumptions: | |||||||||||||||||||
Participating life | Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for domestic business and 1% to 11% for international business, and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for domestic business. | |||||||||||||||||||
Nonparticipating life | Aggregate of the present value of expected future benefit payments and related expenses less the present value of expected future net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for domestic business and 1% to 13% for international business. | |||||||||||||||||||
Individual and group | Present value of expected future payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for domestic business and 1% to 12% for international business. | |||||||||||||||||||
traditional fixed annuities | ||||||||||||||||||||
after annuitization | ||||||||||||||||||||
Non-medical health | The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 4% to 7% (primarily related to domestic business). | |||||||||||||||||||
insurance | ||||||||||||||||||||
Disabled lives | Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 3% to 8% for domestic business and 1% to 9% for international business. | |||||||||||||||||||
Property and casualty | The amount estimated for claims that have been reported but not settled and claims incurred but not reported are based upon the Company’s historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation. | |||||||||||||||||||
insurance | ||||||||||||||||||||
Participating business represented 5% of the Company’s life insurance in-force at both December 31, 2014 and 2013. Participating policies represented 18%, 19% and 20% of gross life insurance premiums for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
PABs are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from 1% to 13% for domestic business and 1% to 12% for international business, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. | ||||||||||||||||||||
Guarantees | ||||||||||||||||||||
The Company issues variable annuity products with guaranteed minimum benefits. The non-life contingent portion of 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 9. Guarantees accounted for as insurance liabilities include: | ||||||||||||||||||||
Guarantee: | Measurement Assumptions: | |||||||||||||||||||
GMDBs | Ÿ | A return of purchase payment upon death even if the account value is reduced to zero. | Ÿ | Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. | ||||||||||||||||
Ÿ | An enhanced death benefit may be available for an additional fee. | Ÿ | Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. | |||||||||||||||||
Ÿ | Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. | |||||||||||||||||||
Ÿ | Benefit assumptions are based on the average benefits payable over a range of scenarios. | |||||||||||||||||||
GMIBs | Ÿ | After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. | Ÿ | Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. | ||||||||||||||||
Ÿ | Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. | Ÿ | Assumptions are consistent with those used for estimating GMDB liabilities. | |||||||||||||||||
Ÿ | Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. | |||||||||||||||||||
GMWBs | Ÿ | A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. | Ÿ | Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. | ||||||||||||||||
Ÿ | Certain contracts include guaranteed withdrawals that are life contingent. | |||||||||||||||||||
The Company also issues annuity contracts that apply a lower rate on 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. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. 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. | ||||||||||||||||||||
Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: | ||||||||||||||||||||
Annuity Contracts | Universal and Variable | |||||||||||||||||||
Life Contracts | ||||||||||||||||||||
GMDBs | GMIBs | Secondary | Paid-Up | Total | ||||||||||||||||
Guarantees | Guarantees | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Direct and Assumed | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 432 | $ | 882 | $ | 4,463 | $ | 221 | $ | 5,998 | ||||||||||
Incurred guaranteed benefits (1) | 252 | 771 | 348 | 25 | 1,396 | |||||||||||||||
Paid guaranteed benefits | (117 | ) | (18 | ) | (26 | ) | — | (161 | ) | |||||||||||
Balance at December 31, 2012 | 567 | 1,635 | 4,785 | 246 | 7,233 | |||||||||||||||
Incurred guaranteed benefits (1) | 200 | 229 | (64 | ) | 20 | 385 | ||||||||||||||
Paid guaranteed benefits | (82 | ) | (13 | ) | (23 | ) | — | (118 | ) | |||||||||||
Balance at December 31, 2013 | 685 | 1,851 | 4,698 | 266 | 7,500 | |||||||||||||||
Incurred guaranteed benefits (1) | 310 | 262 | 411 | 22 | 1,005 | |||||||||||||||
Paid guaranteed benefits | (59 | ) | — | (17 | ) | — | (76 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 936 | $ | 2,113 | $ | 5,092 | $ | 288 | $ | 8,429 | ||||||||||
Ceded | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 54 | $ | 8 | $ | 614 | $ | 155 | $ | 831 | ||||||||||
Incurred guaranteed benefits | 22 | 1 | 139 | 18 | 180 | |||||||||||||||
Paid guaranteed benefits | (20 | ) | — | — | — | (20 | ) | |||||||||||||
Balance at December 31, 2012 | 56 | 9 | 753 | 173 | 991 | |||||||||||||||
Incurred guaranteed benefits | (5 | ) | — | 175 | 14 | 184 | ||||||||||||||
Paid guaranteed benefits | (10 | ) | (2 | ) | — | — | (12 | ) | ||||||||||||
Balance at December 31, 2013 | 41 | 7 | 928 | 187 | 1,163 | |||||||||||||||
Incurred guaranteed benefits | 9 | — | 134 | 15 | 158 | |||||||||||||||
Paid guaranteed benefits | (12 | ) | — | — | — | (12 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 38 | $ | 7 | $ | 1,062 | $ | 202 | $ | 1,309 | ||||||||||
Net | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 378 | $ | 874 | $ | 3,849 | $ | 66 | $ | 5,167 | ||||||||||
Incurred guaranteed benefits | 230 | 770 | 209 | 7 | 1,216 | |||||||||||||||
Paid guaranteed benefits | (97 | ) | (18 | ) | (26 | ) | — | (141 | ) | |||||||||||
Balance at December 31, 2012 | 511 | 1,626 | 4,032 | 73 | 6,242 | |||||||||||||||
Incurred guaranteed benefits | 205 | 229 | (239 | ) | 6 | 201 | ||||||||||||||
Paid guaranteed benefits | (72 | ) | (11 | ) | (23 | ) | — | (106 | ) | |||||||||||
Balance at December 31, 2013 | 644 | 1,844 | 3,770 | 79 | 6,337 | |||||||||||||||
Incurred guaranteed benefits | 301 | 262 | 277 | 7 | 847 | |||||||||||||||
Paid guaranteed benefits | (47 | ) | — | (17 | ) | — | (64 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 898 | $ | 2,106 | $ | 4,030 | $ | 86 | $ | 7,120 | ||||||||||
______________ | ||||||||||||||||||||
-1 | Secondary guarantees include the effects of foreign currency translation of ($343) million, ($597) million and ($39) million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Account balances of contracts with insurance guarantees were invested in separate account asset classes as follows at: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Fund Groupings: | ||||||||||||||||||||
Balanced | $ | 87,667 | $ | 75,928 | ||||||||||||||||
Equity | 71,742 | 79,036 | ||||||||||||||||||
Bond | 11,416 | 10,632 | ||||||||||||||||||
Money Market | 1,024 | 1,157 | ||||||||||||||||||
Total | $ | 171,849 | $ | 166,753 | ||||||||||||||||
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 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 and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. | ||||||||||||||||||||
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 allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. | ||||||||||||||||||||
Two Tier and Other Annuities | ||||||||||||||||||||
Two tier annuities are 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 on funds if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. Other annuities are 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. | ||||||||||||||||||||
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: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
In the | At | In the | At | |||||||||||||||||
Event of Death | Annuitization | Event of Death | Annuitization | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Annuity Contracts (1) | ||||||||||||||||||||
Variable Annuity Guarantees | ||||||||||||||||||||
Total contract account value (2) | $ | 196,595 | $ | 99,000 | $ | 201,395 | $ | 100,527 | ||||||||||||
Separate account value | $ | 163,566 | $ | 95,963 | $ | 164,500 | $ | 96,459 | ||||||||||||
Net amount at risk (2) | $ | 4,230 | $ | 1,770 | $ | 4,203 | $ | 1,219 | ||||||||||||
Average attained age of contractholders | 65 years | 65 years | 63 years | 63 years | ||||||||||||||||
Two Tier and Other Annuities | ||||||||||||||||||||
Account value | N/A | $ | 1,040 | N/A | $ | 880 | ||||||||||||||
Net amount at risk | N/A | $ | 340 | N/A | $ | 234 | ||||||||||||||
Average attained age of contractholders | N/A | 50 years | N/A | 50 years | ||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Secondary | Paid-Up | Secondary | Paid-Up | |||||||||||||||||
Guarantees | Guarantees | Guarantees | Guarantees | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Universal and Variable Life Contracts (1) | ||||||||||||||||||||
Account value (general and separate account) | $ | 16,875 | $ | 3,587 | $ | 16,048 | $ | 3,700 | ||||||||||||
Net amount at risk | $ | 180,069 | $ | 20,344 | $ | 185,920 | $ | 21,737 | ||||||||||||
Average attained age of policyholders | 56 years | 61 years | 55 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 on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. | |||||||||||||||||||
Obligations Under Funding Agreements | ||||||||||||||||||||
The Company issues 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 years ended December 31, 2014, 2013 and 2012, the Company issued $48.9 billion, $37.7 billion and $35.1 billion, respectively, and repaid $45.6 billion, $36.8 billion and $31.1 billion, respectively, of such funding agreements. At December 31, 2014 and 2013, liabilities for funding agreements outstanding, which are included in PABs, were $33.9 billion and $31.2 billion, respectively. | ||||||||||||||||||||
Certain of the Company’s subsidiaries are members of regional banks in the FHLB system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
FHLB of NY | $ | 661 | $ | 700 | ||||||||||||||||
FHLB of Des Moines | $ | 66 | $ | 76 | ||||||||||||||||
FHLB of Boston | $ | 55 | $ | 64 | ||||||||||||||||
FHLB of Pittsburgh | $ | 35 | $ | 30 | ||||||||||||||||
Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in PABs. Information related to such funding agreements was as follows at: | ||||||||||||||||||||
Liability | Collateral | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
FHLB of NY (1) | $ | 12,570 | $ | 12,770 | $ | 15,255 | -2 | $ | 14,287 | -2 | ||||||||||
Farmer Mac (3) | $ | 2,750 | $ | 2,750 | $ | 3,162 | $ | 3,159 | ||||||||||||
FHLB of Des Moines (1) | $ | 1,405 | $ | 1,405 | $ | 1,688 | -2 | $ | 1,596 | -2 | ||||||||||
FHLB of Boston (1) | $ | 575 | $ | 450 | $ | 666 | -2 | $ | 808 | -2 | ||||||||||
FHLB of Pittsburgh (1) | $ | 435 | $ | 375 | $ | 1,637 | -2 | $ | 976 | -2 | ||||||||||
______________ | ||||||||||||||||||||
-1 | Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank. | |||||||||||||||||||
-2 | Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. | |||||||||||||||||||
-3 | Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these 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. The amount of collateral presented is at carrying value. | |||||||||||||||||||
Liabilities for Unpaid Claims and Claim Expenses | ||||||||||||||||||||
Information regarding the liabilities for unpaid claims and claim expenses relating to property and casualty, group accident and non-medical health policies and contracts, which are reported in future policy benefits and other policy-related balances, was as follows: | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, | $ | 10,630 | $ | 10,436 | $ | 10,117 | ||||||||||||||
Less: Reinsurance recoverables | 1,661 | 1,581 | 1,436 | |||||||||||||||||
Net balance at January 1, | 8,969 | 8,855 | 8,681 | |||||||||||||||||
Incurred related to: | ||||||||||||||||||||
Current year | 9,358 | 8,660 | 8,399 | |||||||||||||||||
Prior years (1) | (70 | ) | (86 | ) | (69 | ) | ||||||||||||||
Total incurred | 9,288 | 8,574 | 8,330 | |||||||||||||||||
Paid related to: | ||||||||||||||||||||
Current year | (6,714 | ) | (6,083 | ) | (5,689 | ) | ||||||||||||||
Prior years | (2,383 | ) | (2,377 | ) | (2,467 | ) | ||||||||||||||
Total paid | (9,097 | ) | (8,460 | ) | (8,156 | ) | ||||||||||||||
Net balance at December 31, | 9,160 | 8,969 | 8,855 | |||||||||||||||||
Add: Reinsurance recoverables | 1,876 | 1,661 | 1,581 | |||||||||||||||||
Balance at December 31, | $ | 11,036 | $ | 10,630 | $ | 10,436 | ||||||||||||||
______________ | ||||||||||||||||||||
-1 | During 2014, 2013 and 2012, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year automobile bodily injury and homeowners’ severity. In addition, 2013 and 2012 included improved loss ratios for non-medical health claim liabilities. | |||||||||||||||||||
Separate Accounts | ||||||||||||||||||||
Separate account assets and liabilities include two categories of account types: pass-through separate accounts totaling $261.3 billion and $265.4 billion at December 31, 2014 and 2013, respectively, for which the policyholder assumes all investment risk, and separate accounts for which the Company contractually guarantees either a minimum return or account value to the policyholder which totaled $55.7 billion and $51.8 billion at December 31, 2014 and 2013, respectively. The latter category consisted primarily of funding agreements and participating close-out contracts. The average interest rate credited on these contracts was 2.25% and 2.23% at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, there were no investment gains (losses) on transfers of assets from the general account to the separate accounts. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | ||||||||||||
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles | 5. Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | |||||||||||
See Note 1 for a description of capitalized acquisition costs. | ||||||||||||
Nonparticipating and Non-Dividend-Paying Traditional Contracts | ||||||||||||
The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the historic actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. | ||||||||||||
Participating, Dividend-Paying Traditional Contracts | ||||||||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||||||||
Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts | ||||||||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||||||||
Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts | ||||||||||||
The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to historic and future earned premium over the applicable contract term. | ||||||||||||
Factors Impacting Amortization | ||||||||||||
Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. | ||||||||||||
The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. | ||||||||||||
Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. | ||||||||||||
Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. | ||||||||||||
Information regarding DAC and VOBA was as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DAC | ||||||||||||
Balance at January 1, | $ | 19,774 | $ | 17,150 | $ | 15,240 | ||||||
Capitalizations | 4,183 | 4,786 | 5,289 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (39 | ) | 192 | (40 | ) | |||||||
Other expenses | (3,372 | ) | (2,812 | ) | (2,875 | ) | ||||||
Total amortization | (3,411 | ) | (2,620 | ) | (2,915 | ) | ||||||
Unrealized investment gains (losses) | (676 | ) | 924 | (516 | ) | |||||||
Effect of foreign currency translation and other | (886 | ) | (466 | ) | 52 | |||||||
Balance at December 31, | 18,984 | 19,774 | 17,150 | |||||||||
VOBA | ||||||||||||
Balance at January 1, | 6,932 | 7,611 | 9,379 | |||||||||
Acquisitions (1) | — | 947 | 55 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (1 | ) | 3 | (1 | ) | |||||||
Other expenses | (720 | ) | (933 | ) | (1,283 | ) | ||||||
Total amortization | (721 | ) | (930 | ) | (1,284 | ) | ||||||
Unrealized investment gains (losses) | (26 | ) | 358 | (197 | ) | |||||||
Effect of foreign currency translation and other | (727 | ) | (1,054 | ) | (342 | ) | ||||||
Balance at December 31, | 5,458 | 6,932 | 7,611 | |||||||||
Total DAC and VOBA | ||||||||||||
Balance at December 31, | $ | 24,442 | $ | 26,706 | $ | 24,761 | ||||||
______________ | ||||||||||||
(1) See Note 3 for a description of acquisitions. | ||||||||||||
Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions) | ||||||||||||
Retail | $ | 11,963 | $ | 12,882 | ||||||||
Group, Voluntary & Worksite Benefits | 377 | 382 | ||||||||||
Corporate Benefit Funding | 111 | 99 | ||||||||||
Latin America | 1,991 | 2,201 | ||||||||||
Asia | 8,217 | 9,077 | ||||||||||
EMEA | 1,709 | 2,039 | ||||||||||
Corporate & Other | 74 | 26 | ||||||||||
Total | $ | 24,442 | $ | 26,706 | ||||||||
Information regarding other intangibles was as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DSI | ||||||||||||
Balance at January 1, | $ | 950 | $ | 930 | $ | 926 | ||||||
Capitalization | 56 | 58 | 81 | |||||||||
Amortization | (130 | ) | (36 | ) | (77 | ) | ||||||
Unrealized investment gains (losses) | (64 | ) | — | — | ||||||||
Effect of foreign currency translation | (2 | ) | (2 | ) | — | |||||||
Balance at December 31, | $ | 810 | $ | 950 | $ | 930 | ||||||
VODA and VOCRA | ||||||||||||
Balance at January 1, | $ | 975 | $ | 1,108 | $ | 1,264 | ||||||
Amortization (1) | (82 | ) | (84 | ) | (150 | ) | ||||||
Effect of foreign currency translation | (46 | ) | (49 | ) | (6 | ) | ||||||
Balance at December 31, | $ | 847 | $ | 975 | $ | 1,108 | ||||||
Accumulated amortization | $ | 500 | $ | 418 | $ | 334 | ||||||
Negative VOBA | ||||||||||||
Balance at January 1, | $ | 2,162 | $ | 2,916 | $ | 3,657 | ||||||
Acquisitions | — | — | 10 | |||||||||
Amortization | (442 | ) | (579 | ) | (622 | ) | ||||||
Effect of foreign currency translation and other | (124 | ) | (175 | ) | (129 | ) | ||||||
Balance at December 31, | $ | 1,596 | $ | 2,162 | $ | 2,916 | ||||||
Accumulated amortization | $ | 2,404 | $ | 1,962 | $ | 1,383 | ||||||
____________ | ||||||||||||
-1 | In connection with the Company’s annual impairment testing of VOCRA, it was determined that the VOCRA included in the Group, Voluntary & Worksite Benefits segment, associated with a previously acquired dental business, was impaired as the undiscounted future cash flows associated with the asset were lower than its current carrying value. This shortfall in undiscounted future cash flows is primarily the result of actual persistency experience being less favorable than what was assumed when the asset was acquired. As a result of this impairment, the Company wrote the asset down to its estimated fair value, which was determined using the discounted cash flow valuation approach. The Company recorded a non-cash charge of $77 million ($50 million, net of income tax) for the impairment of the VOCRA balance to other expenses in the consolidated statement of operations for the year ended December 31, 2012. | |||||||||||
The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: | ||||||||||||
VOBA | VODA and VOCRA | Negative VOBA | ||||||||||
(In millions) | ||||||||||||
2015 | $ | 633 | $ | 75 | $ | (342 | ) | |||||
2016 | $ | 532 | $ | 70 | $ | (262 | ) | |||||
2017 | $ | 455 | $ | 67 | $ | (146 | ) | |||||
2018 | $ | 403 | $ | 62 | $ | (61 | ) | |||||
2019 | $ | 353 | $ | 58 | $ | (40 | ) | |||||
Reinsurance
Reinsurance | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Reinsurance | 6. Reinsurance | |||||||||||||||||||||||||||||||
The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by third parties. The Company participates in reinsurance activities in order to limit losses, minimize exposure to significant risks and provide additional capacity for future growth. | ||||||||||||||||||||||||||||||||
Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 8. | ||||||||||||||||||||||||||||||||
Americas — Excluding Latin America | ||||||||||||||||||||||||||||||||
For its Retail Life & Other insurance products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. The Company currently reinsures 90% of the mortality risk in excess of $2 million for most products. In addition to reinsuring mortality risk as described above, the Company reinsures other risks, as well as specific coverages. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. On a case by case basis, the Company may retain up to $20 million per life and reinsure 100% of amounts in excess of the amount the Company retains. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time. | ||||||||||||||||||||||||||||||||
The Company’s Retail Annuities business reinsures a portion of the living and death benefit guarantees issued in connection with its variable annuities. Under these reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders, and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. | ||||||||||||||||||||||||||||||||
For certain policies within the Group, Voluntary & Worksite Benefits segment, the Company generally retains most of the risk and only cedes particular risks on certain client arrangements. The majority of the Company’s reinsurance activity within this segment relates to client agreements for employer sponsored captive programs, risk-sharing agreements and multinational pooling. | ||||||||||||||||||||||||||||||||
The Company, through its property & casualty business within the Retail and Group, Voluntary & Worksite Benefits segments, purchases reinsurance to manage its exposure to large losses (primarily catastrophe losses) and to protect statutory surplus. The Company cedes to reinsurers losses and premiums based upon the exposure of the policies subject to reinsurance. To manage exposure to large property & casualty losses, the Company purchases property catastrophe, casualty and property per risk excess of loss reinsurance protection. | ||||||||||||||||||||||||||||||||
The Company’s Corporate Benefit Funding segment has periodically engaged in reinsurance activities, on an opportunistic basis. The impact of these activities on the financial results of this segment has not been significant and there were no additional transactions during the periods presented. | ||||||||||||||||||||||||||||||||
Latin America, Asia and EMEA | ||||||||||||||||||||||||||||||||
For certain life insurance products, the Company currently reinsures risks in excess of $5 million to external reinsurers on a yearly renewable term basis. The Company may also reinsure certain risks with external reinsurers depending upon the nature of the risk and local regulatory requirements. For selected large corporate clients, the Company reinsures group employee benefits or credit insurance business with various client-affiliated reinsurance companies, covering policies issued to the employees or customers of the clients. Additionally, the Company cedes and assumes risk with other insurance companies when either company requires a business partner with the appropriate local licensing to issue certain types of policies in certain countries. In these cases, the assuming company typically underwrites the risks, develops the products and assumes most or all of the risk. The Company also has reinsurance agreements in force that reinsure a portion of the living and death benefit guarantees issued in connection with variable annuity products. Under these agreements, the Company pays reinsurance fees associated with the guarantees collected from policyholders, and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. | ||||||||||||||||||||||||||||||||
Corporate & Other | ||||||||||||||||||||||||||||||||
The Company also reinsures, through 100% quota share reinsurance agreements, certain run-off LTC and workers’ compensation business written by MetLife USA. | ||||||||||||||||||||||||||||||||
Corporate & Other also has a reinsurance agreement, whereby it assumes the living and death benefit guarantees issued in connection with certain variable annuity products. Under this agreement, the Company receives reinsurance fees associated with the guarantees collected from policyholders, and provides reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations. | ||||||||||||||||||||||||||||||||
Catastrophe Coverage | ||||||||||||||||||||||||||||||||
The Company has exposure to catastrophes which could contribute to significant fluctuations in the Company’s results of operations. In the Americas, excluding Latin America, the Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks. Currently, for Latin America, Asia and EMEA, the Company purchases catastrophe coverage to insure risks within certain countries deemed by management to be exposed to the greatest catastrophic risks. | ||||||||||||||||||||||||||||||||
Reinsurance Recoverables | ||||||||||||||||||||||||||||||||
The Company reinsures its business through a diversified group of well-capitalized reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers. The Company monitors ratings and evaluates the financial strength of its reinsurers by analyzing their financial statements. In addition, the reinsurance recoverable balance due from each reinsurer is evaluated as part of the overall monitoring process. Recoverability of reinsurance recoverable balances is evaluated based on these analyses. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. These reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance, which at December 31, 2014 and 2013, were not significant. | ||||||||||||||||||||||||||||||||
The Company has secured certain reinsurance recoverable balances with various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. The Company had $5.9 billion and $5.6 billion of unsecured reinsurance recoverable balances at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||
At December 31, 2014, the Company had $14.9 billion of net ceded reinsurance recoverables. Of this total, $10.8 billion, or 73%, were with the Company’s five largest ceded reinsurers, including $2.6 billion of net ceded reinsurance recoverables which were unsecured. At December 31, 2013, the Company had $14.4 billion of net ceded reinsurance recoverables. Of this total, $10.6 billion, or 74%, were with the Company’s five largest ceded reinsurers, including $2.6 billion of net ceded reinsurance recoverables which were unsecured. | ||||||||||||||||||||||||||||||||
The Company has reinsured with an unaffiliated third-party reinsurer, 59.25% of the closed block through a modified coinsurance agreement. The Company accounts for this agreement under the deposit method of accounting. The Company, having the right of offset, has offset the modified coinsurance deposit with the deposit recoverable. | ||||||||||||||||||||||||||||||||
The amounts in the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: | ||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Premiums | ||||||||||||||||||||||||||||||||
Direct premiums | $ | 40,049 | $ | 38,476 | $ | 38,719 | ||||||||||||||||||||||||||
Reinsurance assumed | 1,472 | 1,472 | 1,488 | |||||||||||||||||||||||||||||
Reinsurance ceded | (2,454 | ) | (2,274 | ) | (2,232 | ) | ||||||||||||||||||||||||||
Net premiums | $ | 39,067 | $ | 37,674 | $ | 37,975 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | ||||||||||||||||||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 10,768 | $ | 10,197 | $ | 9,216 | ||||||||||||||||||||||||||
Reinsurance assumed | 126 | 139 | 155 | |||||||||||||||||||||||||||||
Reinsurance ceded | (948 | ) | (885 | ) | (815 | ) | ||||||||||||||||||||||||||
Net universal life and investment-type product policy fees | $ | 9,946 | $ | 9,451 | $ | 8,556 | ||||||||||||||||||||||||||
Policyholder benefits and claims | ||||||||||||||||||||||||||||||||
Direct policyholder benefits and claims | $ | 41,573 | $ | 40,211 | $ | 39,262 | ||||||||||||||||||||||||||
Reinsurance assumed | 962 | 1,047 | 1,167 | |||||||||||||||||||||||||||||
Reinsurance ceded | (3,433 | ) | (3,151 | ) | (2,442 | ) | ||||||||||||||||||||||||||
Net policyholder benefits and claims | $ | 39,102 | $ | 38,107 | $ | 37,987 | ||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||||||
Direct other expenses | $ | 17,334 | $ | 16,712 | $ | 17,848 | ||||||||||||||||||||||||||
Reinsurance assumed | 165 | 147 | 228 | |||||||||||||||||||||||||||||
Reinsurance ceded | (408 | ) | (257 | ) | (321 | ) | ||||||||||||||||||||||||||
Net other expenses | $ | 17,091 | $ | 16,602 | $ | 17,755 | ||||||||||||||||||||||||||
The amounts in the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Direct | Assumed | Ceded | Total | Direct | Assumed | Ceded | Total | |||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
Sheet | Sheet | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 6,111 | $ | 491 | $ | 15,642 | $ | 22,244 | $ | 6,248 | $ | 593 | $ | 15,018 | $ | 21,859 | ||||||||||||||||
Deferred policy acquisition costs and value of business acquired | 24,807 | 112 | (477 | ) | 24,442 | 26,954 | 104 | (352 | ) | 26,706 | ||||||||||||||||||||||
Total assets | $ | 30,918 | $ | 603 | $ | 15,165 | $ | 46,686 | $ | 33,202 | $ | 697 | $ | 14,666 | $ | 48,565 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Future policy benefits | $ | 187,562 | $ | 2,024 | $ | — | $ | 189,586 | $ | 185,908 | $ | 2,034 | $ | — | $ | 187,942 | ||||||||||||||||
Policyholder account balances | 208,307 | 989 | (2 | ) | 209,294 | 211,610 | 1,277 | (2 | ) | 212,885 | ||||||||||||||||||||||
Other policy-related balances | 14,131 | 285 | 6 | 14,422 | 14,838 | 353 | 23 | 15,214 | ||||||||||||||||||||||||
Other liabilities | 20,752 | 481 | 3,204 | 24,437 | 19,591 | 533 | 3,044 | 23,168 | ||||||||||||||||||||||||
Total liabilities | $ | 430,752 | $ | 3,779 | $ | 3,208 | $ | 437,739 | $ | 431,947 | $ | 4,197 | $ | 3,065 | $ | 439,209 | ||||||||||||||||
Reinsurance agreements that do not expose the Company to a reasonable possibility of a significant loss from insurance risk are recorded using the deposit method of accounting. The deposit assets on reinsurance were $2.3 billion at both December 31, 2014 and 2013. The deposit liabilities on reinsurance were $35 million and $37 million at December 31, 2014 and 2013, respectively. |
Closed_Block
Closed Block | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Closed Block Disclosure [Abstract] | |||||||||||||
Closed Block | 7. Closed Block | ||||||||||||
On April 7, 2000 (the “Demutualization Date”), 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 of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience. | |||||||||||||
The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years. | |||||||||||||
The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations attributed to the closed block after income taxes. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess of the actual cumulative earnings of the closed block over the expected cumulative earnings to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings. | |||||||||||||
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 at: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Closed Block Liabilities | |||||||||||||
Future policy benefits | $ | 41,667 | $ | 42,076 | |||||||||
Other policy-related balances | 265 | 298 | |||||||||||
Policyholder dividends payable | 461 | 456 | |||||||||||
Policyholder dividend obligation | 3,155 | 1,771 | |||||||||||
Current income tax payable | 1 | 18 | |||||||||||
Other liabilities | 646 | 582 | |||||||||||
Total closed block liabilities | 46,195 | 45,201 | |||||||||||
Assets Designated to the Closed Block | |||||||||||||
Investments: | |||||||||||||
Fixed maturity securities available-for-sale, at estimated fair value | 29,199 | 28,374 | |||||||||||
Equity securities available-for-sale, at estimated fair value | 91 | 86 | |||||||||||
Mortgage loans | 6,076 | 6,155 | |||||||||||
Policy loans | 4,646 | 4,669 | |||||||||||
Real estate and real estate joint ventures | 666 | 492 | |||||||||||
Other invested assets | 1,065 | 814 | |||||||||||
Total investments | 41,743 | 40,590 | |||||||||||
Cash and cash equivalents | 227 | 238 | |||||||||||
Accrued investment income | 477 | 477 | |||||||||||
Premiums, reinsurance and other receivables | 67 | 98 | |||||||||||
Deferred income tax assets | 289 | 293 | |||||||||||
Total assets designated to the closed block | 42,803 | 41,696 | |||||||||||
Excess of closed block liabilities over assets designated to the closed block | 3,392 | 3,505 | |||||||||||
Amounts included in AOCI: | |||||||||||||
Unrealized investment gains (losses), net of income tax | 2,291 | 1,502 | |||||||||||
Unrealized gains (losses) on derivatives, net of income tax | 28 | (3 | ) | ||||||||||
Allocated to policyholder dividend obligation, net of income tax | (2,051 | ) | (1,151 | ) | |||||||||
Total amounts included in AOCI | 268 | 348 | |||||||||||
Maximum future earnings to be recognized from closed block assets and liabilities | $ | 3,660 | $ | 3,853 | |||||||||
Information regarding the closed block policyholder dividend obligation was as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at January 1, | $ | 1,771 | $ | 3,828 | $ | 2,919 | |||||||
Change in unrealized investment and derivative gains (losses) | 1,384 | (2,057 | ) | 909 | |||||||||
Balance at December 31, | $ | 3,155 | $ | 1,771 | $ | 3,828 | |||||||
Information regarding the closed block revenues and expenses was as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Revenues | |||||||||||||
Premiums | $ | 1,918 | $ | 1,987 | $ | 2,139 | |||||||
Net investment income | 2,093 | 2,130 | 2,188 | ||||||||||
Net investment gains (losses) | 7 | 25 | 61 | ||||||||||
Net derivative gains (losses) | 20 | (6 | ) | (12 | ) | ||||||||
Total revenues | 4,038 | 4,136 | 4,376 | ||||||||||
Expenses | |||||||||||||
Policyholder benefits and claims | 2,598 | 2,702 | 2,783 | ||||||||||
Policyholder dividends | 988 | 979 | 1,072 | ||||||||||
Other expenses | 155 | 165 | 179 | ||||||||||
Total expenses | 3,741 | 3,846 | 4,034 | ||||||||||
Revenues, net of expenses before provision for income tax expense (benefit) | 297 | 290 | 342 | ||||||||||
Provision for income tax expense (benefit) | 104 | 101 | 120 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations | 193 | 189 | 222 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations | — | — | 10 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) | $ | 193 | $ | 189 | $ | 232 | |||||||
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 of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Investments | 8. Investments | |||||||||||||||||||||||||||||||||||||||
See Note 10 for information about the fair value hierarchy for investments and the related valuation methodologies. | ||||||||||||||||||||||||||||||||||||||||
Investment Risks and Uncertainties | ||||||||||||||||||||||||||||||||||||||||
Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. | ||||||||||||||||||||||||||||||||||||||||
The determination of valuation allowances and impairments is highly subjective and is based upon periodic evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. | ||||||||||||||||||||||||||||||||||||||||
The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO and trading securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. | ||||||||||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities AFS | ||||||||||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities AFS by Sector | ||||||||||||||||||||||||||||||||||||||||
The following table presents the fixed maturity and equity securities AFS by sector. 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 RMBS, commercial mortgage-backed securities (“CMBS”) and ABS. | ||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Cost or | Gross Unrealized | Estimated | Cost or | Gross Unrealized | Estimated | |||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||
Cost | Gains | Temporary | OTTI | Value | Cost | Gains | Temporary | OTTI | Value | |||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 96,235 | $ | 10,343 | $ | 624 | $ | — | $ | 105,954 | $ | 100,203 | $ | 7,495 | $ | 1,229 | $ | — | $ | 106,469 | ||||||||||||||||||||
Foreign corporate | 57,695 | 4,651 | 664 | 7 | 61,675 | 59,778 | 3,939 | 565 | — | 63,152 | ||||||||||||||||||||||||||||||
U.S. Treasury and agency | 54,654 | 6,892 | 30 | — | 61,516 | 43,928 | 2,251 | 1,056 | — | 45,123 | ||||||||||||||||||||||||||||||
Foreign government | 47,327 | 5,500 | 161 | — | 52,666 | 50,717 | 4,107 | 387 | — | 54,437 | ||||||||||||||||||||||||||||||
RMBS | 38,064 | 2,102 | 214 | 106 | 39,846 | 34,167 | 1,584 | 490 | 206 | 35,055 | ||||||||||||||||||||||||||||||
State and political subdivision | 12,922 | 2,291 | 26 | — | 15,187 | 13,233 | 903 | 306 | — | 13,830 | ||||||||||||||||||||||||||||||
CMBS (1) | 13,762 | 615 | 46 | (1 | ) | 14,332 | 16,115 | 605 | 170 | — | 16,550 | |||||||||||||||||||||||||||||
ABS | 14,121 | 240 | 112 | — | 14,249 | 15,458 | 296 | 171 | 12 | 15,571 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 334,780 | $ | 32,634 | $ | 1,877 | $ | 112 | $ | 365,425 | $ | 333,599 | $ | 21,180 | $ | 4,374 | $ | 218 | $ | 350,187 | ||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 1,990 | $ | 554 | $ | 28 | $ | — | $ | 2,516 | $ | 1,927 | $ | 431 | $ | 5 | $ | — | $ | 2,353 | ||||||||||||||||||||
Non-redeemable preferred stock | 1,086 | 68 | 39 | — | 1,115 | 1,085 | 76 | 112 | — | 1,049 | ||||||||||||||||||||||||||||||
Total equity securities | $ | 3,076 | $ | 622 | $ | 67 | $ | — | $ | 3,631 | $ | 3,012 | $ | 507 | $ | 117 | $ | — | $ | 3,402 | ||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The noncredit loss component of OTTI losses for CMBS was in an unrealized gain position of $1 million at December 31, 2014, 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 $64 million and $74 million with unrealized gains (losses) of $28 million and $23 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
Methodology for Amortization of Premium and Accretion of Discount on Structured Securities | ||||||||||||||||||||||||||||||||||||||||
Amortization of premium and accretion of discount on structured securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class mortgage-backed and ABS are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive mortgage-backed and ABS and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other mortgage-backed and ABS, the effective yield is recalculated on a retrospective basis. | ||||||||||||||||||||||||||||||||||||||||
Maturities of Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 13,023 | $ | 13,259 | $ | 15,828 | $ | 16,030 | ||||||||||||||||||||||||||||||||
Due after one year through five years | 74,303 | 77,704 | 70,467 | 74,229 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 78,923 | 84,988 | 78,159 | 83,223 | ||||||||||||||||||||||||||||||||||||
Due after ten years | 102,584 | 121,047 | 103,405 | 109,529 | ||||||||||||||||||||||||||||||||||||
Subtotal | 268,833 | 296,998 | 267,859 | 283,011 | ||||||||||||||||||||||||||||||||||||
Structured securities (RMBS, CMBS and ABS) | 65,947 | 68,427 | 65,740 | 67,176 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 334,780 | $ | 365,425 | $ | 333,599 | $ | 350,187 | ||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Less than 12 Months | Equal to or Greater than 12 Months | Less than 12 Months | Equal to or Greater than 12 Months | |||||||||||||||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||
(In millions, except number of securities) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 11,389 | $ | 331 | $ | 4,658 | $ | 293 | $ | 13,889 | $ | 808 | $ | 3,807 | $ | 421 | ||||||||||||||||||||||||
Foreign corporate | 9,410 | 505 | 2,074 | 166 | 9,019 | 402 | 2,320 | 163 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 8,927 | 12 | 1,314 | 18 | 15,225 | 1,037 | 357 | 19 | ||||||||||||||||||||||||||||||||
Foreign government | 1,085 | 80 | 630 | 81 | 5,052 | 336 | 1,846 | 51 | ||||||||||||||||||||||||||||||||
RMBS | 4,180 | 92 | 2,534 | 228 | 10,754 | 363 | 2,302 | 333 | ||||||||||||||||||||||||||||||||
State and political subdivision | 83 | 1 | 297 | 25 | 3,109 | 225 | 351 | 81 | ||||||||||||||||||||||||||||||||
CMBS | 1,268 | 23 | 934 | 22 | 3,696 | 142 | 631 | 28 | ||||||||||||||||||||||||||||||||
ABS | 4,456 | 57 | 1,440 | 55 | 3,772 | 59 | 978 | 124 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 40,798 | $ | 1,101 | $ | 13,881 | $ | 888 | $ | 64,516 | $ | 3,372 | $ | 12,592 | $ | 1,220 | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 111 | $ | 28 | $ | 1 | $ | — | $ | 81 | $ | 4 | $ | 16 | $ | 1 | ||||||||||||||||||||||||
Non-redeemable preferred stock | 67 | 2 | 192 | 37 | 364 | 65 | 191 | 47 | ||||||||||||||||||||||||||||||||
Total equity securities | $ | 178 | $ | 30 | $ | 193 | $ | 37 | $ | 445 | $ | 69 | $ | 207 | $ | 48 | ||||||||||||||||||||||||
Total number of securities in an | 3,153 | 1,435 | 4,480 | 1,571 | ||||||||||||||||||||||||||||||||||||
unrealized loss position | ||||||||||||||||||||||||||||||||||||||||
Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities | ||||||||||||||||||||||||||||||||||||||||
Evaluation and Measurement Methodologies | ||||||||||||||||||||||||||||||||||||||||
Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below cost or amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to structured securities, changes in forecasted 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; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies. | ||||||||||||||||||||||||||||||||||||||||
The methodology and significant inputs used to determine the amount of credit loss on fixed maturity securities are as follows: | ||||||||||||||||||||||||||||||||||||||||
• | The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security prior to impairment. | |||||||||||||||||||||||||||||||||||||||
• | When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall impairment evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s best estimates of likely scenario-based outcomes after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. | |||||||||||||||||||||||||||||||||||||||
• | Additional considerations are made when assessing the unique features that apply to certain structured securities including, but not limited to: the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, and the payment priority within the tranche structure of the security. | |||||||||||||||||||||||||||||||||||||||
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the estimated fair value is considered the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, management considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process as described above, as well as any private and public sector programs to restructure such securities. | |||||||||||||||||||||||||||||||||||||||
With respect to securities that have attributes of debt and equity (perpetual hybrid securities), consideration is given in the OTTI analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe and extended unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities, with an unrealized loss, regardless of credit rating, have deferred any dividend payments. When an OTTI loss has occurred, the OTTI loss is the entire difference between the perpetual hybrid security’s cost and its estimated fair value with a corresponding charge to earnings. | ||||||||||||||||||||||||||||||||||||||||
The cost or amortized cost of fixed maturity and equity securities is adjusted for OTTI in the period in which the determination is made. The Company does not change the revised cost basis for subsequent recoveries in value. | ||||||||||||||||||||||||||||||||||||||||
In periods subsequent to the recognition of OTTI on a fixed maturity security, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. | ||||||||||||||||||||||||||||||||||||||||
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 concluded that these securities were not other-than-temporarily impaired at December 31, 2014. Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), and changes in credit ratings, collateral valuation, interest rates and 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 decreased $2.6 billion during the year ended December 31, 2014 from $4.6 billion to $2.0 billion. The decrease in gross unrealized losses for the year ended December 31, 2014, was primarily attributable to a decrease in interest rates, partially offset by widening credit spreads. | ||||||||||||||||||||||||||||||||||||||||
At December 31, 2014, $143 million of the total $2.0 billion of gross unrealized losses were from 51 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 $143 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, $61 million, or 43%, are related to gross unrealized losses on 25 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 $143 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, $82 million, or 57%, were related to gross unrealized losses on 26 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 corporate securities (primarily financial services industry) 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 valuations of residential real estate supporting non-agency RMBS. Management 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; and evaluates foreign corporate securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuer. | ||||||||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||||||
Gross unrealized losses on equity securities decreased $50 million during the year ended December 31, 2014 from $117 million to $67 million. Of the $67 million, $27 million were from six 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 22% were rated A or better. | ||||||||||||||||||||||||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Portfolio Segment | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans are summarized as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment: | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 41,088 | 68.3 | % | $ | 40,926 | 70.9 | % | ||||||||||||||||||||||||||||||||
Agricultural | 12,378 | 20.6 | 12,391 | 21.5 | ||||||||||||||||||||||||||||||||||||
Residential | 6,369 | 10.6 | 2,772 | 4.8 | ||||||||||||||||||||||||||||||||||||
Subtotal (1) | 59,835 | 99.5 | 56,089 | 97.2 | ||||||||||||||||||||||||||||||||||||
Valuation allowances | (305 | ) | (0.5 | ) | (322 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||||
Subtotal mortgage loans held-for-investment, net | 59,530 | 99 | 55,767 | 96.6 | ||||||||||||||||||||||||||||||||||||
Residential — FVO | 308 | 0.5 | 338 | 0.6 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | 280 | 0.5 | 1,598 | 2.8 | ||||||||||||||||||||||||||||||||||||
Total mortgage loans held-for-investment, net | 60,118 | 100 | 57,703 | 100 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale | — | — | 3 | — | ||||||||||||||||||||||||||||||||||||
Total mortgage loans, net | $ | 60,118 | 100 | % | $ | 57,706 | 100 | % | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Purchases of mortgage loans were $4.7 billion and $2.2 billion for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
See “— Variable Interest Entities” for discussion of CSEs. | ||||||||||||||||||||||||||||||||||||||||
Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at and for the years ended: | ||||||||||||||||||||||||||||||||||||||||
Evaluated Individually for Credit Losses | Evaluated Collectively for Credit Losses | Impaired Loans | ||||||||||||||||||||||||||||||||||||||
Impaired Loans with a Valuation Allowance | Impaired Loans without a Valuation Allowance | |||||||||||||||||||||||||||||||||||||||
December 31, | Unpaid Principal Balance | Recorded Investment | Valuation | Unpaid Principal Balance | Recorded | Recorded | Valuation | Carrying | Average | |||||||||||||||||||||||||||||||
Allowances | Investment | Investment | Allowances | Value | Recorded | |||||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 75 | $ | 75 | $ | 24 | $ | 101 | $ | 100 | $ | 40,913 | $ | 200 | $ | 151 | $ | 359 | ||||||||||||||||||||||
Agricultural | 51 | 48 | 2 | 14 | 13 | 12,317 | 37 | 59 | 80 | |||||||||||||||||||||||||||||||
Residential | — | — | — | 40 | 37 | 6,332 | 42 | 37 | 19 | |||||||||||||||||||||||||||||||
Total | $ | 126 | $ | 123 | $ | 26 | $ | 155 | $ | 150 | $ | 59,562 | $ | 279 | $ | 247 | $ | 458 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 214 | $ | 210 | $ | 58 | $ | 299 | $ | 296 | $ | 40,420 | $ | 200 | $ | 448 | $ | 526 | ||||||||||||||||||||||
Agricultural | 68 | 66 | 7 | 35 | 34 | 12,291 | 37 | 93 | 153 | |||||||||||||||||||||||||||||||
Residential | 12 | 12 | 1 | 5 | 4 | 2,756 | 19 | 15 | 14 | |||||||||||||||||||||||||||||||
Total | $ | 294 | $ | 288 | $ | 66 | $ | 339 | $ | 334 | $ | 55,467 | $ | 256 | $ | 556 | $ | 693 | ||||||||||||||||||||||
The average recorded investment for commercial, agricultural and residential mortgage loans was $464 million, $204 million and $13 million, respectively, for the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||
Valuation Allowance Rollforward by Portfolio Segment | ||||||||||||||||||||||||||||||||||||||||
The changes in the valuation allowance, by portfolio segment, were as follows: | ||||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 398 | $ | 81 | $ | 2 | $ | 481 | ||||||||||||||||||||||||||||||||
Provision (release) | (92 | ) | — | 6 | (86 | ) | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (13 | ) | (24 | ) | — | (37 | ) | |||||||||||||||||||||||||||||||||
Transfers to held-for-sale (1) | — | (5 | ) | (6 | ) | (11 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 293 | 52 | 2 | 347 | ||||||||||||||||||||||||||||||||||||
Provision (release) | (35 | ) | 4 | 18 | (13 | ) | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | — | (12 | ) | — | (12 | ) | ||||||||||||||||||||||||||||||||||
Transfers to held-for-sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 258 | 44 | 20 | 322 | ||||||||||||||||||||||||||||||||||||
Provision (release) | (11 | ) | (4 | ) | 27 | 12 | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (23 | ) | (1 | ) | (5 | ) | (29 | ) | ||||||||||||||||||||||||||||||||
Transfers to held-for-sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 224 | $ | 39 | $ | 42 | $ | 305 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The valuation allowance on and the related carrying value of certain residential mortgage loans held-for-investment were transferred to mortgage loans held-for-sale in connection with the MetLife Bank Divestiture. See Note 3. | |||||||||||||||||||||||||||||||||||||||
Valuation Allowance Methodology | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for all three portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for all loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. | ||||||||||||||||||||||||||||||||||||||||
Commercial and Agricultural Mortgage Loan Portfolio Segments | ||||||||||||||||||||||||||||||||||||||||
The Company typically uses several years of historical experience in establishing non-specific valuation allowances which captures multiple economic cycles. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, and recent loss and recovery trend experience as compared to historical loss and recovery experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. On a quarterly basis, management incorporates the impact of these current market events and conditions on historical experience in determining the non-specific valuation allowance established for commercial and agricultural mortgage loans. | ||||||||||||||||||||||||||||||||||||||||
All commercial mortgage loans are reviewed on an ongoing basis which 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, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. All agricultural mortgage loans are monitored on an ongoing basis. The monitoring process for agricultural mortgage loans is generally similar to the commercial mortgage loan monitoring process, with a focus on higher risk loans, including reviews on a geographic and property-type basis. Higher risk loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above. Quarterly, the remaining loans are reviewed on a pool basis by aggregating groups of loans that have similar risk characteristics for potential credit loss, and non-specific valuation allowances are established as described above using inputs that are unique to each segment of the loan portfolio. | ||||||||||||||||||||||||||||||||||||||||
For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which 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. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The 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 loan portfolio updated each quarter. | ||||||||||||||||||||||||||||||||||||||||
For agricultural mortgage loans, the Company’s primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated. | ||||||||||||||||||||||||||||||||||||||||
Residential Mortgage Loan Portfolio Segment | ||||||||||||||||||||||||||||||||||||||||
The Company’s residential mortgage loan portfolio is comprised primarily of closed end, amortizing residential mortgage loans. For evaluations of residential mortgage loans, the key inputs of expected frequency and expected loss reflect current market conditions, with expected frequency adjusted, when appropriate, for differences from market conditions and the Company’s historical experience. In contrast to the commercial and agricultural mortgage loan portfolios, residential mortgage loans are smaller-balance homogeneous loans that are collectively evaluated for impairment. Non-specific valuation allowances are established using the evaluation framework described above for pools of loans with similar risk characteristics from inputs that are unique to the residential segment of the loan portfolio. Loan specific valuation allowances are only established on residential mortgage loans when they have been restructured and are established using the methodology described above for all loan portfolio segments. | ||||||||||||||||||||||||||||||||||||||||
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in non-accrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. | ||||||||||||||||||||||||||||||||||||||||
Credit Quality of Commercial Mortgage Loans | ||||||||||||||||||||||||||||||||||||||||
The credit quality of commercial mortgage loans held-for-investment were as follows at: | ||||||||||||||||||||||||||||||||||||||||
Recorded Investment | Estimated | % of | ||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratios | Total | % of | Fair | Total | ||||||||||||||||||||||||||||||||||||
> 1.20x | 1.00x - 1.20x | < 1.00x | Total | Value | ||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 33,933 | $ | 1,105 | $ | 1,101 | $ | 36,139 | 88 | % | $ | 38,166 | 88.4 | % | ||||||||||||||||||||||||||
65% to 75% | 3,306 | 405 | 87 | 3,798 | 9.2 | 3,873 | 9 | |||||||||||||||||||||||||||||||||
76% to 80% | 130 | — | 15 | 145 | 0.4 | 153 | 0.3 | |||||||||||||||||||||||||||||||||
Greater than 80% | 562 | 281 | 163 | 1,006 | 2.4 | 987 | 2.3 | |||||||||||||||||||||||||||||||||
Total | $ | 37,931 | $ | 1,791 | $ | 1,366 | $ | 41,088 | 100 | % | $ | 43,179 | 100 | % | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 30,552 | $ | 614 | $ | 841 | $ | 32,007 | 78.2 | % | $ | 33,519 | 78.9 | % | ||||||||||||||||||||||||||
65% to 75% | 6,360 | 438 | 149 | 6,947 | 17 | 7,039 | 16.6 | |||||||||||||||||||||||||||||||||
76% to 80% | 525 | 192 | 189 | 906 | 2.2 | 892 | 2.1 | |||||||||||||||||||||||||||||||||
Greater than 80% | 661 | 242 | 163 | 1,066 | 2.6 | 1,006 | 2.4 | |||||||||||||||||||||||||||||||||
Total | $ | 38,098 | $ | 1,486 | $ | 1,342 | $ | 40,926 | 100 | % | $ | 42,456 | 100 | % | ||||||||||||||||||||||||||
Credit Quality of Agricultural Mortgage Loans | ||||||||||||||||||||||||||||||||||||||||
The credit quality of agricultural mortgage loans held-for-investment were as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Recorded | % of | Recorded | % of | |||||||||||||||||||||||||||||||||||||
Investment | Total | Investment | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 11,743 | 94.9 | % | $ | 11,461 | 92.5 | % | ||||||||||||||||||||||||||||||||
65% to 75% | 533 | 4.3 | 729 | 5.9 | ||||||||||||||||||||||||||||||||||||
76% to 80% | 17 | 0.1 | 84 | 0.7 | ||||||||||||||||||||||||||||||||||||
Greater than 80% | 85 | 0.7 | 117 | 0.9 | ||||||||||||||||||||||||||||||||||||
Total | $ | 12,378 | 100 | % | $ | 12,391 | 100 | % | ||||||||||||||||||||||||||||||||
The estimated fair value of agricultural mortgage loans held-for-investment was $12.8 billion and $12.7 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
Credit Quality of Residential Mortgage Loans | ||||||||||||||||||||||||||||||||||||||||
The credit quality of residential mortgage loans held-for-investment were as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Recorded | % of | Recorded | % of | |||||||||||||||||||||||||||||||||||||
Investment | Total | Investment | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Performance indicators: | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 6,196 | 97.3 | % | $ | 2,693 | 97.1 | % | ||||||||||||||||||||||||||||||||
Nonperforming | 173 | 2.7 | 79 | 2.9 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,369 | 100 | % | $ | 2,772 | 100 | % | ||||||||||||||||||||||||||||||||
The estimated fair value of residential mortgage loans held-for-investment was $6.6 billion and $2.8 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013. The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: | ||||||||||||||||||||||||||||||||||||||||
Past Due | Nonaccrual Status | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 10 | $ | 12 | $ | 75 | $ | 191 | ||||||||||||||||||||||||||||||||
Agricultural | 1 | 44 | 41 | 47 | ||||||||||||||||||||||||||||||||||||
Residential | 173 | 79 | 163 | 65 | ||||||||||||||||||||||||||||||||||||
Total | $ | 184 | $ | 135 | $ | 279 | $ | 303 | ||||||||||||||||||||||||||||||||
Mortgage Loans Modified in a Troubled Debt Restructuring | ||||||||||||||||||||||||||||||||||||||||
For a small portion of the mortgage loan portfolio, classified as troubled debt restructurings, concessions are granted related to borrowers experiencing financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance. During the years ended December 31, 2014 and 2013, the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring. | ||||||||||||||||||||||||||||||||||||||||
Other Invested Assets | ||||||||||||||||||||||||||||||||||||||||
Other invested assets is comprised primarily of freestanding derivatives with positive estimated fair values (see Note 9), tax credit and renewable energy partnerships, and leveraged and direct financing leases. | ||||||||||||||||||||||||||||||||||||||||
Leveraged and Direct Financing Leases | ||||||||||||||||||||||||||||||||||||||||
Investment in leveraged and direct financing leases consisted of the following at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Rental receivables, net | $ | 1,414 | $ | 1,750 | $ | 1,491 | $ | 1,806 | ||||||||||||||||||||||||||||||||
Estimated residual values | 1,148 | 145 | 1,325 | 90 | ||||||||||||||||||||||||||||||||||||
Subtotal | 2,562 | 1,895 | 2,816 | 1,896 | ||||||||||||||||||||||||||||||||||||
Unearned income | (777 | ) | (776 | ) | (870 | ) | (796 | ) | ||||||||||||||||||||||||||||||||
Investment in leases, net of non-recourse debt | $ | 1,785 | $ | 1,119 | $ | 1,946 | $ | 1,100 | ||||||||||||||||||||||||||||||||
Rental receivables are generally due in periodic installments. The payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 30 years, while the payment periods for direct financing leases range from one to 30 years. For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. The Company generally defines nonperforming rental receivables as those that are 90 days or more past due. At December 31, 2014 and 2013, all leveraged lease receivables were performing and over 99% of direct financing rental receivables were performing. | ||||||||||||||||||||||||||||||||||||||||
The deferred income tax liability related to leveraged leases was $1.5 billion and $1.6 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Income from investment in leases | $ | 66 | $ | 72 | $ | 82 | $ | 75 | $ | 57 | $ | 67 | ||||||||||||||||||||||||||||
Less: Income tax expense on leases | 23 | 25 | 29 | 26 | 20 | 23 | ||||||||||||||||||||||||||||||||||
Investment income after income tax | $ | 43 | $ | 47 | $ | 53 | $ | 49 | $ | 37 | $ | 44 | ||||||||||||||||||||||||||||
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 $4.5 billion and $3.8 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
Net Unrealized Investment Gains (Losses) | ||||||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) on fixed maturity and equity securities AFS and the effect on DAC, VOBA, DSI, future policy benefits and the policyholder dividend obligation that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI. | ||||||||||||||||||||||||||||||||||||||||
The components of net unrealized investment gains (losses), included in AOCI, were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 30,367 | $ | 16,672 | $ | 33,641 | ||||||||||||||||||||||||||||||||||
Fixed maturity securities with noncredit OTTI losses in AOCI | (112 | ) | (218 | ) | (361 | ) | ||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 30,255 | 16,454 | 33,280 | |||||||||||||||||||||||||||||||||||||
Equity securities | 608 | 390 | 97 | |||||||||||||||||||||||||||||||||||||
Derivatives | 1,761 | 375 | 1,274 | |||||||||||||||||||||||||||||||||||||
Other | 149 | (73 | ) | (30 | ) | |||||||||||||||||||||||||||||||||||
Subtotal | 32,773 | 17,146 | 34,621 | |||||||||||||||||||||||||||||||||||||
Amounts allocated from: | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | (2,886 | ) | (898 | ) | (6,049 | ) | ||||||||||||||||||||||||||||||||||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (4 | ) | 6 | 19 | ||||||||||||||||||||||||||||||||||||
DAC, VOBA and DSI | (1,946 | ) | (1,190 | ) | (2,485 | ) | ||||||||||||||||||||||||||||||||||
Policyholder dividend obligation | (3,155 | ) | (1,771 | ) | (3,828 | ) | ||||||||||||||||||||||||||||||||||
Subtotal | (7,991 | ) | (3,853 | ) | (12,343 | ) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | 42 | 73 | 119 | |||||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (8,556 | ) | (4,956 | ) | (7,973 | ) | ||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 16,268 | 8,410 | 14,424 | |||||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to noncontrolling interests | (33 | ) | 4 | (5 | ) | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ | 16,235 | $ | 8,414 | $ | 14,419 | ||||||||||||||||||||||||||||||||||
The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | (218 | ) | $ | (361 | ) | ||||||||||||||||||||||||||||||||||
Noncredit OTTI losses and subsequent changes recognized | 17 | 60 | ||||||||||||||||||||||||||||||||||||||
Securities sold with previous noncredit OTTI loss | 53 | 149 | ||||||||||||||||||||||||||||||||||||||
Subsequent changes in estimated fair value | 36 | (66 | ) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | (112 | ) | $ | (218 | ) | ||||||||||||||||||||||||||||||||||
The changes in net unrealized investment gains (losses) were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 8,414 | $ | 14,419 | $ | 8,674 | ||||||||||||||||||||||||||||||||||
Fixed maturity securities on which noncredit OTTI losses have been recognized | 106 | 143 | 363 | |||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) during the year | 15,521 | (17,618 | ) | 12,467 | ||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) relating to: | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | (1,988 | ) | 5,151 | (2,053 | ) | |||||||||||||||||||||||||||||||||||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (10 | ) | (13 | ) | (28 | ) | ||||||||||||||||||||||||||||||||||
DAC, VOBA and DSI | (756 | ) | 1,295 | (685 | ) | |||||||||||||||||||||||||||||||||||
Policyholder dividend obligation | (1,384 | ) | 2,057 | (909 | ) | |||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (31 | ) | (46 | ) | (117 | ) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (3,600 | ) | 3,017 | (3,279 | ) | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 16,272 | 8,405 | 14,433 | |||||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to noncontrolling interests | (37 | ) | 9 | (14 | ) | |||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 16,235 | $ | 8,414 | $ | 14,419 | ||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | $ | 7,858 | $ | (6,014 | ) | $ | 5,759 | |||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | (37 | ) | 9 | (14 | ) | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $ | 7,821 | $ | (6,005 | ) | $ | 5,745 | |||||||||||||||||||||||||||||||||
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 government and its agencies with an estimated fair value of $20.3 billion and $21.7 billion at December 31, 2014 and 2013, respectively. 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 $25.5 billion and $26.9 billion at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||
Securities Lending | ||||||||||||||||||||||||||||||||||||||||
Elements of the securities lending program are presented below at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Securities on loan: (1) | ||||||||||||||||||||||||||||||||||||||||
Amortized cost | $ | 26,989 | $ | 27,094 | ||||||||||||||||||||||||||||||||||||
Estimated fair value | $ | 30,269 | $ | 27,595 | ||||||||||||||||||||||||||||||||||||
Cash collateral on deposit from counterparties (2) | $ | 30,826 | $ | 28,319 | ||||||||||||||||||||||||||||||||||||
Security collateral on deposit from counterparties (3) | $ | 83 | $ | — | ||||||||||||||||||||||||||||||||||||
Reinvestment portfolio — estimated fair value | $ | 31,314 | $ | 28,481 | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-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 re-pledged, 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 all asset classes, except mortgage loans, which are presented at carrying value at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Invested assets on deposit (regulatory deposits) (1) | $ | 9,437 | $ | 2,153 | ||||||||||||||||||||||||||||||||||||
Invested assets held in trust (collateral financing arrangements and reinsurance agreements) | 10,069 | 11,004 | ||||||||||||||||||||||||||||||||||||||
Invested assets pledged as collateral (2) | 25,996 | 23,770 | ||||||||||||||||||||||||||||||||||||||
Total invested assets on deposit, held in trust and pledged as collateral | $ | 45,502 | $ | 36,927 | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | In November 2014, MetLife Insurance Company of Connecticut (“MICC”), a wholly-owned subsidiary of MetLife, Inc., re-domesticated from Connecticut to Delaware, changed its name to MetLife Insurance Company USA and merged with its subsidiary, MetLife Investors USA Insurance Company (“MLI-USA”), and its affiliate, MetLife Investors Insurance Company (“MLIIC”), each a U.S. insurance company that issued variable annuity products in addition to other products, and Exeter Reassurance Company, Ltd. (“Exeter”), a former offshore reinsurance subsidiary of MetLife, Inc. and affiliate of MICC that mainly reinsured guarantees associated with variable annuity products (the “Mergers”). The surviving entity of the Mergers was MetLife Insurance Company USA (“MetLife USA”). Exeter, formerly a Cayman Islands company, was re-domesticated to Delaware in October 2013. In anticipation of the Mergers, effective January 1, 2014, following receipt of New York State Department of Financial Services (the “Department of Financial Services”) approval, MICC withdrew its license to issue insurance policies and annuity contracts in New York. Also effective January 1, 2014, MICC reinsured with an affiliate all existing New York insurance policies and annuity contracts that include a separate account feature and deposited investments with an estimated fair market value of $6.3 billion into a custodial account to secure MICC’s remaining New York policyholder liabilities not covered by such reinsurance. | |||||||||||||||||||||||||||||||||||||||
-2 | The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 and 12), collateral financing arrangements (see Note 13) and derivative transactions (see Note 9). | |||||||||||||||||||||||||||||||||||||||
See “— Securities Lending” for information regarding securities on loan and Note 7 for information regarding investments designated to the closed block. | ||||||||||||||||||||||||||||||||||||||||
Purchased Credit Impaired Investments | ||||||||||||||||||||||||||||||||||||||||
Investments acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as purchased credit impaired (“PCI”) investments. For each investment, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. If, subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI or the recognition of mortgage loan valuation allowances. | ||||||||||||||||||||||||||||||||||||||||
The Company’s PCI investments, by invested asset class, were as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Outstanding principal and interest balance (1) | $ | 5,287 | $ | 5,319 | $ | 239 | $ | 291 | ||||||||||||||||||||||||||||||||
Carrying value (2) | $ | 4,170 | $ | 4,109 | $ | 132 | $ | 138 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Represents the contractually required payments, which is the sum of contractual principal, whether or not currently due, and accrued interest. | |||||||||||||||||||||||||||||||||||||||
-2 | Estimated fair value plus accrued interest for fixed maturity securities and amortized cost, plus accrued interest, less any valuation allowances, for mortgage loans. | |||||||||||||||||||||||||||||||||||||||
The following table presents information about PCI investments acquired during the periods indicated: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 947 | $ | 1,872 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Cash flows expected to be collected (1) | $ | 745 | $ | 1,446 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Fair value of investments acquired | $ | 503 | $ | 978 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Represents undiscounted principal and interest cash flow expectations, at the date of acquisition. | |||||||||||||||||||||||||||||||||||||||
The following table presents activity for the accretable yield on PCI investments: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Accretable yield, January 1, | $ | 2,746 | $ | 2,665 | $ | 74 | $ | 184 | ||||||||||||||||||||||||||||||||
Investments purchased | 242 | 468 | — | — | ||||||||||||||||||||||||||||||||||||
Accretion recognized in earnings | (244 | ) | (260 | ) | (22 | ) | (87 | ) | ||||||||||||||||||||||||||||||||
Disposals | (60 | ) | (152 | ) | — | — | ||||||||||||||||||||||||||||||||||
Reclassification (to) from nonaccretable difference | (541 | ) | 25 | (4 | ) | (23 | ) | |||||||||||||||||||||||||||||||||
Accretable yield, December 31, | $ | 2,143 | $ | 2,746 | $ | 48 | $ | 74 | ||||||||||||||||||||||||||||||||
Collectively Significant Equity Method Investments | ||||||||||||||||||||||||||||||||||||||||
The Company holds investments in real estate joint ventures, real estate funds and other limited partnership interests consisting of leveraged buy-out funds, hedge funds, private equity funds, joint ventures and other funds. The portion of these investments accounted for under the equity method had a carrying value of $14.3 billion at December 31, 2014. The Company’s maximum exposure to loss related to these equity method investments is limited to the carrying value of these investments plus unfunded commitments of $4.1 billion at December 31, 2014. Except for certain real estate joint ventures, the Company’s investments in real estate funds and other limited partnership interests are generally of a passive nature in that the Company does not participate in the management of the entities. | ||||||||||||||||||||||||||||||||||||||||
As described in Note 1, the Company generally records its share of earnings in its equity method investments using a three-month lag methodology and within net investment income. Aggregate net investment income from these equity method investments exceeded 10% of the Company’s consolidated pre-tax income (loss) from continuing operations for two of the three most recent annual periods: 2013 and 2012. The Company is providing the following aggregated summarized financial data for such equity method investments, for the most recent annual periods, in order to provide comparative information. This aggregated summarized financial data does not represent the Company’s proportionate share of the assets, liabilities, or earnings of such entities. | ||||||||||||||||||||||||||||||||||||||||
The aggregated summarized financial data presented below reflects the latest available financial information and is as of, and for, the years ended December 31, 2014, 2013 and 2012. Aggregate total assets of these entities totaled $385.7 billion and $303.4 billion at December 31, 2014 and 2013, respectively. Aggregate total liabilities of these entities totaled $39.5 billion and $29.7 billion at December 31, 2014 and 2013, respectively. Aggregate net income (loss) of these entities totaled $34.9 billion, $26.3 billion and $17.9 billion for the years ended December 31, 2014, 2013 and 2012, respectively. Aggregate net income (loss) from the underlying entities in which the Company invests is primarily comprised of investment income, including recurring investment income and realized and unrealized investment gains (losses). | ||||||||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013. 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. | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Total | |||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
MRSC (collateral financing arrangement (primarily securities)) (1) | $ | 3,471 | $ | — | $ | 3,440 | $ | — | ||||||||||||||||||||||||||||||||
Operating joint ventures (2) | 2,405 | 1,999 | 2,095 | 1,777 | ||||||||||||||||||||||||||||||||||||
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3) | 297 | 155 | 1,630 | 1,457 | ||||||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||||
Other invested assets | 59 | — | 82 | 7 | ||||||||||||||||||||||||||||||||||||
FVO and trading securities | 45 | — | 69 | — | ||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 37 | — | 61 | — | ||||||||||||||||||||||||||||||||||||
Real estate joint ventures (4) | 9 | 15 | 1,181 | 443 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,323 | $ | 2,169 | $ | 8,558 | $ | 3,684 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | See Note 13 for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. | |||||||||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||||||||
-3 | The Company consolidates entities 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 Company’s exposure was limited to that of its remaining investment in these entities of $123 million and $154 million at estimated fair value at December 31, 2014 and 2013, 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 $38 million, $122 million and $163 million for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||||||||||||||||||||||||||||||||||||
-4 | At December 31, 2013, the Company consolidated an open ended core real estate fund formed in the fourth quarter of 2013 (the “MetLife Core Property Fund”), which represented the majority of the balances at December 31, 2013. As a result of the quarterly reassessment in the first quarter of 2014, the Company no longer consolidated the MetLife Core Property Fund, effective March 31, 2014, based on the terms of the revised partnership agreement. The Company accounts for its retained interest in the real estate fund under the equity method. Assets of the real estate fund are a real estate investment trust which holds primarily traditional core income-producing real estate which has associated liabilities that are primarily non-recourse debt secured by certain real estate assets of the fund. 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 Company’s exposure was limited to that of its investment in the real estate fund of $178 million at carrying value at December 31, 2013. The long-term debt bears interest primarily at fixed rates ranging from 1.39% to 4.45%, payable primarily on a monthly basis. | |||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||||||||||||||||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||||||||||||||||||||||||||
to Loss (1) | to Loss (1) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities AFS: | ||||||||||||||||||||||||||||||||||||||||
Structured securities (RMBS, CMBS and ABS) (2) | $ | 68,427 | $ | 68,427 | $ | 67,176 | $ | 67,176 | ||||||||||||||||||||||||||||||||
U.S. and foreign corporate | 3,829 | 3,829 | 3,966 | 3,966 | ||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 6,250 | 8,402 | 5,041 | 6,994 | ||||||||||||||||||||||||||||||||||||
Other invested assets | 1,720 | 2,050 | 1,509 | 1,897 | ||||||||||||||||||||||||||||||||||||
FVO and trading securities | 565 | 565 | 619 | 619 | ||||||||||||||||||||||||||||||||||||
Real estate joint ventures | 100 | 125 | 70 | 71 | ||||||||||||||||||||||||||||||||||||
Mortgage loans | 51 | 51 | 106 | 106 | ||||||||||||||||||||||||||||||||||||
Equity securities AFS: | ||||||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | 41 | 41 | 35 | 35 | ||||||||||||||||||||||||||||||||||||
Total | $ | 80,983 | $ | 83,490 | $ | 78,522 | $ | 80,864 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The maximum exposure to loss relating to fixed maturity securities AFS, FVO and trading securities and equity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests, mortgage loans and real estate joint ventures 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 $212 million and $257 million at December 31, 2014 and 2013, 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 in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity. | |||||||||||||||||||||||||||||||||||||||
As described in Note 21, 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 years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||||||||||||||||
The components of net investment income were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 14,868 | $ | 15,071 | $ | 15,218 | ||||||||||||||||||||||||||||||||||
Equity securities | 133 | 127 | 133 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — Actively Traded and FVO general account securities (1) | 103 | 65 | 88 | |||||||||||||||||||||||||||||||||||||
Mortgage loans | 2,928 | 3,020 | 3,191 | |||||||||||||||||||||||||||||||||||||
Policy loans | 629 | 620 | 626 | |||||||||||||||||||||||||||||||||||||
Real estate and real estate joint ventures | 951 | 909 | 834 | |||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 1,033 | 955 | 845 | |||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | 168 | 181 | 163 | |||||||||||||||||||||||||||||||||||||
Operating joint ventures | 10 | 10 | 19 | |||||||||||||||||||||||||||||||||||||
Other | 192 | 165 | 131 | |||||||||||||||||||||||||||||||||||||
Subtotal | 21,015 | 21,123 | 21,248 | |||||||||||||||||||||||||||||||||||||
Less: Investment expenses | 1,178 | 1,198 | 1,090 | |||||||||||||||||||||||||||||||||||||
Subtotal, net | 19,837 | 19,925 | 20,158 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — FVO contractholder-directed unit-linked investments (1) | 1,266 | 2,172 | 1,473 | |||||||||||||||||||||||||||||||||||||
Securitized reverse residential mortgage loans | — | — | 177 | |||||||||||||||||||||||||||||||||||||
FVO CSEs — interest income: | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 49 | 132 | 172 | |||||||||||||||||||||||||||||||||||||
Securities | 1 | 3 | 4 | |||||||||||||||||||||||||||||||||||||
Subtotal | 1,316 | 2,307 | 1,826 | |||||||||||||||||||||||||||||||||||||
Net investment income | $ | 21,153 | $ | 22,232 | $ | 21,984 | ||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment income were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Actively Traded and FVO general account securities | $ | (3 | ) | $ | 18 | $ | 51 | |||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | $ | 645 | $ | 1,579 | $ | 1,170 | ||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 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: | ||||||||||||||||||||||||||||||||||||||||
Consumer | $ | (7 | ) | $ | (11 | ) | $ | (19 | ) | |||||||||||||||||||||||||||||||
Transportation | (2 | ) | (3 | ) | (17 | ) | ||||||||||||||||||||||||||||||||||
Utility | — | (48 | ) | (61 | ) | |||||||||||||||||||||||||||||||||||
Finance | — | (10 | ) | (32 | ) | |||||||||||||||||||||||||||||||||||
Communications | — | (2 | ) | (19 | ) | |||||||||||||||||||||||||||||||||||
Technology | — | — | (6 | ) | ||||||||||||||||||||||||||||||||||||
Industrial | — | — | (5 | ) | ||||||||||||||||||||||||||||||||||||
Total U.S. and foreign corporate securities | (9 | ) | (74 | ) | (159 | ) | ||||||||||||||||||||||||||||||||||
RMBS | (31 | ) | (80 | ) | (97 | ) | ||||||||||||||||||||||||||||||||||
CMBS | (13 | ) | (12 | ) | (51 | ) | ||||||||||||||||||||||||||||||||||
ABS | (7 | ) | — | (9 | ) | |||||||||||||||||||||||||||||||||||
State and political subdivision | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||
OTTI losses on fixed maturity securities recognized in earnings | (60 | ) | (166 | ) | (317 | ) | ||||||||||||||||||||||||||||||||||
Fixed maturity securities — net gains (losses) on sales and disposals | 598 | 561 | 253 | |||||||||||||||||||||||||||||||||||||
Total gains (losses) on fixed maturity securities | 538 | 395 | (64 | ) | ||||||||||||||||||||||||||||||||||||
Total gains (losses) on equity securities: | ||||||||||||||||||||||||||||||||||||||||
Total OTTI losses recognized — by sector: | ||||||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | (23 | ) | (20 | ) | — | |||||||||||||||||||||||||||||||||||
Common stock | (13 | ) | (6 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||
OTTI losses on equity securities recognized in earnings | (36 | ) | (26 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||
Equity securities — net gains (losses) on sales and disposals | 101 | 31 | 38 | |||||||||||||||||||||||||||||||||||||
Total gains (losses) on equity securities | 65 | 5 | 4 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — FVO general account securities | 9 | 15 | 17 | |||||||||||||||||||||||||||||||||||||
Mortgage loans | (36 | ) | 22 | 57 | ||||||||||||||||||||||||||||||||||||
Real estate and real estate joint ventures | 222 | (19 | ) | (36 | ) | |||||||||||||||||||||||||||||||||||
Other limited partnership interests | (78 | ) | (48 | ) | (36 | ) | ||||||||||||||||||||||||||||||||||
Other investment portfolio gains (losses) | (110 | ) | 22 | (151 | ) | |||||||||||||||||||||||||||||||||||
Subtotal — investment portfolio gains (losses) | 610 | 392 | (209 | ) | ||||||||||||||||||||||||||||||||||||
FVO CSEs: | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | (13 | ) | (52 | ) | 7 | |||||||||||||||||||||||||||||||||||
Securities | — | 2 | — | |||||||||||||||||||||||||||||||||||||
Long-term debt — related to commercial mortgage loans | 19 | 85 | 25 | |||||||||||||||||||||||||||||||||||||
Long-term debt — related to securities | (1 | ) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||
Non-investment portfolio gains (losses) (1) | (812 | ) | (264 | ) | (168 | ) | ||||||||||||||||||||||||||||||||||
Subtotal FVO CSEs and non-investment portfolio gains (losses) | (807 | ) | (231 | ) | (143 | ) | ||||||||||||||||||||||||||||||||||
Total net investment gains (losses) | $ | (197 | ) | $ | 161 | $ | (352 | ) | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Non-investment portfolio gains (losses) for the year ended December 31, 2014 includes a loss of $633 million related to the disposition of MAL as more fully described in Note 3. | |||||||||||||||||||||||||||||||||||||||
See “— Variable Interest Entities” for discussion of CSEs. | ||||||||||||||||||||||||||||||||||||||||
Gains (losses) from foreign currency transactions included within net investment gains (losses) were ($183) million, $171 million and ($112) million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Proceeds | $ | 82,075 | $ | 76,070 | $ | 59,219 | $ | 544 | $ | 746 | $ | 1,648 | ||||||||||||||||||||||||||||
Gross investment gains | $ | 1,165 | $ | 1,326 | $ | 944 | $ | 112 | $ | 56 | $ | 73 | ||||||||||||||||||||||||||||
Gross investment losses | (567 | ) | (765 | ) | (691 | ) | (11 | ) | (25 | ) | (35 | ) | ||||||||||||||||||||||||||||
OTTI losses (1) | (60 | ) | (166 | ) | (317 | ) | (36 | ) | (26 | ) | (34 | ) | ||||||||||||||||||||||||||||
Net investment gains (losses) | $ | 538 | $ | 395 | $ | (64 | ) | $ | 65 | $ | 5 | $ | 4 | |||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
(1) OTTI losses recognized in earnings include noncredit-related impairment losses of $0, $19 million and $94 million for the years ended December 31, 2014, 2013 and 2012, respectively, on (i) 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 (ii) 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 OCI: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 378 | $ | 392 | ||||||||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||||||||
Initial impairments — credit loss OTTI recognized on securities not previously impaired | 2 | 6 | ||||||||||||||||||||||||||||||||||||||
Additional impairments — credit loss OTTI recognized on securities previously impaired | 25 | 69 | ||||||||||||||||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||||||||||||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (40 | ) | (87 | ) | ||||||||||||||||||||||||||||||||||||
Securities impaired to net present value of expected future cash flows | (7 | ) | — | |||||||||||||||||||||||||||||||||||||
Increases in cash flows — accretion of previous credit loss OTTI | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 357 | $ | 378 | ||||||||||||||||||||||||||||||||||||
Derivatives
Derivatives | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Derivatives | 9. Derivatives | |||||||||||||||||||||||||
Accounting for Derivatives | ||||||||||||||||||||||||||
See Note 1 for a description of the Company’s accounting policies for derivatives and Note 10 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. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). 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, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. 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, currency options and exchange-traded currency futures, 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 currency 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, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. 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 amount 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, involuntary restructuring or governmental intervention. 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, equity 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 minimum guarantees 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 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: | ||||||||||||||||||||||||||
Primary Underlying Risk Exposure | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||
Gross | Assets | Liabilities | Gross | Assets | Liabilities | |||||||||||||||||||||
Notional | Notional | |||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | $ | 6,044 | $ | 2,064 | $ | 21 | $ | 6,419 | $ | 1,282 | $ | 78 | |||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 2,708 | 65 | 100 | 2,713 | 252 | 135 | |||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 2,335 | — | 291 | 2,935 | — | 77 | |||||||||||||||||||
Subtotal | 11,087 | 2,129 | 412 | 12,067 | 1,534 | 290 | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | 2,560 | 528 | — | 3,121 | 83 | 141 | |||||||||||||||||||
Interest rate forwards | Interest rate | 225 | 63 | — | 450 | 7 | 7 | |||||||||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 18,325 | 563 | 930 | 12,452 | 401 | 660 | |||||||||||||||||||
Subtotal | 21,110 | 1,154 | 930 | 16,023 | 491 | 808 | ||||||||||||||||||||
Foreign operations hedges: | ||||||||||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 4,097 | 295 | 11 | 3,182 | 82 | 47 | |||||||||||||||||||
Currency options | Foreign currency exchange rate | 6,419 | 415 | — | 7,362 | 318 | — | |||||||||||||||||||
Subtotal | 10,516 | 710 | 11 | 10,544 | 400 | 47 | ||||||||||||||||||||
Total qualifying hedges | 42,713 | 3,993 | 1,353 | 38,634 | 2,425 | 1,145 | ||||||||||||||||||||
Derivatives Not Designated or Not Qualifying as Hedging Instruments | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | 93,266 | 4,570 | 2,051 | 107,354 | 3,330 | 1,767 | |||||||||||||||||||
Interest rate floors | Interest rate | 55,645 | 440 | 199 | 63,064 | 451 | 346 | |||||||||||||||||||
Interest rate caps | Interest rate | 49,128 | 145 | 1 | 39,460 | 177 | — | |||||||||||||||||||
Interest rate futures | Interest rate | 2,707 | 4 | 9 | 6,011 | 9 | 9 | |||||||||||||||||||
Interest rate options | Interest rate | 48,078 | 1,241 | 75 | 40,978 | 255 | 243 | |||||||||||||||||||
Synthetic GICs | Interest rate | 4,298 | — | — | 4,409 | — | — | |||||||||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 11,041 | 447 | 385 | 9,307 | 133 | 684 | |||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 13,206 | 127 | 791 | 11,311 | 69 | 359 | |||||||||||||||||||
Currency futures | Foreign currency exchange rate | 522 | 2 | — | 1,316 | 1 | 1 | |||||||||||||||||||
Currency options | Foreign currency exchange rate | 8,324 | 585 | 340 | 2,265 | 53 | 48 | |||||||||||||||||||
Credit default swaps — purchased | Credit | 2,830 | 8 | 34 | 3,725 | 7 | 51 | |||||||||||||||||||
Credit default swaps — written | Credit | 10,527 | 181 | 6 | 9,055 | 166 | 1 | |||||||||||||||||||
Equity futures | Equity market | 6,073 | 65 | 2 | 5,157 | 1 | 43 | |||||||||||||||||||
Equity index options | Equity market | 39,345 | 1,426 | 1,036 | 37,411 | 1,344 | 1,068 | |||||||||||||||||||
Equity variance swaps | Equity market | 24,598 | 196 | 639 | 21,636 | 174 | 577 | |||||||||||||||||||
TRRs | Equity market | 3,297 | 22 | 101 | 3,802 | — | 179 | |||||||||||||||||||
Total non-designated or non-qualifying derivatives | 372,885 | 9,459 | 5,669 | 366,261 | 6,170 | 5,376 | ||||||||||||||||||||
Total | $ | 415,598 | $ | 13,452 | $ | 7,022 | $ | 404,895 | $ | 8,595 | $ | 6,521 | ||||||||||||||
Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both December 31, 2014 and 2013. 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 on the 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: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Derivatives and hedging gains (losses) (1) | $ | 1,638 | $ | (8,343 | ) | $ | (3,158 | ) | ||||||||||||||||||
Embedded derivatives | (321 | ) | 5,104 | 1,239 | ||||||||||||||||||||||
Total net derivative gains (losses) | $ | 1,317 | $ | (3,239 | ) | $ | (1,919 | ) | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Qualifying hedges: | ||||||||||||||||||||||||||
Net investment income | $ | 158 | $ | 135 | $ | 111 | ||||||||||||||||||||
Interest credited to policyholder account balances | 101 | 150 | 164 | |||||||||||||||||||||||
Other expenses | (3 | ) | (6 | ) | (5 | ) | ||||||||||||||||||||
Non-qualifying hedges: | ||||||||||||||||||||||||||
Net investment income | (4 | ) | (6 | ) | (6 | ) | ||||||||||||||||||||
Other revenues | — | — | 47 | |||||||||||||||||||||||
Net derivative gains (losses) | 828 | 328 | 476 | |||||||||||||||||||||||
Policyholder benefits and claims | 40 | (292 | ) | (120 | ) | |||||||||||||||||||||
Total | $ | 1,120 | $ | 309 | $ | 667 | ||||||||||||||||||||
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 | Net | Policyholder | Other | |||||||||||||||||||||||
Derivative | Investment | Benefits and | Revenues (3) | |||||||||||||||||||||||
Gains (Losses) | Income (1) | Claims (2) | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,545 | $ | — | $ | 42 | $ | — | ||||||||||||||||||
Foreign currency exchange rate derivatives | (344 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (12 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — written | 21 | — | — | — | ||||||||||||||||||||||
Equity derivatives | (634 | ) | (18 | ) | (288 | ) | — | |||||||||||||||||||
Total | $ | 576 | $ | (18 | ) | $ | (246 | ) | $ | — | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (3,458 | ) | $ | — | $ | (27 | ) | $ | — | ||||||||||||||||
Foreign currency exchange rate derivatives | (1,716 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (21 | ) | (14 | ) | — | — | ||||||||||||||||||||
Credit derivatives — written | 130 | 1 | — | — | ||||||||||||||||||||||
Equity derivatives | (3,663 | ) | (25 | ) | (727 | ) | — | |||||||||||||||||||
Total | $ | (8,728 | ) | $ | (38 | ) | $ | (754 | ) | $ | — | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (296 | ) | $ | — | $ | — | $ | 28 | |||||||||||||||||
Foreign currency exchange rate derivatives | (660 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (298 | ) | (14 | ) | — | — | ||||||||||||||||||||
Credit derivatives — written | 150 | — | — | — | ||||||||||||||||||||||
Equity derivatives | (2,556 | ) | (9 | ) | (419 | ) | — | |||||||||||||||||||
Total | $ | (3,660 | ) | $ | (23 | ) | $ | (419 | ) | $ | 28 | |||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and 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 prior to the MetLife Bank Divestiture. | |||||||||||||||||||||||||
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 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 | Hedged Items in Fair Value | Net Derivative | Net Derivative | Ineffectiveness | ||||||||||||||||||||||
Hedging Relationships | Hedging Relationships | Gains (Losses) | Gains (Losses) | Recognized in | ||||||||||||||||||||||
Recognized | Recognized for | Net Derivative | ||||||||||||||||||||||||
for Derivatives | Hedged Items | Gains (Losses) | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | 5 | $ | (1 | ) | $ | 4 | ||||||||||||||||||
Policyholder liabilities (1) | 681 | (667 | ) | 14 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | 13 | (11 | ) | 2 | |||||||||||||||||||||
Foreign-denominated PABs (2) | (283 | ) | 270 | (13 | ) | |||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (359 | ) | 330 | (29 | ) | ||||||||||||||||||||
Total | $ | 57 | $ | (79 | ) | $ | (22 | ) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | 42 | $ | (43 | ) | $ | (1 | ) | |||||||||||||||||
Policyholder liabilities (1) | (830 | ) | 835 | 5 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | 13 | (12 | ) | 1 | |||||||||||||||||||||
Foreign-denominated PABs (2) | (97 | ) | 110 | 13 | ||||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (109 | ) | 102 | (7 | ) | ||||||||||||||||||||
Total | $ | (981 | ) | $ | 992 | $ | 11 | |||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | (4 | ) | $ | — | $ | (4 | ) | |||||||||||||||||
Policyholder liabilities (1) | (82 | ) | 96 | 14 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | (1 | ) | 1 | — | |||||||||||||||||||||
Foreign-denominated PABs (2) | 3 | (20 | ) | (17 | ) | |||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (51 | ) | 50 | (1 | ) | ||||||||||||||||||||
Total | $ | (135 | ) | $ | 127 | $ | (8 | ) | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 years ended December 31, 2014, 2013 and 2012, the component of the change in fair value of derivatives that was excluded from the assessment of hedge effectiveness was $3 million, ($2) million and ($4) million, respectively. | ||||||||||||||||||||||||||
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 certain amounts from AOCI into net derivative gains (losses). These amounts were ($15) million, ($1) million and $1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||
At December 31, 2014 and 2013, 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 six years and seven years, respectively. | ||||||||||||||||||||||||||
At December 31, 2014 and 2013, the balance in AOCI associated with cash flow hedges was $1.8 billion and $375 million, respectively. | ||||||||||||||||||||||||||
The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity: | ||||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gains | Amount and Location | Amount and Location | |||||||||||||||||||||||
Hedging Relationships | (Losses)Deferred in | of Gains (Losses) | of Gains (Losses)Recognized in Income | |||||||||||||||||||||||
AOCI on Derivatives | Reclassified from | (Loss) on Derivatives | ||||||||||||||||||||||||
AOCI into Income (Loss) | ||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||
Net Derivative | Net Investment | Other | Net Derivative | |||||||||||||||||||||||
Gains (Losses) | Income | Expenses | Gains (Losses) | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate swaps | $ | 722 | $ | 42 | $ | 9 | $ | — | $ | 3 | ||||||||||||||||
Interest rate forwards | 86 | (7 | ) | 4 | 2 | — | ||||||||||||||||||||
Foreign currency swaps | (139 | ) | (768 | ) | (2 | ) | 2 | 1 | ||||||||||||||||||
Credit forwards | — | — | 1 | — | — | |||||||||||||||||||||
Total | $ | 669 | $ | (733 | ) | $ | 12 | $ | 4 | $ | 4 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (635 | ) | $ | 20 | $ | 8 | $ | — | $ | (3 | ) | ||||||||||||||
Interest rate forwards | (59 | ) | 10 | 3 | (1 | ) | 1 | |||||||||||||||||||
Foreign currency swaps | (165 | ) | (3 | ) | (3 | ) | 1 | 3 | ||||||||||||||||||
Credit forwards | (4 | ) | — | 1 | — | — | ||||||||||||||||||||
Total | $ | (863 | ) | $ | 27 | $ | 9 | $ | — | $ | 1 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (34 | ) | $ | 1 | $ | 4 | $ | (3 | ) | $ | 2 | ||||||||||||||
Interest rate forwards | (17 | ) | 1 | 2 | (1 | ) | — | |||||||||||||||||||
Foreign currency swaps | (164 | ) | 23 | (5 | ) | 1 | (6 | ) | ||||||||||||||||||
Credit forwards | — | — | 1 | — | — | |||||||||||||||||||||
Total | $ | (215 | ) | $ | 25 | $ | 2 | $ | (3 | ) | $ | (4 | ) | |||||||||||||
All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. | ||||||||||||||||||||||||||
At December 31, 2014, ($4) 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 statement of operations. | ||||||||||||||||||||||||||
The following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity: | ||||||||||||||||||||||||||
Derivatives in Net Investment | Amount of Gains (Losses) Deferred in | |||||||||||||||||||||||||
Hedging Relationships (1), (2) | AOCI (Effective Portion) | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Foreign currency forwards | $ | 407 | $ | 69 | $ | (50 | ) | |||||||||||||||||||
Currency options | 222 | 262 | 36 | |||||||||||||||||||||||
Total | $ | 629 | $ | 331 | $ | (14 | ) | |||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. See Note 3. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. During the years ended December 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 December 31, 2014 and 2013, the cumulative foreign currency translation gain (loss) recorded in AOCI related to hedges of net investments in foreign operations was $940 million and $233 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 $10.5 billion and $9.1 billion at December 31, 2014 and 2013, respectively. 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 December 31, 2014 and 2013, the Company would have received $175 million and $165 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: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Rating Agency Designation of Referenced | Estimated | Maximum | Weighted | Estimated | Maximum | Weighted | ||||||||||||||||||||
Credit Obligations (1) | Fair Value | Amount of Future | Average | Fair Value | Amount of Future | Average | ||||||||||||||||||||
of Credit | Payments under | Years to | of Credit | Payments under | Years to | |||||||||||||||||||||
Default | Credit Default | Maturity (3) | Default | Credit Default | Maturity (3) | |||||||||||||||||||||
Swaps | Swaps (2) | Swaps | Swaps (2) | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||
Aaa/Aa/A | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | $ | 10 | $ | 677 | 2.4 | $ | 10 | $ | 545 | 2.6 | ||||||||||||||||
Credit default swaps referencing indices | 10 | 1,700 | 2.6 | 26 | 2,739 | 1.5 | ||||||||||||||||||||
Subtotal | 20 | 2,377 | 2.6 | 36 | 3,284 | 1.6 | ||||||||||||||||||||
Baa | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | 23 | 1,591 | 2.8 | 24 | 1,320 | 3.1 | ||||||||||||||||||||
Credit default swaps referencing indices | 94 | 5,774 | 4.7 | 73 | 4,071 | 4.7 | ||||||||||||||||||||
Subtotal | 117 | 7,365 | 4.3 | 97 | 5,391 | 4.3 | ||||||||||||||||||||
Ba | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | — | 60 | 3 | — | 5 | 3.8 | ||||||||||||||||||||
Credit default swaps referencing indices | (1 | ) | 100 | 2 | — | — | — | |||||||||||||||||||
Subtotal | (1 | ) | 160 | 2.4 | — | 5 | 3.8 | |||||||||||||||||||
B | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | — | — | — | — | — | — | ||||||||||||||||||||
Credit default swaps referencing indices | 39 | 625 | 4.9 | 32 | 375 | 4.9 | ||||||||||||||||||||
Subtotal | 39 | 625 | 4.9 | 32 | 375 | 4.9 | ||||||||||||||||||||
Total | $ | 175 | $ | 10,527 | 3.9 | $ | 165 | $ | 9,055 | 3.4 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), 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 gross 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 $10.5 billion and $9.1 billion from the table above were $75 million and $90 million at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
Written credit default swaps held in relation to the trading portfolio amounted to $15 million and $10 million in gross notional amount and $1 million and $0 in fair value at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||
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 or similar agreements and any collateral received pursuant to such agreements. | ||||||||||||||||||||||||||
The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company’s OTC-bilateral 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-bilateral derivatives. | ||||||||||||||||||||||||||
The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives. | ||||||||||||||||||||||||||
See Note 10 for a description of the impact of credit risk on the valuation of derivatives. | ||||||||||||||||||||||||||
The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: | ||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Gross estimated fair value of derivatives: | ||||||||||||||||||||||||||
OTC-bilateral (1) | $ | 12,256 | $ | 6,017 | $ | 8,537 | $ | 6,367 | ||||||||||||||||||
OTC-cleared (1) | 1,380 | 1,054 | 302 | 129 | ||||||||||||||||||||||
Exchange-traded | 71 | 11 | 11 | 53 | ||||||||||||||||||||||
Total gross estimated fair value of derivatives (1) | 13,707 | 7,082 | 8,850 | 6,549 | ||||||||||||||||||||||
Amounts offset on the consolidated balance sheets | — | — | — | — | ||||||||||||||||||||||
Estimated fair value of derivatives presented on the consolidated balance sheets (1) | 13,707 | 7,082 | 8,850 | 6,549 | ||||||||||||||||||||||
Gross amounts not offset on the consolidated balance sheets: | ||||||||||||||||||||||||||
Gross estimated fair value of derivatives: (2) | ||||||||||||||||||||||||||
OTC-bilateral | (4,082 | ) | (4,082 | ) | (4,631 | ) | (4,631 | ) | ||||||||||||||||||
OTC-cleared | (989 | ) | (989 | ) | (122 | ) | (122 | ) | ||||||||||||||||||
Exchange-traded | (5 | ) | (5 | ) | (5 | ) | (5 | ) | ||||||||||||||||||
Cash collateral: (3), (4) | ||||||||||||||||||||||||||
OTC-bilateral | (4,153 | ) | (133 | ) | (1,679 | ) | (3 | ) | ||||||||||||||||||
OTC-cleared | (386 | ) | (62 | ) | (169 | ) | (7 | ) | ||||||||||||||||||
Exchange-traded | — | (4 | ) | — | (44 | ) | ||||||||||||||||||||
Securities collateral: (5) | ||||||||||||||||||||||||||
OTC-bilateral | (3,768 | ) | (1,700 | ) | (2,105 | ) | (1,464 | ) | ||||||||||||||||||
OTC-cleared | — | (3 | ) | — | — | |||||||||||||||||||||
Exchange-traded | — | (2 | ) | — | (4 | ) | ||||||||||||||||||||
Net amount after application of master netting agreements and collateral | $ | 324 | $ | 102 | $ | 139 | $ | 269 | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | At both December 31, 2014 and 2013, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $255 million. At December 31, 2014 and 2013, derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $60 million and $28 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 by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was $263 million and $0 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
-4 | The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. 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 December 31, 2014 and 2013, the Company received excess cash collateral of $87 million (including $36 million off-balance sheet cash collateral held in separate custodial accounts) and $104 million, respectively, and provided excess cash collateral of $192 million and $236 million, respectively, which is not included in the table above due to the foregoing limitation. | |||||||||||||||||||||||||
-5 | Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2014 none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge 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 December 31, 2014 and 2013, the Company received excess securities collateral with an estimated fair value of $395 million and $238 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2014 and 2013, the Company provided excess securities collateral with an estimated fair value of $117 million and $66 million, respectively, for its OTC-bilateral derivatives, $199 million and $141 million, respectively, for its OTC-cleared derivatives, and $245 million and $81 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-bilateral 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-bilateral 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. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table. | ||||||||||||||||||||||||||
Estimated Fair Value of | Fair Value of Incremental | |||||||||||||||||||||||||
Collateral Provided | Collateral Provided Upon | |||||||||||||||||||||||||
Estimated | Fixed Maturity | Cash | One Notch | Downgrade in the Company’s | ||||||||||||||||||||||
Fair Value of Derivatives in | Securities | Downgrade in | Credit Rating to a Level | |||||||||||||||||||||||
Net Liability | the Company’s | that Triggers Full Overnight | ||||||||||||||||||||||||
Position (1) | Credit Rating | Collateralization or Termination | ||||||||||||||||||||||||
of the Derivative Position | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
Derivatives subject to credit-contingent provisions | $ | 1,832 | $ | 1,750 | $ | 131 | $ | 5 | $ | 7 | ||||||||||||||||
Derivatives not subject to credit-contingent provisions | 84 | 65 | 2 | — | — | |||||||||||||||||||||
Total | $ | 1,916 | $ | 1,815 | $ | 133 | $ | 5 | $ | 7 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Derivatives subject to credit-contingent provisions | $ | 1,674 | $ | 1,530 | $ | — | $ | 27 | $ | 34 | ||||||||||||||||
Derivatives not subject to credit-contingent provisions | 20 | — | 3 | — | — | |||||||||||||||||||||
Total | $ | 1,694 | $ | 1,530 | $ | 3 | $ | 27 | $ | 34 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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, GMABs and certain GMIBs; ceded reinsurance of guaranteed minimum benefits related to 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; fixed annuities with equity-indexed returns; 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: | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts: | ||||||||||||||||||||||||||
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | $ | 324 | $ | 247 | |||||||||||||||||||||
Funds withheld on assumed reinsurance | Other invested assets | 53 | 38 | |||||||||||||||||||||||
Options embedded in debt or equity securities | Investments | (217 | ) | (145 | ) | |||||||||||||||||||||
Net embedded derivatives within asset host contracts | $ | 160 | $ | 140 | ||||||||||||||||||||||
Net embedded derivatives within liability host contracts: | ||||||||||||||||||||||||||
Direct guaranteed minimum benefits | PABs and Future policy benefits | $ | (1,126 | ) | $ | (2,296 | ) | |||||||||||||||||||
Assumed guaranteed minimum benefits | PABs | 973 | 1,262 | |||||||||||||||||||||||
Funds withheld on ceded reinsurance | Other liabilities | 83 | 60 | |||||||||||||||||||||||
Other | PABs | 24 | 5 | |||||||||||||||||||||||
Net embedded derivatives within liability host contracts | $ | (46 | ) | $ | (969 | ) | ||||||||||||||||||||
The following table presents changes in estimated fair value related to embedded derivatives: | ||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net derivative gains (losses) (1) | $ | (321 | ) | $ | 5,104 | $ | 1,239 | |||||||||||||||||||
Policyholder benefits and claims | $ | 87 | $ | (139 | ) | $ | 75 | |||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 $13 million, ($952) million and ($1.7) billion for the years ended December 31, 2014, 2013 and 2012, respectively. |
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Fair Value | 10. Fair Value | |||||||||||||||||||||||||||||||||||
When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: | ||||||||||||||||||||||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities. | |||||||||||||||||||||||||||||||||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||||||||||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||||||
Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, or the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated | |||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | $ | 99,012 | $ | 6,942 | $ | 105,954 | ||||||||||||||||||||||||||||
Foreign corporate | — | 55,185 | 6,490 | 61,675 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 36,879 | 24,637 | — | 61,516 | ||||||||||||||||||||||||||||||||
Foreign government | — | 51,355 | 1,311 | 52,666 | ||||||||||||||||||||||||||||||||
RMBS | — | 35,463 | 4,383 | 39,846 | ||||||||||||||||||||||||||||||||
State and political subdivision | — | 15,187 | — | 15,187 | ||||||||||||||||||||||||||||||||
CMBS | — | 13,567 | 765 | 14,332 | ||||||||||||||||||||||||||||||||
ABS | — | 12,005 | 2,244 | 14,249 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 36,879 | 306,411 | 22,135 | 365,425 | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
Common stock | 1,558 | 863 | 95 | 2,516 | ||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | — | 865 | 250 | 1,115 | ||||||||||||||||||||||||||||||||
Total equity securities | 1,558 | 1,728 | 345 | 3,631 | ||||||||||||||||||||||||||||||||
FVO and trading securities: | ||||||||||||||||||||||||||||||||||||
Actively Traded Securities | 22 | 627 | 5 | 654 | ||||||||||||||||||||||||||||||||
FVO general account securities | 552 | 57 | 95 | 704 | ||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 11,064 | 3,797 | 455 | 15,316 | ||||||||||||||||||||||||||||||||
FVO securities held by CSEs | — | 3 | 12 | 15 | ||||||||||||||||||||||||||||||||
Total FVO and trading securities | 11,638 | 4,484 | 567 | 16,689 | ||||||||||||||||||||||||||||||||
Short-term investments (1) | 2,104 | 5,223 | 336 | 7,663 | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans — FVO | — | — | 308 | 308 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | — | 280 | — | 280 | ||||||||||||||||||||||||||||||||
Total mortgage loans | — | 280 | 308 | 588 | ||||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Other investments | 203 | 61 | — | 264 | ||||||||||||||||||||||||||||||||
Derivative assets: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | 4 | 8,988 | 63 | 9,055 | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate | 2 | 2,472 | 25 | 2,499 | ||||||||||||||||||||||||||||||||
Credit | — | 175 | 14 | 189 | ||||||||||||||||||||||||||||||||
Equity market | 65 | 1,287 | 357 | 1,709 | ||||||||||||||||||||||||||||||||
Total derivative assets | 71 | 12,922 | 459 | 13,452 | ||||||||||||||||||||||||||||||||
Total other invested assets | 274 | 12,983 | 459 | 13,716 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts (3) | — | — | 377 | 377 | ||||||||||||||||||||||||||||||||
Separate account assets (4) | 83,533 | 231,539 | 1,922 | 316,994 | ||||||||||||||||||||||||||||||||
Total assets | $ | 135,986 | $ | 562,648 | $ | 26,449 | $ | 725,083 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | $ | 9 | $ | 2,347 | $ | — | $ | 2,356 | ||||||||||||||||||||||||||||
Foreign currency exchange rate | — | 2,755 | 93 | 2,848 | ||||||||||||||||||||||||||||||||
Credit | — | 38 | 2 | 40 | ||||||||||||||||||||||||||||||||
Equity market | 2 | 1,112 | 664 | 1,778 | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 11 | 6,252 | 759 | 7,022 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within liability host contracts (3) | — | 7 | (53 | ) | (46 | ) | ||||||||||||||||||||||||||||||
Long-term debt of CSEs — FVO | — | 138 | 13 | 151 | ||||||||||||||||||||||||||||||||
Trading liabilities (5) | 215 | 24 | — | 239 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 226 | $ | 6,421 | $ | 719 | $ | 7,366 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated | |||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | $ | 99,321 | $ | 7,148 | $ | 106,469 | ||||||||||||||||||||||||||||
Foreign corporate | — | 56,448 | 6,704 | 63,152 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 25,061 | 20,000 | 62 | 45,123 | ||||||||||||||||||||||||||||||||
Foreign government | — | 52,202 | 2,235 | 54,437 | ||||||||||||||||||||||||||||||||
RMBS | — | 32,098 | 2,957 | 35,055 | ||||||||||||||||||||||||||||||||
State and political subdivision | — | 13,820 | 10 | 13,830 | ||||||||||||||||||||||||||||||||
CMBS | — | 15,578 | 972 | 16,550 | ||||||||||||||||||||||||||||||||
ABS | — | 11,361 | 4,210 | 15,571 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 25,061 | 300,828 | 24,298 | 350,187 | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
Common stock | 1,186 | 990 | 177 | 2,353 | ||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | — | 654 | 395 | 1,049 | ||||||||||||||||||||||||||||||||
Total equity securities | 1,186 | 1,644 | 572 | 3,402 | ||||||||||||||||||||||||||||||||
FVO and trading securities: | ||||||||||||||||||||||||||||||||||||
Actively Traded Securities | 2 | 648 | 12 | 662 | ||||||||||||||||||||||||||||||||
FVO general account securities | 518 | 80 | 29 | 627 | ||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 10,702 | 4,806 | 603 | 16,111 | ||||||||||||||||||||||||||||||||
FVO securities held by CSEs | — | 23 | — | 23 | ||||||||||||||||||||||||||||||||
Total FVO and trading securities | 11,222 | 5,557 | 644 | 17,423 | ||||||||||||||||||||||||||||||||
Short-term investments (1) | 5,915 | 6,943 | 254 | 13,112 | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans — FVO | — | — | 338 | 338 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | — | 1,598 | — | 1,598 | ||||||||||||||||||||||||||||||||
Total mortgage loans | — | 1,598 | 338 | 1,936 | ||||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Other investments | 188 | 71 | — | 259 | ||||||||||||||||||||||||||||||||
Derivative assets: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | 10 | 5,557 | 27 | 5,594 | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate | 1 | 1,280 | 28 | 1,309 | ||||||||||||||||||||||||||||||||
Credit | — | 144 | 29 | 173 | ||||||||||||||||||||||||||||||||
Equity market | 1 | 1,233 | 285 | 1,519 | ||||||||||||||||||||||||||||||||
Total derivative assets | 12 | 8,214 | 369 | 8,595 | ||||||||||||||||||||||||||||||||
Total other invested assets | 200 | 8,285 | 369 | 8,854 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts (3) | — | — | 285 | 285 | ||||||||||||||||||||||||||||||||
Separate account assets (4) | 89,960 | 225,776 | 1,465 | 317,201 | ||||||||||||||||||||||||||||||||
Total assets | $ | 133,544 | $ | 550,631 | $ | 28,225 | $ | 712,400 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | $ | 9 | $ | 2,568 | $ | 14 | $ | 2,591 | ||||||||||||||||||||||||||||
Foreign currency exchange rate | 1 | 1,971 | 39 | 2,011 | ||||||||||||||||||||||||||||||||
Credit | — | 52 | — | 52 | ||||||||||||||||||||||||||||||||
Equity market | 43 | 1,222 | 602 | 1,867 | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 53 | 5,813 | 655 | 6,521 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within liability host contracts (3) | — | 4 | (973 | ) | (969 | ) | ||||||||||||||||||||||||||||||
Long-term debt of CSEs — FVO | — | 1,427 | 28 | 1,455 | ||||||||||||||||||||||||||||||||
Trading liabilities (5) | 260 | 2 | — | 262 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 313 | $ | 7,246 | $ | (290 | ) | $ | 7,269 | |||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||
-2 | Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on 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. | |||||||||||||||||||||||||||||||||||
-3 | Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within PABs, future policy benefits and other liabilities on the consolidated balance sheets. At December 31, 2014 and 2013, equity securities also included embedded derivatives of ($217) million and ($145) million, respectively. | |||||||||||||||||||||||||||||||||||
-4 | 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. | |||||||||||||||||||||||||||||||||||
-5 | Trading liabilities are presented within other liabilities on 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 quarterly 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 12% 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 — FVO 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 investments in certain separate accounts included in FVO contractholder-directed unit-linked investments, FVO securities held by CSEs, other investments, long-term debt of CSEs — FVO and trading liabilities is determined on a basis consistent with the methodologies described herein for securities. | ||||||||||||||||||||||||||||||||||||
The valuation of most instruments listed below are determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs. | ||||||||||||||||||||||||||||||||||||
Instrument | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
Observable Inputs | Unobservable Inputs | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
U.S. corporate and foreign corporate securities | ||||||||||||||||||||||||||||||||||||
Valuation Techniques: Principally the market and income approaches. | Valuation Techniques: Principally the market approach. | |||||||||||||||||||||||||||||||||||
Key Inputs: | Key Inputs: | |||||||||||||||||||||||||||||||||||
• | quoted prices in markets that are not active | • | illiquidity premium | |||||||||||||||||||||||||||||||||
• | benchmark yields | • | delta spread adjustments to reflect specific credit-related issues | |||||||||||||||||||||||||||||||||
• | spreads off benchmark yields | • | credit spreads | |||||||||||||||||||||||||||||||||
• | new issuances | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 | |||||||||||||||||||||||||||||||||
• | issuer rating | |||||||||||||||||||||||||||||||||||
• | duration | • | independent non-binding broker quotations | |||||||||||||||||||||||||||||||||
• | trades of identical or comparable securities | |||||||||||||||||||||||||||||||||||
• | Privately-placed securities are valued using the additional key inputs: | |||||||||||||||||||||||||||||||||||
• | market yield curve | |||||||||||||||||||||||||||||||||||
• | call provisions | |||||||||||||||||||||||||||||||||||
• | observable prices and spreads for similar publicly traded or privately traded securities that incorporate the credit quality and industry sector of the issuer | |||||||||||||||||||||||||||||||||||
• | delta spread adjustments to reflect specific credit-related issues | |||||||||||||||||||||||||||||||||||
Foreign government, U.S. Treasury and agency and state and political subdivision securities | ||||||||||||||||||||||||||||||||||||
Valuation Techniques: Principally the market approach. | Valuation Techniques: Principally the market approach. | |||||||||||||||||||||||||||||||||||
Key Inputs: | Key Inputs: | |||||||||||||||||||||||||||||||||||
• | quoted prices in markets that are not active | • | independent non-binding broker quotations | |||||||||||||||||||||||||||||||||
• | benchmark U.S. Treasury yield or other yields | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 | |||||||||||||||||||||||||||||||||
• | the spread off the U.S. Treasury yield curve for the identical security | |||||||||||||||||||||||||||||||||||
• | issuer ratings and issuer spreads | • | credit spreads | |||||||||||||||||||||||||||||||||
• | broker-dealer quotes | |||||||||||||||||||||||||||||||||||
• | comparable securities that are actively traded | |||||||||||||||||||||||||||||||||||
• | reported trades of similar securities, including those that are actively traded, and those within the same sub-sector or with a similar maturity or credit rating | |||||||||||||||||||||||||||||||||||
Structured securities comprised of RMBS, CMBS and ABS | ||||||||||||||||||||||||||||||||||||
Valuation Techniques: Principally the market and income approaches. | Valuation Techniques: Principally the market and income approaches. | |||||||||||||||||||||||||||||||||||
Key Inputs: | Key Inputs: | |||||||||||||||||||||||||||||||||||
• | quoted prices in markets that are not active | • | credit spreads | |||||||||||||||||||||||||||||||||
• | spreads for actively traded securities | • | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 | |||||||||||||||||||||||||||||||||
• | spreads off benchmark yields | |||||||||||||||||||||||||||||||||||
• | expected prepayment speeds and volumes | • | independent non-binding broker quotations | |||||||||||||||||||||||||||||||||
• | current and forecasted loss severity | |||||||||||||||||||||||||||||||||||
• | ratings | |||||||||||||||||||||||||||||||||||
• | weighted average coupon and weighted average maturity | |||||||||||||||||||||||||||||||||||
• | average delinquency rates | |||||||||||||||||||||||||||||||||||
• | geographic region | |||||||||||||||||||||||||||||||||||
• | debt-service coverage ratios | |||||||||||||||||||||||||||||||||||
• | 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 | |||||||||||||||||||||||||||||||||||
• | vintage of loans | |||||||||||||||||||||||||||||||||||
Instrument | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
Equity Securities | ||||||||||||||||||||||||||||||||||||
Common and non-redeemable preferred stock | ||||||||||||||||||||||||||||||||||||
Valuation Techniques: Principally the market approach. | Valuation Techniques: Principally the market and income approaches. | |||||||||||||||||||||||||||||||||||
Key Input: | Key Inputs: | |||||||||||||||||||||||||||||||||||
• | quoted prices in markets that are not considered active | • | credit ratings | |||||||||||||||||||||||||||||||||
• | issuance structures | |||||||||||||||||||||||||||||||||||
• | quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 | |||||||||||||||||||||||||||||||||||
• | independent non-binding broker quotations | |||||||||||||||||||||||||||||||||||
FVO and trading securities, Short-term investments, and Other invested assets | ||||||||||||||||||||||||||||||||||||
• | FVO and trading securities, short-term investments and other investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation techniques and observable inputs used in their valuation are also similar to those described above. | • | FVO and trading securities and short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation techniques and unobservable inputs used in their valuation are also similar to those described above. | |||||||||||||||||||||||||||||||||
• | 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. | |||||||||||||||||||||||||||||||||||
Mortgage Loans — FVO | ||||||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | ||||||||||||||||||||||||||||||||||||
Valuation Techniques: Principally the market approach. | • | N/A | ||||||||||||||||||||||||||||||||||
Key Input: | ||||||||||||||||||||||||||||||||||||
• | quoted securitization market price of the obligations of the CSEs determined principally by independent pricing services using observable inputs | |||||||||||||||||||||||||||||||||||
Residential mortgage loans — FVO | ||||||||||||||||||||||||||||||||||||
• | N/A | Valuation Techniques: Principally the market approach, including matrix pricing or other similar techniques. | ||||||||||||||||||||||||||||||||||
Key Inputs: Inputs that are unobservable or cannot be derived principally from, or corroborated by, observable market data | ||||||||||||||||||||||||||||||||||||
Separate Account Assets (1) | ||||||||||||||||||||||||||||||||||||
Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly | ||||||||||||||||||||||||||||||||||||
Key Input: | ||||||||||||||||||||||||||||||||||||
• | quoted prices or reported NAV provided by the fund managers | • | N/A | |||||||||||||||||||||||||||||||||
Other limited partnership interests | ||||||||||||||||||||||||||||||||||||
• | N/A | Valuation Techniques: Valued giving consideration to the underlying holdings of the partnerships and by applying a premium or discount, if appropriate. | ||||||||||||||||||||||||||||||||||
Key Inputs: | ||||||||||||||||||||||||||||||||||||
• | liquidity | |||||||||||||||||||||||||||||||||||
• | bid/ask spreads | |||||||||||||||||||||||||||||||||||
• | the performance record of the fund manager | |||||||||||||||||||||||||||||||||||
• | other relevant variables that may impact the exit value of the particular partnership interest | |||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments, Other Investments, Long-term Debt of CSEs — FVO and Trading Liabilities” and “— Derivatives — Freestanding Derivatives Valuation Techniques and Key Inputs.” | |||||||||||||||||||||||||||||||||||
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-bilateral and OTC-cleared 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-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared 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. 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. | ||||||||||||||||||||||||||||||||||||
Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made 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. | ||||||||||||||||||||||||||||||||||||
The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared 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 OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, 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. | ||||||||||||||||||||||||||||||||||||
Freestanding Derivatives Valuation Techniques and Key Inputs | ||||||||||||||||||||||||||||||||||||
Level 2 | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Level 3 | ||||||||||||||||||||||||||||||||||||
These valuation methodologies generally use the same inputs as described in the corresponding sections 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. | ||||||||||||||||||||||||||||||||||||
Freestanding 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. Key inputs are as follows: | ||||||||||||||||||||||||||||||||||||
Instrument | Interest Rate | Foreign Currency | Credit | Equity market | ||||||||||||||||||||||||||||||||
Exchange Rate | ||||||||||||||||||||||||||||||||||||
Inputs common to Level 2 and Level 3 by instrument type | • | swap yield curve | • | swap yield curve | • | swap yield curve | • | swap yield curve | ||||||||||||||||||||||||||||
• | basis curves | • | basis curves | • | credit curves | • | spot equity index levels | |||||||||||||||||||||||||||||
• | interest rate volatility (2) | • | currency spot rates | • | recovery rates | • | dividend yield curves | |||||||||||||||||||||||||||||
• | cross currency basis curves | • | equity volatility | |||||||||||||||||||||||||||||||||
• | currency volatility (2) | |||||||||||||||||||||||||||||||||||
Level 3 | • | swap yield curve (1) | • | swap yield curve (1) | • | swap yield curve (1) | • | dividend yield curves (1) | ||||||||||||||||||||||||||||
• | basis curves (1) | • | basis curves (1) | • | credit curves (1) | • | equity volatility (1) | |||||||||||||||||||||||||||||
• | interest rate volatility (1), (2) | • | cross currency basis curves (1) | • | credit spreads | • | correlation between model inputs (2) | |||||||||||||||||||||||||||||
• | currency correlation | • | repurchase rates | |||||||||||||||||||||||||||||||||
• | currency volatility (2) | • | independent non-binding broker quotations | |||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Extrapolation beyond the observable limits of the curve(s). | |||||||||||||||||||||||||||||||||||
-2 | Option-based only. | |||||||||||||||||||||||||||||||||||
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 and annuity contracts. 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 certain GMIBs contain 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 and future policy benefits on the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
The Company’s actuarial department calculates the fair value of these embedded derivatives, which are 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. 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 previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables on 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 — FVO and Trading Liabilities.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on 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. | ||||||||||||||||||||||||||||||||||||
The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within PABs on the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk. | ||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
For assets and liabilities measured at estimated fair value and still held at December 31, 2014 and 2013, transfers between Levels 1 and 2 were $160 million and $101 million, respectively. | ||||||||||||||||||||||||||||||||||||
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, FVO and trading securities, and separate account assets 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, equity securities, FVO and trading securities and separate account assets 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: | ||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Impact of | ||||||||||||||||||||||||||||||||||
Increase in Input | ||||||||||||||||||||||||||||||||||||
on Estimated | ||||||||||||||||||||||||||||||||||||
Valuation Techniques | Significant Unobservable Inputs | Range | Weighted | Range | Weighted | Fair Value (2) | ||||||||||||||||||||||||||||||
Average (1) | Average (1) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities (3) | ||||||||||||||||||||||||||||||||||||
U.S. corporate and foreign corporate | • | Matrix pricing | • | Delta spread adjustments (4) | -40 | - | 240 | 46 | -10 | - | 240 | 46 | Decrease | |||||||||||||||||||||||
• | Market pricing | • | Quoted prices (5) | — | - | 750 | 151 | — | - | 277 | 119 | Increase | ||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 31 | - | 126 | 99 | 33 | - | 145 | 95 | Increase | ||||||||||||||||||||||||
Foreign government | • | Market pricing | • | Quoted prices (5) | 92 | - | 189 | 106 | 64 | - | 156 | 100 | Increase | |||||||||||||||||||||||
RMBS | • | Market pricing | • | Quoted prices (5) | 22 | - | 120 | 97 | 10 | - | 109 | 98 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 1 | - | 118 | 93 | 69 | - | 101 | 93 | Increase (6) | ||||||||||||||||||||||||
ABS | • | Market pricing | • | Quoted prices (5) | 15 | - | 110 | 100 | — | - | 110 | 101 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 56 | - | 106 | 102 | 56 | - | 106 | 98 | Increase (6) | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate | • | Present value techniques | • | Swap yield (7) | 278 | - | 297 | 248 | - | 450 | Increase (12) | |||||||||||||||||||||||||
Foreign currency exchange rate | • | Present value techniques | • | Swap yield (7) | 62 | - | 2,430 | 97 | - | 767 | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 40% | - | 55% | 38% | - | 47% | |||||||||||||||||||||||||||||
Credit | • | Present value techniques | • | Credit spreads (9) | 98 | - | 100 | 98 | - | 101 | Decrease (9) | |||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (10) | |||||||||||||||||||||||||||||||||
Equity market | • | Present value techniques or option pricing models | • | Volatility (11) | 15% | - | 27% | 13% | - | 28% | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 70% | 70% | 60% | - | 60% | ||||||||||||||||||||||||||||||
Embedded derivatives | ||||||||||||||||||||||||||||||||||||
Direct and assumed guaranteed minimum benefits | • | Option pricing techniques | • | Mortality rates: | ||||||||||||||||||||||||||||||||
Ages 0 - 40 | 0% | - | 0.28% | 0% | - | 0.14% | Decrease (13) | |||||||||||||||||||||||||||||
Ages 41 - 60 | 0.04% | - | 0.88% | 0.04% | - | 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% | - | 40% | -16 | ||||||||||||||||||||||||||||
• | Long-term equity volatilities | 7.30% | - | 33% | 9.14% | - | 40% | Increase (17) | ||||||||||||||||||||||||||||
• | Nonperformance risk spread | -0.35% | - | 0.81% | -1.08% | - | 0.83% | 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. For embedded derivatives, changes are based on liability positions. | |||||||||||||||||||||||||||||||||||
-3 | Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. | |||||||||||||||||||||||||||||||||||
-4 | Range and 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. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. | |||||||||||||||||||||||||||||||||||
-10 | At both December 31, 2014 and 2013, 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 residential mortgage loans — FVO and long-term debt of CSEs — FVO are 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. | Foreign | U.S. | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 7,148 | $ | 6,704 | $ | 62 | $ | 2,235 | $ | 2,957 | $ | 10 | $ | 972 | $ | 4,210 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 10 | 17 | — | 111 | 48 | — | 2 | 6 | ||||||||||||||||||||||||||||
Net investment gains (losses) | (6 | ) | (8 | ) | — | (50 | ) | 8 | — | (12 | ) | (38 | ) | |||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | 358 | (5 | ) | — | (110 | ) | 81 | — | (46 | ) | 34 | |||||||||||||||||||||||||
Purchases (3) | 1,490 | 1,438 | — | 363 | 1,884 | — | 269 | 1,551 | ||||||||||||||||||||||||||||
Sales (3) | (1,083 | ) | (725 | ) | — | (273 | ) | (612 | ) | — | (236 | ) | (1,168 | ) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 260 | 266 | — | 253 | 46 | — | 58 | 45 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (1,235 | ) | (1,197 | ) | (62 | ) | (1,218 | ) | (29 | ) | (10 | ) | (242 | ) | (2,396 | ) | ||||||||||||||||||||
Balance at December 31, | $ | 6,942 | $ | 6,490 | $ | — | $ | 1,311 | $ | 4,383 | $ | — | $ | 765 | $ | 2,244 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 7 | $ | 15 | $ | — | $ | 12 | $ | 48 | $ | — | $ | 2 | $ | 2 | ||||||||||||||||||||
Net investment gains (losses) | $ | (7 | ) | $ | (2 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (12 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities Held by CSEs | Short-term | Residential | Mortgage | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | Loans Held- | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | for-sale | |||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 177 | $ | 395 | $ | 12 | $ | 29 | $ | 603 | — | $ | 254 | $ | 338 | $ | — | |||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 6 | 2 | — | 3 | 20 | — | |||||||||||||||||||||||||||
Net investment gains (losses) | 13 | 4 | — | — | — | — | (2 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | (83 | ) | 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Purchases (3) | 30 | — | 5 | — | 297 | — | 335 | 124 | — | |||||||||||||||||||||||||||
Sales (3) | (43 | ) | (58 | ) | (7 | ) | (9 | ) | (467 | ) | (1 | ) | (236 | ) | (120 | ) | — | |||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | (54 | ) | — | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1 | 6 | — | 69 | 65 | 13 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | (100 | ) | (5 | ) | — | (45 | ) | — | (18 | ) | — | — | |||||||||||||||||||||||
Balance at December 31, | $ | 95 | $ | 250 | $ | 5 | $ | 95 | $ | 455 | $ | 12 | $ | 336 | $ | 308 | $ | — | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 6 | $ | (13 | ) | — | $ | 1 | $ | 20 | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | (2 | ) | $ | (3 | ) | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 13 | $ | (11 | ) | $ | 29 | $ | (317 | ) | $ | 1,258 | $ | 1,465 | $ | (28 | ) | $ | — | $ | — | |||||||||||||||
Total realized/unrealized gains(losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 103 | (1 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | 14 | (76 | ) | (13 | ) | (12 | ) | (260 | ) | — | — | — | — | |||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 4 | 87 | — | — | — | — | |||||||||||||||||||||||||||
OCI | 95 | 3 | — | 3 | 191 | — | — | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | — | — | 7 | — | 657 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (459 | ) | — | — | — | ||||||||||||||||||||||||||
Issuances (3) | — | — | (4 | ) | — | — | 81 | — | — | — | ||||||||||||||||||||||||||
Settlements (3) | (59 | ) | 16 | — | 8 | (846 | ) | (28 | ) | 16 | — | — | ||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 147 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | — | — | — | (44 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, | $ | 63 | $ | (68 | ) | $ | 12 | $ | (307 | ) | $ | 430 | $ | 1,922 | $ | (13 | ) | $ | — | $ | — | |||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | (59 | ) | $ | (1 | ) | $ | (11 | ) | $ | (260 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 4 | $ | 87 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 7,433 | $ | 6,208 | $ | 71 | $ | 1,814 | $ | 2,037 | $ | 54 | $ | 1,147 | $ | 3,656 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 10 | 9 | — | 9 | 31 | — | 5 | 8 | ||||||||||||||||||||||||||||
Net investment gains (losses) | (31 | ) | (33 | ) | — | 8 | (3 | ) | — | (14 | ) | 5 | ||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | (94 | ) | (75 | ) | (3 | ) | (84 | ) | 155 | (1 | ) | (45 | ) | (70 | ) | |||||||||||||||||||||
Purchases (3) | 1,555 | 1,972 | — | 734 | 1,155 | — | 546 | 1,870 | ||||||||||||||||||||||||||||
Sales (3) | (1,178 | ) | (999 | ) | (6 | ) | (128 | ) | (399 | ) | (7 | ) | (450 | ) | (814 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1,092 | 310 | — | 81 | 56 | — | 114 | 33 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (1,639 | ) | (688 | ) | — | (199 | ) | (75 | ) | (36 | ) | (331 | ) | (478 | ) | |||||||||||||||||||||
Balance at December 31, | $ | 7,148 | $ | 6,704 | $ | 62 | $ | 2,235 | $ | 2,957 | $ | 10 | $ | 972 | $ | 4,210 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 8 | $ | — | $ | 9 | $ | 36 | $ | — | $ | 3 | $ | 1 | ||||||||||||||||||||
Net investment gains (losses) | $ | (39 | ) | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | $ | — | $ | (12 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities held by CSEs | Short-term | Residential | Mortgage Loans Held- | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | for-sale | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | ||||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 190 | $ | 419 | $ | 6 | $ | 32 | $ | 937 | $ | — | $ | 429 | $ | — | $ | 49 | ||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 6 | (8 | ) | — | 3 | 1 | — | ||||||||||||||||||||||||||
Net investment gains (losses) | 26 | (32 | ) | — | 6 | — | — | (23 | ) | — | — | |||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | — | 100 | — | — | — | — | 17 | — | — | |||||||||||||||||||||||||||
Purchases (3) | 9 | 21 | 9 | — | 340 | — | 256 | 339 | — | |||||||||||||||||||||||||||
Sales (3) | (45 | ) | (113 | ) | — | (30 | ) | (608 | ) | — | (427 | ) | (2 | ) | (45 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | (4 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1 | — | — | 15 | 235 | — | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (4 | ) | — | (3 | ) | — | (293 | ) | — | (1 | ) | — | — | |||||||||||||||||||||||
Balance at December 31, | $ | 177 | $ | 395 | $ | 12 | $ | 29 | $ | 603 | $ | — | $ | 254 | $ | 338 | $ | — | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 5 | $ | (1 | ) | $ | — | $ | 2 | $ | 1 | $ | — | |||||||||||||||||
Net investment gains (losses) | $ | (3 | ) | $ | (20 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | ||||||||||||||||||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | $ | 177 | $ | 37 | $ | 43 | $ | 128 | $ | (3,162 | ) | $ | 1,205 | $ | (44 | ) | $ | — | $ | — | ||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 35 | (2 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | (16 | ) | (49 | ) | (12 | ) | (479 | ) | 5,041 | — | — | — | — | |||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 19 | (139 | ) | — | — | — | — | ||||||||||||||||||||||||||
OCI | (102 | ) | (1 | ) | — | — | 300 | — | — | — | — | |||||||||||||||||||||||||
Purchases (3) | — | — | — | 14 | — | 294 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (319 | ) | — | — | — | ||||||||||||||||||||||||||
Issuances (3) | — | — | (1 | ) | — | — | 72 | — | — | — | ||||||||||||||||||||||||||
Settlements (3) | (31 | ) | 2 | (1 | ) | 1 | (782 | ) | — | 18 | — | — | ||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 240 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (15 | ) | — | — | — | — | (62 | ) | — | — | — | |||||||||||||||||||||||||
Balance at December 31, | $ | 13 | $ | (11 | ) | $ | 29 | $ | (317 | ) | $ | 1,258 | $ | 1,465 | $ | (28 | ) | $ | — | $ | — | |||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net derivative gains (losses) | $ | (8 | ) | $ | (46 | ) | $ | (10 | ) | $ | (463 | ) | $ | 5,022 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 19 | $ | (135 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 6,784 | $ | 4,370 | $ | 31 | $ | 2,322 | $ | 1,602 | $ | 53 | $ | 753 | $ | 1,850 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 14 | 20 | — | 14 | 27 | — | 8 | 18 | ||||||||||||||||||||||||||||
Net investment gains (losses) | 4 | (78 | ) | — | (3 | ) | (7 | ) | — | (42 | ) | 2 | ||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | 328 | 294 | — | 45 | 275 | 3 | (4 | ) | (2 | ) | ||||||||||||||||||||||||||
Purchases (3) | 1,718 | 2,654 | 48 | 431 | 952 | 5 | 682 | 2,007 | ||||||||||||||||||||||||||||
Sales (3) | (1,207 | ) | (855 | ) | (8 | ) | (673 | ) | (704 | ) | (7 | ) | (397 | ) | (177 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 661 | 186 | — | 28 | 161 | — | 177 | 6 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (869 | ) | (383 | ) | — | (350 | ) | (269 | ) | — | (30 | ) | (48 | ) | ||||||||||||||||||||||
Balance at December 31, | $ | 7,433 | $ | 6,208 | $ | 71 | $ | 1,814 | $ | 2,037 | $ | 54 | $ | 1,147 | $ | 3,656 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 12 | $ | 19 | $ | — | $ | 16 | $ | 27 | $ | — | $ | 2 | $ | 18 | ||||||||||||||||||||
Net investment gains (losses) | $ | (4 | ) | $ | (30 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities held by CSEs | Short-term | Residential | Mortgage | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | Loans Held- | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | for-sale | |||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 281 | $ | 438 | $ | — | $ | 23 | $ | 1,386 | $ | — | $ | 590 | $ | — | $ | 1,414 | ||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 18 | 25 | — | 2 | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | (1 | ) | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | (35 | ) | ||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | 13 | 40 | — | — | — | — | (26 | ) | — | — | ||||||||||||||||||||||||||
Purchases (3) | 99 | 5 | 6 | — | 604 | — | 425 | — | 1 | |||||||||||||||||||||||||||
Sales (3) | (140 | ) | (66 | ) | — | (9 | ) | (1,040 | ) | — | (559 | ) | — | (1,348 | ) | |||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | 7 | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | (43 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 3 | — | — | — | — | — | 5 | — | 56 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (65 | ) | — | — | — | (38 | ) | — | (8 | ) | — | (3 | ) | |||||||||||||||||||||||
Balance at December 31, | $ | 190 | $ | 419 | $ | 6 | $ | 32 | $ | 937 | $ | — | $ | 429 | $ | — | $ | 49 | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 14 | $ | 25 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | (11 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (29 | ) | |||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 300 | $ | 44 | $ | 1 | $ | 889 | $ | (4,203 | ) | $ | 1,325 | $ | (116 | ) | $ | 666 | $ | (1,175 | ) | |||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 99 | (7 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | 15 | 10 | 48 | (606 | ) | 1,305 | — | — | — | — | ||||||||||||||||||||||||||
Other revenues | (67 | ) | — | — | — | — | — | — | (83 | ) | 1 | |||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 29 | 75 | — | — | — | — | |||||||||||||||||||||||||||
OCI | — | — | — | (3 | ) | 259 | — | — | — | — | ||||||||||||||||||||||||||
Purchases (3) | — | — | — | 19 | — | 244 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (443 | ) | — | (485 | ) | 1,149 | |||||||||||||||||||||||||
Issuances (3) | — | — | (3 | ) | (44 | ) | — | 2 | — | 43 | — | |||||||||||||||||||||||||
Settlements (3) | (71 | ) | (17 | ) | (3 | ) | (156 | ) | (598 | ) | (1 | ) | 79 | (141 | ) | 23 | ||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 24 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | — | — | — | (45 | ) | — | — | 2 | ||||||||||||||||||||||||||
Balance at December 31, | $ | 177 | $ | 37 | $ | 43 | $ | 128 | $ | (3,162 | ) | $ | 1,205 | $ | (44 | ) | $ | — | $ | — | ||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (7 | ) | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | (12 | ) | $ | 47 | $ | (593 | ) | $ | 1,275 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 29 | $ | 78 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and mortgage loans held-for-sale are included in net investment gains (losses), changes in estimated fair value of mortgage loans -FVO are included in net investment income, and changes in the estimated fair value of mortgage loans held-for-sale and 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 for a discussion of the MetLife Bank Divestiture. 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. | ||||||||||||||||||||||||||||||||||||
Residential Mortgage | Certain Assets | |||||||||||||||||||||||||||||||||||
Loans — FVO | and Liabilities | |||||||||||||||||||||||||||||||||||
of CSEs (1) | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 436 | $ | 508 | $ | 223 | $ | 1,528 | ||||||||||||||||||||||||||||
Difference between estimated fair value and unpaid principal balance | (128 | ) | (170 | ) | 57 | 70 | ||||||||||||||||||||||||||||||
Carrying value at estimated fair value | $ | 308 | $ | 338 | $ | 280 | $ | 1,598 | ||||||||||||||||||||||||||||
Loans in non-accrual status | $ | 125 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Contractual principal balance | $ | 159 | $ | 1,445 | ||||||||||||||||||||||||||||||||
Difference between estimated fair value and contractual principal balance | (8 | ) | 10 | |||||||||||||||||||||||||||||||||
Carrying value at estimated fair value | $ | 151 | $ | 1,455 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | These assets and liabilities are comprised of commercial mortgage loans and 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 — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO 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 and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). | ||||||||||||||||||||||||||||||||||||
At December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Carrying Value After Measurement | Gains (Losses) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Mortgage loans: (1) | ||||||||||||||||||||||||||||||||||||
Held-for-investment | $ | 97 | $ | 211 | $ | 428 | $ | 2 | $ | 20 | $ | (11 | ) | |||||||||||||||||||||||
Held-for-sale | $ | — | $ | 3 | $ | 319 | $ | — | $ | — | $ | (31 | ) | |||||||||||||||||||||||
Other limited partnership interests (2) | $ | 147 | $ | 77 | $ | 54 | $ | (76 | ) | $ | (46 | ) | $ | (33 | ) | |||||||||||||||||||||
Goodwill (3) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,868 | ) | |||||||||||||||||||||||
Other assets (4) | $ | — | $ | — | $ | 32 | $ | — | $ | — | $ | (77 | ) | |||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | 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 December 31, 2014 and 2013 were not significant. | |||||||||||||||||||||||||||||||||||
-3 | As discussed in Note 11, in 2012, the Company recorded an impairment of goodwill associated with the Retail Annuities reporting unit. | |||||||||||||||||||||||||||||||||||
-4 | As discussed in Note 5, in 2012, the Company recorded an impairment of VOCRA, which is included in other assets. | |||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Value | Estimated | |||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 59,530 | $ | — | $ | — | $ | 62,554 | $ | 62,554 | ||||||||||||||||||||||||||
Policy loans | $ | 11,618 | $ | — | $ | 1,647 | $ | 12,287 | $ | 13,934 | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 67 | $ | — | $ | — | $ | 139 | $ | 139 | ||||||||||||||||||||||||||
Other limited partnership interests | $ | 704 | $ | — | $ | — | $ | 906 | $ | 906 | ||||||||||||||||||||||||||
Other invested assets | $ | 562 | $ | 172 | $ | 70 | $ | 320 | $ | 562 | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 3,070 | $ | — | $ | 713 | $ | 2,444 | $ | 3,157 | ||||||||||||||||||||||||||
Other assets | $ | 251 | $ | — | $ | 175 | $ | 68 | $ | 243 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
PABs | $ | 134,219 | $ | — | $ | — | $ | 139,359 | $ | 139,359 | ||||||||||||||||||||||||||
Long-term debt | $ | 16,128 | $ | — | $ | 18,357 | $ | — | $ | 18,357 | ||||||||||||||||||||||||||
Collateral financing arrangements | $ | 4,196 | $ | — | $ | — | $ | 3,961 | $ | 3,961 | ||||||||||||||||||||||||||
Junior subordinated debt securities | $ | 3,193 | $ | — | $ | 4,173 | $ | — | $ | 4,173 | ||||||||||||||||||||||||||
Other liabilities | $ | 2,544 | $ | — | $ | 1,223 | $ | 1,323 | $ | 2,546 | ||||||||||||||||||||||||||
Separate account liabilities | $ | 116,665 | $ | — | $ | 116,665 | $ | — | $ | 116,665 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Value | Estimated | |||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 55,770 | $ | — | $ | — | $ | 57,924 | $ | 57,924 | ||||||||||||||||||||||||||
Policy loans | $ | 11,764 | $ | — | $ | 1,694 | $ | 11,512 | $ | 13,206 | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 102 | $ | — | $ | — | $ | 169 | $ | 169 | ||||||||||||||||||||||||||
Other limited partnership interests | $ | 950 | $ | — | $ | — | $ | 1,109 | $ | 1,109 | ||||||||||||||||||||||||||
Other invested assets | $ | 844 | $ | 322 | $ | 163 | $ | 359 | $ | 844 | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 3,116 | $ | — | $ | 728 | $ | 2,382 | $ | 3,110 | ||||||||||||||||||||||||||
Other assets | $ | 324 | $ | — | $ | 210 | $ | 142 | $ | 352 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
PABs | $ | 139,735 | $ | — | $ | — | $ | 144,631 | $ | 144,631 | ||||||||||||||||||||||||||
Long-term debt | $ | 17,170 | $ | — | $ | 18,564 | $ | — | $ | 18,564 | ||||||||||||||||||||||||||
Collateral financing arrangements | $ | 4,196 | $ | — | $ | — | $ | 3,984 | $ | 3,984 | ||||||||||||||||||||||||||
Junior subordinated debt securities | $ | 3,193 | $ | — | $ | 3,789 | $ | — | $ | 3,789 | ||||||||||||||||||||||||||
Other liabilities | $ | 2,239 | $ | — | $ | 948 | $ | 1,292 | $ | 2,240 | ||||||||||||||||||||||||||
Separate account liabilities | $ | 117,562 | $ | — | $ | 117,562 | $ | — | $ | 117,562 | ||||||||||||||||||||||||||
The methods, assumptions and significant valuation techniques and inputs used to estimate the fair value of financial instruments are summarized as follows: | ||||||||||||||||||||||||||||||||||||
Mortgage Loans | ||||||||||||||||||||||||||||||||||||
The estimated fair value of mortgage loans is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar loans. | ||||||||||||||||||||||||||||||||||||
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 various interest-bearing assets held in foreign subsidiaries and certain amounts due under contractual indemnifications. 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 13. 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. | ||||||||||||||||||||||||||||||||||||
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 of instruments 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 of instruments 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. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Goodwill | 11. Goodwill | |||||||||||||||||||||||||||||||
Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all of its reporting units and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, the Company may use a market multiple valuation approach and a discounted cash flow valuation approach. For reporting units which are particularly sensitive to market assumptions, the Company may use additional valuation methodologies to estimate the reporting units’ fair values. | ||||||||||||||||||||||||||||||||
The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected operating earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that the Company believes is appropriate for the respective reporting unit. | ||||||||||||||||||||||||||||||||
When testing goodwill for impairment, the Company also considers its market capitalization in relation to the aggregate estimated fair value of its reporting units. The Company applies significant judgment when determining the estimated fair value of the Company’s reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of its reporting units. | ||||||||||||||||||||||||||||||||
The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. | ||||||||||||||||||||||||||||||||
For the 2014 annual goodwill impairment tests, the Company utilized the qualitative assessment for five of its six reporting units and determined it was not more than likely that the fair value of any of the reporting units tested using the qualitative assessment was less than its carrying amount, and, therefore no further testing was needed for these reporting units. For the sixth reporting unit (EMEA), the Company prepared a quantitative impairment test, using both the market multiple and discounted cash flow valuation approaches. The Company determined that the fair value of this reporting unit was in excess of its carrying value and, therefore goodwill was not impaired. | ||||||||||||||||||||||||||||||||
As discussed in Note 2, effective January 1, 2015, the Company implemented certain segment reporting changes, which were approved by the chief operating decision maker in the fourth quarter of 2014. As a result, goodwill was re-tested for impairment during the fourth quarter of 2014 using estimated revised carrying amounts of the reporting units. The Company concluded that the fair values of all reporting units were in excess of their carrying value and, therefore, goodwill was not impaired. | ||||||||||||||||||||||||||||||||
Information regarding goodwill by segment, as well as Corporate & Other, was as follows: | ||||||||||||||||||||||||||||||||
Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||
Voluntary & | Benefit | America | & Other (2) | |||||||||||||||||||||||||||||
Worksite | Funding | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | ||||||||||||||||||||||||||||||||
Goodwill | $ | 3,125 | $ | 138 | $ | 900 | $ | 501 | $ | 5,533 | $ | 1,333 | $ | 470 | $ | 12,000 | ||||||||||||||||
Accumulated impairment | — | — | — | — | — | — | (65 | ) | (65 | ) | ||||||||||||||||||||||
Total goodwill, net | 3,125 | 138 | 900 | 501 | 5,533 | 1,333 | 405 | 11,935 | ||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
Impairments (3) | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | 26 | (146 | ) | 5 | — | (115 | ) | ||||||||||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 900 | 527 | 5,387 | 1,339 | 470 | 11,886 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (241 | ) | (1,933 | ) | |||||||||||||||||||||
Total goodwill, net | 1,433 | 138 | 900 | 527 | 5,387 | 1,339 | 229 | 9,953 | ||||||||||||||||||||||||
Acquisitions (4) | — | — | — | 1,140 | — | 1 | — | 1,141 | ||||||||||||||||||||||||
Dispositions | — | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||||
Reduction of goodwill (5) | — | — | — | — | — | — | (65 | ) | (65 | ) | ||||||||||||||||||||||
Reduction of accumulated impairment (5) | — | — | — | — | — | — | 65 | 65 | ||||||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | (79 | ) | (489 | ) | 24 | — | (544 | ) | |||||||||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 900 | 1,588 | 4,898 | 1,356 | 405 | 12,410 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Total goodwill, net | 1,433 | 138 | 900 | 1,588 | 4,898 | 1,356 | 229 | 10,542 | ||||||||||||||||||||||||
Dispositions (6) | — | — | (60 | ) | — | (3 | ) | (7 | ) | — | (70 | ) | ||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | (203 | ) | (280 | ) | (117 | ) | — | (600 | ) | ||||||||||||||||||||
Balance at December 31, 2014 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 840 | 1,385 | 4,615 | 1,232 | 405 | 11,740 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Total goodwill, net | $ | 1,433 | $ | 138 | $ | 840 | $ | 1,385 | $ | 4,615 | $ | 1,232 | $ | 229 | $ | 9,872 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||
-1 | Includes goodwill of $4.4 billion, $4.7 billion and $5.2 billion from the Japan operations at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
-2 | For purposes of goodwill impairment testing in 2014, the balance of $229 million, of net goodwill in Corporate & Other at December 31, 2013 did not change. This balance resulted from goodwill acquired as part of the 2005 Travelers acquisition and was allocated to business units of the Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding segments in the amounts of $34 million, $9 million and $186 million, respectively. | |||||||||||||||||||||||||||||||
-3 | In connection with the Company’s annual goodwill impairment testing in 2012, the market multiple and discounted cash flow valuation approaches indicated that the fair value of the Retail Annuities reporting unit was below its carrying value. As a result, an actuarial appraisal, which estimates the net worth of the reporting unit, the value of existing business and the value of new business, was performed. This appraisal resulted in a fair value of the Retail Annuities reporting unit that was less than the carrying value, indicating a potential for goodwill impairment. A further comparison of the implied fair value of its goodwill with the reporting unit’s carrying amount indicated that the entire amount of goodwill associated with the Retail Annuities reporting unit was impaired. Therefore, the Company recorded a non-cash charge of $1.9 billion ($1.6 billion, net of income tax) for the impairment of the entire goodwill balance in the consolidated statements of operations for the year ended December 31, 2012. Of this amount, $1.4 billion was impaired at MetLife, Inc. There was no impact on income taxes. | |||||||||||||||||||||||||||||||
-4 | See Note 3 for a discussion of the acquisition of ProVida, which is included in the Latin America segment. | |||||||||||||||||||||||||||||||
-5 | In connection with the MetLife Bank Divestiture, goodwill and the related accumulated impairment were reduced by $65 million for the year ended December 31, 2013. See Note 3. | |||||||||||||||||||||||||||||||
-6 | In connection with the sale of MAL, goodwill in the Corporate Benefit Funding reporting unit was reduced by $60 million during the year ended December 31, 2014. See Note 3. This goodwill was allocated to MAL based on the relative fair values of MAL and the remaining portion of the Corporate Benefit Funding reporting unit. |
Longterm_and_Shortterm_Debt
Long-term and Short-term Debt | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Long-term and Short-term Debt | 12. Long-term and Short-term Debt | ||||||||||||||||||
Long-term and short-term debt outstanding was as follows: | |||||||||||||||||||
Interest Rates (1) | Maturity | December 31, | |||||||||||||||||
Range | Weighted | 2014 | 2013 | ||||||||||||||||
Average | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Senior notes | 1.76% - 7.72% | 5.23% | 2015 - 2044 | $ | 15,317 | $ | 15,938 | ||||||||||||
Surplus notes | 7.63% - 7.88% | 7.83% | 2015 - 2025 | 701 | 701 | ||||||||||||||
Other notes | 1.34% - 8.00% | 4.41% | 2015 - 2030 | 110 | 531 | ||||||||||||||
Capital lease obligations | 7 | 28 | |||||||||||||||||
Total long-term debt (2) | 16,135 | 17,198 | |||||||||||||||||
Total short-term debt | 100 | 175 | |||||||||||||||||
Total | $ | 16,235 | $ | 17,373 | |||||||||||||||
______________ | |||||||||||||||||||
-1 | Range of interest rates and weighted average interest rates are for the year ended December 31, 2014. | ||||||||||||||||||
-2 | Excludes $151 million and $1.5 billion of long-term debt relating to CSEs — FVO at December 31, 2014 and 2013, respectively. See Note 8. | ||||||||||||||||||
The aggregate maturities of long-term debt at December 31, 2014 for the next five years and thereafter are $1.2 billion in 2015, $1.3 billion in 2016, $1.0 billion in 2017, $1.0 billion in 2018, $1.0 billion in 2019 and $10.6 billion thereafter. | |||||||||||||||||||
Capital lease obligations are collateralized and rank highest in priority, followed by unsecured senior debt which consists of senior notes and other notes, followed by subordinated debt which consists of junior subordinated debt securities (see Note 14). Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations at the operating company level and are senior to obligations at MetLife, Inc., may be made only with the prior approval of the insurance department of the state of domicile. Collateral financing arrangements (see Note 13) are supported by either surplus notes of subsidiaries or financing arrangements with MetLife, Inc. and, accordingly, have priority consistent with other such obligations. | |||||||||||||||||||
Certain of the Company’s debt instruments and committed facilities, as well as its credit facility, contain various administrative, reporting, legal and financial covenants. The Company believes it was in compliance with all such covenants at December 31, 2014. | |||||||||||||||||||
Senior Notes — Senior Debt Securities Underlying Common Equity Units | |||||||||||||||||||
In November 2010, in connection with the financing of the acquisition of American Life Insurance Company (“American Life”) and Delaware American Life Insurance Company (“DelAm”), (collectively “ALICO”), MetLife, Inc. issued to ALICO Holdings LLC (now AM Holdings LLC (“AM Holdings”)) $3.0 billion (estimated fair value of $3.0 billion) of three series of debt securities (the “Series C Debt Securities,” the “Series D Debt Securities,” and the “Series E Debt Securities,” collectively, the “Debt Securities”), which constituted a part of the common equity units more fully described in Note 15. | |||||||||||||||||||
In October 2014, September 2013 and October 2012, MetLife, Inc. closed the successful remarketing of senior debt securities underlying the common equity units. The Series E Debt Securities were remarketed in September and October 2014 as 1.903% Series E senior debt securities Tranche 1 due December 2017 and 4.721% Series E senior debt securities Tranche 2 due December 2044. The Series D Debt Securities were remarketed in September 2013 as 4.368% senior debt securities due September 2023. The Series C Debt Securities were remarketed in October 2012 as 1.756% Series C senior debt securities Tranche 1 due December 2017 and 3.048% Series C senior debt securities Tranche 2 due December 2022. MetLife, Inc. did not receive any proceeds from the remarketings. | |||||||||||||||||||
Senior Notes — Other Issuances and Repayment | |||||||||||||||||||
In May 2014, MetLife, Inc. redeemed $200 million aggregate principal amount of its 5.875% senior notes due November 2033 at par. | |||||||||||||||||||
In April 2014, MetLife, Inc. issued $1.0 billion of senior notes due April 2024 which bear interest at a fixed rate of 3.60%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $5 million of related costs which have been capitalized and included in other assets. These costs are being amortized over the term of the senior notes. | |||||||||||||||||||
In November 2013, MetLife, Inc. issued $1.0 billion of senior notes due in November 2043. The senior notes bear interest at a fixed rate of 4.875%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $10 million of costs which have been capitalized and included in other assets. These costs are being amortized over the term of the senior notes. | |||||||||||||||||||
In August 2012, MetLife, Inc. issued $750 million of senior notes due in August 2042. The senior notes bear interest at a fixed rate of 4.125%, payable semi-annually. In connection with the issuance, MetLife, Inc. incurred $7 million of related costs which have been capitalized and included in other assets. These costs are being amortized over the term of the senior notes. | |||||||||||||||||||
Advances from the Federal Home Loan Bank of New York | |||||||||||||||||||
MetLife Bank was a member of the FHLB of NY and, in connection with such membership, entered into advances agreements with the FHLB of NY under which MetLife Bank received cash advances. In January 2012, MetLife Bank discontinued taking advances from the FHLB of NY. In April 2012, MetLife Bank transferred cash to MLIC related to $3.8 billion of outstanding advances which had been included in long-term debt, and MLIC assumed the associated obligations under terms similar to those of the transferred advances by issuing funding agreements for which the liability was included in PABs. During the year ended December 31, 2012, MetLife Bank made repayments totaling $374 million related to long-term borrowings under the advances agreements. There was no long-term debt or short-term debt liability for advances at December 31, 2014 or 2013. | |||||||||||||||||||
Short-term Debt | |||||||||||||||||||
Short-term debt with maturities of one year or less was as follows: | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Commercial paper | $ | 100 | $ | 175 | |||||||||||||||
Average daily balance | $ | 109 | $ | 103 | |||||||||||||||
Average days outstanding | 69 days | 55 days | |||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the weighted average interest rate on short-term debt was 0.10%, 0.12% and 0.17%, respectively. | |||||||||||||||||||
Interest Expense | |||||||||||||||||||
Interest expense related to long-term and short-term debt included in other expenses was $874 million, $854 million and $871 million for the years ended December 31, 2014, 2013 and 2012, respectively. Such amounts do not include interest expense on long-term debt related to CSEs — FVO, collateral financing arrangements, junior subordinated debt securities, or common equity units. See Notes 8, 13 and 14. | |||||||||||||||||||
Credit and Committed Facilities | |||||||||||||||||||
At December 31, 2014, the Company maintained a $4.0 billion unsecured credit facility and certain committed facilities aggregating $12.2 billion. When drawn upon, these facilities bear interest at varying rates in accordance with the respective agreements. | |||||||||||||||||||
Credit Facilities | |||||||||||||||||||
Unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees expensed associated with these credit facilities were $12 million, $24 million and $30 million for the years ended December 31, 2014, 2013 and 2012, respectively, and was included in other expenses. Information on the credit facility at December 31, 2014 was as follows: | |||||||||||||||||||
Borrower(s) | Expiration | Maximum Capacity | Letters of | Drawdowns | Unused Commitments | ||||||||||||||
Credit | |||||||||||||||||||
Issued | |||||||||||||||||||
(In millions) | |||||||||||||||||||
MetLife, Inc. and MetLife Funding, Inc. | May-19 | $ | 4,000 | $ | 684 | $ | — | $ | 3,316 | ||||||||||
In May 2014, MetLife, Inc. and MetLife Funding, Inc. entered into a $4.0 billion five-year unsecured credit agreement, which amended and restated both the five-year $3.0 billion and the five-year $1.0 billion unsecured credit agreements in their entireties into a single agreement (the “2014 Five-Year Credit Agreement”). The credit facility made available by the 2014 Five-Year Credit Agreement may be used for general corporate purposes (including in the case of loans, to back up commercial paper and, in the case of letters of credit, to support variable annuity policy and reinsurance reserve requirements). All borrowings under the 2014 Five-Year Credit Agreement must be repaid by May 30, 2019, except that letters of credit outstanding on that date may remain outstanding until no later than May 30, 2020. MetLife, Inc. incurred costs of $6 million related to the 2014 Five-Year Credit Agreement, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the 2014 Five-Year Credit Agreement. | |||||||||||||||||||
Committed Facilities | |||||||||||||||||||
The committed facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees expensed associated with these committed facilities were $95 million, $103 million and $96 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in other expenses. Information on these committed facilities at December 31, 2014 was as follows: | |||||||||||||||||||
Account Party/Borrower(s) | Expiration | Maximum Capacity | Letters of | Drawdowns | Unused | ||||||||||||||
Credit | Commitments | ||||||||||||||||||
Issued | |||||||||||||||||||
(In millions) | |||||||||||||||||||
MetLife, Inc. and Missouri Reinsurance, Inc. | June 2016 (1) | $ | 490 | $ | 490 | $ | — | $ | — | ||||||||||
MetLife, Inc. | June 2018 (2) | 520 | 470 | — | 50 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | December 2024 (3),(4) | 575 | 350 | — | 225 | ||||||||||||||
MetLife Reinsurance Company of South Carolina and MetLife, Inc. | June 2037 (5) | 3,500 | — | 2,797 | 703 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | December 2037 (3), (6) | 2,896 | 2,049 | — | 847 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | September 2038 (7) | 4,250 | 3,207 | — | 1,043 | ||||||||||||||
Total | $ | 12,231 | $ | 6,566 | $ | 2,797 | $ | 2,868 | |||||||||||
______________ | |||||||||||||||||||
-1 | Commencing in December 2015 and extending through March 2016, the capacity will grade down from $490 million to $200 million. | ||||||||||||||||||
-2 | Commencing in March 2015 and extending through June 2018, the capacity will grade down from $520 million to $200 million. | ||||||||||||||||||
-3 | MetLife, Inc. is a guarantor under this agreement. | ||||||||||||||||||
-4 | Commencing in December 2022 and extending through December 2024, the capacity will grade down from $575 million to $515 million. | ||||||||||||||||||
-5 | The drawdown on this facility is associated with a collateral financing arrangement described more fully in Note 13. | ||||||||||||||||||
-6 | Capacity at December 31, 2014 was $2.2 billion. Capacity grades up to a maximum capacity of $2.9 billion in 2024. Commencing in January 2025 and extending through December 2037, the capacity will grade down from $2.9 billion to $2.0 billion. Unused commitment of $847 million is based on maximum capacity. | ||||||||||||||||||
-7 | Commencing in April 2028 and extending through September 2038, the capacity will grade down from $4.3 billion to $3.1 billion. MetLife, Inc. is a guarantor of certain letters of credit issued as of December 31, 2014 under this agreement. |
Collateral_Financing_Arrangeme
Collateral Financing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Secured Debt [Abstract] | ||||||||
Collateral Financing Arrangements | 13. Collateral Financing Arrangements | |||||||
Associated with the Closed Block | ||||||||
Information related to the collateral financing arrangement associated with the closed block was as follows at: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Surplus notes outstanding (1) | $ | 1,399 | $ | 1,399 | ||||
Receivable from unaffiliated financial institution (1) | $ | 182 | $ | 182 | ||||
Pledged collateral (2) | $ | 53 | $ | 23 | ||||
Assets held in trust (2) | $ | 1,214 | $ | 1,662 | ||||
______________ | ||||||||
-1 | Carrying value. | |||||||
-2 | Estimated fair value. | |||||||
Interest expense on the collateral financing arrangement was $19 million, $20 million and $26 million for the years ended December 31, 2014, 2013 and 2012, respectively, which is included in other expenses. | ||||||||
In December 2007, MLIC reinsured a portion of its closed block liabilities to MRC, a wholly-owned subsidiary of MetLife, Inc. In connection with this transaction, MRC issued, to investors placed by an unaffiliated financial institution, $2.5 billion in aggregate principal amount of 35-year surplus notes to provide statutory reserve support for the assumed closed block liabilities. Interest on the surplus notes accrues at an annual rate of three-month LIBOR plus 0.55%, payable quarterly. The ability of MRC to make interest and principal payments on the surplus notes is contingent upon South Carolina regulatory approval. | ||||||||
Simultaneously with the issuance of the surplus notes, MetLife, Inc. entered into an agreement with the unaffiliated financial institution, under which MetLife, Inc. is entitled to the interest paid by MRC on the surplus notes of three-month LIBOR plus 0.55% in exchange for the payment of three-month LIBOR plus 1.12%, payable quarterly on such amount as adjusted, as described below. MetLife, Inc. may also be required to pledge collateral or make payments to the unaffiliated financial institution related to any decline in the estimated fair value of the surplus notes. Any such payments are accounted for as a receivable and included in other assets on the Company’s consolidated balance sheets and do not reduce the principal amount outstanding of the surplus notes. Such payments, however, reduce the amount of interest payments due from MetLife, Inc. under the agreement. Any payment received from the unaffiliated financial institution reduces the receivable by an amount equal to such payment and also increases the amount of interest payments due from MetLife, Inc. under the agreement. In addition, the unaffiliated financial institution may be required to pledge collateral to MetLife, Inc. related to any increase in the estimated fair value of the surplus notes. MetLife, Inc. may also be required to make a payment to the unaffiliated financial institution in connection with any early termination of this agreement. | ||||||||
In June 2012, following regulatory approval, MRC repurchased and canceled $451 million in aggregate principal amount of the surplus notes. Cumulatively, since December 2007, MRC repurchased and canceled $1.1 billion in aggregate principal amount of the surplus notes. Payments made by the Company in June 2012 associated with the partial repurchase, which also included payments made to the unaffiliated financial institution, totaled $451 million, exclusive of accrued interest on the surplus notes. In connection with the partial repurchase, the amount of the receivable from the unaffiliated financial institution decreased $59 million. No other payments were made by MetLife, Inc. or received from the unaffiliated financial institution during 2014, 2013 and 2012, related to an increase or decrease in the estimated fair value of the surplus notes. | ||||||||
A majority of the proceeds from the offering of the surplus notes was placed in a trust, which is consolidated by the Company, to support MRC’s statutory obligations associated with the assumed closed block liabilities. During the year ended December 31, 2014, MRC transferred $467 million out of the trust to its general account. No such transfers were made during the years ended December 31, 2013 and 2012. The assets are principally invested in fixed maturity securities and are presented as such within the Company’s consolidated balance sheets, with the related income included within net investment income in the Company’s consolidated statements of operations. | ||||||||
Associated with Secondary Guarantees | ||||||||
Information related to the collateral financing arrangements associated with secondary guarantees was as follows at: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Liability outstanding (1) | $ | 2,797 | $ | 2,797 | ||||
Assets held in trust (2) | $ | 3,471 | $ | 3,440 | ||||
______________ | ||||||||
-1 | Carrying value. | |||||||
-2 | Estimated fair value. | |||||||
Interest expense on the collateral financing arrangement was $27 million, $28 million and $33 million for the years ended December 31, 2014, 2013 and 2012, respectively, which is included in other expenses. | ||||||||
In May 2007, MetLife, Inc. and MRSC, a wholly-owned subsidiary of MetLife, Inc., entered into a 30-year collateral financing arrangement with an unaffiliated financial institution that provides up to $3.5 billion of statutory reserve support for MRSC associated with reinsurance obligations under intercompany reinsurance agreements. Such statutory reserves are associated with ULSG and are required under U.S. Valuation of Life Policies Model Regulation (commonly referred to as Regulation A-XXX). Proceeds from the collateral financing arrangement were placed in trusts to support MRSC’s statutory obligations associated with the reinsurance of secondary guarantees. The trusts are VIEs which are consolidated by the Company. The unaffiliated financial institution is entitled to the return on the investment portfolio held by the trusts. The assets are principally invested in fixed maturity securities and are presented as such within the Company’s balance sheets, with the related income included within net investment income in the Company’s statements of operations. The collateral financing arrangement may be extended by agreement of MetLife, Inc. and the unaffiliated financial institution on each anniversary of the closing. | ||||||||
In connection with the collateral financing arrangement, MetLife, Inc. entered into an agreement with the same unaffiliated financial institution under which MetLife, Inc. is entitled to the return on the investment portfolio held by the trusts established in connection with this collateral financing arrangement in exchange for the payment of a stated rate of return to the unaffiliated financial institution of three-month LIBOR plus 0.70%, payable quarterly. MetLife, Inc. may also be required to make payments to the unaffiliated financial institution, for deposit into the trusts, related to any decline in the estimated fair value of the assets held by the trusts, as well as amounts outstanding upon maturity or early termination of the collateral financing arrangement. During 2014, 2013 and 2012, no payments were made or received by MetLife, Inc. Cumulatively, since May 2007, MetLife, Inc. has contributed a total of $680 million as a result of declines in the estimated fair value of the assets in the trusts, all of which was deposited into the trusts. | ||||||||
In addition, MetLife, Inc. may be required to pledge collateral to the unaffiliated financial institution under this agreement. At both December 31, 2014 and 2013, MetLife, Inc. had pledged no collateral under this agreement. |
Junior_Subordinated_Debt_Secur
Junior Subordinated Debt Securities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Junior Subordinated Notes [Abstract] | ||||||||||||||||||||||||
Junior Subordinated Debt Securities | 14. Junior Subordinated Debt Securities | |||||||||||||||||||||||
Outstanding Junior Subordinated Debt Securities | ||||||||||||||||||||||||
Outstanding junior subordinated debt securities, and exchangeable surplus trust securities which MetLife, Inc. will exchange for junior subordinated debt securities prior to redemption or repayment, were as follows: | ||||||||||||||||||||||||
Carrying Value at December 31, | ||||||||||||||||||||||||
Issuer | Issue Date | Face Value | Interest Rate (2) | Scheduled | Interest Rate | Final | 2014 | 2013 | ||||||||||||||||
Redemption | Subsequent to | Maturity | ||||||||||||||||||||||
Date | Scheduled | |||||||||||||||||||||||
Redemption | ||||||||||||||||||||||||
Date (3) | ||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||
MetLife, Inc. | Jul-09 | $ | 500 | 10.75 | % | Aug-39 | LIBOR + 7.548% | Aug-69 | $ | 500 | $ | 500 | ||||||||||||
MetLife Capital Trust X (1) | Apr-08 | $ | 750 | 9.25 | % | Apr-38 | LIBOR + 5.540% | Apr-68 | 750 | 750 | ||||||||||||||
MetLife Capital Trust IV (1) | Dec-07 | $ | 700 | 7.875 | % | Dec-37 | LIBOR + 3.960% | Dec-67 | 695 | 695 | ||||||||||||||
MetLife, Inc. | Dec-06 | $ | 1,250 | 6.4 | % | Dec-36 | LIBOR + 2.205% | Dec-66 | 1,248 | 1,248 | ||||||||||||||
$ | 3,193 | $ | 3,193 | |||||||||||||||||||||
______________ | ||||||||||||||||||||||||
-1 | MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. | |||||||||||||||||||||||
-2 | Prior to the scheduled redemption date, interest is payable semiannually in arrears. | |||||||||||||||||||||||
-3 | In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. | |||||||||||||||||||||||
In connection with each of the securities described above, MetLife, Inc. may redeem or may cause the redemption of the securities (i) in whole or in part, at any time on or after the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption, or (ii) in certain circumstances, in whole or in part, prior to the date five years prior to the scheduled redemption date at their principal amount plus accrued and unpaid interest to, but excluding, the date of redemption or, if greater, a make-whole price. MetLife, Inc. also has the right to, and in certain circumstances the requirement to, defer interest payments on the securities for a period up to 10 years. Interest compounds during such periods of deferral. If interest is deferred for more than five consecutive years, MetLife, Inc. is required to use proceeds from the sale of its common stock or warrants on common stock to satisfy this interest payment obligation. In connection with each of the securities described above, MetLife, Inc. entered into a separate replacement capital covenant (“RCC”). As part of each RCC, MetLife, Inc. agreed that it will not repay, redeem, or purchase the securities on or before a date 10 years prior to the final maturity date of each issuance, unless, subject to certain limitations, it has received cash proceeds during a specified period from the sale of specified replacement securities. Each RCC will terminate upon the occurrence of certain events, including an acceleration of the applicable securities due to the occurrence of an event of default. The RCCs are not intended for the benefit of holders of the securities and may not be enforced by them. Rather, each RCC is for the benefit of the holders of a designated series of MetLife, Inc.’s other indebtedness (the “Covered Debt”). Initially, the Covered Debt for each of the securities described above was MetLife, Inc.’s 5.70% senior notes due 2035 (the “Senior Notes”). As a result of the issuance of MetLife, Inc.’s 10.750% Fixed-to-Floating Rate Junior Subordinated Debentures due 2069 (the “10.750% JSDs”), the 10.750% JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to MetLife, Inc.’s 6.40% Fixed-to-Floating Rate Junior Subordinated Debentures due 2066. The Senior Notes continue to be the Covered Debt with respect to, and in accordance with, the terms of the RCCs relating to each of MetLife Capital Trust IV’s 7.875% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities, MetLife Capital Trust X’s 9.250% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities and the 10.750% JSDs. MetLife, Inc. also entered into a replacement capital obligation which will commence during the six month period prior to the scheduled redemption date of each of the securities described above and under which MetLife, Inc. must use reasonable commercial efforts to raise replacement capital to permit repayment of the securities through the issuance of certain qualifying capital securities. | ||||||||||||||||||||||||
Interest expense on outstanding junior subordinated debt securities was $258 million for each of the years ended December 31, 2014, 2013 and 2012, which is included in other expenses. |
Common_Equity_Units
Common Equity Units | 12 Months Ended |
Dec. 31, 2014 | |
Temporary Equity Disclosure [Abstract] | |
Common Equity Units [Text Block] | 15. Common Equity Units |
Acquisition of ALICO | |
In connection with the financing of the acquisition of ALICO in November 2010, MetLife, Inc. issued to AM Holdings 40.0 million common equity units with an aggregate stated amount at issuance of $3.0 billion and an estimated fair value of $3.2 billion. Each common equity unit had an initial stated amount of $75 per unit and initially consisted of: (i) three purchase contracts (the “Series C Purchase Contracts,” the “Series D Purchase Contracts” and the “Series E Purchase Contracts” and, together, the “Purchase Contracts”), obligating the holder to purchase, on a subsequent settlement date, a variable number of shares of MetLife, Inc. common stock, par value $0.01 per share, for a purchase price of $25 ($75 in the aggregate); and (ii) a 1/40 undivided beneficial ownership interest in each of three series of Debt Securities issued by MetLife, Inc., each series of Debt Securities having an aggregate principal amount of $1.0 billion. Distributions on the common equity units were made quarterly, and consisted of contract payments on the Purchase Contracts and interest payments on the Debt Securities, at an aggregate annual rate of 5.00% of the stated amount at any time. The excess of the estimated fair value of the common equity units over the estimated fair value of the Debt Securities (see Note 12), after accounting for the present value of future contract payments recorded in other liabilities, resulted in a net decrease to additional paid-in capital of $69 million, representing the fair value of the Purchase Contracts discussed below. On March 8, 2011, AM Holdings sold, in a public offering, all the common equity units it received as consideration from MetLife in connection with the acquisition of ALICO. | |
Purchase Contracts | |
Settlement of the Purchase Contracts of each series occurred upon the successful remarketing of the related series of Debt Securities. On each settlement date subsequent to a successful remarketing, the holder paid $25 per common equity unit and MetLife, Inc. issued to such holder a variable number of shares of its common stock in settlement of the applicable Purchase Contract. The number of shares issued depended on the average of the daily volume-weighted average prices of MetLife, Inc.’s common stock during the 20 trading day periods ending on, and including, the third day prior to the initial scheduled settlement date for each series of Purchase Contracts. All Purchase Contracts have been settled as described in “— Remarketing of Senior Debt Securities and Settlement of Stock Purchase Contracts.” | |
Distributions on the Purchase Contracts were made quarterly at an average annual rate of 3.02%. The value of all Purchase Contracts at issuance of $247 million was calculated as the present value of the future contract payments and was recorded in other liabilities with an offsetting decrease in additional paid-in capital. The other liabilities balance was reduced as contract payments were made. Contract payments of $21 million, $48 million and $84 million were made for the years ended December 31, 2014, 2013 and 2012, respectively. | |
Debt Securities | |
The Debt Securities are senior, unsecured notes of MetLife, Inc. which, in the aggregate, pay quarterly distributions and are included in long-term debt (see Note 12 for further discussion of terms). Each series of the Debt Securities was remarketed and sold on behalf of participating holders to investors. The proceeds of a remarketing, net of any related fees, were applied on behalf of participating holders who so elected to settle any obligation of the holder to pay cash under the related Purchase Contract on the applicable settlement dates. All Purchase Contracts have been settled as described in “— Remarketing of Senior Debt Securities and Settlement of Stock Purchase Contracts.” | |
Remarketing of Senior Debt Securities and Settlement of Stock Purchase Contracts | |
In October 2014, September 2013 and October 2012, MetLife, Inc. closed the successful remarketings of senior debt securities underlying the common equity units. The Series E Debt Securities were remarketed in September and October 2014 as 1.903% Series E senior debt securities Tranche 1 due December 2017 and 4.721% Series E senior debt securities Tranche 2 due December 2044. The Series D Debt Securities were remarketed in September 2013 as 4.368% senior debt securities and are due September 2023. The Series C Debt Securities were remarketed as 1.756% Series C senior debt securities Tranche 1 due December 2017 and 3.048% Series C senior debt securities Tranche 2 due December 2022. MetLife, Inc. did not receive any proceeds from the remarketings. Most holders of common equity units used the remarketing proceeds to settle their payment obligations under the applicable stock purchase contracts. The subsequent settlement of the stock purchase contracts provided proceeds to MetLife, Inc. of $1.0 billion in each of October 2014, September 2013 and October 2012 in exchange for shares of MetLife, Inc.’s common stock. In October 2014, September 2013 and October 2012, MetLife, Inc. delivered 22,907,960 shares, 22,679,955 shares and 28,231,956 shares, respectively, of its newly issued common stock to settle the stock purchase contracts. |
Equity
Equity | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Equity | 16. Equity | ||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
MetLife, Inc. has outstanding 24 million shares of Floating Rate Non-Cumulative Preferred Stock, Series A (the “Series A preferred shares”) with a $0.01 par value per share, and a liquidation preference of $25 per share. | |||||||||||||||||||||
MetLife, Inc. has outstanding 60 million shares of 6.50% Non-Cumulative Preferred Stock, Series B (the “Series B preferred shares”), with a $0.01 par value per share, and a liquidation preference of $25 per share. | |||||||||||||||||||||
The preferred stock ranks senior to the common stock with respect to dividends and liquidation rights. Dividends on the preferred stock are not cumulative. Holders of the preferred stock will be entitled to receive dividend payments only when, as and if declared by MetLife, Inc.’s Board of Directors or a duly authorized committee of the Board. If dividends are declared on the Series A preferred shares, they will be payable quarterly, in arrears, at an annual rate of the greater of: (i) 1.00% above three-month LIBOR on the related LIBOR determination date; or (ii) 4.00%. Any dividends declared on the Series B preferred shares will be payable quarterly, in arrears, at an annual fixed rate of 6.50%. Accordingly, in the event that dividends are not declared on the preferred stock for payment on any dividend payment date, then those dividends will cease to accrue and be payable. If a dividend is not declared before the dividend payment date, MetLife, Inc. has no obligation to pay dividends accrued for that dividend period whether or not dividends are declared and paid in future periods. No dividends may, however, be paid or declared on MetLife, Inc.’s common stock — or any other securities ranking junior to the preferred stock — unless the full dividends for the latest completed dividend period on all preferred stock, and any parity stock, have been declared and paid or provided for. | |||||||||||||||||||||
MetLife, Inc. is prohibited from declaring dividends on the preferred stock if it fails to meet specified capital adequacy, net income and equity levels. See “— Dividend Restrictions.” | |||||||||||||||||||||
The preferred stock does not have voting rights except in certain circumstances where the dividends have not been paid for an equivalent of six or more dividend payment periods whether or not those periods are consecutive. Under such circumstances, the holders of the preferred stock have certain voting rights with respect to members of the Board of Directors of MetLife, Inc. | |||||||||||||||||||||
The preferred stock is not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. The preferred stock is redeemable at MetLife, Inc.’s option in whole or in part, at a redemption price of $25 per share of preferred stock, plus declared and unpaid dividends. | |||||||||||||||||||||
In December 2008, MetLife, Inc. entered into an RCC related to the preferred stock. As part of such RCC, MetLife, Inc. agreed that it will not repay, redeem or purchase the preferred shares on or before December 31, 2018, unless, subject to certain limitations, it has received proceeds during a specified period from the sale of specified replacement securities. The RCC is for the benefit of the holders of the related Covered Debt, which was initially the Senior Notes. As a result of the issuance of the 10.750% JSDs, the 10.750% JSDs became the Covered Debt with respect to, and in accordance with, the terms of the RCC relating to the preferred shares. The RCC will terminate upon the occurrence of certain events, including the date on which MetLife, Inc. has no series of outstanding eligible debt securities. | |||||||||||||||||||||
Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A and Series B preferred shares was as follows: | |||||||||||||||||||||
Dividend | |||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Series A | Series A | Series B | Series B | |||||||||||||||
Per Share | Aggregate | Per Share | Aggregate | ||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
November 17, 2014 | November 30, 2014 | December 15, 2014 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2014 | August 31, 2014 | September 15, 2014 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2014 | May 31, 2014 | June 16, 2014 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2014 | February 28, 2014 | March 17, 2014 | $ | 0.25 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
November 15, 2013 | November 30, 2013 | December 16, 2013 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2013 | August 31, 2013 | September 16, 2013 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2013 | May 31, 2013 | June 17, 2013 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2013 | February 28, 2013 | March 15, 2013 | $ | 0.25 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
November 15, 2012 | November 30, 2012 | December 17, 2012 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2012 | August 31, 2012 | September 17, 2012 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2012 | May 31, 2012 | June 15, 2012 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2012 | February 29, 2012 | March 15, 2012 | $ | 0.253 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
See Note 23 for information on subsequent dividends declared. | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Issuances | |||||||||||||||||||||
In October 2014, September 2013 and October 2012, MetLife, Inc. issued 22,907,960 new shares, 22,679,955 new shares and 28,231,956 new shares, respectively, of its common stock, each for $1.0 billion. The issuances were made in connection with the settlement of the Series E Purchase Contracts, the Series D Purchase Contracts, and the Series C Purchase Contracts, respectively. See Note 15. | |||||||||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, 5,866,160 new shares, 7,663,446 new shares and 5,497,752 new shares of common stock were issued for $220 million, $250 million and $171 million, respectively, in connection with stock option exercises and other stock-based awards. There were no shares of common stock issued from treasury stock during any of the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Repurchase Authorizations | |||||||||||||||||||||
In December 2014, MetLife, Inc.’s Board of Directors authorized an additional $1.0 billion of common stock repurchases, which began in January 2015, after the completion of repurchases under the prior authorizations. During the year ended December 31, 2014, 18,876,363 shares were repurchased under these repurchase authorizations for $1.0 billion. No shares of common stock were repurchased during the years ended December 31, 2013 and 2012. At December 31, 2014, MetLife, Inc. had $1.3 billion remaining under its common stock repurchase authorizations. | |||||||||||||||||||||
See Note 23 for information on subsequent common stock repurchases. | |||||||||||||||||||||
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 transactions meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”), and in privately negotiated transactions. Future common stock repurchases will be dependent upon several factors, including the Company’s 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 and applicable regulatory approvals, as well as other legal and accounting factors. | |||||||||||||||||||||
Dividends | |||||||||||||||||||||
The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock: | |||||||||||||||||||||
Dividend | |||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Per Share | Aggregate | |||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
October 28, 2014 | November 7, 2014 | December 12, 2014 | $ | 0.35 | $ | 398 | |||||||||||||||
July 7, 2014 | August 8, 2014 | September 12, 2014 | $ | 0.35 | 395 | ||||||||||||||||
April 22, 2014 | May 9, 2014 | June 13, 2014 | $ | 0.35 | 395 | ||||||||||||||||
January 6, 2014 | February 6, 2014 | March 13, 2014 | $ | 0.275 | 311 | ||||||||||||||||
$ | 1,499 | ||||||||||||||||||||
October 22, 2013 | November 8, 2013 | December 13, 2013 | $ | 0.275 | $ | 311 | |||||||||||||||
June 25, 2013 | August 9, 2013 | September 13, 2013 | $ | 0.275 | 303 | ||||||||||||||||
April 23, 2013 | May 9, 2013 | June 13, 2013 | $ | 0.275 | 302 | ||||||||||||||||
January 4, 2013 | February 6, 2013 | March 13, 2013 | $ | 0.185 | 203 | ||||||||||||||||
$ | 1,119 | ||||||||||||||||||||
October 23, 2012 | November 9, 2012 | December 14, 2012 | $ | 0.74 | $ | 811 | |||||||||||||||
See Note 23 for information on subsequent dividends declared. | |||||||||||||||||||||
The funding of the cash dividends and operating expenses of MetLife, Inc. is primarily provided by cash dividends from MetLife, Inc.’s insurance subsidiaries. The statutory capital and surplus, or net assets, of MetLife, Inc.’s insurance subsidiaries are subject to regulatory restrictions except to the extent that dividends are allowed to be paid in a given year without prior regulatory approval. Dividends exceeding these limitations can generally be made subject to regulatory approval. The nature and amount of these dividend restrictions, as well as the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries, are disclosed in “— Statutory Equity and Income” and “— Dividend Restrictions — Insurance Operations.” MetLife, Inc.’s principal non-U.S. insurance operations are branches or subsidiaries of American Life, a U.S. insurance subsidiary of the Company. In addition, the payment of dividends by MetLife, Inc. to its shareholders is also subject to restrictions. See “— Dividend Restrictions — MetLife, Inc.” | |||||||||||||||||||||
Stock-Based Compensation Plans | |||||||||||||||||||||
Description of Plans for Employees and Agents — General Terms | |||||||||||||||||||||
The MetLife, Inc. 2000 Stock Incentive Plan, as amended (the “2000 Stock Plan”) authorized the granting of awards to employees and agents in the form of options (“Stock Options”) to buy shares of MetLife, Inc. common stock (“Shares”) that either qualify as incentive Stock Options under Section 422A of the Code or are non-qualified. By December 31, 2009, all awards under the 2000 Stock Plan had either vested or been forfeited. No awards have been made under the 2000 Stock Plan since 2005. | |||||||||||||||||||||
Under the MetLife, Inc. 2005 Stock and Incentive Compensation Plan (the “2005 Stock Plan”), awards granted to employees and agents may be in the form of Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, Performance Shares or Performance Share Units, Cash-Based Awards and Stock-Based Awards (each as defined in the 2005 Stock Plan with reference to Shares). | |||||||||||||||||||||
The aggregate number of shares authorized for issuance under the 2005 Stock Plan is 68,000,000, plus those shares available but not utilized under the 2000 Stock Plan and those shares utilized under the 2000 Stock Plan that are recovered due to forfeiture of Stock Options. Each share issued under the 2005 Stock Plan in connection with a Stock Option or Stock Appreciation Right reduces the number of Shares remaining for issuance under that plan by one, and each Share issued under the 2005 Stock Plan in connection with awards other than Stock Options or Stock Appreciation Rights reduces the number of Shares remaining for issuance under that plan by 1.179 Shares. At December 31, 2014, the aggregate number of Shares remaining available for issuance pursuant to the 2005 Stock Plan was 18,023,959. Stock Option exercises and other awards settled in Shares are satisfied through the issuance of Shares held in treasury by the Company or by the issuance of new Shares. | |||||||||||||||||||||
Compensation expense related to awards under the 2005 Stock Plan is recognized based on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. Unless a material deviation from the assumed forfeiture rate is observed during the term in which the awards are expensed, any adjustment necessary to reflect differences in actual experience is recognized in the period the award becomes payable or exercisable. | |||||||||||||||||||||
Compensation expense related to awards under the 2005 Stock Plan is principally related to the issuance of Stock Options, Performance Shares and Restricted Stock Units. The majority of the awards granted each year under the 2005 Stock Plan are made in the first quarter of each year. | |||||||||||||||||||||
Certain stock-based awards provide solely for cash settlement based on changes in the price of Shares and other factors (“Phantom Stock-Based Awards”). Such awards have been made under the MetLife, Inc. International Unit Option Incentive Plan, the MetLife International Performance Unit Incentive Plan, and the MetLife International Restricted Unit Incentive Plan. | |||||||||||||||||||||
Description of Plans for Non-Management Directors — General Terms | |||||||||||||||||||||
Under the MetLife, Inc. 2005 Non-Management Director Stock Compensation Plan (the “2005 Directors Stock Plan”), awards granted may be in the form of non-qualified Stock Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock Units, or Stock-Based Awards (each as defined in the 2005 Directors Stock Plan with reference to Shares) to non-management Directors of MetLife, Inc. The number of Shares authorized for issuance under the 2005 Directors Stock Plan is 2,000,000. There were no Shares carried forward from any prior MetLife, Inc. directors stock plan to the 2005 Directors Stock Plan. At December 31, 2014, the aggregate number of Shares remaining available for issuance pursuant to the 2005 Directors Stock Plan was 1,642,208. Stock Option exercises and other awards settled in Shares are satisfied through the issuance of Shares held in treasury by the Company or by the issuance of new Shares. | |||||||||||||||||||||
Compensation expense related to awards under the 2005 Directors Plan is recognized based on the number of Shares awarded. The only awards made to date under the 2005 Directors Stock Plan have been Stock-Based Awards that have vested immediately. The majority of the awards granted each year under the 2005 Directors Stock Plan are made in the second quarter of each year. | |||||||||||||||||||||
Compensation Expense Related to Stock-Based Compensation | |||||||||||||||||||||
The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards, and excludes the insignificant compensation expense related to the 2005 Directors Stock Plan. Those components were: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Stock Options and Unit Options | $ | 29 | $ | 39 | $ | 61 | |||||||||||||||
Performance Shares and Units (1) | 111 | 91 | 80 | ||||||||||||||||||
Restricted Stock Units and Restricted Units | 52 | 45 | 27 | ||||||||||||||||||
Total compensation expense | $ | 192 | $ | 175 | $ | 168 | |||||||||||||||
Income tax benefit | $ | 67 | $ | 61 | $ | 59 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period. | ||||||||||||||||||||
The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Expense | Weighted Average | ||||||||||||||||||||
Period | |||||||||||||||||||||
(In millions) | (Years) | ||||||||||||||||||||
Stock Options | $ | 12 | 1.54 | ||||||||||||||||||
Performance Shares | $ | 47 | 1.58 | ||||||||||||||||||
Restricted Stock Units | $ | 56 | 1.7 | ||||||||||||||||||
Equity Awards | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock Options are the contingent right of award holders to purchase Shares at a stated price for a limited time. All Stock Options have an exercise price equal to the closing price of a Share reported on the New York Stock Exchange on the date of grant, and have a maximum term of 10 years. The vast majority of Stock Options granted has become or will become exercisable at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Stock Options have become or will become exercisable on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. | |||||||||||||||||||||
A summary of the activity related to Stock Options was as follows: | |||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||||||
Option | Exercise | Remaining | Value (1) | ||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(Years) | (In millions) | ||||||||||||||||||||
Outstanding at January 1, 2014 | 29,751,376 | $ | 42.56 | 5.19 | $ | 379 | |||||||||||||||
Granted | 824,323 | $ | 50.53 | ||||||||||||||||||
Exercised | (4,197,329 | ) | $ | 37.12 | |||||||||||||||||
Expired | (136,031 | ) | $ | 57.22 | |||||||||||||||||
Forfeited | (163,412 | ) | $ | 40.25 | |||||||||||||||||
Outstanding at December 31, 2014 | 26,078,927 | $ | 43.63 | 4.67 | $ | 312 | |||||||||||||||
Vested and expected to vest at December 31, 2014 | 25,973,890 | $ | 43.65 | 4.59 | $ | 311 | |||||||||||||||
Exercisable at December 31, 2014 | 22,564,811 | $ | 44.15 | 4.17 | $ | 264 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | The aggregate intrinsic value was computed using the closing Share price on December 31, 2014 of $54.09 and December 31, 2013 of $53.92, as applicable. | ||||||||||||||||||||
The fair value of Stock Options is estimated on the date of grant using a binomial lattice model. Significant assumptions used in the Company’s binomial lattice model are further described below. The assumptions include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. | |||||||||||||||||||||
Expected volatility is based upon an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. | |||||||||||||||||||||
The binomial lattice model used by the Company incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. | |||||||||||||||||||||
Dividend yield is determined based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option. | |||||||||||||||||||||
The binomial lattice model used by the Company incorporates the contractual term of the Stock Options. The model also factors in expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The exercise behavior in the model is a multiple that reflects the ratio of exercise price to the strike price of the Stock Option at which holders are expected to exercise. The exercise multiple is derived from actual historical exercise activity. The post-vesting termination rate is determined from actual historical exercise experience and expiration activity under the Incentive Plans. | |||||||||||||||||||||
The following table presents the weighted average assumptions, with the exception of risk-free rate, which is expressed as a range, used to determine the fair value of Stock Options issued: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Dividend yield | 2.18% | 2.13% | 1.95% | ||||||||||||||||||
Risk-free rate of return | 0.12%-5.07% | 0.16%-3.89% | 0.21%-4.17% | ||||||||||||||||||
Expected volatility | 33.26% | 32.98% | 35.59% | ||||||||||||||||||
Exercise multiple | 1.45 | 1.51 | 1.58 | ||||||||||||||||||
Post-vesting termination rate | 2.93% | 3.16% | 3.14% | ||||||||||||||||||
Contractual term (years) | 10 | 10 | 10 | ||||||||||||||||||
Expected life (years) | 6 | 7 | 7 | ||||||||||||||||||
Weighted average exercise price of stock options granted | $ | 50.53 | $ | 35.96 | $ | 37.91 | |||||||||||||||
Weighted average fair value of stock options granted | $ | 13.84 | $ | 9.88 | $ | 11.33 | |||||||||||||||
The following table presents a summary of Stock Option exercise activity: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 67 | $ | 79 | $ | 29 | |||||||||||||||
Cash received from exercise of stock options | $ | 156 | $ | 202 | $ | 109 | |||||||||||||||
Income tax benefit realized from stock options exercised | $ | 24 | $ | 28 | $ | 10 | |||||||||||||||
Performance Shares | |||||||||||||||||||||
Performance Shares are units that, if they vest, are multiplied by a performance factor to produce a number of final Performance Shares which are payable in Shares. Performance Shares are accounted for as equity awards, but are not credited with dividend-equivalents for actual dividends paid on Shares during the performance period. Performance Share awards normally vest in their entirety at the end of the three-year performance period. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. | |||||||||||||||||||||
For awards granted prior to the January 1, 2013 – December 31, 2015 performance period, vested Performance Shares 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. The estimated fair value of Performance Shares is based upon the closing price of a Share on the date of grant, reduced by the present value of estimated dividends to be paid on that stock during the performance period. The performance factor for the January 1, 2011 – December 31, 2013 performance period was 0.80. | |||||||||||||||||||||
For the January 1, 2013 – December 31, 2015 and January 1, 2014 – December 31, 2016 performance periods, the vested Performance Shares will be multiplied by a performance factor of 0.00 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 re-measured each quarter until they become payable. | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
Restricted Stock Units are units that, if they vest, are payable in an equal number of Shares. Restricted Stock Units are accounted for as equity awards and are not credited with dividend-equivalents for dividends paid on Shares. Accordingly, the estimated fair value of Restricted Stock Units is based upon the closing price of Shares on the date of grant, reduced by the present value of estimated dividends to be paid on that stock. | |||||||||||||||||||||
The vast majority of Restricted Stock Units normally vest in their entirety on the third anniversary of their grant date. Other Restricted Stock Units normally vest in thirds on the first three anniversaries of their grant date, and others vest in their entirety on the fifth anniversary of their grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. | |||||||||||||||||||||
The following table presents a summary of Performance Share and Restricted Stock Unit activity: | |||||||||||||||||||||
Performance Shares | Restricted Stock Units | ||||||||||||||||||||
Shares | Weighted | Units | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at January 1, 2014 | 5,074,140 | $ | 42.86 | 3,328,516 | $ | 33.35 | |||||||||||||||
Granted | 1,183,207 | $ | 50.58 | 1,432,389 | $ | 46.2 | |||||||||||||||
Forfeited | (194,263 | ) | $ | 45.19 | 7,795 | $ | 35.13 | ||||||||||||||
Payable (1) | (1,551,570 | ) | $ | 42.79 | (1,264,470 | ) | $ | 36.68 | |||||||||||||
Outstanding at December 31, 2014 | 4,511,514 | $ | 44.85 | 3,504,230 | $ | 38.48 | |||||||||||||||
Vested and expected to vest at December 31, 2014 | 4,477,097 | $ | 44.54 | 3,153,807 | $ | 38.49 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | Includes both Shares paid and Shares deferred for later payment. | ||||||||||||||||||||
Performance Share amounts above represent aggregate initial target awards and do not reflect potential increases or decreases resulting from the performance factor determined after the end of the respective performance periods. At December 31, 2014, the three year performance period for the 2012 Performance Share grants was completed, but the performance factor had not yet been calculated. Included in the immediately preceding table are 1,756,783 outstanding Performance Shares to which the 2012 – 2014 performance factor will be applied. The factor will be determined in the second quarter of 2015. | |||||||||||||||||||||
Liability Awards (Phantom Stock-Based Awards) | |||||||||||||||||||||
Certain MetLife international subsidiaries have a liability for Phantom Stock-Based Awards in the form of Unit Options, Restricted Units, and/or Performance Units. These Share-based cash settled awards are recorded as liabilities until payout is made. Unlike Share-settled awards, which have a fixed grant-date fair value, the fair value of unsettled or unvested liability awards is remeasured at the end of each reporting period based on the change in fair value of one Share. The liability and corresponding expense are adjusted accordingly until the award is settled. | |||||||||||||||||||||
Unit Options | |||||||||||||||||||||
Each Unit Option is the contingent right of the holder to receive a cash payment equal to the closing price of a Share on the surrender date, less the closing price on the grant date, if the difference is greater than zero. The vast majority of Unit Options has become or will become eligible for surrender at a rate of one-third of each award on each of the first three anniversaries of the grant date. Other Unit Options have become or will become eligible for surrender on the third anniversary of the grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. | |||||||||||||||||||||
Restricted Units | |||||||||||||||||||||
Restricted Units are units that, if they vest, are payable in cash equal to the closing price of a Share on the last day of the restriction period. The vast majority of Restricted Units normally vest in their entirety on the third anniversary of their grant date. Vesting is subject to continued service, except for employees who are retirement eligible and in certain other limited circumstances. | |||||||||||||||||||||
Performance Units | |||||||||||||||||||||
Performance Units are units that, if they vest, are multiplied by a performance factor to produce a number of final Performance Units which are payable in cash equal to the closing price of a Share on a date following the last day of the three-year performance period. The performance factor for the Performance Units for any given period is determined on the identical basis as the performance factor for Performance Shares for the same performance period. Performance Units are accounted for as liability awards, but are not credited with dividend-equivalents for actual dividends paid on Shares during the performance period. Accordingly, the estimated fair value of Performance Units is based upon the closing price of a Share on the date of grant, reduced by the present value of estimated dividends to be paid on that stock during the performance period. | |||||||||||||||||||||
See “— Equity Awards — Performance Shares” for a discussion of the Performance Shares vesting period and award calculation, which is also used for Performance Units. | |||||||||||||||||||||
The following table presents a summary of Liability Awards activity: | |||||||||||||||||||||
Unit | Restricted | Performance | |||||||||||||||||||
Options | Units | Units | |||||||||||||||||||
Outstanding at January 1, 2014 | 1,221,626 | 979,522 | 531,888 | ||||||||||||||||||
Granted | 40,181 | 307,873 | 209,646 | ||||||||||||||||||
Exercised | (123,293 | ) | — | — | |||||||||||||||||
Forfeited | (31,518 | ) | (83,537 | ) | (20,517 | ) | |||||||||||||||
Paid | — | (403,818 | ) | (127,094 | ) | ||||||||||||||||
Outstanding at December 31, 2014 | 1,106,996 | 800,040 | 593,923 | ||||||||||||||||||
Vested and expected to vest at December 31, 2014 | 996,296 | 720,036 | 534,531 | ||||||||||||||||||
Statutory Equity and Income | |||||||||||||||||||||
The states of domicile of MetLife, Inc.’s U.S. insurance subsidiaries imposes risk-based capital (“RBC”) requirements that were developed by the National Association of Insurance Commissioners (“NAIC”). American Life does not write business in Delaware or any other domestic state and, as such, is exempt from RBC requirements by Delaware law. Regulatory compliance is determined by a ratio of a company’s total adjusted capital, calculated in the manner prescribed by the NAIC (“TAC”) to its authorized control level RBC, calculated in the manner prescribed by the NAIC (“ACL RBC”). Companies below specific trigger levels or ratios are classified by their respective levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is twice ACL RBC (“Company Action RBC”). While not required by or filed with insurance regulators, the Company also calculates an internally defined combined RBC ratio (“Combined RBC Ratio”), which is determined by dividing the sum of TAC for MetLife, Inc.’s principal U.S. insurance subsidiaries, excluding American Life, by the sum of Company Action RBC for such subsidiaries. The Company’s Combined RBC Ratio was in excess of 400% for all periods presented. In addition, all non-exempted U.S. insurance subsidiaries individually exceeded Company Action RBC for all periods presented. | |||||||||||||||||||||
MetLife, Inc.’s foreign insurance operations are regulated by applicable authorities of the countries in which each entity operates and are subject to minimum capital and solvency requirements in those countries before corrective action commences. At December 31, 2014 and 2013, the adjusted capital of American Life’s insurance subsidiary in Japan, the Company’s largest foreign insurance operation, was in excess of four times the 200% solvency margin ratio that would require corrective action. Excluding Japan, the aggregate required capital and surplus of the Company’s other foreign insurance operations was $2.2 billion and the aggregate actual regulatory capital and surplus of such operations was $7.0 billion as of the date of the most recent required capital adequacy calculation for each jurisdiction. Each of those other foreign insurance operations exceeded minimum capital and solvency requirements of their respective countries for all periods presented. | |||||||||||||||||||||
MetLife, Inc.’s insurance subsidiaries prepare statutory-basis financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of the state of domicile or applicable foreign jurisdiction. The NAIC has adopted the Codification of Statutory Accounting Principles (“Statutory Codification”). Statutory Codification is intended to standardize regulatory accounting and reporting to state insurance departments. However, statutory accounting principles continue to be established by individual state laws and permitted practices. Modifications by the various state insurance departments may impact the effect of Statutory Codification on the statutory capital and surplus of MetLife, Inc.’s U.S. insurance subsidiaries. | |||||||||||||||||||||
Statutory accounting principles differ from GAAP primarily by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions, reporting surplus notes as surplus instead of debt and valuing securities on a different basis. | |||||||||||||||||||||
In addition, certain assets are not admitted under statutory accounting principles and are charged directly to surplus. The most significant assets not admitted by the Company are net deferred income tax assets resulting from temporary differences between statutory accounting principles basis and tax basis not expected to reverse and become recoverable within three years. Further, statutory accounting principles do not give recognition to purchase accounting adjustments. | |||||||||||||||||||||
The Department of Financial Services issues an annual “Special Considerations” circular letter to New York licensed insurers requiring tests to be performed as part of insurers’ year-end asset adequacy testing. The Department of Financial Services issued its 2014 Special Considerations letter on October 10, 2014, which was substantially similar to the 2013 letter. The letter mandates the use of certain assumptions in asset adequacy testing. In 2013, MLIC established a three-year grade-in schedule for the amount of LTC reserves required as a result of the new assumptions. In 2014, MLIC established an additional schedule, reflecting current economic conditions, liabilities and assets. The following table summarizes the two schedules of strengthening: | |||||||||||||||||||||
2013 Schedule | 2014 Schedule | Combined Schedule | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
2013 Strengthening | $300 | N/A | $300 | ||||||||||||||||||
2014 Strengthening | $200 | $100 | $300 | ||||||||||||||||||
2015 Strengthening (1) | $100 | $100 | $200 | ||||||||||||||||||
2016 Strengthening (1) | N/A | $100 | $100 | ||||||||||||||||||
______________ | |||||||||||||||||||||
-1 | The actual 2015 and 2016 amounts may differ from those originally estimated in 2013 and 2014 due to changes in economic conditions, regulations, or policyholder behavior. | ||||||||||||||||||||
MetLife, Inc.’s U.S. insurance subsidiaries have no material state prescribed accounting practices, except for American Life and as described below. American Life calculates its policyholder reserves on insurance written in each foreign jurisdiction in accordance with the reserve standards required by such jurisdiction. American Life is not required to quantify the impact to its statutory capital and surplus as a result of applying this prescribed practice to its branch operations. Additionally, American Life’s insurance subsidiaries are valued based on each respective subsidiary’s underlying local statutory equity, adjusted in a manner consistent with the reporting prescribed for its branch operations. This valuation basis resulted in lower statutory capital and surplus of $2.8 billion for the year ended December 31, 2014 and higher statutory capital and surplus of $20 million for the year ended December 31, 2013 than if the insurance subsidiaries were valued under NAIC guidance. | |||||||||||||||||||||
The Delaware Department of Insurance approved two statutory accounting permitted practices for MetLife USA. For December 31, 2013, MetLife USA applied a U.S. GAAP reserving methodology for certain foreign blocks of business held by Exeter prior to the Mergers. See Note 8. These blocks of business were recaptured by the counterparties prior to the Mergers and are, therefore, not included in MetLife USA’s reserves as of December 31, 2014. In addition, the Delaware Department of Insurance granted permission for MetLife USA not to calculate, record or disclose the effect of this permitted practice on statutory surplus and net income. Additionally, the Delaware Department of Insurance granted approval for MetLife USA to present the statutory conversion of Exeter’s capital and surplus accounts, which have been historically reported under U.S. GAAP, as an adjustment to MetLife USA’s gross paid-in and contributed surplus in a manner similar to a quasi-reorganization for all periods presented. This permitted practice had the effect of decreasing gross paid-in and contributed surplus and increasing unassigned funds for MetLife USA by $4.4 billion for the year ended December 31, 2013 with no net effect on overall capital and surplus. | |||||||||||||||||||||
The tables below present amounts from MetLife, Inc.’s primary insurance subsidiaries, which are derived from the most recent statutory–basis financial statements as filed with the insurance regulators. | |||||||||||||||||||||
Statutory net income (loss) was as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Company | State of Domicile | 2014 | 2013 | 2012 | |||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | New York | $ | 1,487 | $ | 369 | $ | 1,320 | ||||||||||||||
American Life Insurance Company | Delaware | $ | (36 | ) | $ | 631 | $ | 317 | |||||||||||||
MetLife Insurance Company USA (1) | Delaware | $ | 1,543 | $ | 3,358 | $ | 848 | ||||||||||||||
Metropolitan Property and Casualty Insurance Company | Rhode Island | $ | 291 | $ | 282 | $ | 235 | ||||||||||||||
Metropolitan Tower Life Insurance Company | Delaware | $ | 51 | $ | 52 | $ | 61 | ||||||||||||||
______________ | |||||||||||||||||||||
-1 | Statutory net income (loss) for the year ended December 31, 2012 is as filed with the Connecticut Insurance Department by MICC and does not reflect the results of the Mergers. See Note 8 for a discussion on the Mergers. | ||||||||||||||||||||
Statutory capital and surplus was as follows at: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Company | 2014 | 2013 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | $ | 12,008 | $ | 12,428 | |||||||||||||||||
American Life Insurance Company | $ | 3,362 | $ | 2,711 | |||||||||||||||||
MetLife Insurance Company USA (1) | $ | 6,042 | $ | 3,566 | |||||||||||||||||
Metropolitan Property and Casualty Insurance Company | $ | 2,388 | $ | 2,225 | |||||||||||||||||
Metropolitan Tower Life Insurance Company | $ | 767 | $ | 735 | |||||||||||||||||
______________ | |||||||||||||||||||||
-1 | See Note 8 for a discussion on the Mergers. | ||||||||||||||||||||
As derived from the most recent annual statutory basis financial statements filed with insurance regulators, the aggregate statutory net income and aggregate statutory capital and surplus of the Company’s foreign insurance subsidiaries not owned directly or indirectly by the Company’s primary insurance subsidiaries set forth in the table above was $593 million and $4.1 billion, respectively. | |||||||||||||||||||||
The Company’s domestic captive life reinsurance subsidiaries, which reinsure risks including the closed block, level premium term life and ULSG assumed from other MetLife subsidiaries, have no state prescribed accounting practices, except for MetLife Reinsurance Company of Vermont (“MRV”) and MetLife Reinsurance Company of Delaware (“MRD”). MRV, with the explicit permission of the Commissioner of Insurance of the State of Vermont, has included, as admitted assets, the value of letters of credit serving as collateral for reinsurance credit taken by various affiliated cedants, in connection with reinsurance agreements entered into between MRV and the various affiliated cedants, which resulted in higher statutory capital and surplus of $6.0 billion and $5.5 billion for the years ended December 31, 2014 and 2013, respectively. MRV’s RBC would have triggered a regulatory event without the use of the state prescribed practice. MRD, with the explicit permission of the Commissioner of Insurance of the State of Delaware, has included, as admitted assets, the value of letters of credit issued to MRD, which resulted in higher statutory capital and surplus of $75 million and $0 for the years ended December 31, 2014 and 2013, respectively. MRD’s RBC would not have triggered a regulatory event without the use of the state prescribed practice. The statutory net income (loss) of MetLife, Inc.’s domestic captive life reinsurance subsidiaries was ($320) million, ($612) million and ($154) million for the years ended December 2014, 2013 and 2012, respectively, and the statutory capital and surplus, including the aforementioned prescribed practice, was $5.2 billion and $4.3 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Dividend Restrictions | |||||||||||||||||||||
Insurance Operations | |||||||||||||||||||||
The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and dividends paid: | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Company | Permitted Without | Paid (2) | Paid (2) | ||||||||||||||||||
Approval (1) | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | $ | 1,200 | $ | 821 | -3 | $ | 1,428 | ||||||||||||||
American Life Insurance Company | $ | — | $ | — | $ | — | |||||||||||||||
MetLife Insurance Company USA (4) | $ | 3,056 | $ | 155 | -5 | $ | 1,000 | -6 | |||||||||||||
Metropolitan Property and Casualty Insurance Company | $ | 239 | $ | 200 | $ | 100 | |||||||||||||||
Metropolitan Tower Life Insurance Company | $ | 102 | $ | 73 | $ | 109 | -7 | ||||||||||||||
MetLife Investors Insurance Company (4) | N/A | N/A | $ | 129 | |||||||||||||||||
______________ | |||||||||||||||||||||
-1 | Reflects dividend amounts that may be paid during 2015 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 2015, some or all of such dividends may require regulatory approval. | ||||||||||||||||||||
-2 | Reflects all amounts paid, including those requiring regulatory approval. | ||||||||||||||||||||
-3 | During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $113 million. | ||||||||||||||||||||
-4 | See Note 8 for a discussion of the Mergers. | ||||||||||||||||||||
-5 | Prior to the Mergers, Exeter paid dividends of $155 million on its preferred stock. In August 2014, MICC redeemed for $1.4 billion and retired 4,595,317 shares of its common stock owned by MetLife Investors Group LLC (“MLIG”). Following the redemption, in August 2014, MLIG paid a dividend of $1.4 billion to MetLife, Inc. MetLife USA did not pay dividends in 2014. | ||||||||||||||||||||
-6 | During the year ended December 31, 2013, MICC paid dividends of $1.0 billion. | ||||||||||||||||||||
-7 | During October 2013, Metropolitan Tower Life Insurance Company (“MTL”) distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $32 million. Also during October 2013, MTL paid a dividend to MetLife, Inc. in the amount of $77 million in cash, which represented its dividend capacity without regulatory approval at December 31, 2013. Regulatory approval for these dividends was obtained due to the amount and timing of the payments. | ||||||||||||||||||||
Under New York State Insurance Law, MLIC is permitted, without prior insurance regulatory clearance, to pay stockholder dividends to MetLife, Inc. as long as the aggregate amount of all such dividends in any calendar year does not exceed the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its statutory net gain from operations for the immediately preceding calendar year (excluding realized capital gains). MLIC will be permitted to pay a dividend to MetLife, Inc. in excess of the lesser of such two amounts only if it files notice of its intention to declare such a dividend and the amount thereof with the New York Superintendent of Financial Services (the “Superintendent”) and the Superintendent either approves the distribution of the dividend or does not disapprove the dividend within 30 days of its filing. Under New York State Insurance Law, the Superintendent has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders. | |||||||||||||||||||||
Under Delaware State Insurance Law, each of American Life, MetLife USA, and MTL is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend to MetLife, Inc. as long as the amount of the dividend, when aggregated with all other dividends in the preceding 12 months, does not exceed the greater of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) its net statutory gain from operations for the immediately preceding calendar year (excluding realized capital gains). Each of American Life, MetLife USA, and MTL will be permitted to pay a dividend to MetLife, Inc. in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Delaware Commissioner of Insurance (the “Delaware Commissioner”) and the Delaware Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (defined as “unassigned funds (surplus)”) as of the immediately preceding calendar year requires insurance regulatory approval. Under Delaware State Insurance Law, the Delaware Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders. | |||||||||||||||||||||
Under the Rhode Island Insurance Code, Metropolitan Property and Casualty Insurance Company (“MPC”) is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend to MetLife, Inc. as long as the aggregate amount of all such dividends in any 12 month period does not exceed the lesser of: (i) 10% of its surplus to policyholders as of the end of the immediately preceding calendar year, or (ii) net income, not including realized capital gains, for the immediately preceding calendar year, not including pro rata distributions of MPC’s own securities. In determining whether a dividend is extraordinary, MPC may include carry forward net income from the previous two calendar years, excluding realized capital gains less dividends paid in the second and immediately preceding calendar years. MPC will be permitted to pay a dividend to MetLife, Inc. in excess of the lesser of such two amounts only if it files notice of its intention to declare such a dividend and the amount thereof with the Rhode Island Commissioner of Insurance (the “Rhode Island Commissioner”) and the Rhode Island Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. Under the Rhode Island Insurance Code, the Rhode Island Commissioner has broad discretion in determining whether the financial condition of a stock property and casualty insurance company would support the payment of such dividends to its stockholders. | |||||||||||||||||||||
MetLife, Inc. | |||||||||||||||||||||
In addition to regulatory restrictions on the payment of dividends by its subsidiaries to MetLife, Inc., the payment of dividends by MetLife, Inc. to its stockholders is also subject to restrictions. The declaration and payment of dividends is subject to the discretion of MetLife, Inc.’s Board of Directors, and will depend on its financial condition, results of operations, cash requirements, future prospects and other factors deemed relevant by the Board. In addition, the payment of dividends on MetLife, Inc.’s common stock, and MetLife, Inc.’s ability to repurchase its common stock, may be subject to restrictions described below arising out of (i) regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the Federal Reserve Bank of New York (collectively, with the Federal Reserve Board, the “Federal Reserve”) as a result of the designation of MetLife, Inc. by the Financial Stability Oversight Council (“FSOC”) as a non-bank systemically important financial institution (“non-bank SIFI”), and (ii) restrictions under the terms of MetLife, Inc.’s preferred stock, and junior subordinated debentures in situations where MetLife, Inc. may be experiencing financial stress, as described below. For purposes of this discussion, “junior subordinated debentures” are deemed to include MetLife, Inc.’s Fixed-to-Floating Rate Exchangeable Surplus Trust Securities, which are exchangeable at the option of MetLife, Inc., or in the future upon the occurrence of certain events, for junior subordinated debentures, and which contain terms with the same substantive effects described in this discussion as the terms in MetLife’s junior subordinated debentures. | |||||||||||||||||||||
Regulatory Restrictions. On December 18, 2014, the FSOC designated MetLife, Inc. as a non-bank SIFI subject to regulation by the Federal Reserve and to enhanced supervision and prudential standards. On January 13, 2015, MetLife, Inc. filed an action in the U.S. District Court for the District of Columbia asking the court to review and rescind the FSOC’s designation of MetLife, Inc. as a non-bank SIFI. The Federal Reserve Board proposed a set of prudential standards that would have applied to non-bank SIFIs. The Federal Reserve Board’s proposal contemplated that these standards could be tailored for different companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities, size and any other risk-related factors that the Federal Reserve Board deems appropriate. In February 2014, the Federal Reserve Board implemented certain of the enhanced prudential standards for bank holding companies and foreign banking organizations with total consolidated assets of $50 billion or more and indicated that it plans to apply enhanced prudential standards to non-bank SIFIs by rule or order. Accordingly, the manner in which these proposed standards might apply to MetLife, Inc. remains unclear. Enhanced prudential and capital standards imposed on MetLife, Inc. as a non-bank SIFI could adversely affect its ability to pay dividends to its stockholders, as well as repurchase its common stock or other securities or engage in other transactions that could affect its capital. MetLife, Inc. has also been designated as a global systemically important insurer by the Financial Stability Board. As such, it could be subject to enhanced capital standards and supervision and other additional requirements that would not apply to companies that are not so designated. These policy measures would need to be implemented by legislation or regulation in each applicable jurisdiction, and the impact on MetLife, Inc. is uncertain. | |||||||||||||||||||||
“Dividend Stopper” Provisions in the Preferred Stock and Junior Subordinated Debentures. Certain terms of MetLife, Inc.’s preferred stock and junior subordinated debentures (sometimes referred to as “dividend stoppers”) may prevent it from repurchasing its common or preferred stock or paying dividends on its common or preferred stock in certain circumstances. Dividends on the preferred stock are not cumulative. If a dividend is not declared before the dividend payment date, MetLife, Inc. has no obligation to pay dividends accrued for that dividend period whether or not dividends are declared and paid in future periods. No dividends may, however, be paid or declared on MetLife, Inc.’s common stock — or any other securities ranking junior to the preferred stock — unless the full dividends for the latest completed dividend period on all preferred stock, and any parity stock, have been declared and paid or provided for. Under the junior subordinated debentures, if MetLife, Inc. has not paid in full the accrued interest on its junior subordinated debentures through the most recent interest payment date, it may not repurchase or pay dividends on its common stock or other capital stock (including the preferred stock), subject to certain exceptions. The junior subordinated debentures provide that MetLife may, at its option and provided that certain conditions are met, defer payment of interest without giving rise to an event of default for periods of up to 10 years (although after five years MetLife, Inc. would be obligated to use commercially reasonable efforts to sell equity securities to raise proceeds to pay the interest), with no limitation on the number of deferral periods that MetLife, Inc. may begin, so long as all accrued and unpaid interest is paid with respect to prior deferral periods. If MetLife, Inc. were to elect to defer payments of interest, the “dividend stopper” provisions in the junior subordinated debentures would thus prevent MetLife, Inc. from repurchasing or paying dividends on its common stock or other capital stock (including the preferred stock) during the period of deferral, subject to exceptions. | |||||||||||||||||||||
In addition, the preferred stock and the junior subordinated debentures contain provisions that would automatically suspend the payment of preferred stock dividends and junior subordinated debenture interest payments if MetLife, Inc. fails to meet certain risk based capital ratio, net income and stockholders’ equity tests at specified times. In such cases, however, MetLife would be permitted to make the payments if it were able to utilize a prescribed alternative payment mechanism. As a result of the suspension of these payments, the “dividend stopper” provisions would come into effect. | |||||||||||||||||||||
MetLife, Inc. is a party to certain RCCs which limit its ability to eliminate these restrictions through the repayment, redemption or purchase of preferred stock or junior subordinated debentures by requiring MetLife, Inc., subject to certain limitations, to receive cash proceeds during a specified period from the sale of specified replacement securities prior to any such repayment, redemption or purchase. See “— Preferred Stock” for a description of such covenants in effect with respect to the preferred stock, and Note 14 for a description of such covenants in effect with respect to junior subordinated debentures. | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc., net of income tax, was as follows: | |||||||||||||||||||||
Unrealized | Unrealized Gains (Losses) on Derivatives | Foreign Currency Translation Adjustments | Defined | Total | |||||||||||||||||
Investment Gains | Benefit | ||||||||||||||||||||
(Losses), Net of | Plans | ||||||||||||||||||||
Related Offsets (1) | Adjustment | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 7,689 | $ | 985 | $ | (648 | ) | $ | (1,943 | ) | $ | 6,083 | |||||||||
OCI before reclassifications | 9,321 | (262 | ) | (134 | ) | (996 | ) | 7,929 | |||||||||||||
Deferred income tax benefit (expense) | (3,457 | ) | 92 | 249 | 350 | (2,766 | ) | ||||||||||||||
OCI before reclassifications, net of income tax | 13,553 | 815 | (533 | ) | (2,589 | ) | 11,246 | ||||||||||||||
Amounts reclassified from AOCI | 58 | 24 | — | 154 | 236 | ||||||||||||||||
Deferred income tax benefit (expense) | (23 | ) | (8 | ) | — | (54 | ) | (85 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | 35 | 16 | — | 100 | 151 | ||||||||||||||||
Balance at December 31, 2012 | 13,588 | 831 | (533 | ) | (2,489 | ) | 11,397 | ||||||||||||||
OCI before reclassifications | (8,487 | ) | (937 | ) | (937 | ) | 1,078 | (9,283 | ) | ||||||||||||
Deferred income tax benefit (expense) | 2,807 | 312 | (189 | ) | (379 | ) | 2,551 | ||||||||||||||
OCI before reclassifications, net of income tax | 7,908 | 206 | (1,659 | ) | (1,790 | ) | 4,665 | ||||||||||||||
Amounts reclassified from AOCI | 411 | 36 | — | 214 | 661 | ||||||||||||||||
Deferred income tax benefit (expense) | (136 | ) | (11 | ) | — | (75 | ) | (222 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | 275 | 25 | — | 139 | 439 | ||||||||||||||||
Balance at December 31, 2013 | 8,183 | 231 | (1,659 | ) | (1,651 | ) | 5,104 | ||||||||||||||
OCI before reclassifications | 11,197 | 669 | (1,492 | ) | (1,150 | ) | 9,224 | ||||||||||||||
Deferred income tax benefit (expense) | (3,419 | ) | (261 | ) | (208 | ) | 401 | (3,487 | ) | ||||||||||||
OCI before reclassifications, net of income tax | 15,961 | 639 | (3,359 | ) | (2,400 | ) | 10,841 | ||||||||||||||
Amounts reclassified from AOCI | (811 | ) | 717 | 77 | 180 | 163 | |||||||||||||||
Deferred income tax benefit (expense) | 249 | (280 | ) | (27 | ) | (63 | ) | (121 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | (562 | ) | 437 | 50 | 117 | 42 | |||||||||||||||
Sale of subsidiary (2) | (320 | ) | — | 6 | — | (314 | ) | ||||||||||||||
Deferred income tax benefit (expense) | 80 | — | — | — | 80 | ||||||||||||||||
Sale of subsidiary, net of income tax | (240 | ) | — | 6 | — | (234 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 15,159 | $ | 1,076 | $ | (3,303 | ) | $ | (2,283 | ) | $ | 10,649 | |||||||||
__________________ | |||||||||||||||||||||
-1 | See Note 8 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. | ||||||||||||||||||||
-2 | See Note 3. | ||||||||||||||||||||
Information regarding amounts reclassified out of each component of AOCI, was as follows: | |||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Consolidated Statement of Operations and Comprehensive Income (Loss) Locations | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||||
Net unrealized investment gains (losses) | $ | 603 | $ | 344 | $ | (5 | ) | Net investment gains (losses) | |||||||||||||
Net unrealized investment gains (losses) | 67 | 93 | 73 | Net investment income | |||||||||||||||||
Net unrealized investment gains (losses) | 141 | (26 | ) | (10 | ) | Net derivative gains (losses) | |||||||||||||||
Net unrealized investment gains (losses), before income tax | 811 | 411 | 58 | ||||||||||||||||||
Income tax (expense) benefit | (249 | ) | (136 | ) | (23 | ) | |||||||||||||||
Net unrealized investment gains (losses), net of income tax | $ | 562 | $ | 275 | $ | 35 | |||||||||||||||
Unrealized gains (losses) on derivatives - cash flow hedges: | |||||||||||||||||||||
Interest rate swaps | $ | 42 | $ | 20 | $ | 1 | Net derivative gains (losses) | ||||||||||||||
Interest rate swaps | 9 | 8 | 4 | Net investment income | |||||||||||||||||
Interest rate swaps | — | — | (3 | ) | Other expenses | ||||||||||||||||
Interest rate forwards | (7 | ) | 10 | 1 | Net derivative gains (losses) | ||||||||||||||||
Interest rate forwards | 4 | 3 | 2 | Net investment income | |||||||||||||||||
Interest rate forwards | 2 | (1 | ) | (1 | ) | Other expenses | |||||||||||||||
Foreign currency swaps | (768 | ) | (3 | ) | 23 | Net derivative gains (losses) | |||||||||||||||
Foreign currency swaps | (2 | ) | (3 | ) | (5 | ) | Net investment income | ||||||||||||||
Foreign currency swaps | 2 | 1 | 1 | Other expenses | |||||||||||||||||
Credit forwards | 1 | 1 | 1 | Net investment income | |||||||||||||||||
Gains (losses) on cash flow hedges, before income tax | (717 | ) | 36 | 24 | |||||||||||||||||
Income tax (expense) benefit | 280 | (11 | ) | (8 | ) | ||||||||||||||||
Gains (losses) on cash flow hedges, net of income tax | (437 | ) | 25 | 16 | |||||||||||||||||
Foreign currency translation adjustment | (77 | ) | — | — | Net investment gain (losses) | ||||||||||||||||
Income tax (expense) benefit | 27 | — | — | ||||||||||||||||||
Foreign translation adjustment, net of income tax | (50 | ) | — | — | |||||||||||||||||
Defined benefit plans adjustment: (1) | |||||||||||||||||||||
Amortization of net actuarial gains (losses) | $ | (180 | ) | $ | 283 | $ | 252 | ||||||||||||||
Amortization of prior service (costs) credit | — | (69 | ) | (98 | ) | ||||||||||||||||
Amortization of defined benefit plan items, before | (180 | ) | 214 | 154 | |||||||||||||||||
income tax | |||||||||||||||||||||
Income tax (expense) benefit | 63 | (75 | ) | (54 | ) | ||||||||||||||||
Amortization of defined benefit plan items, net of income tax | $ | (117 | ) | $ | 139 | $ | 100 | ||||||||||||||
Total reclassifications, net of income tax | $ | (42 | ) | $ | 439 | $ | 151 | ||||||||||||||
__________________ | |||||||||||||||||||||
-1 | These AOCI components are included in the computation of net periodic benefit costs. See Note 18. |
Other_Expenses
Other Expenses | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||
Other Expenses | 17. Other Expenses | |||||||||||||||||||||||||||||||||||
Information on other expenses was as follows: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Compensation | $ | 4,894 | $ | 5,108 | $ | 5,562 | ||||||||||||||||||||||||||||||
Pension, postretirement and postemployment benefit costs | 473 | 488 | 428 | |||||||||||||||||||||||||||||||||
Commissions | 5,153 | 5,428 | 5,909 | |||||||||||||||||||||||||||||||||
Volume-related costs | 859 | 842 | 599 | |||||||||||||||||||||||||||||||||
Capitalization of DAC | (4,183 | ) | (4,786 | ) | (5,289 | ) | ||||||||||||||||||||||||||||||
Amortization of DAC and VOBA | 4,132 | 3,550 | 4,199 | |||||||||||||||||||||||||||||||||
Amortization of negative VOBA | (442 | ) | (579 | ) | (622 | ) | ||||||||||||||||||||||||||||||
Interest expense on debt | 1,216 | 1,282 | 1,356 | |||||||||||||||||||||||||||||||||
Premium taxes, licenses and fees | 801 | 658 | 677 | |||||||||||||||||||||||||||||||||
Professional services | 1,457 | 1,454 | 1,664 | |||||||||||||||||||||||||||||||||
Rent and related expenses, net of sublease income | 361 | 376 | 422 | |||||||||||||||||||||||||||||||||
Other (1) | 2,370 | 2,781 | 2,850 | |||||||||||||||||||||||||||||||||
Total other expenses | $ | 17,091 | $ | 16,602 | $ | 17,755 | ||||||||||||||||||||||||||||||
__________________ | ||||||||||||||||||||||||||||||||||||
-1 | See Note 19 for information on the Japan income tax refund included in other expenses for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||
Capitalization of DAC and Amortization of DAC and VOBA | ||||||||||||||||||||||||||||||||||||
See Note 5 for additional information on DAC and VOBA including impacts of capitalization and amortization. See also Note 7 for a description of the DAC amortization impact associated with the closed block. | ||||||||||||||||||||||||||||||||||||
Interest Expense on Debt | ||||||||||||||||||||||||||||||||||||
See Notes 12, 13, 14 and 15 for attribution of interest expense by debt issuance. Interest expense on debt includes interest expense related to CSEs. See Note 8. | ||||||||||||||||||||||||||||||||||||
Restructuring Charges | ||||||||||||||||||||||||||||||||||||
The Company commenced an enterprise-wide strategic initiative in 2012. 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. Information regarding restructuring charges was as follows: | ||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Severance | Lease and | Total | Severance | Lease and | Total | Severance | Lease and | Total | ||||||||||||||||||||||||||||
Asset | Asset | Asset | ||||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 40 | $ | 6 | $ | 46 | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | $ | — | ||||||||||||||||||
Restructuring charges | 83 | 8 | 91 | 99 | 16 | 115 | 141 | 18 | 159 | |||||||||||||||||||||||||||
Cash payments | (92 | ) | (8 | ) | (100 | ) | (82 | ) | (10 | ) | (92 | ) | (118 | ) | (18 | ) | (136 | ) | ||||||||||||||||||
Balance at December 31, | $ | 31 | $ | 6 | $ | 37 | $ | 40 | $ | 6 | $ | 46 | $ | 23 | $ | — | $ | 23 | ||||||||||||||||||
Total restructuring charges incurred since inception of initiative | $ | 323 | $ | 42 | $ | 365 | $ | 240 | $ | 34 | $ | 274 | $ | 141 | $ | 18 | $ | 159 | ||||||||||||||||||
Management anticipates further restructuring charges including severance, as well as lease and asset impairments, through the year ending December 31, 2016. However, such restructuring plans were not sufficiently developed to enable management to make an estimate of such restructuring charges at December 31, 2014. | ||||||||||||||||||||||||||||||||||||
ALICO Integration-Related Expenses | ||||||||||||||||||||||||||||||||||||
Integration-related costs were less than $1 million, $138 million and $305 million for the years ended December 31, 2014, 2013 and 2012, respectively. Integration-related costs represent costs directly related to integrating 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. The Company does not expect future ALICO integration-related costs to be material. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 18. Employee Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain 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. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and either final average or career average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as earnings credits, determined annually based upon the average annual rate of interest on 30-year U.S. Treasury securities, for each account balance. At December 31, 2014, the majority of active participants were accruing benefits under the cash balance formula; however, 89% of these subsidiaries’ obligations result from benefits calculated with the traditional formula. The U.S. non-qualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding-retirement or points earned on job grades and other factors in years of service. | ||||||||||||||||||||||||||||||||||||||||||||||||
These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees. Employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. Employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. | ||||||||||||||||||||||||||||||||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations at January 1, | $ | 8,591 | $ | 744 | $ | 1,834 | $ | 41 | $ | 9,480 | $ | 823 | $ | 2,375 | $ | 43 | ||||||||||||||||||||||||||||||||
Service costs | 200 | 62 | 14 | 2 | 236 | 67 | 20 | 2 | ||||||||||||||||||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | ||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,551 | 56 | 264 | — | (1,050 | ) | 34 | (551 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Acquisition, divestitures, settlements and curtailments | (13 | ) | (5 | ) | (6 | ) | 1 | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||
Change in benefits | (4 | ) | — | (9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (101 | ) | — | (4 | ) | — | (134 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations at December 31, | 10,262 | 739 | 2,110 | 35 | 8,591 | 744 | 1,834 | 41 | ||||||||||||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | 7,776 | 248 | 1,352 | 14 | 7,879 | 224 | 1,320 | 15 | ||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 1,084 | 24 | 112 | — | (22 | ) | 34 | 58 | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisition, divestitures and settlements | — | (10 | ) | — | — | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Employer contributions | 390 | 60 | 41 | 3 | 383 | 83 | 76 | 5 | ||||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (33 | ) | — | — | — | (33 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | 8,750 | 253 | 1,426 | 10 | 7,776 | 248 | 1,352 | 14 | ||||||||||||||||||||||||||||||||||||||||
Over (under) funded status at December 31, | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 7 | $ | — | $ | 1 | $ | 223 | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other liabilities | (1,512 | ) | (493 | ) | (684 | ) | (26 | ) | (1,038 | ) | (503 | ) | (482 | ) | (27 | ) | ||||||||||||||||||||||||||||||||
Net amount recognized | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | $ | 3,034 | $ | 59 | $ | 422 | $ | 3 | $ | 2,274 | $ | 28 | $ | 211 | $ | 2 | ||||||||||||||||||||||||||||||||
Prior service costs (credit) | (2 | ) | 1 | (11 | ) | 1 | 18 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
AOCI, before income tax | $ | 3,032 | $ | 60 | $ | 411 | $ | 4 | $ | 2,292 | $ | 30 | $ | 212 | $ | 3 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 9,729 | $ | 626 | N/A | N/A | $ | 8,104 | $ | 636 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
The aggregate pension accumulated benefit obligation and aggregate fair value of plan assets for pension benefit plans with accumulated benefit obligations in excess of plan assets was as follows at: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 1,981 | $ | 634 | $ | 1,037 | $ | 644 | ||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligations | $ | 1,789 | $ | 573 | $ | 927 | $ | 579 | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 676 | $ | 177 | $ | — | $ | 167 | ||||||||||||||||||||||||||||||||||||||||
Information for pension and other postretirement benefit plans with a PBO in excess of plan assets were as follows at: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 10,241 | $ | 703 | $ | 2,110 | $ | 35 | $ | 1,170 | $ | 701 | $ | 1,834 | $ | 41 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 8,719 | $ | 212 | $ | 1,426 | $ | 10 | $ | 133 | $ | 199 | $ | 1,352 | $ | 14 | ||||||||||||||||||||||||||||||||
Net Periodic Benefit Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs are determined using management estimates and actuarial assumptions to derive service costs, interest costs and expected return on plan assets for a particular year. Net periodic benefit costs also includes the applicable amortization of net actuarial (gains) losses and amortization of any prior service costs (credit). | ||||||||||||||||||||||||||||||||||||||||||||||||
The obligations and expenses associated with these plans require an extensive use of assumptions such as the discount rate, expected rate of return on plan assets, rate of future compensation increases, healthcare cost trend rates, as well as assumptions regarding participant demographics such as rate and age of retirements, withdrawal rates and mortality. Management, in consultation with its external consulting actuarial firms, determines these assumptions based upon a variety of factors such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. The assumptions used may differ materially from actual results due to, among other factors, changing market and economic conditions and changes in participant demographics. These differences may have a significant effect on the Company’s consolidated financial statements and liquidity. | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension costs and net periodic other postretirement benefit plan costs are comprised of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||
• | Service Costs — Service costs are the increase in the projected (expected) PBO resulting from benefits payable to employees on service rendered during the current year. | |||||||||||||||||||||||||||||||||||||||||||||||
• | Interest Costs — Interest costs are the time value adjustment on the projected (expected) PBO at the end of each year. | |||||||||||||||||||||||||||||||||||||||||||||||
• | Settlement and Curtailment Costs — The aggregate amount of net (gains) losses recognized in net periodic benefit costs is due to settlements and curtailments. Settlements result from actions that relieve/eliminate the plan’s responsibility for benefit obligations or risks associated with the obligations or assets used for the settlement. Curtailments result from an event that significantly reduces/eliminates plan participants’ expected years of future services or benefit accruals. | |||||||||||||||||||||||||||||||||||||||||||||||
• | Expected Return on Plan Assets — Expected return on plan assets is the assumed return earned by the accumulated pension and other postretirement fund assets in a particular year. | |||||||||||||||||||||||||||||||||||||||||||||||
• | Amortization of Net Actuarial (Gains) Losses — Actuarial gains and losses result from differences between the actual experience and the expected experience on pension and other postretirement plan assets or projected (expected) PBO during a particular period. These gains and losses are accumulated and, to the extent they exceed 10% of the greater of the PBO or the fair value of plan assets, the excess is amortized into pension and other postretirement benefit costs over the expected service years of the employees. | |||||||||||||||||||||||||||||||||||||||||||||||
• | Amortization of Prior Service Costs (Credit) — These costs relate to the recognition of increases or decreases in pension and other postretirement benefit obligation due to amendments in plans or initiation of new plans. These increases or decreases in obligation are recognized in AOCI at the time of the amendment. These costs are then amortized to pension and other postretirement benefit costs over the expected service years of the employees affected by the change. | |||||||||||||||||||||||||||||||||||||||||||||||
The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Service costs | $ | 200 | $ | 62 | $ | 14 | $ | 2 | $ | 236 | $ | 67 | $ | 20 | $ | 2 | $ | 224 | $ | 75 | $ | 21 | $ | 1 | ||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | 406 | 17 | 103 | 2 | ||||||||||||||||||||||||||||||||||||
Settlement and curtailment costs | 14 | 5 | 2 | 2 | — | (2 | ) | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (475 | ) | (7 | ) | (75 | ) | (1 | ) | (483 | ) | (6 | ) | (75 | ) | (1 | ) | (484 | ) | (6 | ) | (77 | ) | (1 | ) | ||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | 169 | — | 11 | — | 228 | — | 55 | — | 195 | — | 57 | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service costs (credit) | 1 | — | (1 | ) | — | 6 | — | (75 | ) | — | 6 | — | (104 | ) | — | |||||||||||||||||||||||||||||||||
Total net periodic benefit costs (credit) | 346 | 79 | 43 | 5 | 376 | 73 | 17 | 4 | 347 | 86 | — | 3 | ||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 929 | 31 | 222 | 1 | (545 | ) | 1 | (533 | ) | 1 | 744 | 18 | 234 | 2 | ||||||||||||||||||||||||||||||||||
Prior service costs (credit) | (19 | ) | (1 | ) | (13 | ) | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | (169 | ) | — | (11 | ) | — | (228 | ) | — | (55 | ) | (2 | ) | (195 | ) | — | (57 | ) | — | |||||||||||||||||||||||||||||
Amortization of prior service (costs) credit | (1 | ) | — | 1 | — | (6 | ) | — | 75 | — | (6 | ) | — | 104 | — | |||||||||||||||||||||||||||||||||
Total recognized in OCI | 740 | 30 | 199 | 1 | (779 | ) | 1 | (513 | ) | (1 | ) | 543 | 17 | 281 | 1 | |||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and OCI | $ | 1,086 | $ | 109 | $ | 242 | $ | 6 | $ | (403 | ) | $ | 74 | $ | (496 | ) | $ | 3 | $ | 890 | $ | 103 | $ | 281 | $ | 4 | ||||||||||||||||||||||
The estimated net actuarial (gains) losses and prior service costs (credit) for the U.S. pension plans and the U.S. defined benefit other postretirement benefit plans that will be amortized from AOCI into net periodic benefit costs over the next year are $200 million and ($1) million, and $31 million and ($4) million, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in determining benefit obligations were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans (1) | U.S. Plans | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.10% | 1.68% | 4.10% | 5.84% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 2.25 | % | - | 8.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 5.15% | 1.94% | 5.15% | 6.47% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. | |||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in determining net periodic benefit costs were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans (1) | U.S. Plans | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 5.15% | 2.06% | 5.15% | 6.38% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 6.25% | 3.24% | 5.70% | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.20% | 1.98% | 4.20% | 5.01% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 6.25% | 2.07% | 5.76% | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 1.5 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.95% | 2.35% | 4.95% | 5.78% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 7.00% | 3.35% | 6.26% | 6.54% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 4.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. | |||||||||||||||||||||||||||||||||||||||||||||||
The weighted average discount rate for the U.S. plans is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the valuation date, which would provide the necessary future cash flows to pay the aggregate PBO when due. | ||||||||||||||||||||||||||||||||||||||||||||||||
The weighted average discount rate for non-U.S. pension plans is based on the duration of liabilities on a country by country basis. The rate was selected by reference to high quality corporate bonds in developed markets or local government bonds where markets were less robust or nonexistent. | ||||||||||||||||||||||||||||||||||||||||||||||||
The weighted average expected rate of return on plan assets for the U.S. plans is based on anticipated performance of the various asset sectors in which the plans invest, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate. | ||||||||||||||||||||||||||||||||||||||||||||||||
The weighted average expected long-term rate of return for the non-U.S. pension plans is an aggregation of each country’s expected rate of return within each asset class. For each country, the rate of return with respect to each asset class was developed based on a building block approach that considers historical returns, current market conditions, asset volatility and the expectations for future market returns. While the assessment of the expected rate of return is long-term and not expected to change annually, significant changes in investment strategy or economic conditions may warrant such a change. The expected rate of return within each asset class, together with any contributions made, are expected to maintain the plans’ ability to meet all required benefit obligations. | ||||||||||||||||||||||||||||||||||||||||||||||||
The weighted average expected rate of return on plan assets for use in that plan’s valuation in 2015 is currently anticipated to be 6.24% for U.S. pension benefits and 5.65% for U.S. other postretirement benefits. The weighted average expected rate of return on plan assets for use in that plan’s valuation in 2015 is currently anticipated to be 2.73% for non-U.S. pension benefits and 6.75% for non-U.S. other postretirement benefits. | ||||||||||||||||||||||||||||||||||||||||||||||||
The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-and Post-Medicare eligible claims | 6.4% for 2015, gradually decreasing each year for Pre-Medicare until 2094 reaching the ultimate rate of 4.4% and for Post-Medicare until 2089 reaching the ultimate rate of 4.7% | 6.4% in 2014, gradually decreasing each year until 2094 reaching the ultimate rate of 4.4% for Pre-Medicare and 4.6% for Post-Medicare. | ||||||||||||||||||||||||||||||||||||||||||||||
Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects as of December 31, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||
One Percent | One Percent | One Percent | One Percent | |||||||||||||||||||||||||||||||||||||||||||||
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest costs components | $ | 14 | $ | (11 | ) | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Effect of accumulated postretirement benefit obligations | $ | 302 | $ | (245 | ) | $ | 1 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the improved mortality rate assumption used for all U.S. pension and postretirement benefit plans is the RP-2000 healthy mortality table projected generationally using 175% of Scale AA. The mortality rate assumption was revised based upon the results of a comprehensive study of MetLife’s demographic experience and reflects the current best estimate of expected mortality rates for MetLife’s participant population. Prior to December 31, 2014, the mortality rate assumption used to value the benefit obligations and net periodic benefit cost for these plans was the RP-2000 healthy mortality table projected generationally using 100% of Scale AA. | ||||||||||||||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
The pension and other postretirement benefit plan assets are categorized into a three-level fair value hierarchy, as defined in Note 10, based upon the significant input with the lowest level in its valuation. The following summarizes the types of assets included within the three-level fair value hierarchy presented below. | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | This category includes separate accounts that are invested in fixed maturity securities, equity securities, derivative assets and short-term investments which have unadjusted quoted market prices in active markets for identical assets and liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||
Level 2 | This category includes certain separate accounts that are primarily invested in liquid and readily marketable securities. The estimated fair value of such separate account is based upon reported NAV provided by fund managers and this value represents the amount at which transfers into and out of the respective separate account are effected. These separate accounts provide reasonable levels of price transparency and can be corroborated through observable market data. | |||||||||||||||||||||||||||||||||||||||||||||||
Directly held investments are primarily invested in U.S. and foreign government and corporate securities. | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 | This category includes separate accounts that are invested in fixed maturity securities, equity securities, derivative assets and other investments that provide little or no price transparency due to the infrequency with which the underlying assets trade and generally require additional time to liquidate in an orderly manner. Accordingly, the values for separate accounts invested in these alternative asset classes are based on inputs that cannot be readily derived from or corroborated by observable market data. | |||||||||||||||||||||||||||||||||||||||||||||||
Certain separate accounts are invested in investment partnerships designated as hedge funds. The values for these separate accounts is determined monthly based on the NAV of the underlying hedge fund investment. Additionally, such hedge funds generally contain lock out or other waiting period provisions for redemption requests to be filled. While the reporting and redemption restrictions may limit the frequency of trading activity in separate accounts invested in hedge funds, the reported NAV, and thus the referenced value of the separate account, provides a reasonable level of price transparency that can be corroborated through observable market data. | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain U.S. subsidiaries provide employees with benefits under various Employee Retirement Income Security Act of 1974 (“ERISA”) benefit plans. These include qualified pension plans, postretirement medical plans and certain retiree life insurance coverage. The assets of these U.S. subsidiaries’ qualified pension plans are held in an insurance group annuity contract, and the vast majority of the assets of the postretirement medical plan and backing the retiree life coverage are held in a trust which largely utilizes insurance contracts to hold the assets. All of these contracts are issued by Company insurance affiliates, and the assets under the contracts are held in insurance separate accounts that have been established by the Company. The underlying assets of the separate accounts are principally comprised of cash and cash equivalents, short-term investments, fixed maturity and equity securities, derivatives, real estate, private equity investments and hedge fund investments. | ||||||||||||||||||||||||||||||||||||||||||||||||
The insurance contract provider engages investment management firms (“Managers”) to serve as sub-advisors for the separate accounts based on the specific investment needs and requests identified by the plan fiduciary. These Managers have portfolio management discretion over the purchasing and selling of securities and other investment assets pursuant to the respective investment management agreements and guidelines established for each insurance separate account. The assets of the qualified pension plans and postretirement medical plans (the “Invested Plans”) are well diversified across multiple asset categories and across a number of different Managers, with the intent of minimizing risk concentrations within any given asset category or with any given Manager. | ||||||||||||||||||||||||||||||||||||||||||||||||
The Invested Plans, other than those held in participant directed investment accounts, are managed in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maximizing the Invested Plan’s funded status; (ii) minimizing the volatility of the Invested Plan’s funded status; (iii) generating asset returns that exceed liability increases; and (iv) targeting rates of return in excess of a custom benchmark and industry standards over appropriate reference time periods. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of administering and managing the Invested Plan’s investments. Independent investment consultants are periodically used to evaluate the investment risk of Invested Plan’s assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and to recommend asset allocations. | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted. | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below summarizes the actual weighted average allocation of the fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2014 for the Invested Plans: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension | Postretirement Medical | Postretirement Life | Pension | Postretirement Medical | Postretirement Life | |||||||||||||||||||||||||||||||||||||||||||
Target | Actual | Target | Actual | Target | Actual | Actual | Actual | Actual | ||||||||||||||||||||||||||||||||||||||||
Allocation | Allocation | Allocation | Allocation | Allocation | Allocation | |||||||||||||||||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities (1) | 75 | % | 69 | % | 70 | % | 71 | % | — | % | — | % | 64 | % | 67 | % | — | % | ||||||||||||||||||||||||||||||
Equity securities (2) | 12 | % | 15 | % | 30 | % | 27 | % | — | % | — | % | 23 | % | 32 | % | — | % | ||||||||||||||||||||||||||||||
Alternative securities (3) | 13 | % | 16 | % | — | % | 2 | % | 100 | % | 100 | % | 13 | % | 1 | % | 100 | % | ||||||||||||||||||||||||||||||
Total assets | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Fixed maturity securities include ABS, collateralized mortgage obligations, corporate, federal agency, foreign bonds, mortgage-backed securities, municipals, preferred stocks, U.S. government bonds and exchange traded funds. Certain prior year amounts have been reclassified from equity securities into fixed maturity securities to conform to the current year presentation. | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Equity securities primarily include common stock of U.S. companies. | |||||||||||||||||||||||||||||||||||||||||||||||
-3 | Alternative securities primarily include derivative assets, money market securities, short-term investments and other investments. Postretirement life’s target and actual allocation of plan assets are all in short-term investments. | |||||||||||||||||||||||||||||||||||||||||||||||
The pension and postretirement plan assets measured at estimated fair value on a recurring basis were determined as described in “— Plan Assets.” These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 2,638 | $ | 80 | $ | 2,718 | $ | 42 | $ | 244 | $ | 3 | $ | 289 | ||||||||||||||||||||||||||||||||
U.S. government bonds | 1,605 | 223 | — | 1,828 | 169 | 12 | — | 181 | ||||||||||||||||||||||||||||||||||||||||
Foreign bonds | — | 718 | 17 | 735 | — | 68 | — | 68 | ||||||||||||||||||||||||||||||||||||||||
Federal agencies | — | 254 | — | 254 | — | 35 | — | 35 | ||||||||||||||||||||||||||||||||||||||||
Municipals | — | 270 | — | 270 | — | 74 | — | 74 | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | 188 | 8 | 196 | — | 63 | — | 63 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 1,605 | 4,291 | 105 | 6,001 | 211 | 496 | 3 | 710 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - domestic | 951 | — | — | 951 | 188 | — | — | 188 | ||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | 394 | — | — | 394 | 80 | — | — | 80 | ||||||||||||||||||||||||||||||||||||||||
Total equity securities | 1,345 | — | — | 1,345 | 268 | — | — | 268 | ||||||||||||||||||||||||||||||||||||||||
Other investments | — | 24 | 743 | 767 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | 189 | 273 | — | 462 | 14 | 433 | — | 447 | ||||||||||||||||||||||||||||||||||||||||
Money market securities | 29 | 56 | — | 85 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 11 | 7 | 72 | 90 | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,179 | $ | 4,651 | $ | 920 | $ | 8,750 | $ | 493 | $ | 930 | $ | 3 | $ | 1,426 | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 2,073 | $ | 59 | $ | 2,132 | $ | 77 | $ | 170 | $ | 1 | $ | 248 | ||||||||||||||||||||||||||||||||
U.S. government bonds | 924 | 166 | — | 1,090 | 135 | 5 | — | 140 | ||||||||||||||||||||||||||||||||||||||||
Foreign bonds | — | 718 | 11 | 729 | — | 63 | — | 63 | ||||||||||||||||||||||||||||||||||||||||
Federal agencies | — | 292 | — | 292 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||||||
Municipals | — | 219 | — | 219 | 55 | 15 | — | 70 | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | 490 | 19 | 509 | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 924 | 3,958 | 89 | 4,971 | 267 | 340 | 1 | 608 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - domestic | 1,133 | 22 | 148 | 1,303 | 196 | — | — | 196 | ||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | 460 | — | — | 460 | 102 | — | — | 102 | ||||||||||||||||||||||||||||||||||||||||
Total equity securities | 1,593 | 22 | 148 | 1,763 | 298 | — | — | 298 | ||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | 600 | 600 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | 53 | 309 | — | 362 | — | 439 | — | 439 | ||||||||||||||||||||||||||||||||||||||||
Money market securities | 1 | 12 | — | 13 | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 17 | 15 | 35 | 67 | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,588 | $ | 4,316 | $ | 872 | $ | 7,776 | $ | 569 | $ | 782 | $ | 1 | $ | 1,352 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Other primarily includes mortgage-backed securities, collateralized mortgage obligations and ABS. | |||||||||||||||||||||||||||||||||||||||||||||||
A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 59 | $ | 11 | $ | 19 | $ | 148 | $ | 600 | $ | 35 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | 3 | — | — | — | (13 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | — | — | 112 | 19 | ||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 11 | 6 | (2 | ) | — | (104 | ) | 34 | ||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | 7 | — | (9 | ) | (148 | ) | 148 | — | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 80 | $ | 17 | $ | 8 | $ | — | $ | 743 | $ | 72 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 3 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 19 | $ | 8 | $ | 7 | $ | 137 | $ | 447 | $ | 1 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | (1 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (2 | ) | 1 | — | 9 | 59 | (18 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 19 | (3 | ) | 11 | 3 | (62 | ) | 55 | ||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | 23 | 5 | 1 | — | 156 | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 59 | $ | 11 | $ | 19 | $ | 148 | $ | 600 | $ | 35 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 4 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (3 | ) | (1 | ) | (4 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 32 | $ | 5 | $ | 2 | $ | 206 | $ | 531 | $ | 4 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | (27 | ) | 55 | 6 | |||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (1 | ) | 8 | — | 10 | (36 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (12 | ) | (5 | ) | 5 | (52 | ) | (103 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 19 | $ | 8 | $ | 7 | $ | 137 | $ | 447 | $ | 1 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 4 | $ | 1 | $ | 5 | $ | 1 | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (2 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | 2 | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | — | (2 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 4 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Other includes ABS and collateralized mortgage obligations. | |||||||||||||||||||||||||||||||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension benefits are provided utilizing either a traditional formula or cash balance formula, similar to the U.S. plans. The investment objectives are also similar, subject to local regulations. Generally, these international pension plans invest directly in high quality equity and fixed maturity securities. The assets of the non-U.S. pension plans are comprised of short-term investments, equity and fixed maturity securities, real estate and hedge fund investments. | ||||||||||||||||||||||||||||||||||||||||||||||||
The assets of the non-U.S. pension plans, other than those held in participant directed investment accounts, are managed in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters and consistent with the policies, goals and derivative instrument risk management guidelines described above for the U.S. plans. | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below summarizes the actual weighted average allocation of the fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2014 for the plans: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension | Other Postretirement | Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||||||||||||
Target | Actual Allocation | Target | Actual Allocation | Actual Allocation | Actual Allocation | |||||||||||||||||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities (1) | 74 | % | 61 | % | 100 | % | 100 | % | 50 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Equity securities (2) | 19 | % | 23 | % | — | % | — | % | 33 | % | — | % | ||||||||||||||||||||||||||||||||||||
Alternative securities (3) | 7 | % | 16 | % | — | % | — | % | 17 | % | — | % | ||||||||||||||||||||||||||||||||||||
Total assets | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Fixed maturity securities include corporate and foreign bonds. | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Equity securities primarily include common stock of non-U.S. companies. | |||||||||||||||||||||||||||||||||||||||||||||||
-3 | Alternative securities include derivative assets, real estate, short-term investments, and other investments. | |||||||||||||||||||||||||||||||||||||||||||||||
The pension and postretirement plan assets measured at estimated fair value on a recurring basis were determined as described in “— Plan Assets.” These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 66 | $ | — | $ | 66 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Foreign bonds | — | 90 | — | 90 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | — | 156 | — | 156 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | — | 57 | — | 57 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other investments | 34 | — | — | 34 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | — | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 34 | $ | 216 | $ | 3 | $ | 253 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 27 | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Foreign bonds | — | 96 | — | 96 | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | — | 123 | — | 123 | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | — | 83 | — | 83 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other investments | 32 | — | — | 32 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | — | 6 | — | 6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 32 | $ | 212 | $ | 4 | $ | 248 | $ | — | $ | 14 | $ | — | $ | 14 | ||||||||||||||||||||||||||||||||
A rollforward of all pension benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | Real | Derivative | Real | Derivative | Real | |||||||||||||||||||||||||||||||||||||||||||
Assets | Estate | Assets | Estate | Assets | Estate | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 2 | $ | 2 | $ | 13 | $ | 7 | $ | 13 | $ | 8 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (2 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (1 | ) | — | 3 | 1 | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances, and settlements, net | — | — | (12 | ) | (5 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 1 | $ | 2 | $ | 2 | $ | 2 | $ | 13 | $ | 7 | ||||||||||||||||||||||||||||||||||||
Expected Future Contributions and Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||||||||
It is the subsidiaries’ practice to make contributions to the U.S. qualified pension plan to comply with minimum funding requirements of ERISA. In accordance with such practice, no contributions are required for 2015. The subsidiaries expect to make discretionary contributions to the qualified pension plan of $300 million in 2015. For information on employer contributions, see “— Obligations and Funded Status.” | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit payments due under the U.S. non-qualified pension plans are primarily funded from the subsidiaries’ general assets as they become due under the provision of the plans, therefore benefit payments equal employer contributions. The U.S. subsidiaries expect to make contributions of $70 million to fund the benefit payments in 2015. | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. and non-U.S. postretirement benefits are either: (i) not vested under law; (ii) a non-funded obligation of the subsidiaries; or (iii) both. Current regulations do not require funding for these benefits. The subsidiaries use their general assets, net of participant’s contributions, to pay postretirement medical claims as they come due. As permitted under the terms of the governing trust document, the subsidiaries may be reimbursed from plan assets for postretirement medical claims paid from their general assets. The U.S. subsidiaries expect to make contributions of $50 million towards benefit obligations in 2015 to pay postretirement medical claims. | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 490 | $ | 32 | $ | 81 | $ | 4 | ||||||||||||||||||||||||||||||||||||||||
2016 | $ | 507 | $ | 36 | $ | 81 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2017 | $ | 531 | $ | 37 | $ | 84 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2018 | $ | 544 | $ | 40 | $ | 87 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2019 | $ | 565 | $ | 48 | $ | 92 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2020-2024 | $ | 3,134 | $ | 255 | $ | 519 | $ | 14 | ||||||||||||||||||||||||||||||||||||||||
Additional Information | ||||||||||||||||||||||||||||||||||||||||||||||||
As previously discussed, most of the assets of the U.S. pension benefit plan are held in a group annuity contract issued by the subsidiaries while some of the assets of the U.S. postretirement benefit plans are held in a trust which largely utilizes life insurance contracts issued by the subsidiaries to hold such assets. Total revenues from these contracts recognized in the consolidated statements of operations were $50 million, $49 million and $54 million for the years ended December 31, 2014, 2013 and 2012, respectively, and included policy charges and net investment income from investments backing the contracts and administrative fees. Total investment income (loss), including realized and unrealized gains (losses), credited to the account balances was $1.2 billion, $20 million and $867 million for the years ended December 31, 2014, 2013 and 2012, respectively. The terms of these contracts are consistent in all material respects with those the subsidiaries offer to unaffiliated parties that are similarly situated. | ||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||||||||||||||||||
Certain subsidiaries sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions are matched. These subsidiaries contributed $77 million, $93 million and $96 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Income_Tax
Income Tax | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Income Tax | 19. Income Tax | |||||||||||||||
The provision for income tax from continuing operations was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Current: | ||||||||||||||||
Federal | $ | (56 | ) | $ | 85 | $ | (29 | ) | ||||||||
State and local | 9 | 2 | 6 | |||||||||||||
Foreign | 779 | 422 | 846 | |||||||||||||
Subtotal | 732 | 509 | 823 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | 1,597 | (250 | ) | (244 | ) | |||||||||||
State and local | (1 | ) | (11 | ) | (1 | ) | ||||||||||
Foreign | 137 | 413 | (450 | ) | ||||||||||||
Subtotal | 1,733 | 152 | (695 | ) | ||||||||||||
Provision for income tax expense (benefit) | $ | 2,465 | $ | 661 | $ | 128 | ||||||||||
The Company’s income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations were as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Income (loss) from continuing operations: | ||||||||||||||||
Domestic | $ | 6,043 | $ | 1,186 | $ | (1,496 | ) | |||||||||
Foreign | 2,761 | 2,866 | 2,938 | |||||||||||||
Total | $ | 8,804 | $ | 4,052 | $ | 1,442 | ||||||||||
The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Tax provision at U.S. statutory rate | $ | 3,081 | $ | 1,418 | $ | 505 | ||||||||||
Tax effect of: | ||||||||||||||||
Dividend received deduction | (204 | ) | (166 | ) | (162 | ) | ||||||||||
Tax-exempt income | (92 | ) | (96 | ) | (94 | ) | ||||||||||
Prior year tax | 21 | 75 | 23 | |||||||||||||
Low income housing tax credits | (209 | ) | (194 | ) | (150 | ) | ||||||||||
Other tax credits | (77 | ) | (54 | ) | (28 | ) | ||||||||||
Foreign tax rate differential (1),(2) | (118 | ) | (340 | ) | (45 | ) | ||||||||||
Change in valuation allowance | (3 | ) | 30 | 15 | ||||||||||||
Goodwill impairment | — | — | 408 | |||||||||||||
Deferred tax effects of branch conversions | — | 4 | (324 | ) | ||||||||||||
Other, net | 66 | (16 | ) | (20 | ) | |||||||||||
Provision for income tax expense (benefit) | $ | 2,465 | $ | 661 | $ | 128 | ||||||||||
______________ | ||||||||||||||||
-1 | For the year ended December 31, 2014, foreign tax rate differential includes a one-time tax charge of $54 million related to tax reform in Chile and $45 million related to the repatriation of earnings from Japan, partially offset by a one-time tax benefit of $13 million related to the change in repatriation assumption for foreign earnings of the United Arab Emirates (“UAE”). | |||||||||||||||
-2 | For the year ended December 31, 2013, foreign tax rate differential includes one-time tax benefits of $119 million related to the receipt of a Japan tax refund, $69 million related to the estimated reversal of Japan temporary differences, and $65 million related to the change in repatriation assumptions for foreign earnings of certain European operations. | |||||||||||||||
Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | ||||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Policyholder liabilities and receivables | $ | 3,022 | $ | 2,988 | ||||||||||||
Net operating loss carryforwards | 1,293 | 1,808 | ||||||||||||||
Employee benefits | 1,068 | 737 | ||||||||||||||
Capital loss carryforwards | 26 | 32 | ||||||||||||||
Tax credit carryforwards | 1,733 | 1,653 | ||||||||||||||
Litigation-related and government mandated | 315 | 232 | ||||||||||||||
Other | 831 | 503 | ||||||||||||||
Total gross deferred income tax assets | 8,288 | 7,953 | ||||||||||||||
Less: Valuation allowance | 224 | 357 | ||||||||||||||
Total net deferred income tax assets | 8,064 | 7,596 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Investments, including derivatives | 4,554 | 2,476 | ||||||||||||||
Intangibles | 1,877 | 1,997 | ||||||||||||||
Net unrealized investment gains | 7,971 | 4,510 | ||||||||||||||
DAC | 5,153 | 5,103 | ||||||||||||||
Other | 330 | 153 | ||||||||||||||
Total deferred income tax liabilities | 19,885 | 14,239 | ||||||||||||||
Net deferred income tax asset (liability) | $ | (11,821 | ) | $ | (6,643 | ) | ||||||||||
See Note 1 for information regarding new guidance adopted by the Company related to the presentation of an unrecognized tax benefit. | ||||||||||||||||
Certain deferred income tax amounts at December 31, 2013 have been reclassified to conform to the current year presentation. The reclassification did not result in a change to the prior year net deferred income tax asset (liability) balance. The significant impacts include deferred income tax asset for policyholder liabilities and receivables and the deferred income tax liability for investments, including derivatives, which increased by $2.0 billion and $2.5 billion, respectively. Additionally, the deferred income tax liability for net unrealized investment gains decreased by $373 million. The reclassifications resulted from a comprehensive review in the current year of the tax effects between the book and tax bases of assets and liabilities, primarily with respect to recently restructured foreign operations. The Company believes the effects of these reclassifications are immaterial to the prior periods. | ||||||||||||||||
The Company also has recorded a valuation allowance benefit of $3 million related to certain state and foreign net operating loss carryforwards. In addition, a $33 million reduction was related to foreign currency movement and a $97 million reduction was recorded as a balance sheet reclassification with other deferred tax assets. The valuation allowance reflects management’s assessment, based on available information, that it is more likely than not that the deferred income tax asset for certain foreign and state net operating loss carryforwards will not be realized. The tax benefit will be recognized when management believes that it is more likely than not that these deferred income tax assets are realizable. | ||||||||||||||||
The following table sets forth the domestic, state, and foreign net operating loss carryforwards and the domestic capital loss carryforwards for tax purposes at December 31, 2014. | ||||||||||||||||
Net Operating Loss Carryforwards | Capital Loss Carryforwards | |||||||||||||||
Domestic | State | Foreign | Domestic | |||||||||||||
(In millions) | ||||||||||||||||
Expiration | ||||||||||||||||
2015-2019 | — | 32 | 202 | 42 | ||||||||||||
2020-2024 | 1 | 46 | 10 | — | ||||||||||||
2025-2029 | 488 | 54 | 19 | — | ||||||||||||
2030-2034 | 2,777 | 7 | — | — | ||||||||||||
Indefinite | — | — | 799 | — | ||||||||||||
$ | 3,266 | $ | 139 | $ | 1,030 | $ | 42 | |||||||||
The following table sets forth the general business credit, foreign tax credit, and other credit carryforwards for tax purposes at December 31, 2014. | ||||||||||||||||
Tax Credit Carryforwards | ||||||||||||||||
General Business Credits | Foreign Tax Credits | Other | ||||||||||||||
(In millions) | ||||||||||||||||
Expiration | ||||||||||||||||
2015-2019 | — | — | — | |||||||||||||
2020-2024 | — | 923 | — | |||||||||||||
2025-2029 | 4 | — | — | |||||||||||||
2030-2034 | 863 | — | — | |||||||||||||
Indefinite | — | — | 176 | |||||||||||||
$ | 867 | $ | 923 | $ | 176 | |||||||||||
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. 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, MetLife, Inc. has remitted 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 $16 million in the consolidated statements of operations for the year ended December 31, 2013, which was comprised of a $154 million charge included in other expenses, a $19 million gain included in other net investment gains (losses) and a $119 million benefit included in provision for income tax expense (benefit). | ||||||||||||||||
The Company has not provided U.S. deferred taxes on cumulative earnings of certain non-U.S. affiliates that have been reinvested indefinitely. These earnings relate to ongoing operations and have been reinvested in active non-U.S. business operations. The Company does not intend to repatriate these earnings to fund U.S. operations. Deferred taxes are provided for earnings of non-U.S. affiliates when the Company plans to remit those earnings. At December 31, 2014, the Company had not made a provision for U.S. taxes on approximately $4.2 billion of the excess of the amount for financial reporting over the tax bases of investments in foreign subsidiaries that are essentially permanent in duration. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. | ||||||||||||||||
The Company considers the earnings of Japan, Argentina and the Middle East (excluding the UAE and Turkey) to be available for repatriation. Earnings from the remaining foreign countries are considered to be permanently reinvested. In 2014 and 2013, the Company changed its repatriation assumptions related to the UAE and certain of its European operations, respectively, and now considers these foreign earnings to be permanently reinvested. | ||||||||||||||||
The Company files income tax returns with the U.S. federal government and various state and local jurisdictions, as well as foreign jurisdictions. The Company is under continuous examination by the Internal Revenue Service (“IRS”) and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. federal, state, or local income tax examinations for years prior to 2007, except for 2000 through 2006 where the IRS disallowance relates predominantly to certain tax credits claimed and the Company continues to protest. In material foreign jurisdictions, the Company is no longer subject to income tax examination for years prior to 2009. | ||||||||||||||||
During June 2014, the IRS concluded its audit of the Company’s tax returns for the years 2003 through 2006 and issued a Revenue Agent’s report. The Company agreed with certain tax adjustments and filed a protest in July 2014 for other tax adjustments. Management believes it has established adequate tax liabilities and final resolution of the audit for the years 2003 through 2006 is not expected to have a material impact on the Company’s financial statements. | ||||||||||||||||
The Company’s liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements, although the resolution of income tax matters could impact the Company’s effective tax rate for a particular future period. | ||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Balance at January 1, | $ | 774 | $ | 708 | $ | 679 | ||||||||||
Additions for tax positions of prior years | 74 | 117 | 105 | |||||||||||||
Reductions for tax positions of prior years | (88 | ) | (37 | ) | (82 | ) | ||||||||||
Additions for tax positions of current year | 23 | 39 | 32 | |||||||||||||
Reductions for tax positions of current year | — | (1 | ) | (9 | ) | |||||||||||
Settlements with tax authorities | (4 | ) | (52 | ) | (15 | ) | ||||||||||
Lapses of statutes of limitations | — | — | (2 | ) | ||||||||||||
Balance at December 31, | $ | 779 | $ | 774 | $ | 708 | ||||||||||
Unrecognized tax benefits that, if recognized would impact the effective rate | $ | 690 | $ | 661 | $ | 566 | ||||||||||
The Company classifies interest accrued related to unrecognized tax benefits in interest expense, included within other expenses, while penalties are included in income tax expense. | ||||||||||||||||
Interest was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Interest recognized in the consolidated statements of operations | $ | 26 | $ | 20 | $ | 2 | ||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | ||||||||||||||||
Interest included in other liabilities in the consolidated balance sheets | $ | 283 | $ | 257 | ||||||||||||
The Company had insignificant penalties for the years ended December 31, 2014 and 2013. The Company had no penalties for the year ended December 31, 2012. | ||||||||||||||||
The U.S. Treasury Department and the IRS have indicated that they intend to address through regulations the methodology to be followed in determining the dividends received deduction (“DRD”), related to variable life insurance and annuity contracts. The DRD reduces the amount of dividend income subject to tax and is a significant component of the difference between the actual tax expense and expected amount determined using the federal statutory tax rate of 35%. Any regulations that the IRS ultimately proposes for issuance in this area will be subject to public notice and comment, at which time insurance companies and other interested parties will have the opportunity to raise legal and practical questions about the content, scope and application of such regulations. As a result, the ultimate timing and substance of any such regulations are unknown at this time. For the years ended December 31, 2014 and 2013, the Company recognized an income tax benefit of $234 million and $164 million, respectively, related to the separate account DRD. The 2014 benefit included a benefit of $38 million related to a true-up of the 2013 tax return. The 2013 benefit included a benefit of $6 million related to a true-up of the 2012 tax return. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Common Share | 20. 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: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions, except share and per share data) | ||||||||||||
Weighted Average Shares | ||||||||||||
Weighted average common stock outstanding for basic earnings per common share | 1,128,671,410 | 1,105,579,693 | 1,070,755,561 | |||||||||
Incremental common shares from assumed: | ||||||||||||
Stock purchase contracts underlying common equity units (1) | 2,928,570 | 1,164,018 | — | |||||||||
Exercise or issuance of stock-based awards | 10,863,468 | 9,458,999 | 6,084,078 | |||||||||
Weighted average common stock outstanding for diluted earnings per common share | 1,142,463,448 | 1,116,202,710 | 1,076,839,639 | |||||||||
Income (Loss) from Continuing Operations | ||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 6,339 | $ | 3,391 | $ | 1,314 | ||||||
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests | 27 | 25 | 38 | |||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | |||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 6,190 | $ | 3,244 | $ | 1,154 | ||||||
Basic | $ | 5.48 | $ | 2.94 | $ | 1.08 | ||||||
Diluted | $ | 5.42 | $ | 2.91 | $ | 1.08 | ||||||
Income (Loss) from Discontinued Operations | ||||||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | 2 | $ | 48 | |||||
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 | ) | $ | 2 | $ | 48 | |||||
Basic | $ | — | $ | — | $ | 0.04 | ||||||
Diluted | $ | — | $ | — | $ | 0.04 | ||||||
Net Income (Loss) | ||||||||||||
Net income (loss) | $ | 6,336 | $ | 3,393 | $ | 1,362 | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 27 | 25 | 38 | |||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | |||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 6,187 | $ | 3,246 | $ | 1,202 | ||||||
Basic | $ | 5.48 | $ | 2.94 | $ | 1.12 | ||||||
Diluted | $ | 5.42 | $ | 2.91 | $ | 1.12 | ||||||
______________ | ||||||||||||
-1 | See Note 15 for a description of the Company’s common equity units. For the year ended December 31, 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. |
Contingencies_Commitments_and_
Contingencies, Commitments and Guarantees | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Contingencies, Commitments and Guarantees | 21. 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 December 31, 2014. 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 December 31, 2014, the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $390 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. 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. | ||||||||||||
The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions, except number of claims) | ||||||||||||
Asbestos personal injury claims at year end | 68,460 | 67,983 | 65,812 | |||||||||
Number of new claims during the year | 4,636 | 5,898 | 5,303 | |||||||||
Settlement payments during the year (1) | $ | 46 | $ | 37 | $ | 36.4 | ||||||
______________ | ||||||||||||
-1 | Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses and do not reflect amounts received from insurance carriers. | |||||||||||
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 United States, 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 reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through December 31, 2014. The frequency and severity of claims relating to asbestos have increased, and MLIC has reflected this in its provisions. Accordingly, MLIC increased its recorded liability for asbestos-related claims to $690 million at December 31, 2014. | ||||||||||||
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 U.S. Securities and Exchange Commission (“SEC”); federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority (“FINRA”), as well as from local and national regulators and government authorities in countries outside the United States where MetLife conducts business, seeking a broad range of information. The issues involved in information requests and regulatory matters vary widely. The Company cooperates in these inquiries. | ||||||||||||
Mortgage Regulatory and Law Enforcement Authorities’ Inquiries | ||||||||||||
MetLife, through its affiliate, MetLife Bank, was engaged in the origination, sale and servicing of forward and reverse residential mortgage loans since 2008. In 2012, MetLife Bank exited the business of originating residential mortgage loans. In 2012 and 2013, MetLife Bank sold its residential mortgage servicing portfolios, and in 2013 wound down its mortgage servicing business. In August 2013, MetLife Bank merged with and into MLHL, its former subsidiary, with MLHL as the surviving non-bank entity. | ||||||||||||
In May 2013, MetLife Bank received a subpoena from the U.S. Department of Justice requiring production of documents relating to MetLife Bank’s payment of certain foreclosure-related expenses to law firms and business entities affiliated with law firms and relating to MetLife Bank’s supervision of such payments, including expenses submitted to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corp. and the U.S. Department of Housing and Urban Development (“HUD”) for reimbursement. It is possible that various state or federal regulatory and law enforcement authorities may seek monetary penalties from MLHL relating to foreclosure practices. | ||||||||||||
In April and May 2012, MetLife Bank received two subpoenas issued by the Office of Inspector General for HUD 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. Under a February 25, 2015 agreement resolving this investigation, MLHL agreed to pay $123.5 million and the U.S. Department of Justice released MLHL from False Claims Act liability for FHA claims filed through August 25, 2014. The Company previously accrued the full amount of the settlement payment in its consolidated financial statements. | ||||||||||||
The inquiries and 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. Exiting the MetLife Bank businesses may not protect MetLife 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 these 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 September 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 September 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. | ||||||||||||
New York Licensing Inquiry | ||||||||||||
The Company entered into a consent order with the Department of Financial Services to resolve its inquiry into whether American Life and DelAm conducted business in New York without a license and whether representatives acting on behalf of those companies solicited, sold or negotiated insurance products in New York without a license. The Company entered into a deferred prosecution agreement with the District Attorney, New York County, regarding the same conduct. Pursuant to these agreements, in the first quarter of 2014, the Company paid $50 million to the Department of Financial Services and $10 million to the District Attorney, New York County. The Department of Financial Services consent order allows certain activities in New York related to American Life and other entities to continue through June 30, 2015. The Company is seeking legislation to allow for such activities to continue beyond that date. The Company is continuing to cooperate with the New York State Office of the Attorney General Taxpayer Protection Bureau as to its inquiry concerning American Life’s and DelAm’s New York State tax filings. | ||||||||||||
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 USA, New England Life Insurance Company (“NELICO”) and General American Life Insurance Company (“GALIC”), and broker-dealer, MetLife 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 | ||||||||||||
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 MLI-USA, NELICO, MICC and GALIC, respectively. On December 30, 2013, the court granted defendants’ motions to dismiss all of the West Virginia Treasurer’s actions. The Treasurer has appealed the dismissal order. | ||||||||||||
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 a second amended complaint alleging that MetLife, Inc. and several current and former executive officers of MetLife, Inc. violated the Securities Act of 1933 (“Securities Act”), as well as the Exchange Act 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. The defendants intend to defend this action vigorously. | ||||||||||||
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 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 magistrate judge recommended granting the motion to remand to state court and the defendants have objected to that recommendation. The defendants intend to defend this action vigorously. | ||||||||||||
Derivative Actions and Demands | ||||||||||||
Seeking to sue derivatively on behalf of MetLife, Inc., two shareholders commenced separate actions in federal court against members of the MetLife, Inc. Board of Directors, alleging that they breached their fiduciary and other duties to the Company. Plaintiffs 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 two actions (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)) have been consolidated and stayed pending further order of the court. The defendants intend to continue to defend these actions vigorously. | ||||||||||||
Total Control Accounts Litigation | ||||||||||||
MLIC is a defendant in lawsuits 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. | ||||||||||||
Owens v. Metropolitan Life Insurance Company (N.D. Ga., filed April 17, 2014) | ||||||||||||
This putative class action lawsuit alleges that MLIC’s use of the TCA as the settlement option for life insurance benefits under some group life insurance policies violates MLIC’s fiduciary duties under ERISA. As damages, plaintiff seeks disgorgement of profits that MLIC realized on accounts owned by members of the putative class. MLIC moved to dismiss the complaint and intends to defend this action vigorously. | ||||||||||||
Other Litigation | ||||||||||||
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 August 8, 2014, the court denied the parties’ motion for summary judgment. The court has not yet set a new trial date. | ||||||||||||
Sun Life Assurance Company of Canada Indemnity Claim | ||||||||||||
In 2006, Sun Life Assurance Company of Canada (“Sun Life”), as successor to the purchaser of MLIC’s Canadian operations, filed a 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 were 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 but subsequently agreed to withdraw the appeal and consider the indemnity claim through arbitration. In September 2010, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Toronto, Fehr 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 in May 2013, 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. These sales practices cases against Sun Life are ongoing and the Company is unable to estimate the reasonably possible loss or range of loss arising from this litigation. | ||||||||||||
C-Mart, Inc. v. Metropolitan Life Ins. Co., et al. (S.D. Fla., January 10, 2013); Cadenasso v. Metropolitan Life Insurance Co., et al. (N.D. Cal., November 26, 2013, subsequently transferred to S.D. Fla. 2013); and Fauley v. Metropolitan Life Insurance Co., et al. (Circuit Court of the 19th Judicial Circuit, Lake County, Ill., July 3, 2014). | ||||||||||||
Plaintiffs filed these lawsuits against defendants, including MLIC and a former MetLife financial services representative, alleging that the defendants sent unsolicited fax advertisements to plaintiff and others in violation of the Telephone Consumer Protection Act, as amended by the Junk Fax Prevention Act, 47 U.S.C. § 227. The C-Mart and Cadenasso cases were voluntarily dismissed. In the Fauley case, the court in Illinois preliminarily approved a settlement under which MLIC has agreed to pay up to $23 million to resolve claims as to fax ads sent between August 23, 2008 and the date of the preliminary approval in August 2014. The Fauley court also certified a nationwide settlement class and will hold a final approval hearing. | ||||||||||||
Robainas v. Metropolitan Life Ins. Co. and MetLife, Inc. (S.D.N.Y., December 16, 2014); International Association of Machinists and Aerospace Workers District Lodge 15 v. Metropolitan Life Insurance Co. (E.D.N.Y., February 2, 2015). | ||||||||||||
Plaintiffs filed these putative class action lawsuits on behalf of themselves and all persons and entities who, directly or indirectly, purchased, renewed or paid premiums on life insurance policies issued by MLIC from 2009 through 2014 (the “Policies”). The complaints allege that MLIC inadequately disclosed in its statutory annual statements that certain reinsurance transactions with affiliated reinsurance companies were collateralized using “contractual parental guarantees,” and thereby allegedly misrepresented its financial condition and the adequacy of its reserves. The lawsuits seek recovery under Section 4226 of the New York Insurance Law of a statutory penalty in the amount of the premiums paid for the Policies. MetLife intends to defend these actions vigorously. | ||||||||||||
MetLife, Inc. v. Financial Stability Oversight Council (D. D.C., January 13, 2015). | ||||||||||||
MetLife, Inc. filed this action in federal court seeking to overturn the FSOC’s designation of MetLife, Inc. as a non-bank SIFI. The suit is brought under the section of the Dodd-Frank Wall Street Reform and Consumer Protection Act providing that a company designated as a non-bank SIFI may petition the federal courts for review, and seeks an order requiring that the final determination be rescinded. | ||||||||||||
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 defend vigorously 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. | ||||||||||||
Insolvency Assessments | ||||||||||||
Most of the jurisdictions in which the Company is admitted to transact business require insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. In addition, Japan has established the Life Insurance Policyholders Protection Corporation of Japan as a contingency to protect policyholders against the insolvency of life insurance companies in Japan through assessments to companies licensed to provide life insurance. | ||||||||||||
Assets and liabilities held for insolvency assessments were as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions) | ||||||||||||
Other Assets: | ||||||||||||
Premium tax offset for future undiscounted assessments | $ | 50 | $ | 60 | ||||||||
Premium tax offsets currently available for paid assessments | 84 | 69 | ||||||||||
Receivable for reimbursement of paid assessments (1) | — | 5 | ||||||||||
$ | 134 | $ | 134 | |||||||||
Other Liabilities: | ||||||||||||
Insolvency assessments | $ | 73 | $ | 93 | ||||||||
______________ | ||||||||||||
-1 | The Company holds a receivable from the seller of a prior acquisition in accordance with the purchase agreement. | |||||||||||
Commitments | ||||||||||||
Leases | ||||||||||||
The Company, as lessee, has entered into various lease and sublease agreements for office space, information technology, aircrafts, automobiles, and other equipment. Future minimum gross rental payments relating to these lease arrangements are as follows: | ||||||||||||
Amount | ||||||||||||
(In millions) | ||||||||||||
2015 | $ | 308 | ||||||||||
2016 | 247 | |||||||||||
2017 | 190 | |||||||||||
2018 | 165 | |||||||||||
2019 | 130 | |||||||||||
Thereafter | 731 | |||||||||||
Total | $ | 1,771 | ||||||||||
Total minimum rentals to be received in the future under non-cancelable subleases are $112 million as of December 31, 2014. Operating lease expense was $347 million, $372 million and $380 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
Mortgage Loan Commitments | ||||||||||||
The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $4.0 billion and $3.4 billion at December 31, 2014 and 2013, respectively. | ||||||||||||
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments | ||||||||||||
The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $5.3 billion at both December 31, 2014 and 2013. | ||||||||||||
Guarantees | ||||||||||||
In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $800 million, with a cumulative maximum of $1.5 billion, while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. | ||||||||||||
In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. | ||||||||||||
The Company has also minimum fund yield requirements on certain international pension funds in accordance with local laws. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. | ||||||||||||
The Company’s recorded liabilities were $4 million and $5 million at December 31, 2014 and 2013, respectively, for indemnities, guarantees and commitments. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | 22. Quarterly Results of Operations (Unaudited) | |||||||||||||||
The unaudited quarterly results of operations for 2014 and 2013 are summarized in the table below: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(In millions, except per share data) | ||||||||||||||||
2014 | ||||||||||||||||
Total revenues | $ | 17,085 | $ | 18,266 | $ | 18,846 | $ | 19,119 | ||||||||
Total expenses | $ | 15,259 | $ | 16,316 | $ | 15,894 | $ | 17,043 | ||||||||
Income (loss) from continuing operations, net of income tax | $ | 1,342 | $ | 1,376 | $ | 2,094 | $ | 1,527 | ||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||
Net income (loss) | $ | 1,339 | $ | 1,376 | $ | 2,094 | $ | 1,527 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | $ | 11 | $ | 10 | $ | — | $ | 6 | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1,328 | $ | 1,366 | $ | 2,094 | $ | 1,521 | ||||||||
Less: Preferred stock dividends | $ | 30 | $ | 31 | $ | 30 | $ | 31 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1,298 | $ | 1,335 | $ | 2,064 | $ | 1,490 | ||||||||
Basic earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 1.15 | $ | 1.18 | $ | 1.83 | $ | 1.31 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1.18 | $ | 1.21 | $ | 1.86 | $ | 1.34 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1.15 | $ | 1.18 | $ | 1.83 | $ | 1.31 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 1.14 | $ | 1.17 | $ | 1.81 | $ | 1.3 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1.16 | $ | 1.2 | $ | 1.84 | $ | 1.33 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1.14 | $ | 1.17 | $ | 1.81 | $ | 1.3 | ||||||||
2013 | ||||||||||||||||
Total revenues | $ | 17,683 | $ | 15,721 | $ | 16,337 | $ | 18,458 | ||||||||
Total expenses | $ | 16,436 | $ | 15,160 | $ | 15,361 | $ | 17,190 | ||||||||
Income (loss) from continuing operations, net of income tax | $ | 995 | $ | 508 | $ | 973 | $ | 915 | ||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | 2 | $ | 2 | $ | 1 | |||||||
Net income (loss) | $ | 992 | $ | 510 | $ | 975 | $ | 916 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | $ | 6 | $ | 8 | $ | 3 | $ | 8 | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 986 | $ | 502 | $ | 972 | $ | 908 | ||||||||
Less: Preferred stock dividends | $ | 30 | $ | 31 | $ | 30 | $ | 31 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 956 | $ | 471 | $ | 942 | $ | 877 | ||||||||
Basic earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.85 | $ | 0.78 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 0.9 | $ | 0.46 | $ | 0.88 | $ | 0.81 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.85 | $ | 0.78 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.84 | $ | 0.77 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 0.89 | $ | 0.45 | $ | 0.87 | $ | 0.8 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.84 | $ | 0.77 | ||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | 23. Subsequent Events |
Common Stock Repurchases | |
In 2015, through February 23, 2015, MetLife, Inc. repurchased 15,081,322 shares of its common stock in the open market for $739 million. | |
Dividends | |
Preferred Stock | |
On February 18, 2015, MetLife, Inc. announced dividends of $0.250 per share, for a total of $6 million, on its Series A preferred shares, and $0.406 per share, for a total of $24 million, on its Series B preferred shares, subject to the final confirmation that it has met the financial tests specified in the Series A and Series B preferred shares, which the Company anticipates will be made on or about March 5, 2015. Both dividends will be payable March 16, 2015 to shareholders of record as of February 28, 2015. | |
Common Stock | |
On January 6, 2015, MetLife, Inc.’s Board of Directors declared a first quarter 2015 common stock dividend of $0.35 per share payable on March 13, 2015 to shareholders of record as of February 6, 2015. The Company estimates the aggregate dividend payment to be $394 million. |
Consolidated_Summary_of_Invest
Consolidated Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Summary of Investments, Other than Investments in Related Parties [Abstract] | ||||||||||||
Consolidated Summary of Investments - Other Than Investments in Related Parties | MetLife, Inc. | |||||||||||
Schedule I | ||||||||||||
Consolidated Summary of Investments — | ||||||||||||
Other Than Investments in Related Parties | ||||||||||||
December 31, 2014 | ||||||||||||
(In millions) | ||||||||||||
Types of Investments | Cost or Amortized Cost (1) | Estimated Fair Value | Amount at Which Shown on Balance Sheet | |||||||||
Fixed maturity securities: | ||||||||||||
Bonds: | ||||||||||||
U.S. Treasury and agency securities | $ | 54,654 | $ | 61,516 | $ | 61,516 | ||||||
Foreign government securities | 47,327 | 52,666 | 52,666 | |||||||||
Public utilities | 26,229 | 29,640 | 29,640 | |||||||||
State and political subdivision securities | 12,922 | 15,187 | 15,187 | |||||||||
All other corporate bonds | 126,128 | 136,247 | 136,247 | |||||||||
Total bonds | 267,260 | 295,256 | 295,256 | |||||||||
Mortgage-backed and asset-backed securities | 65,947 | 68,427 | 68,427 | |||||||||
Redeemable preferred stock | 1,573 | 1,742 | 1,742 | |||||||||
Total fixed maturity securities | 334,780 | 365,425 | 365,425 | |||||||||
Fair value option and trading securities | 15,355 | 16,689 | 16,689 | |||||||||
Equity securities: | ||||||||||||
Common stock: | ||||||||||||
Industrial, miscellaneous and all other | 1,805 | 2,276 | 2,276 | |||||||||
Banks, trust and insurance companies | 185 | 240 | 240 | |||||||||
Non-redeemable preferred stock | 1,086 | 1,115 | 1,115 | |||||||||
Total equity securities | 3,076 | 3,631 | 3,631 | |||||||||
Mortgage loans held-for-investment | 60,118 | 60,118 | ||||||||||
Policy loans | 11,618 | 11,618 | ||||||||||
Real estate and real estate joint ventures | 10,205 | 10,205 | ||||||||||
Real estate acquired in satisfaction of debt | 320 | 320 | ||||||||||
Other limited partnership interests | 8,085 | 8,085 | ||||||||||
Short-term investments | 8,621 | 8,621 | ||||||||||
Other invested assets | 21,283 | 21,283 | ||||||||||
Total investments | $ | 473,461 | $ | 505,995 | ||||||||
______________ | ||||||||||||
-1 | The Company’s FVO and trading securities portfolio is mainly comprised of fixed maturity and equity securities, including mutual funds and, to a lesser extent, short-term investments and cash and cash equivalents. Cost or amortized cost for fixed maturity securities and mortgage loans held-for-investment represents original cost reduced by repayments, valuation allowances and impairments from other-than-temporary declines in estimated fair value that are charged to earnings and adjusted for amortization of premiums or accretion of discounts; for equity securities, cost represents original cost reduced by impairments from other-than-temporary declines in estimated fair value; for real estate, cost represents original cost reduced by impairments and adjusted for valuation allowances and depreciation; for real estate joint ventures and other limited partnership interests, cost represents original cost reduced for impairments or original cost adjusted for equity in earnings and distributions. |
Condensed_Financial_Informatio
Condensed Financial Information (Parent Company) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||
Condensed Financial Information (Parent Company) | MetLife, Inc. | |||||||||||||
Schedule II | ||||||||||||||
Condensed Financial Information | ||||||||||||||
(Parent Company Only) | ||||||||||||||
December 31, 2014 and 2013 | ||||||||||||||
(In millions, except share and per share data) | ||||||||||||||
2014 | 2013 | |||||||||||||
Condensed Balance Sheets | ||||||||||||||
Assets | ||||||||||||||
Investments: | ||||||||||||||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $5,037 and $4,497, respectively) | $ | 5,088 | $ | 4,531 | ||||||||||
Short-term investments, principally at estimated fair value | 378 | 560 | ||||||||||||
Other invested assets, at estimated fair value | 1,336 | 557 | ||||||||||||
Total investments | 6,802 | 5,648 | ||||||||||||
Cash and cash equivalents | 443 | 648 | ||||||||||||
Accrued investment income | 46 | 40 | ||||||||||||
Investment in subsidiaries | 88,152 | 76,871 | ||||||||||||
Loans to subsidiaries | 1,709 | 2,333 | ||||||||||||
Other assets | 1,406 | 1,677 | ||||||||||||
Total assets | $ | 98,558 | $ | 87,217 | ||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Liabilities | ||||||||||||||
Payables for collateral under securities loaned and other transactions | $ | 349 | $ | 85 | ||||||||||
Long-term debt — unaffiliated | 15,317 | 15,938 | ||||||||||||
Long-term debt — affiliated | 3,600 | 3,600 | ||||||||||||
Collateral financing arrangements | 2,797 | 2,797 | ||||||||||||
Junior subordinated debt securities | 1,748 | 1,748 | ||||||||||||
Payables to subsidiaries | 459 | 13 | ||||||||||||
Other liabilities | 2,235 | 1,483 | ||||||||||||
Total liabilities | 26,505 | 25,664 | ||||||||||||
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; 1,153,998,144 and 1,125,224,024 shares issued at December 31, 2014 and December 31, 2013 respectively; 1,131,927,894 and 1,122,030,137 shares outstanding at December 31, 2014 and December 31, 2013 respectively | 12 | 11 | ||||||||||||
Additional paid-in capital | 30,543 | 29,277 | ||||||||||||
Retained earnings | 32,020 | 27,332 | ||||||||||||
Treasury stock, at cost; 22,070,250 and 3,193,887 shares at December 31, 2014 and December 31, 2013 respectively | (1,172 | ) | (172 | ) | ||||||||||
Accumulated other comprehensive income (loss) | 10,649 | 5,104 | ||||||||||||
Total stockholders’ equity | 72,053 | 61,553 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 98,558 | $ | 87,217 | ||||||||||
See accompanying notes to the condensed financial information. | ||||||||||||||
MetLife, Inc. | ||||||||||||||
Schedule II | ||||||||||||||
Condensed Financial Information — (Continued) | ||||||||||||||
(Parent Company Only) | ||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||
(In millions) | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Condensed Statements of Operations | ||||||||||||||
Revenues | ||||||||||||||
Equity in earnings of subsidiaries | $ | 6,907 | $ | 4,163 | $ | 3,444 | ||||||||
Net investment income | 371 | 304 | 94 | |||||||||||
Other revenues | 128 | 155 | 159 | |||||||||||
Net investment gains (losses) | (287 | ) | (80 | ) | 29 | |||||||||
Net derivative gains (losses) | 165 | (99 | ) | (259 | ) | |||||||||
Total revenues | 7,284 | 4,443 | 3,467 | |||||||||||
Expenses | ||||||||||||||
Interest expense | 1,151 | 1,122 | 985 | |||||||||||
Goodwill impairment | — | — | 1,384 | |||||||||||
Other expenses | 197 | 373 | 167 | |||||||||||
Total expenses | 1,348 | 1,495 | 2,536 | |||||||||||
Income (loss) before provision for income tax | 5,936 | 2,948 | 931 | |||||||||||
Provision for income tax expense (benefit) | (373 | ) | (420 | ) | (393 | ) | ||||||||
Net income (loss) | 6,309 | 3,368 | 1,324 | |||||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | |||||||||||
Net income (loss) available to common shareholders | $ | 6,187 | $ | 3,246 | $ | 1,202 | ||||||||
Comprehensive income (loss) | $ | 11,854 | $ | (2,925 | ) | $ | 6,638 | |||||||
See accompanying notes to the condensed financial information. | ||||||||||||||
MetLife, Inc. | ||||||||||||||
Schedule II | ||||||||||||||
Condensed Financial Information — (Continued) | ||||||||||||||
(Parent Company Only) | ||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||
(In millions) | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Condensed Statements of Cash Flows | ||||||||||||||
Cash flows from operating activities | ||||||||||||||
Net income (loss) | $ | 6,309 | $ | 3,368 | $ | 1,324 | ||||||||
Earnings of subsidiaries | (6,907 | ) | (4,163 | ) | (3,444 | ) | ||||||||
Dividends from subsidiaries | 2,388 | 2,734 | 3,177 | |||||||||||
Goodwill impairment | — | — | 1,384 | |||||||||||
Other, net | 825 | (74 | ) | 177 | ||||||||||
Net cash provided by (used in) operating activities | 2,615 | 1,865 | 2,618 | |||||||||||
Cash flows from investing activities | ||||||||||||||
Sales of fixed maturity securities | 6,611 | 5,108 | 5,645 | |||||||||||
Purchases of fixed maturity securities | (7,181 | ) | (4,795 | ) | (6,200 | ) | ||||||||
Sales of equity securities | — | 13 | 2 | |||||||||||
Cash received in connection with freestanding derivatives | 438 | 424 | 197 | |||||||||||
Cash paid in connection with freestanding derivatives | (281 | ) | (465 | ) | (203 | ) | ||||||||
Sales of businesses | 7 | 17 | — | |||||||||||
Expense paid on behalf of subsidiaries | (54 | ) | (85 | ) | (80 | ) | ||||||||
Receipts on loans to subsidiaries | 832 | 645 | 175 | |||||||||||
Issuances of loans to subsidiaries | (370 | ) | (1,942 | ) | (175 | ) | ||||||||
Redemption of preferred stock of subsidiary | — | 300 | — | |||||||||||
Returns of capital from subsidiaries | — | 267 | 9 | |||||||||||
Capital contributions to subsidiaries | (1,262 | ) | (748 | ) | (1,223 | ) | ||||||||
Net change in short-term investments | 182 | (265 | ) | 372 | ||||||||||
Other, net | 101 | (49 | ) | (48 | ) | |||||||||
Net cash provided by (used in) investing activities | (977 | ) | (1,575 | ) | (1,529 | ) | ||||||||
Cash flows from financing activities | ||||||||||||||
Net change in payables for collateral under securities loaned and other transactions | 264 | 85 | (1,180 | ) | ||||||||||
Long-term debt issued | 1,000 | 994 | 750 | |||||||||||
Long-term debt repaid | (1,550 | ) | (750 | ) | (797 | ) | ||||||||
Cash received (paid) in connection with collateral financing arrangements | — | — | (44 | ) | ||||||||||
Common stock issued, net of issuance costs | 1,000 | 1,000 | 1,000 | |||||||||||
Treasury stock acquired in connection with share repurchases | (1,000 | ) | — | — | ||||||||||
Dividends on preferred stock | (122 | ) | (122 | ) | (122 | ) | ||||||||
Dividends on common stock | (1,499 | ) | (1,119 | ) | (811 | ) | ||||||||
Other, net | 64 | 82 | (6 | ) | ||||||||||
Net cash provided by (used in) financing activities | (1,843 | ) | 170 | (1,210 | ) | |||||||||
Change in cash and cash equivalents | (205 | ) | 460 | (121 | ) | |||||||||
Cash and cash equivalents, beginning of year | 648 | 188 | 309 | |||||||||||
Cash and cash equivalents, end of year | $ | 443 | $ | 648 | $ | 188 | ||||||||
MetLife, Inc. | ||||||||||||||
Schedule II | ||||||||||||||
Condensed Financial Information — (Continued) | ||||||||||||||
(Parent Company Only) | ||||||||||||||
For the Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||
(In millions) | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Net cash paid (received) for: | ||||||||||||||
Interest | $ | 1,138 | $ | 1,100 | $ | 937 | ||||||||
Income tax | ||||||||||||||
Amounts paid to (received from) subsidiaries, net | $ | (1,247 | ) | $ | 69 | $ | 24 | |||||||
Income tax paid (received) by MetLife, Inc., net | 385 | — | — | |||||||||||
Total income tax, net | $ | (862 | ) | $ | 69 | $ | 24 | |||||||
Non-cash transactions: | ||||||||||||||
Dividends from subsidiaries | $ | 81 | $ | 32 | $ | 203 | ||||||||
Returns of capital from subsidiaries | $ | 6,308 | $ | — | $ | 356 | ||||||||
Capital contributions to subsidiaries | $ | 6,388 | $ | 121 | $ | 559 | ||||||||
Payables to subsidiaries for future capital contributions | $ | 445 | $ | — | $ | — | ||||||||
Assumption of long-term debt from subsidiary | $ | — | $ | — | $ | 2,000 | ||||||||
Investment in preferred stock of subsidiary | $ | — | $ | — | $ | 2,000 | ||||||||
Issuance of long-term debt to subsidiary | $ | — | $ | 350 | $ | 750 | ||||||||
Issuance of loan to subsidiary | $ | — | $ | 350 | $ | 750 | ||||||||
Allocation of interest expense to subsidiary | $ | 27 | $ | 28 | $ | 33 | ||||||||
Allocation of interest income to subsidiary | $ | 65 | $ | 68 | $ | 76 | ||||||||
MetLife, Inc. | ||||||||||||||
Schedule II | ||||||||||||||
Notes to the Condensed Financial Information | ||||||||||||||
(Parent Company Only) | ||||||||||||||
1. Basis of Presentation | ||||||||||||||
The condensed financial information of MetLife, Inc. (the “Parent Company”) should be read in conjunction with the consolidated financial statements of MetLife, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for MetLife, Inc. Investments in subsidiaries are accounted for using the equity method of accounting. | ||||||||||||||
The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, the accounting for goodwill and identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates. | ||||||||||||||
2. Investment in Subsidiaries | ||||||||||||||
In December 2014, MetLife, Inc. accrued $350 million and $95 million in capital contributions payable to MRV and MRD, respectively, which were included in payables to subsidiaries at December 31, 2014. The payables were settled for cash in February 2015. See Note 6. | ||||||||||||||
In 2014, in connection with the Mergers, MetLife, Inc. recorded $5.7 billion in non-cash returns of capital from subsidiaries, including $2.0 billion of Exeter’s preferred stock (discussed below), and correspondingly recorded $5.7 billion of non-cash capital contributions to subsidiaries. See Note 8 of the Notes to the Consolidated Financial Statements for a discussion of the Mergers. | ||||||||||||||
During 2012, MetLife, Inc. assumed debt from Exeter as described in Note 5, in exchange for $2.0 billion of preferred stock of Exeter. In September 2012, MetLife, Inc. subscribed to 75,000 shares of Exeter’s Series A Non-Cumulative Perpetual Preferred Shares which bore an annual rate of 7.69% that was payable semi-annually. In December 2012, MetLife, Inc. subscribed to 125,000 shares of Exeter’s Series B Non-Cumulative Perpetual Preferred Shares which bore an annual rate of 7.75% that was payable semi-annually. In November 2014, upon the consummation of the Mergers, the $2.0 billion of outstanding preferred stock of Exeter was canceled. Consequently, MetLife, Inc.’s preferred capital stock investment was added to its common capital stock investment in MetLife USA. | ||||||||||||||
3. Loans to Subsidiaries | ||||||||||||||
MetLife, Inc. lends funds, as necessary, to its subsidiaries, some of which are regulated, to meet their capital requirements. Payments of interest and principal on surplus notes of regulated subsidiaries, which are subordinate to all other obligations of the issuing company, may be made only with the prior approval of the insurance department of the state of domicile. | ||||||||||||||
In December 2014, American Life issued a $100 million surplus note to MetLife, Inc. The surplus note bears interest at a fixed rate of 3.17%, payable semi-annually and matures in June 2020. | ||||||||||||||
In August 2014, American Life issued a $120 million short-term note to MetLife, Inc. which was repaid in December 2014. In February 2014, American Life issued a $150 million short-term note to MetLife, Inc. which was repaid in June 2014. Both short-term notes bore interest at six-month LIBOR plus 0.875%. | ||||||||||||||
In December 2013, MRD issued a $350 million surplus note to MetLife, Inc. due December 2033. The surplus note bears interest at a fixed rate of 6.00% payable semi-annually. MetLife, Inc. issued a $350 million senior note to MRD in exchange for the surplus note (see Note 4). | ||||||||||||||
In July 2013, MetLife Ireland Treasury Limited (“MITL”) borrowed the Chilean peso equivalent of $1.5 billion from MetLife, Inc., which is due July 2023. The loan bears interest at a fixed rate of 8.5%, payable annually. In each of December 2014, June 2014, and December 2013, MITL made a payment of the Chilean peso equivalent of $493 million, $69 million and $245 million, respectively. At December 31, 2014, the remaining balance on the loan was $509 million. | ||||||||||||||
In December 2012, MRD issued a $750 million surplus note to MetLife, Inc. due September 2032. The surplus note bears interest at a fixed rate of 5.13% payable semi-annually. MetLife, Inc. issued a $750 million senior note to MRD in exchange for the surplus note (see Note 4). | ||||||||||||||
Interest income earned on loans to subsidiaries of $155 million, $103 million and $1 million for the years ended December 31, 2014, 2013 and 2012, respectively, is included in net investment income. | ||||||||||||||
4. Long-term Debt | ||||||||||||||
Long-term debt outstanding was as follows: | ||||||||||||||
Interest Rates (1) | December 31, | |||||||||||||
Range | Weighted | Maturity | 2014 | 2013 | ||||||||||
Average | ||||||||||||||
(In millions) | ||||||||||||||
Senior notes — unaffiliated | 1.76% - 7.72% | 5.23% | 2015 - 2044 | $ | 15,317 | $ | 15,938 | |||||||
Senior notes — affiliated | 3.54% - 7.44% | 5.16% | 2016 - 2033 | 3,100 | 3,100 | |||||||||
Other affiliated debt | 0.93% - 0.95% | 0.94% | 2015 - 2016 | 500 | 500 | |||||||||
Total | $ | 18,917 | $ | 19,538 | ||||||||||
______________ | ||||||||||||||
-1 | Range of interest rates and weighted average interest rates are for the year ended December 31, 2014. | |||||||||||||
See Note 12 of the Notes to the Consolidated Financial Statements for information about the issuances of senior notes - unaffiliated. | ||||||||||||||
The aggregate maturities of long-term debt at December 31, 2014 for the next five years and thereafter are $1.3 billion in 2015, $1.7 billion in 2016, $1.0 billion in 2017, $1.0 billion in 2018, $1.8 billion in 2019 and $12.1 billion thereafter. | ||||||||||||||
Senior Notes – Affiliated | ||||||||||||||
In December 2013, MetLife, Inc. issued a $350 million senior note to MRD due December 2033. The senior note bears interest at a fixed rate of 5.10%, payable semi-annually. MRD issued a $350 million surplus note to MetLife, Inc. in exchange for the senior note. | ||||||||||||||
In December 2012, Exeter reassigned $1.25 billion of its affiliated senior notes to MetLife, Inc. These senior notes included (i) a $250 million senior note maturing on September 30, 2016 and bearing interest at a fixed rate of 7.44%, payable semi-annually, (ii) a $500 million senior note maturing on July 15, 2021 and bearing interest at a fixed rate of 5.64%, payable semi-annually, and (iii) a $500 million senior note maturing on December 16, 2021 and bearing interest at a fixed rate of 5.86%, payable semi-annually. MetLife, Inc. received, in exchange for the assumption of this affiliated debt, $1.25 billion of preferred stock of Exeter. In November 2014, upon the consummation of the Mergers, the outstanding preferred stock of Exeter was canceled. Consequently, MetLife, Inc.’s preferred capital stock investment was added to its common capital stock investment in MetLife USA. | ||||||||||||||
In December 2012, MetLife, Inc. issued a $750 million senior note to MRD due September 30, 2032. The senior note bears interest at a fixed rate of 4.21%, payable semi-annually. MRD issued a $750 million surplus note to MetLife, Inc. in exchange for the senior note. | ||||||||||||||
In September 2012, Exeter reassigned $750 million of its affiliated senior notes to MetLife, Inc. MetLife, Inc. received, in exchange for the assumption of this affiliated debt, $750 million of preferred stock of Exeter. In November 2014, upon the consummation of the Mergers, the outstanding preferred stock of Exeter was canceled. Consequently, MetLife, Inc.’s preferred capital stock investment was added to its common capital stock investment in MetLife USA. On September 30, 2012, $250 million of the assumed senior notes matured and, subsequently, in October 2012, MetLife, Inc. issued a $250 million senior note to MLIC. The $250 million senior note matures in October 2019 and bears interest at a fixed rate of 3.57%, payable semi-annually. The remaining $500 million senior note matured and, subsequently, in June 2014, MetLife, Inc. issued a new $500 million senior note to MLIC. The $500 million senior note matures in June 2019 and bears interest at a fixed rate of 3.54%, payable semi-annually. | ||||||||||||||
Interest Expense | ||||||||||||||
Interest expense was comprised of the following: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
(In millions) | ||||||||||||||
Long-term debt — unaffiliated | $ | 809 | $ | 790 | $ | 779 | ||||||||
Long-term debt — affiliated | 173 | 163 | 28 | |||||||||||
Collateral financing arrangements | 35 | 35 | 42 | |||||||||||
Junior subordinated debt securities | 134 | 134 | 134 | |||||||||||
Stock purchase contracts | — | — | 2 | |||||||||||
Total | $ | 1,151 | $ | 1,122 | $ | 985 | ||||||||
See Note 13 and 14 of the Notes to the Consolidated Financial Statements for information about the collateral financing arrangements and junior subordinated debt securities. | ||||||||||||||
5. 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 October 2013, MetLife, Inc. guaranteed two 2.47% two-year notes totaling $500 million issued by Exeter to its affiliates, MICC and MLI-USA. In November 2014, upon consummation of the Mergers, the notes were canceled. Consequently, the related MetLife, Inc. guarantee is no longer in effect. | ||||||||||||||
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 February 2013, the agreement was amended to reduce borrowing capacity to $100 million. MetLife Bank's rights and obligations under the agreement succeeded to MLHL upon the merger of MetLife Bank with and into MLHL. On October 29, 2013, MetLife, Inc. and MLHL agreed to terminate the agreement. There were no loans outstanding at such date. | ||||||||||||||
In July 2012, in connection with an operating agreement with the Office of the Comptroller of the Currency (“OCC”) governing MetLife Bank 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. provided financial and other support to MetLife Bank to ensure that MetLife Bank could wind down its operations in a safe and sound manner. Pursuant to the agreements, MetLife, Inc. was required to ensure that MetLife Bank meets or exceeds certain minimum capital and liquidity requirements 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. During the years ended December 31, 2013 and 2012, MetLife, Inc. invested $21 million and $34 million, respectively, in cash in MetLife Bank in connection with these agreements. On August 30, 2013, MetLife Bank merged with and into MLHL, with MLHL as the surviving, non-bank entity. The obligations of MetLife, Inc. and MetLife Bank under the capital support agreement with the OCC and the obligations of MetLife, Inc. under the indemnification and capital maintenance agreement ceased in all material respects upon the merger of MetLife Bank with and into MLHL. | ||||||||||||||
MetLife, Inc., in connection with MRD’s reinsurance of certain universal life and term life risks, entered into capital maintenance agreements pursuant to which MetLife, Inc. agreed, without limitation as to amount, to cause the first and second protected cells of MRD to maintain total adjusted capital equal to or greater than 200% of each such protected cell’s company action level RBC, as defined in state insurance statutes. In addition, MetLife, Inc. expects to enter into an agreement with the Delaware Department of Insurance to increase such capital maintenance threshold to 300% of each such protected cell’s company action level RBC, in the event of specified downgrades in the senior unsecured debt ratings of MetLife, Inc. | ||||||||||||||
MetLife, Inc. guarantees the obligations of its subsidiary, DelAm, under a stop loss reinsurance agreement with RGA Reinsurance (Barbados) Inc. (“RGARe”), pursuant to which RGARe retrocedes to DelAm a portion of the whole life medical insurance business that RGARe assumed from American Life on behalf of its Japan operations. Also, MetLife, Inc. guarantees the obligations of its subsidiary, Missouri Reinsurance, Inc. (“MoRe”), under a retrocession agreement with RGARe, pursuant to which MoRe retrocedes certain group term life insurance liabilities and a portion of the closed block liabilities associated with industrial life and ordinary life insurance policies that it assumed from MLIC. | ||||||||||||||
Prior to the sale in April 2011 of its 50% interest in Mitsui Sumitomo MetLife Insurance Co., Ltd. (“MSI MetLife”) to a third party, MetLife, Inc. guaranteed the obligations of its subsidiary, Exeter, under a reinsurance agreement with MSI MetLife, under which Exeter reinsured variable annuity business written by MSI MetLife. This guarantee remained in place following the April 2011 disposition of MetLife, Inc.’s interest in MSI MetLife, now known as Mitsui Sumitomo Primary Life Insurance Company Limited (“Mitsui”). In November 2014, in order to remove foreign reinsurance risks from Exeter prior to the Mergers, Mitsui recaptured this business from Exeter and then reinsured it with MetLife Reinsurance Company of Bermuda, Ltd. (“MrB”), a Bermuda insurance affiliate and an indirect, wholly-owned subsidiary of MetLife, Inc. The MetLife, Inc. guarantee of Exeter’s former reinsurance obligations to Mitsui was replaced by a MetLife, Inc. guarantee of MrB’s reinsurance obligations to Mitsui. | ||||||||||||||
MetLife, Inc. had guaranteed the obligations of Exeter in an aggregate amount up to $1.0 billion, under a reinsurance agreement with MetLife Europe Limited (“MEL”), under which Exeter reinsured the guaranteed living benefits and guaranteed death benefits associated with certain unit-linked annuity contracts issued by MEL. In November 2014, in order to remove foreign reinsurance risks from Exeter prior to the Mergers, MEL recaptured this business from Exeter and then reinsured it with MrB. The MetLife, Inc. guarantee of Exeter’s former reinsurance obligations to MEL was replaced by a MetLife, Inc. guarantee of MrB’s reinsurance obligations to MEL. | ||||||||||||||
MetLife, Inc., in connection with MRV’s reinsurance of certain universal life and term life insurance risks, committed to the Vermont Department of Banking, Insurance, Securities and Health Care Administration to take necessary action to cause the three protected cells of MRV to maintain total adjusted capital in an amount that is equal to or greater than 200% of each such protected cell’s authorized control level RBC, as defined in Vermont state insurance statutes. See Note 12 of the Notes to the Consolidated Financial Statements. | ||||||||||||||
MetLife, Inc., in connection with the collateral financing arrangement associated with MRC’s reinsurance of a portion of the liabilities associated with the closed block, committed to the South Carolina Department of Insurance to make capital contributions, if necessary, to MRC so that MRC may at all times maintain its total adjusted capital in an amount that is equal to or greater than 200% of the company action level RBC, as defined in South Carolina state insurance statutes as in effect on the date of determination or December 31, 2007, whichever calculation produces the greater capital requirement, or as otherwise required by the South Carolina Department of Insurance. See Note 13 of the Notes to the Consolidated Financial Statements. | ||||||||||||||
MetLife, Inc., in connection with the collateral financing arrangement associated with MRSC’s reinsurance of ULSG, committed to the South Carolina Department of Insurance to take necessary action to cause MRSC to maintain the greater of capital and surplus of $250,000 or total adjusted capital in an amount that is equal to or greater than 100% of authorized control level RBC, as defined in South Carolina state insurance statutes. See Note 13 of the Notes to the Consolidated Financial Statements. | ||||||||||||||
MetLife, Inc. has a net worth maintenance agreement with its insurance subsidiary, First MetLife Investors Insurance Company (“First MetLife”). Under this agreement, as amended, MetLife, Inc. agreed, without limitation as to the amount, to cause First MetLife to have capital and surplus of $10 million, total adjusted capital in an amount that is equal to or greater than 150% of the company action level RBC, as defined by applicable state insurance statutes, and liquidity necessary to enable it to meet its current obligations on a timely basis. A similar net worth maintenance agreement between MetLife, Inc. and its former subsidiary, MLIIC, was terminated in accordance with its terms following the Mergers. | ||||||||||||||
MetLife, Inc. guarantees obligations arising from derivatives of the following subsidiaries: MrB, MetLife International Holdings, Inc. and MetLife Worldwide Holdings, Inc. Prior to the Mergers, MetLife, Inc. guaranteed obligations arising from derivatives of Exeter. These subsidiaries are exposed to various risks relating to their ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. These subsidiaries use a variety of strategies to manage these risks, including the use of derivatives. Further, all of the subsidiaries’ derivatives are subject to industry standard netting agreements and collateral agreements that limit the unsecured portion of any open derivative position. On a net counterparty basis at December 31, 2014 and 2013, derivative transactions with positive mark-to-market values (in-the-money) were $499 million and $568 million, respectively, and derivative transactions with negative mark-to-market values (out-of-the-money) were $102 million and $734 million, respectively. To secure the obligations represented by the out of-the-money transactions, the subsidiaries had provided collateral to their counterparties with an estimated fair value of $96 million and $651 million at December 31, 2014 and 2013, respectively. Accordingly, unsecured derivative liabilities guaranteed by MetLife, Inc. were $6 million and $83 million at December 31, 2014 and 2013, respectively. | ||||||||||||||
MetLife, Inc. also guarantees the obligations of certain of its subsidiaries under committed facilities with third-party banks. See Note 12 of the Notes to the Consolidated Financial Statements. | ||||||||||||||
6. Subsequent Events | ||||||||||||||
On February 24, 2015, MetLife, Inc. settled, in cash, $445 million in payables to subsidiaries (see Note 2). |
Consolidated_Supplementary_Ins
Consolidated Supplementary Insurance Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||
Consolidated Supplementary Insurance Information | MetLife, Inc. | ||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||
Consolidated Supplementary Insurance Information | |||||||||||||||||||||||||
December 31, 2014, 2013 and 2012 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Segment | DAC | Future Policy Benefits, | Policyholder | Policyholder | Unearned | Unearned | |||||||||||||||||||
and | Other Policy-Related | Account | Dividends | Premiums (1), (2) | Revenue (1) | ||||||||||||||||||||
VOBA | Balances and | Balances | Payable | ||||||||||||||||||||||
Policyholder Dividend | |||||||||||||||||||||||||
Obligation | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Retail | $ | 11,963 | $ | 77,648 | $ | 62,319 | $ | 615 | $ | 923 | $ | 774 | |||||||||||||
Group, Voluntary & Worksite Benefits | 377 | 22,023 | 8,305 | — | 1,023 | — | |||||||||||||||||||
Corporate Benefit Funding | 111 | 50,935 | 64,505 | — | — | 42 | |||||||||||||||||||
Latin America | 1,991 | 9,055 | 6,425 | — | 551 | 651 | |||||||||||||||||||
Asia | 8,217 | 33,711 | 52,772 | 61 | 1,711 | 924 | |||||||||||||||||||
EMEA | 1,709 | 6,514 | 14,006 | 8 | 54 | 313 | |||||||||||||||||||
Corporate & Other | 74 | 7,277 | 962 | — | 10 | — | |||||||||||||||||||
Total | $ | 24,442 | $ | 207,163 | $ | 209,294 | $ | 684 | $ | 4,272 | $ | 2,704 | |||||||||||||
2013 | |||||||||||||||||||||||||
Retail | $ | 12,882 | $ | 73,953 | $ | 62,733 | $ | 601 | $ | 918 | $ | 860 | |||||||||||||
Group, Voluntary & Worksite Benefits | 382 | 20,946 | 8,575 | — | 886 | — | |||||||||||||||||||
Corporate Benefit Funding | 99 | 50,548 | 62,043 | — | — | 32 | |||||||||||||||||||
Latin America | 2,201 | 8,985 | 7,177 | — | 499 | 678 | |||||||||||||||||||
Asia | 9,077 | 35,863 | 57,203 | 65 | 1,895 | 1,035 | |||||||||||||||||||
EMEA | 2,039 | 7,704 | 13,953 | 9 | 196 | 260 | |||||||||||||||||||
Corporate & Other | 26 | 6,928 | 1,201 | — | 9 | — | |||||||||||||||||||
Total | $ | 26,706 | $ | 204,927 | $ | 212,885 | $ | 675 | $ | 4,403 | $ | 2,865 | |||||||||||||
2012 | |||||||||||||||||||||||||
Retail | $ | 11,500 | $ | 74,887 | $ | 67,023 | $ | 610 | $ | 873 | $ | 911 | |||||||||||||
Group, Voluntary & Worksite Benefits | 382 | 21,078 | 8,918 | — | 852 | — | |||||||||||||||||||
Corporate Benefit Funding | 96 | 53,542 | 63,523 | — | — | 39 | |||||||||||||||||||
Latin America | 1,231 | 8,856 | 7,199 | — | 428 | 627 | |||||||||||||||||||
Asia | 9,554 | 39,061 | 64,003 | 65 | 1,554 | 831 | |||||||||||||||||||
EMEA | 1,998 | 7,521 | 12,679 | 53 | 215 | 270 | |||||||||||||||||||
Corporate & Other | — | 6,697 | 2,476 | — | 9 | — | |||||||||||||||||||
Total | $ | 24,761 | $ | 211,642 | $ | 225,821 | $ | 728 | $ | 3,931 | $ | 2,678 | |||||||||||||
______________ | |||||||||||||||||||||||||
-1 | Amounts are included within the future policy benefits, other policy-related balances and policyholder dividend obligation column. | ||||||||||||||||||||||||
-2 | Includes premiums received in advance. | ||||||||||||||||||||||||
MetLife, Inc. | |||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||
Consolidated Supplementary Insurance Information — (Continued) | |||||||||||||||||||||||||
December 31, 2014, 2013 and 2012 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Segment | Premiums and Universal Life | Net | Policyholder | Amortization of | Other | ||||||||||||||||||||
and Investment-Type | Investment | Benefits and | DAC and | Operating | |||||||||||||||||||||
Product Policy Fees | Income (1) | Claims and | VOBA | Expenses (2) | |||||||||||||||||||||
Interest Credited | Charged to | ||||||||||||||||||||||||
to Policyholder | Other | ||||||||||||||||||||||||
Account Balances | Expenses | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Retail | $ | 12,731 | $ | 7,496 | $ | 11,329 | $ | 1,610 | $ | 4,990 | |||||||||||||||
Group, Voluntary & Worksite Benefits | 16,695 | 1,677 | 15,053 | 149 | 2,428 | ||||||||||||||||||||
Corporate Benefit Funding | 2,996 | 5,813 | 6,357 | 19 | 509 | ||||||||||||||||||||
Latin America | 4,209 | 1,385 | 3,439 | 321 | 1,273 | ||||||||||||||||||||
Asia | 9,270 | 3,249 | 7,748 | 1,394 | 1,720 | ||||||||||||||||||||
EMEA | 2,832 | 1,318 | 1,978 | 626 | 1,140 | ||||||||||||||||||||
Corporate & Other | 280 | 215 | 141 | 13 | 2,275 | ||||||||||||||||||||
Total | $ | 49,013 | $ | 21,153 | $ | 46,045 | $ | 4,132 | $ | 14,335 | |||||||||||||||
2013 | |||||||||||||||||||||||||
Retail | $ | 11,783 | $ | 7,427 | $ | 11,460 | $ | 850 | $ | 5,006 | |||||||||||||||
Group, Voluntary & Worksite Benefits | 15,938 | 1,684 | 14,381 | 140 | 2,241 | ||||||||||||||||||||
Corporate Benefit Funding | 3,106 | 5,826 | 6,604 | 23 | 505 | ||||||||||||||||||||
Latin America | 3,820 | 1,326 | 2,793 | 310 | 1,182 | ||||||||||||||||||||
Asia | 9,525 | 4,335 | 9,200 | 1,527 | 1,825 | ||||||||||||||||||||
EMEA | 2,698 | 1,164 | 1,743 | 699 | 1,035 | ||||||||||||||||||||
Corporate & Other | 255 | 470 | 105 | 1 | 2,517 | ||||||||||||||||||||
Total | $ | 47,125 | $ | 22,232 | $ | 46,286 | $ | 3,550 | $ | 14,311 | |||||||||||||||
2012 | |||||||||||||||||||||||||
Retail | $ | 11,411 | $ | 7,275 | $ | 11,247 | $ | 1,603 | $ | 4,941 | |||||||||||||||
Group, Voluntary & Worksite Benefits | 15,456 | 1,628 | 13,858 | 133 | 2,215 | ||||||||||||||||||||
Corporate Benefit Funding | 3,462 | 5,789 | 7,105 | 22 | 457 | ||||||||||||||||||||
Latin America | 3,438 | 1,354 | 3,014 | 228 | 1,047 | ||||||||||||||||||||
Asia | 9,835 | 3,421 | 8,246 | 1,567 | 1,933 | ||||||||||||||||||||
EMEA | 2,718 | 1,348 | 2,088 | 644 | 1,060 | ||||||||||||||||||||
Corporate & Other | 211 | 1,169 | 158 | 2 | 3,272 | ||||||||||||||||||||
Total | $ | 46,531 | $ | 21,984 | $ | 45,716 | $ | 4,199 | $ | 14,925 | |||||||||||||||
______________ | |||||||||||||||||||||||||
-1 | See Note 2 of the Notes to the Consolidated Financial Statements for discussion of the MAL divestiture. | ||||||||||||||||||||||||
-2 | Includes other expenses and policyholder dividends, excluding amortization of DAC and VOBA charged to other expenses. |
Consolidated_Reinsurance
Consolidated Reinsurance | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | ||||||||||||||||||||
Consolidated Reinsurance | MetLife, Inc. | |||||||||||||||||||
Schedule IV | ||||||||||||||||||||
Consolidated Reinsurance | ||||||||||||||||||||
December 31, 2014, 2013 and 2012 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
Gross Amount | Ceded | Assumed | Net Amount | % Amount Assumed to Net | ||||||||||||||||
2014 | ||||||||||||||||||||
Life insurance in-force | $ | 4,572,115 | $ | 719,154 | $ | 649,032 | $ | 4,501,993 | 14.4 | % | ||||||||||
Insurance premium | ||||||||||||||||||||
Life insurance (1) | $ | 23,575 | $ | 2,034 | $ | 1,224 | $ | 22,765 | 5.4 | % | ||||||||||
Accident & health insurance | 13,015 | 340 | 239 | 12,914 | 1.9 | % | ||||||||||||||
Property and casualty insurance | 3,459 | 80 | 9 | 3,388 | 0.3 | % | ||||||||||||||
Total insurance premium | $ | 40,049 | $ | 2,454 | $ | 1,472 | $ | 39,067 | 3.8 | % | ||||||||||
2013 | ||||||||||||||||||||
Life insurance in-force | $ | 4,517,797 | $ | 763,754 | $ | 607,591 | $ | 4,361,634 | 13.9 | % | ||||||||||
Insurance premium | ||||||||||||||||||||
Life insurance (1) | $ | 22,206 | $ | 1,862 | $ | 1,269 | $ | 21,613 | 5.9 | % | ||||||||||
Accident & health insurance | 12,957 | 333 | 196 | 12,820 | 1.5 | % | ||||||||||||||
Property and casualty insurance | 3,313 | 79 | 7 | 3,241 | 0.2 | % | ||||||||||||||
Total insurance premium | $ | 38,476 | $ | 2,274 | $ | 1,472 | $ | 37,674 | 3.9 | % | ||||||||||
2012 | ||||||||||||||||||||
Life insurance in-force | $ | 4,432,178 | $ | 761,993 | $ | 594,062 | $ | 4,264,247 | 13.9 | % | ||||||||||
Insurance premium | ||||||||||||||||||||
Life insurance (1) | $ | 22,006 | $ | 1,550 | $ | 1,268 | $ | 21,724 | 5.8 | % | ||||||||||
Accident & health insurance | 13,567 | 605 | 211 | 13,173 | 1.6 | % | ||||||||||||||
Property and casualty insurance | 3,146 | 77 | 9 | 3,078 | 0.3 | % | ||||||||||||||
Total insurance premium | $ | 38,719 | $ | 2,232 | $ | 1,488 | $ | 37,975 | 3.9 | % | ||||||||||
______________ | ||||||||||||||||||||
-1 | Includes annuities. |
Business_Basis_of_Presentation1
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Use of Estimates | 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 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 | Redeemable Noncontrolling Interests | |||||
Redeemable noncontrolling interests associated with certain joint ventures and partially-owned consolidated subsidiaries are reported in the temporary section of the balance sheet. | ||||||
The accompanying 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. | ||||||
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 cutoff of November 30. Accordingly, the Company’s consolidated financial statements reflect the assets and liabilities of such subsidiaries as of November 30, 2014 and 2013 and the operating results of such subsidiaries for the years ended November 30, 2014, 2013 and 2012. | |||||
Discontinued Operations | Discontinued Operations | |||||
The results of operations of a component of the Company that has either been disposed of or is classified as held-for-sale are reported in discontinued operations if certain criteria are met. Effective January 1, 2014, the Company early adopted new guidance regarding reporting of discontinued operations for disposals or classifications as held-for-sale that have not been previously reported in the consolidated financial statements. A disposal of a component is reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. See “— Adoption of New Accounting Pronouncements.” | ||||||
Separate Accounts | Separate Accounts | |||||
Separate accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate account assets are subject to general account claims only to the extent the value of such assets exceeds the separate account liabilities. The Company reports separately, as assets and liabilities, investments held in separate accounts and liabilities of the separate accounts if: | ||||||
• | such separate accounts are legally recognized; | |||||
• | assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; | |||||
• | investments are directed by the contractholder; and | |||||
• | all investment performance, net of contract fees and assessments, is passed through to the contractholder. | |||||
The Company reports separate account assets at their fair value which is based on the estimated fair values of the underlying assets comprising the individual separate account portfolios. Investment performance (including investment income, net investment gains (losses) and changes in unrealized gains (losses)) and the corresponding amounts credited to contractholders of such separate accounts are offset within the same line in the statements of operations. Separate accounts credited with a contractual investment return are combined on a line-by-line basis with the Company’s general account assets, liabilities, revenues and expenses and the accounting for these investments is consistent with the methodologies described herein for similar financial instruments held within the general account. Unit-linked separate account investments that are directed by contractholders but do not meet one or more of the other above criteria are included in fair value option (“FVO”) and trading securities. | ||||||
The Company’s revenues reflect fees charged to the separate accounts, including mortality charges, risk charges, policy administration fees, investment management fees and surrender charges. Such fees are included in universal life and investment-type product policy fees in the statements of operations. | ||||||
Future Policy Benefit Liabilities and Policyholder Account Balances | Future Policy Benefit Liabilities and Policyholder Account Balances | |||||
The Company establishes liabilities for amounts payable under insurance policies. Generally, amounts are payable over an extended period of time and related liabilities are calculated as the present value of future expected benefits to be paid reduced by the present value of future expected premiums. Such liabilities are established based on methods and underlying assumptions in accordance with GAAP and applicable actuarial standards. Principal assumptions used in the establishment of liabilities for future policy benefits are mortality, morbidity, policy lapse, renewal, retirement, disability incidence, disability terminations, investment returns, inflation, expenses and other contingent events as appropriate to the respective product type and geographical area. These assumptions are established at the time the policy is issued and are intended to estimate the experience for the period the policy benefits are payable. Utilizing these assumptions, liabilities are established on a block of business basis. For long duration insurance contracts, assumptions such as mortality, morbidity and interest rates are “locked in” upon the issuance of new business. However, significant adverse changes in experience on such contracts may require the establishment of premium deficiency reserves. Such reserves are determined based on the then current assumptions and do not include a provision for adverse deviation. | ||||||
Premium deficiency reserves may also be established for short duration contracts to provide for expected future losses. These reserves are based on actuarial estimates of the amount of loss inherent in that period, including losses incurred for which claims have not been reported. The provisions for unreported claims are calculated using studies that measure the historical length of time between the incurred date of a claim and its eventual reporting to the Company. Anticipated investment income is considered in the calculation of premium deficiency losses for short duration contracts. | ||||||
Liabilities for universal and variable life policies with secondary guarantees (“ULSG”) and paid-up guarantees are determined by estimating the expected value of death benefits payable when the account balance is projected to be zero and recognizing those benefits ratably over the accumulation period based on total expected assessments. The assumptions used in estimating the secondary and paid-up guarantee liabilities are consistent with those used for amortizing deferred policy acquisition costs (“DAC”), and are thus subject to the same variability and risk as further discussed herein. The assumptions of investment performance and volatility for variable products are consistent with historical experience of appropriate underlying equity indices, such as the Standard & Poor’s Ratings Services (“S&P”) 500 Index. The benefits used in calculating the liabilities are based on the average benefits payable over a range of scenarios. | ||||||
The Company regularly reviews its estimates of liabilities for future policy benefits and compares them with its actual experience. Differences result in changes to the liability balances with related charges or credits to benefit expenses in the period in which the changes occur. | ||||||
Policyholder account balances (“PABs”) relate to contract or contract features where the Company has no significant insurance risk. | ||||||
PABs are equal to: (i) policy account values, which consist of an accumulation of gross premium payments and investment performance; (ii) credited interest, ranging from 1% to 13% for domestic business and 1% to 12% for international business, less expenses, mortality charges and withdrawals; and (iii) fair value adjustments relating to business combinations. | ||||||
Future policy benefits are measured as follows: | ||||||
Product Type: | Measurement Assumptions: | |||||
Participating life | Aggregate of (i) net level premium reserves for death and endowment policy benefits (calculated based upon the non-forfeiture interest rate, ranging from 3% to 7% for domestic business and 1% to 11% for international business, and mortality rates guaranteed in calculating the cash surrender values described in such contracts); and (ii) the liability for terminal dividends for domestic business. | |||||
Nonparticipating life | Aggregate of the present value of expected future benefit payments and related expenses less the present value of expected future net premiums. Assumptions as to mortality and persistency are based upon the Company’s experience when the basis of the liability is established. Interest rate assumptions for the aggregate future policy benefit liabilities range from 2% to 11% for domestic business and 1% to 13% for international business. | |||||
Individual and group | Present value of expected future payments. Interest rate assumptions used in establishing such liabilities range from 1% to 11% for domestic business and 1% to 12% for international business. | |||||
traditional fixed annuities | ||||||
after annuitization | ||||||
Non-medical health | The net level premium method and assumptions as to future morbidity, withdrawals and interest, which provide a margin for adverse deviation. Interest rate assumptions used in establishing such liabilities range from 4% to 7% (primarily related to domestic business). | |||||
insurance | ||||||
Disabled lives | Present value of benefits method and experience assumptions as to claim terminations, expenses and interest. Interest rate assumptions used in establishing such liabilities range from 3% to 8% for domestic business and 1% to 9% for international business. | |||||
Property and casualty | The amount estimated for claims that have been reported but not settled and claims incurred but not reported are based upon the Company’s historical experience and other actuarial assumptions that consider the effects of current developments, anticipated trends and risk management programs, reduced for anticipated salvage and subrogation. | |||||
insurance | ||||||
Variable Annuity Guaranteed Minimum Benefits | The Company issues directly and assumes through 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. These guarantees are accounted for as insurance liabilities or as embedded derivatives depending on how and when the benefit is paid. Specifically, a guarantee is accounted for as an embedded derivative if a guarantee is paid without requiring (i) the occurrence of specific insurable event, or (ii) the policyholder to annuitize. Alternatively, a guarantee is accounted for as an insurance liability if the guarantee is paid only upon either (i) the occurrence of a specific insurable event, or (ii) annuitization. In certain cases, a guarantee may have elements of both an insurance liability and an embedded derivative and in such cases the guarantee is split and accounted for under both models. | |||||
Guarantees accounted for as insurance liabilities in future policy benefits include guaranteed minimum death benefits (“GMDBs”), the portion of guaranteed minimum income benefits (“GMIBs”) that require annuitization, and the life-contingent portion of guaranteed minimum withdrawal benefits (“GMWBs”). | ||||||
Guarantees accounted for as embedded derivatives in PABs include the non life-contingent portion of GMWBs, guaranteed minimum accumulation benefits (“GMABs”) and the portion of GMIBs that do not require annuitization. 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. | ||||||
The Company issues variable annuity products with guaranteed minimum benefits. The non-life contingent portion of 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 9. Guarantees accounted for as insurance liabilities include: | ||||||
Guarantee: | Measurement Assumptions: | |||||
GMDBs | Ÿ | A return of purchase payment upon death even if the account value is reduced to zero. | Ÿ | Present value of expected death benefits in excess of the projected account balance recognizing the excess ratably over the accumulation period based on the present value of total expected assessments. | ||
Ÿ | An enhanced death benefit may be available for an additional fee. | Ÿ | Assumptions are consistent with those used for amortizing DAC, and are thus subject to the same variability and risk. | |||
Ÿ | Investment performance and volatility assumptions are consistent with the historical experience of the appropriate underlying equity index, such as the S&P 500 Index. | |||||
Ÿ | Benefit assumptions are based on the average benefits payable over a range of scenarios. | |||||
GMIBs | Ÿ | After a specified period of time determined at the time of issuance of the variable annuity contract, a minimum accumulation of purchase payments, even if the account value is reduced to zero, that can be annuitized to receive a monthly income stream that is not less than a specified amount. | Ÿ | Present value of expected income benefits in excess of the projected account balance at any future date of annuitization and recognizing the excess ratably over the accumulation period based on present value of total expected assessments. | ||
Ÿ | Certain contracts also provide for a guaranteed lump sum return of purchase premium in lieu of the annuitization benefit. | Ÿ | Assumptions are consistent with those used for estimating GMDB liabilities. | |||
Ÿ | Calculation incorporates an assumption for the percentage of the potential annuitizations that may be elected by the contractholder. | |||||
GMWBs | Ÿ | A return of purchase payment via partial withdrawals, even if the account value is reduced to zero, provided that cumulative withdrawals in a contract year do not exceed a certain limit. | Ÿ | Expected value of the life contingent payments and expected assessments using assumptions consistent with those used for estimating the GMDB liabilities. | ||
Ÿ | Certain contracts include guaranteed withdrawals that are life contingent. | |||||
The Company also issues annuity contracts that apply a lower rate on 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. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. 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. | ||||||
Other Policy-Related Balances | Other Policy-Related Balances | |||||
Other policy-related balances include policy and contract claims, unearned revenue liabilities, premiums received in advance, policyholder dividends due and unpaid, policyholder dividends left on deposit and negative value of business acquired. | ||||||
The liability for policy and contract claims generally relates to incurred but not reported death, disability, long-term care (“LTC”) and dental claims, as well as claims which have been reported but not yet settled. The liability for these claims is based on the Company’s estimated ultimate cost of settling all claims. The Company derives estimates for the development of incurred but not reported claims principally from analyses of historical patterns of claims by business line. The methods used to determine these estimates are continually reviewed. Adjustments resulting from this continuous review process and differences between estimates and payments for claims are recognized in policyholder benefits and claims expense in the period in which the estimates are changed or payments are made. | ||||||
The unearned revenue liability relates to universal life-type and investment-type products and represents policy charges for services to be provided in future periods. The charges are deferred as unearned revenue and amortized using the product’s estimated gross profits and margins, similar to DAC as discussed further herein. Such amortization is recorded in universal life and investment-type product policy fees. | ||||||
The Company accounts for the prepayment of premiums on its individual life, group life and health contracts as premiums received in advance and applies the cash received to premiums when due. | ||||||
For certain acquired blocks of business, the estimated fair value of the in-force contract obligations exceeded the book value of assumed in-force insurance policy liabilities, resulting in negative VOBA, which is presented separately from VOBA as an additional insurance liability. The fair value of the in-force contract obligations is based on projections by each block of business. Negative VOBA is amortized over the policy period in proportion to the approximate consumption of losses included in the liability usually expressed in terms of insurance in-force or account value. Such amortization is recorded as a contra-expense in other expenses. | ||||||
Recognition of Insurance Revenues and Deposits | Recognition of Insurance Revenues and Deposits | |||||
Premiums related to traditional life, annuity policies with life contingencies, long-duration accident & health, and credit insurance policies are recognized as revenues when due from policyholders. Policyholder benefits and expenses are provided to recognize profits over the estimated lives of the insurance policies. When premiums are due over a significantly shorter period than the period over which benefits are provided, any excess profit is deferred and recognized into earnings in a constant relationship to insurance in-force or, for annuities, the amount of expected future policy benefit payments. | ||||||
Premiums related to short-duration non-medical health and disability, accident & health, and certain credit insurance contracts are recognized on a pro rata basis over the applicable contract term. | ||||||
Deposits related to universal life-type and investment-type products are credited to PABs. Revenues from such contracts consist of fees for mortality, policy administration and surrender charges and are recorded in universal life and investment-type product policy fees in the period in which services are provided. Amounts that are charged to earnings include interest credited and benefit claims incurred in excess of related PABs. | ||||||
Premiums related to property and casualty contracts are recognized as revenue on a pro rata basis over the applicable contract term. Unearned premiums, representing the portion of premium written related to the unexpired coverage, are also included in future policy benefits. | ||||||
Premiums, policy fees, policyholder benefits and expenses are presented net of reinsurance. | ||||||
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | |||||
The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: | ||||||
• | incremental direct costs of contract acquisition, such as commissions; | |||||
• | the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; | |||||
• | other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and | |||||
• | the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. | |||||
All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. | ||||||
Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. | ||||||
DAC and VOBA are amortized as follows: | ||||||
Products: | In proportion to the following over estimated lives of the contracts: | |||||
• | Nonparticipating and non-dividend-paying traditional contracts: | Historic actual and expected future gross premiums. | ||||
• | Term insurance | |||||
• | Nonparticipating whole life insurance | |||||
• | Traditional group life insurance | |||||
• | Non-medical health insurance | |||||
• | Accident & health insurance | |||||
• | Participating, dividend-paying traditional contracts | Actual and expected future gross margins. | ||||
• | Fixed and variable universal life contracts | Actual and expected future gross profits. | ||||
• | Fixed and variable deferred annuity contracts | |||||
• | Credit insurance contracts | Historic and future earned premiums. | ||||
• | Property and casualty insurance contracts | |||||
• | Other short-duration contracts | |||||
See Note 5 for additional information on DAC and VOBA amortization. | ||||||
The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated in the financial statements for reporting purposes. | ||||||
Nonparticipating and Non-Dividend-Paying Traditional Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the historic actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. | ||||||
Participating, Dividend-Paying Traditional Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||
Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||
Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts | ||||||
The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to historic and future earned premium over the applicable contract term. | ||||||
Factors Impacting Amortization | ||||||
Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. | ||||||
The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. | ||||||
Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. | ||||||
Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. | ||||||
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs, Value of Business Acquired and Other Intangibles | |||||
The Company incurs significant costs in connection with acquiring new and renewal insurance business. Costs that are related directly to the successful acquisition or renewal of insurance contracts are capitalized as DAC. Such costs include: | ||||||
• | incremental direct costs of contract acquisition, such as commissions; | |||||
• | the portion of an employee’s total compensation and benefits related to time spent selling, underwriting or processing the issuance of new and renewal insurance business only with respect to actual policies acquired or renewed; | |||||
• | other essential direct costs that would not have been incurred had a policy not been acquired or renewed; and | |||||
• | the costs of direct-response advertising, the primary purpose of which is to elicit sales to customers who could be shown to have responded specifically to the advertising and that results in probable future benefits. | |||||
All other acquisition-related costs, including those related to general advertising and solicitation, market research, agent training, product development, unsuccessful sales and underwriting efforts, as well as all indirect costs, are expensed as incurred. | ||||||
Value of business acquired (“VOBA”) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future policy and contract charges, premiums, mortality and morbidity, separate account performance, surrenders, operating expenses, investment returns, nonperformance risk adjustment and other factors. Actual experience on the purchased business may vary from these projections. | ||||||
DAC and VOBA are amortized as follows: | ||||||
Products: | In proportion to the following over estimated lives of the contracts: | |||||
• | Nonparticipating and non-dividend-paying traditional contracts: | Historic actual and expected future gross premiums. | ||||
• | Term insurance | |||||
• | Nonparticipating whole life insurance | |||||
• | Traditional group life insurance | |||||
• | Non-medical health insurance | |||||
• | Accident & health insurance | |||||
• | Participating, dividend-paying traditional contracts | Actual and expected future gross margins. | ||||
• | Fixed and variable universal life contracts | Actual and expected future gross profits. | ||||
• | Fixed and variable deferred annuity contracts | |||||
• | Credit insurance contracts | Historic and future earned premiums. | ||||
• | Property and casualty insurance contracts | |||||
• | Other short-duration contracts | |||||
See Note 5 for additional information on DAC and VOBA amortization. | ||||||
The recovery of DAC and VOBA is dependent upon the future profitability of the related business. DAC and VOBA are aggregated in the financial statements for reporting purposes. | ||||||
Nonparticipating and Non-Dividend-Paying Traditional Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts (term insurance, nonparticipating whole life insurance, traditional group life insurance, non-medical health insurance, and accident & health insurance) over the appropriate premium paying period in proportion to the historic actual and expected future gross premiums that were set at contract issue. The expected premiums are based upon the premium requirement of each policy and assumptions for mortality, morbidity, persistency and investment returns at policy issuance, or policy acquisition (as it relates to VOBA), include provisions for adverse deviation, and are consistent with the assumptions used to calculate future policyholder benefit liabilities. These assumptions are not revised after policy issuance or acquisition unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. Absent a premium deficiency, variability in amortization after policy issuance or acquisition is caused only by variability in premium volumes. | ||||||
Participating, Dividend-Paying Traditional Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross margins. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The future gross margins are dependent principally on investment returns, policyholder dividend scales, mortality, persistency, expenses to administer the business, creditworthiness of reinsurance counterparties and certain economic variables, such as inflation. For participating contracts within the closed block (dividend-paying traditional contracts) future gross margins are also dependent upon changes in the policyholder dividend obligation. See Note 7. Of these factors, the Company anticipates that investment returns, expenses, persistency and other factor changes, as well as policyholder dividend scales, are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross margins with the actual gross margins for that period. When the actual gross margins change from previously estimated gross margins, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross margins exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross margins are below the previously estimated gross margins. Each reporting period, the Company also updates the actual amount of business in-force, which impacts expected future gross margins. When expected future gross margins are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross margins are above the previously estimated expected future gross margins. Each period, the Company also reviews the estimated gross margins for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||
Fixed and Variable Universal Life Contracts and Fixed and Variable Deferred Annuity Contracts | ||||||
The Company amortizes DAC and VOBA related to these contracts over the estimated lives of the contracts in proportion to actual and expected future gross profits. The amortization includes interest based on rates in effect at inception or acquisition of the contracts. The amount of future gross profits is dependent principally upon returns in excess of the amounts credited to policyholders, mortality, persistency, interest crediting rates, expenses to administer the business, creditworthiness of reinsurance counterparties, the effect of any hedges used and certain economic variables, such as inflation. Of these factors, the Company anticipates that investment returns, expenses and persistency are reasonably likely to impact significantly the rate of DAC and VOBA amortization. Each reporting period, the Company updates the estimated gross profits with the actual gross profits for that period. When the actual gross profits change from previously estimated gross profits, the cumulative DAC and VOBA amortization is re-estimated and adjusted by a cumulative charge or credit to current operations. When actual gross profits exceed those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the actual gross profits are below the previously estimated gross profits. Each reporting period, the Company also updates the actual amount of business remaining in-force, which impacts expected future gross profits. When expected future gross profits are below those previously estimated, the DAC and VOBA amortization will increase, resulting in a current period charge to earnings. The opposite result occurs when the expected future gross profits are above the previously estimated expected future gross profits. Each period, the Company also reviews the estimated gross profits for each block of business to determine the recoverability of DAC and VOBA balances. | ||||||
Credit Insurance, Property and Casualty Insurance and Other Short-Duration Contracts | ||||||
The Company amortizes DAC for these contracts, which is primarily composed of commissions and certain underwriting expenses, in proportion to historic and future earned premium over the applicable contract term. | ||||||
Factors Impacting Amortization | ||||||
Separate account rates of return on variable universal life contracts and variable deferred annuity contracts affect in-force account balances on such contracts each reporting period, which can result in significant fluctuations in amortization of DAC and VOBA. Returns that are higher than the Company’s long-term expectation produce higher account balances, which increases the Company’s future fee expectations and decreases future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected future gross profits. The opposite result occurs when returns are lower than the Company’s long-term expectation. The Company’s practice to determine the impact of gross profits resulting from returns on separate accounts assumes that long-term appreciation in equity markets is not changed by short-term market fluctuations, but is only changed when sustained interim deviations are expected. The Company monitors these events and only changes the assumption when its long-term expectation changes. | ||||||
The Company also periodically reviews other long-term assumptions underlying the projections of estimated gross margins and profits. These assumptions primarily relate to investment returns, policyholder dividend scales, interest crediting rates, mortality, persistency and expenses to administer business. Management annually updates assumptions used in the calculation of estimated gross margins and profits which may have significantly changed. If the update of assumptions causes expected future gross margins and profits to increase, DAC and VOBA amortization will decrease, resulting in a current period increase to earnings. The opposite result occurs when the assumption update causes expected future gross margins and profits to decrease. | ||||||
Periodically, the Company modifies product benefits, features, rights or coverages that occur by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by election or coverage within a contract. If such modification, referred to as an internal replacement, substantially changes the contract, the associated DAC or VOBA is written off immediately through income and any new deferrable costs associated with the replacement contract are deferred. If the modification does not substantially change the contract, the DAC or VOBA amortization on the original contract will continue and any acquisition costs associated with the related modification are expensed. | ||||||
Amortization of DAC and VOBA is attributed to net investment gains (losses) and net derivative gains (losses), and to other expenses for the amount of gross margins or profits originating from transactions other than investment gains and losses. Unrealized investment gains and losses represent the amount of DAC and VOBA that would have been amortized if such gains and losses had been recognized. | ||||||
Deferred Sales Inducements | The Company generally has two different types of sales inducements which are included in other assets: (i) the policyholder receives a bonus whereby the policyholder’s initial account balance is increased by an amount equal to a specified percentage of the customer’s deposit; and (ii) the policyholder receives a higher interest rate using a dollar cost averaging method than would have been received based on the normal general account interest rate credited. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in policyholder benefits and claims. Each year, or more frequently if circumstances indicate a potential recoverability issue exists, the Company reviews deferred sales inducements (“DSI”) to determine the recoverability of the asset. | |||||
Value of Distribution Agreements and Customer Relationships Acquired | Value of distribution agreements acquired (“VODA”) is reported in other assets and represents the present value of expected future profits associated with the expected future business derived from the distribution agreements acquired as part of a business combination. Value of customer relationships acquired (“VOCRA”) is also reported in other assets and represents the present value of the expected future profits associated with the expected future business acquired through existing customers of the acquired company or business. The VODA and VOCRA associated with past business combinations are amortized over useful lives ranging from 10 to 40 years and such amortization is included in other expenses. Each year, or more frequently if circumstances indicate a possible impairment exists, the Company reviews VODA and VOCRA to determine whether the asset is impaired. | |||||
Reinsurance | Reinsurance | |||||
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. Cessions under reinsurance agreements do not discharge the Company’s obligations as the primary insurer. The Company reviews all contractual features, including those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. | ||||||
For reinsurance of existing in-force blocks of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid (received), and the liabilities ceded (assumed) related to the underlying contracts is considered the net cost of reinsurance at the inception of the reinsurance agreement. The net cost of reinsurance is recorded as an adjustment to DAC and recognized as a component of other expenses on a basis consistent with the way the acquisition costs on the underlying reinsured contracts would be recognized. Subsequent amounts paid (received) on the reinsurance of in-force blocks, as well as amounts paid (received) related to new business, are recorded as ceded (assumed) premiums; and ceded (assumed) premiums, reinsurance and other receivables (future policy benefits) are established. | ||||||
For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid (received) are recorded as ceded (assumed) premiums and ceded (assumed) unearned premiums. Unearned premiums are reflected as a component of premiums, reinsurance and other receivables (future policy benefits). Such amounts are amortized through earned premiums over the remaining contract period in proportion to the amount of insurance protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria of reinsurance accounting, amounts paid (received) in excess of the related insurance liabilities ceded (assumed) are recognized immediately as a loss and are reported in the appropriate line item within the statement of operations. Any gain on such retroactive agreement is deferred and is amortized as part of DAC, primarily using the recovery method. | ||||||
Amounts currently recoverable under reinsurance agreements are included in premiums, reinsurance and other receivables and amounts currently payable are included in other liabilities. Assets and liabilities relating to reinsurance agreements with the same reinsurer may be recorded net on the balance sheet, if a right of offset exists within the reinsurance agreement. In the event that reinsurers do not meet their obligations to the Company under the terms of the reinsurance agreements, reinsurance recoverable balances could become uncollectible. In such instances, reinsurance recoverable balances are stated net of allowances for uncollectible reinsurance. | ||||||
Premiums, fees and policyholder benefits and claims include amounts assumed under reinsurance agreements and are net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in other revenues. With respect to GMIBs, a portion of the directly written GMIBs are accounted for as insurance liabilities, but the associated reinsurance agreements contain embedded derivatives. These embedded derivatives are included in premiums, reinsurance and other receivables with changes in estimated fair value reported in policyholder benefits and claims. | ||||||
If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in other liabilities and deposits made are included within premiums, reinsurance and other receivables. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as other revenues or other expenses, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through other revenues or other expenses, as appropriate. | ||||||
The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products and also as a provider of reinsurance for some insurance products issued by third parties. | ||||||
Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the aforementioned assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance and evaluates the financial strength of counterparties to its reinsurance agreements using criteria similar to that evaluated in the security impairment process discussed in Note 8. | ||||||
Investments | Investments | |||||
Net Investment Income and Net Investment Gains (Losses) | ||||||
Income from investments is reported within net investment income, unless otherwise stated herein. Gains and losses on sales of investments, impairment losses and changes in valuation allowances are reported within net investment gains (losses), unless otherwise stated herein. | ||||||
Fixed Maturity and Equity Securities | ||||||
The majority of the Company’s fixed maturity and equity securities are classified as available-for-sale (“AFS”) and are reported at their estimated fair value. Unrealized investment gains and losses on these securities are recorded as a separate component of other comprehensive income (loss) (“OCI”), net of policy-related amounts and deferred income taxes. All security transactions are recorded on a trade date basis. Investment gains and losses on sales are determined on a specific identification basis. | ||||||
Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recognized when declared. | ||||||
The Company periodically evaluates fixed maturity and equity securities for impairment. The assessment of whether impairments have occurred is based on management’s case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age as described in Note 8 “— Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities.” | ||||||
For fixed maturity securities in an unrealized loss position, an other-than-temporary impairment (“OTTI”) is recognized in earnings when it is anticipated that the amortized cost will not be recovered. When either: (i) the Company has the intent to sell the security; or (ii) it is more likely than not that the Company will be required to sell the security before recovery, the OTTI recognized in earnings is the entire difference between the security’s amortized cost and estimated fair value. If neither of these conditions exists, the difference between the amortized cost of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI in earnings (“credit loss”). If the estimated fair value is less than the present value of projected future cash flows expected to be collected, this portion of OTTI related to other-than-credit factors (“noncredit loss”) is recorded in OCI. | ||||||
With respect to equity securities, the Company considers in its OTTI analysis its intent and ability to hold a particular equity security for a period of time sufficient to allow for the recovery of its estimated fair value to an amount equal to or greater than cost. If a sale decision is made for an equity security and recovery to an amount at least equal to cost prior to the sale is not expected, the security will be deemed to be other-than-temporarily impaired in the period that the sale decision was made and an OTTI loss will be recorded in earnings. The OTTI loss recognized is the entire difference between the security’s cost and its estimated fair value. | ||||||
FVO and Trading Securities | ||||||
FVO and trading securities are stated at estimated fair value and include investments for which the FVO has been elected (“FVO Securities”) and investments that are actively purchased and sold (“Actively Traded Securities”). FVO Securities include: | ||||||
• | fixed maturity and equity securities held-for-investment by the general account to support asset and liability management strategies for certain insurance products and investments in certain separate accounts (“FVO general account securities”); and | |||||
• | contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify for presentation and reporting as separate 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 contractholder-directed unit-linked investments”). | |||||
Actively Traded Securities principally include fixed maturity securities and short sale agreement liabilities, which are included in other liabilities. | ||||||
Changes in estimated fair value of these securities are included in net investment income, except for certain securities included in FVO Securities where changes are included in net investment gains (losses). | ||||||
Mortgage Loans | ||||||
The Company disaggregates its mortgage loan investments into three portfolio segments: commercial, agricultural, and residential. The accounting policies that are applicable to all portfolio segments are presented below and the accounting policies related to each of the portfolio segments are included in Note 8. | ||||||
Mortgage Loans Held-For-Investment | ||||||
Mortgage loans held-for-investment are stated at unpaid principal balance, adjusted for any unamortized premium or discount, deferred fees or expenses, and are net of valuation allowances. Interest income and prepayment fees are recognized when earned. Interest income is recognized using an effective yield method giving effect to amortization of premiums and accretion of discounts. | ||||||
Also included in mortgage loans held-for-investment are commercial mortgage loans held by consolidated securitization entities (“CSEs”) and residential mortgage loans for which the FVO was elected, which are stated at estimated fair value. Changes in estimated fair value are recognized in net investment gains (losses) for commercial mortgage loans held by CSEs — FVO, and net investment income for residential mortgage loans — FVO. | ||||||
Mortgage Loans Held-For-Sale | ||||||
Mortgage loans held-for-sale that were previously designated as held-for-investment and mortgage loans originated with the intent to sell for which FVO was not elected, are stated at the lower of amortized cost or estimated fair value. | ||||||
Policy Loans | ||||||
Policy loans are stated at unpaid principal balances. Interest income is recorded as earned using the contractual interest rate. Generally, accrued interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as they are fully collateralized by the cash surrender value of the underlying insurance policies. Any unpaid principal and accrued interest is deducted from the cash surrender value or the death benefit prior to settlement of the insurance policy. | ||||||
Real Estate | ||||||
Real estate held-for-investment is stated at cost less accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of the asset (typically 20 to 55 years). Rental income is recognized on a straight-line basis over the term of the respective leases. The Company periodically reviews its real estate held-for-investment for impairment and tests for recoverability whenever events or changes in circumstances indicate the carrying value may not be recoverable and exceeds its estimated fair value. Properties whose carrying values are greater than their undiscounted cash flows are written down to their estimated fair value, which is generally computed using the present value of expected future cash flows discounted at a rate commensurate with the underlying risks. | ||||||
Real estate for which the Company commits to a plan to sell within one year and actively markets in its current condition for a reasonable price in comparison to its estimated fair value is classified as held-for-sale. Real estate held-for-sale is stated at the lower of depreciated cost or estimated fair value less expected disposition costs and is not depreciated. | ||||||
Real Estate Joint Ventures and Other Limited Partnership Interests | ||||||
The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a 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 Company recognizes distributions on cost method investments as earned or received. Because of the nature and structure of these cost method investments, they do not meet the characteristics of an equity security in accordance with applicable accounting standards. | ||||||
The Company routinely evaluates its equity method and cost method investments for impairment. For equity method investees, the Company considers financial and other information provided by the investee, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred. The Company considers its cost method investments for impairment when the carrying value of such investments exceeds the net asset value (“NAV”). The Company takes into consideration the severity and duration of this excess when determining whether the cost method investment is impaired. | ||||||
Short-term Investments | ||||||
Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at the time of purchase and are stated at estimated fair value or amortized cost, which approximates estimated fair value. | ||||||
Other Invested Assets | ||||||
Other invested assets consist principally of the following: | ||||||
• | Freestanding derivatives with positive estimated fair values which are described in “— Derivatives” below. | |||||
• | Tax credit and renewable energy partnerships which derive a significant source of investment return in the form of income tax credits or other tax incentives. Where tax credits are guaranteed by a creditworthy third party, the investment is accounted for under the effective yield method. Otherwise, the investment is accounted for under the equity method. | |||||
• | Leveraged leases which are recorded net of non-recourse debt. Income is recognized by applying the leveraged lease’s estimated rate of return to the net investment in the lease. The Company regularly reviews residual values for impairment. | |||||
• | Direct financing leases gross investment is equal to the minimum lease payments plus the unguaranteed residual value. Income is recorded by applying the pre-tax internal rate of return to the investment balance. The Company regularly reviews lease receivables for impairment. Certain direct financing leases are linked to inflation. | |||||
• | Funds withheld represent a receivable for amounts contractually withheld by ceding companies in accordance with reinsurance agreements. The Company recognizes interest on funds withheld at rates defined by the terms of the agreement which may be contractually specified or directly related to the underlying investments. | |||||
• | Investments in operating joint ventures that engage in insurance underwriting activities are accounted for under the equity method. | |||||
Securities Lending Program | ||||||
Securities lending transactions, whereby blocks of securities are loaned to third parties, primarily brokerage firms and commercial banks, are treated as financing arrangements and the associated liability is recorded at the amount of cash received. The Company obtains collateral at the inception of the loan, usually cash, in an amount generally equal to 102% of the estimated fair value of the securities loaned, and maintains it at a level greater than or equal to 100% for the duration of the loan. The Company is liable to return to the counterparties the cash collateral received. Security collateral on deposit from counterparties in connection with securities lending transactions may not be sold or re-pledged, unless the counterparty is in default, and is not reflected in the Company’s financial statements. The Company monitors the estimated fair value of the securities loaned on a daily basis and additional collateral is obtained as necessary. Income and expenses associated with securities lending transactions are reported as investment income and investment expense, respectively, within net investment income. | ||||||
Investment Risks and Uncertainties | ||||||
Investments are exposed to the following primary sources of risk: credit, interest rate, liquidity, market valuation, currency and real estate risk. The financial statement risks, stemming from such investment risks, are those associated with the determination of estimated fair values, the diminished ability to sell certain investments in times of strained market conditions, the recognition of impairments, the recognition of income on certain investments and the potential consolidation of VIEs. The use of different methodologies, assumptions and inputs relating to these financial statement risks may have a material effect on the amounts presented within the consolidated financial statements. | ||||||
The determination of valuation allowances and impairments is highly subjective and is based upon periodic evaluations and assessments of known and inherent risks associated with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. | ||||||
The recognition of income on certain investments (e.g. structured securities, including mortgage-backed securities, asset-backed securities (“ABS”), certain structured investment transactions and FVO and trading securities) is dependent upon certain factors such as prepayments and defaults, and changes in such factors could result in changes in amounts to be earned. | ||||||
Amortization of premium and accretion of discount on structured securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class mortgage-backed and ABS are estimated using inputs obtained from third-party specialists and based on management’s knowledge of the current market. For credit-sensitive mortgage-backed and ABS and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other mortgage-backed and ABS, the effective yield is recalculated on a retrospective basis. | ||||||
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. | ||||||
Evaluation and Measurement Methodologies | ||||||
Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management’s evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below cost or amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic loss or has exhausted natural resources; (vi) with respect to fixed maturity securities, whether the Company has the intent to sell or will more likely than not be required to sell a particular security before the decline in estimated fair value below amortized cost recovers; (vii) with respect to structured securities, changes in forecasted 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; (viii) the potential for impairments due to weakening of foreign currencies on non-functional currency denominated fixed maturity securities that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies. | ||||||
The methodology and significant inputs used to determine the amount of credit loss on fixed maturity securities are as follows: | ||||||
• | The Company calculates the recovery value by performing a discounted cash flow analysis based on the present value of future cash flows. The discount rate is generally the effective interest rate of the security prior to impairment. | |||||
• | When determining collectability and the period over which value is expected to recover, the Company applies considerations utilized in its overall impairment evaluation process which incorporates information regarding the specific security, fundamentals of the industry and geographic area in which the security issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from management’s best estimates of likely scenario-based outcomes after giving consideration to a variety of variables that include, but are not limited to: payment terms of the security; the likelihood that the issuer can service the interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. | |||||
• | Additional considerations are made when assessing the unique features that apply to certain structured securities including, but not limited to: the quality of underlying collateral, expected prepayment speeds, current and forecasted loss severity, consideration of the payment terms of the underlying loans or assets backing a particular security, and the payment priority within the tranche structure of the security. | |||||
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the estimated fair value is considered the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, management considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process as described above, as well as any private and public sector programs to restructure such securities. | |||||
With respect to securities that have attributes of debt and equity (perpetual hybrid securities), consideration is given in the OTTI analysis as to whether there has been any deterioration in the credit of the issuer and the likelihood of recovery in value of the securities that are in a severe and extended unrealized loss position. Consideration is also given as to whether any perpetual hybrid securities, with an unrealized loss, regardless of credit rating, have deferred any dividend payments. When an OTTI loss has occurred, the OTTI loss is the entire difference between the perpetual hybrid security’s cost and its estimated fair value with a corresponding charge to earnings. | ||||||
The cost or amortized cost of fixed maturity and equity securities is adjusted for OTTI in the period in which the determination is made. The Company does not change the revised cost basis for subsequent recoveries in value. | ||||||
In periods subsequent to the recognition of OTTI on a fixed maturity security, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted over the remaining term of the fixed maturity security in a prospective manner based on the amount and timing of estimated future cash flows. | ||||||
Mortgage Loans Modified in a Troubled Debt Restructuring | ||||||
For a small portion of the mortgage loan portfolio, classified as troubled debt restructurings, concessions are granted related to borrowers experiencing financial difficulties. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates, and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance. | ||||||
The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. | ||||||
Past Due and Interest Accrual Status of Mortgage Loans | ||||||
Valuation Allowance Methodology | ||||||
Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Specific valuation allowances are established using the same methodology for all three portfolio segments as the excess carrying value of a loan over either (i) the present value of expected future cash flows discounted at the loan’s original effective interest rate, (ii) the estimated fair value of the loan’s underlying collateral if the loan is in the process of foreclosure or otherwise collateral dependent, or (iii) the loan’s observable market price. A common evaluation framework is used for establishing non-specific valuation allowances for all loan portfolio segments; however, a separate non-specific valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs unique to each loan portfolio segment. Non-specific valuation allowances are established for pools of loans with similar risk characteristics where a property-specific or market-specific risk has not been identified, but for which the Company expects to incur a credit loss. These evaluations are based upon several loan portfolio segment-specific factors, including the Company’s experience for loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. | ||||||
Commercial and Agricultural Mortgage Loan Portfolio Segments | ||||||
The Company typically uses several years of historical experience in establishing non-specific valuation allowances which captures multiple economic cycles. For evaluations of commercial mortgage loans, in addition to historical experience, management considers factors that include the impact of a rapid change to the economy, which may not be reflected in the loan portfolio, and recent loss and recovery trend experience as compared to historical loss and recovery experience. For evaluations of agricultural mortgage loans, in addition to historical experience, management considers factors that include increased stress in certain sectors, which may be evidenced by higher delinquency rates, or a change in the number of higher risk loans. On a quarterly basis, management incorporates the impact of these current market events and conditions on historical experience in determining the non-specific valuation allowance established for commercial and agricultural mortgage loans. | ||||||
All commercial mortgage loans are reviewed on an ongoing basis which 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, delinquent or in foreclosure, as well as loans with higher loan-to-value ratios and lower debt service coverage ratios. All agricultural mortgage loans are monitored on an ongoing basis. The monitoring process for agricultural mortgage loans is generally similar to the commercial mortgage loan monitoring process, with a focus on higher risk loans, including reviews on a geographic and property-type basis. Higher risk loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above. Quarterly, the remaining loans are reviewed on a pool basis by aggregating groups of loans that have similar risk characteristics for potential credit loss, and non-specific valuation allowances are established as described above using inputs that are unique to each segment of the loan portfolio. | ||||||
For commercial mortgage loans, the primary credit quality indicator is the debt service coverage ratio, which 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. The Company also reviews the loan-to-value ratio of its commercial mortgage loan portfolio. Loan-to-value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The 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 loan portfolio updated each quarter. | ||||||
For agricultural mortgage loans, the Company’s primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural mortgage loan portfolio and are routinely updated. | ||||||
Residential Mortgage Loan Portfolio Segment | ||||||
The Company’s residential mortgage loan portfolio is comprised primarily of closed end, amortizing residential mortgage loans. For evaluations of residential mortgage loans, the key inputs of expected frequency and expected loss reflect current market conditions, with expected frequency adjusted, when appropriate, for differences from market conditions and the Company’s historical experience. In contrast to the commercial and agricultural mortgage loan portfolios, residential mortgage loans are smaller-balance homogeneous loans that are collectively evaluated for impairment. Non-specific valuation allowances are established using the evaluation framework described above for pools of loans with similar risk characteristics from inputs that are unique to the residential segment of the loan portfolio. Loan specific valuation allowances are only established on residential mortgage loans when they have been restructured and are established using the methodology described above for all loan portfolio segments. | ||||||
For residential mortgage loans, the Company’s primary credit quality indicator is whether the loan is performing or nonperforming. The Company generally defines nonperforming residential mortgage loans as those that are 60 or more days past due and/or in non-accrual status which is assessed monthly. Generally, nonperforming residential mortgage loans have a higher risk of experiencing a credit loss. | ||||||
Leveraged and Direct Financing Leases | ||||||
For rental receivables, the primary credit quality indicator is whether the rental receivable is performing or nonperforming, which is assessed monthly. The Company generally defines nonperforming rental receivables as those that are 90 days or more past due. | ||||||
Purchased Credit Impaired Investments | ||||||
Investments acquired with evidence of credit quality deterioration since origination and for which it is probable at the acquisition date that the Company will be unable to collect all contractually required payments are classified as purchased credit impaired (“PCI”) investments. For each investment, the excess of the cash flows expected to be collected as of the acquisition date over its acquisition date fair value is referred to as the accretable yield and is recognized as net investment income on an effective yield basis. If, subsequently, based on current information and events, it is probable that there is a significant increase in cash flows previously expected to be collected or if actual cash flows are significantly greater than cash flows previously expected to be collected, the accretable yield is adjusted prospectively. The excess of the contractually required payments (including interest) as of the acquisition date over the cash flows expected to be collected as of the acquisition date is referred to as the nonaccretable difference, and this amount is not expected to be realized as net investment income. Decreases in cash flows expected to be collected can result in OTTI or the recognition of mortgage loan valuation allowances. | ||||||
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 | Derivatives | |||||
Freestanding Derivatives | ||||||
Freestanding derivatives are carried in the Company’s 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. | ||||||
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 previous 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 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 changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported in the 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 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 statements 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 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 balance sheets, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). | ||||||
Embedded Derivatives | ||||||
The Company sells variable annuities and 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 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. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). 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 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 statement of 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 or similar agreements and any collateral received pursuant to such agreements. | ||||||
Fair Value | Fair Value | |||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition. | ||||||
Subsequent to initial recognition, fair values are based on unadjusted quoted prices for identical assets or liabilities in active markets that are readily and regularly obtainable. When such quoted prices are not available, fair values are based on quoted prices in markets that are not active, quoted prices for similar but not identical assets or liabilities, or other observable inputs. If these inputs are not available, or observable inputs are not determinable, unobservable inputs and/or adjustments to observable inputs requiring management judgment are used to determine the estimated fair value of assets and liabilities. | ||||||
When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows: | ||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities. | |||||
Level 2 | Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||
Level 3 | Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. | |||||
Financial markets are susceptible to severe events evidenced by rapid depreciation in asset values accompanied by a reduction in asset liquidity. The Company’s ability to sell securities, or the price ultimately realized for these securities, depends upon the demand and liquidity in the market and increases the use of judgment in determining the estimated fair value of certain securities. | ||||||
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. | ||||||
Goodwill | Goodwill | |||||
Goodwill represents the future economic benefits arising from net assets acquired in a business combination that are not individually identified and recognized. Goodwill is calculated as the excess of cost over the estimated fair value of such net assets acquired, is not amortized, and is tested for impairment based on a fair value approach at least annually or more frequently if events or circumstances indicate that there may be justification for conducting an interim test. The Company performs its annual goodwill impairment testing during the third quarter of each year based upon data as of the close of the second quarter. Goodwill associated with a business acquisition is not tested for impairment during the year the business is acquired unless there is a significant identified impairment event. | ||||||
The impairment test is performed at the reporting unit level, which is the operating segment or a business one level below the operating segment, if discrete financial information is prepared and regularly reviewed by management at that level. For purposes of goodwill impairment testing, if the carrying value of a reporting unit exceeds its estimated fair value, there may be an indication of impairment. In such instances, the implied fair value of the goodwill is determined in the same manner as the amount of goodwill that would be determined in a business combination. The excess of the carrying value of goodwill over the implied fair value of goodwill would be recognized as an impairment and recorded as a charge against net income. | ||||||
On an ongoing basis, the Company evaluates potential triggering events that may affect the estimated fair value of the Company’s reporting units to assess whether any goodwill impairment exists. Deteriorating or adverse market conditions for certain reporting units may have a significant impact on the estimated fair value of these reporting units and could result in future impairments of goodwill. | ||||||
Goodwill is the excess of cost over the estimated fair value of net assets acquired. Goodwill is not amortized but is tested for impairment at least annually or more frequently if events or circumstances, such as adverse changes in the business climate, indicate that there may be justification for conducting an interim test. The goodwill impairment process requires a comparison of the estimated fair value of a reporting unit to its carrying value. The Company tests goodwill for impairment by either performing a qualitative assessment or a two-step quantitative test. The qualitative assessment is an assessment of historical information and relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all of its reporting units and perform a two-step quantitative impairment test. In performing the two-step quantitative impairment test, the Company may use a market multiple valuation approach and a discounted cash flow valuation approach. For reporting units which are particularly sensitive to market assumptions, the Company may use additional valuation methodologies to estimate the reporting units’ fair values. | ||||||
The market multiple valuation approach utilizes market multiples of companies with similar businesses and the projected operating earnings of the reporting unit. The discounted cash flow valuation approach requires judgments about revenues, operating earnings projections, capital market assumptions and discount rates. The key inputs, judgments and assumptions necessary in determining estimated fair value of the reporting units include projected operating earnings, current book value, the level of economic capital required to support the mix of business, long-term growth rates, comparative market multiples, the account value of in-force business, projections of new and renewal business, as well as margins on such business, the level of interest rates, credit spreads, equity market levels, and the discount rate that the Company believes is appropriate for the respective reporting unit. | ||||||
When testing goodwill for impairment, the Company also considers its market capitalization in relation to the aggregate estimated fair value of its reporting units. The Company applies significant judgment when determining the estimated fair value of the Company’s reporting units and when assessing the relationship of market capitalization to the aggregate estimated fair value of its reporting units. | ||||||
The valuation methodologies utilized are subject to key judgments and assumptions that are sensitive to change. Estimates of fair value are inherently uncertain and represent only management’s reasonable expectation regarding future developments. These estimates and the judgments and assumptions upon which the estimates are based will, in all likelihood, differ in some respects from actual future results. Declines in the estimated fair value of the Company’s reporting units could result in goodwill impairments in future periods which could materially adversely affect the Company’s results of operations or financial position. | ||||||
Employee Benefit Plans | Employee Benefit Plans | |||||
Certain subsidiaries of MetLife, Inc. sponsor and/or administer various plans that provide defined benefit pension and other postretirement benefits covering eligible employees and sales representatives. Measurement dates used for all of the subsidiaries’ defined benefit pension and other postretirement benefit plans correspond with the fiscal year ends of sponsoring subsidiaries, which are December 31 for U.S. and most non-U.S. subsidiaries and November 30 for certain non-U.S. subsidiaries. | ||||||
The Company recognizes the funded status of the projected benefit obligation (“PBO”) for pension benefits and the accumulated postretirement benefit obligation (“APBO”) for other postretirement benefits for each of its plans. The Company recognizes an expense for differences between actual experience and estimates over the average future service period of participants. The actuarial gains (losses), prior service costs (credit) and the remaining net transition asset or obligation not yet included in net periodic benefit costs are charged to accumulated OCI (“AOCI”), net of income tax. | ||||||
The subsidiaries also sponsor defined contribution plans for substantially all U.S. employees under which a portion of employee contributions is matched. Applicable matching contributions are made each payroll period. Accordingly, the Company recognizes compensation cost for current matching contributions. As all contributions are transferred currently as earned to the defined contribution plans, no liability for matching contributions is recognized in the balance sheets. | ||||||
Certain 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. U.S. pension benefits are provided utilizing either a traditional formula or cash balance formula. The traditional formula provides benefits that are primarily based upon years of credited service and either final average or career average earnings. The cash balance formula utilizes hypothetical or notional accounts which credit participants with benefits equal to a percentage of eligible pay, as well as earnings credits, determined annually based upon the average annual rate of interest on 30-year U.S. Treasury securities, for each account balance. At December 31, 2014, the majority of active participants were accruing benefits under the cash balance formula; however, 89% of these subsidiaries’ obligations result from benefits calculated with the traditional formula. The U.S. non-qualified pension plans provide supplemental benefits in excess of limits applicable to a qualified plan. The non-U.S. pension plans generally provide benefits based upon either years of credited service and earnings preceding-retirement or points earned on job grades and other factors in years of service. | ||||||
These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for retired employees. Employees of these subsidiaries who were hired prior to 2003 (or, in certain cases, rehired during or after 2003) and meet age and service criteria while working for one of the subsidiaries may become eligible for these other postretirement benefits, at various levels, in accordance with the applicable plans. Virtually all retirees, or their beneficiaries, contribute a portion of the total costs of postretirement medical benefits. Employees hired after 2003 are not eligible for any employer subsidy for postretirement medical benefits. | ||||||
Net periodic benefit costs are determined using management estimates and actuarial assumptions to derive service costs, interest costs and expected return on plan assets for a particular year. Net periodic benefit costs also includes the applicable amortization of net actuarial (gains) losses and amortization of any prior service costs (credit). | ||||||
The obligations and expenses associated with these plans require an extensive use of assumptions such as the discount rate, expected rate of return on plan assets, rate of future compensation increases, healthcare cost trend rates, as well as assumptions regarding participant demographics such as rate and age of retirements, withdrawal rates and mortality. Management, in consultation with its external consulting actuarial firms, determines these assumptions based upon a variety of factors such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. The assumptions used may differ materially from actual results due to, among other factors, changing market and economic conditions and changes in participant demographics. These differences may have a significant effect on the Company’s consolidated financial statements and liquidity. | ||||||
Net periodic pension costs and net periodic other postretirement benefit plan costs are comprised of the following: | ||||||
• | Service Costs — Service costs are the increase in the projected (expected) PBO resulting from benefits payable to employees on service rendered during the current year. | |||||
• | Interest Costs — Interest costs are the time value adjustment on the projected (expected) PBO at the end of each year. | |||||
• | Settlement and Curtailment Costs — The aggregate amount of net (gains) losses recognized in net periodic benefit costs is due to settlements and curtailments. Settlements result from actions that relieve/eliminate the plan’s responsibility for benefit obligations or risks associated with the obligations or assets used for the settlement. Curtailments result from an event that significantly reduces/eliminates plan participants’ expected years of future services or benefit accruals. | |||||
• | Expected Return on Plan Assets — Expected return on plan assets is the assumed return earned by the accumulated pension and other postretirement fund assets in a particular year. | |||||
• | Amortization of Net Actuarial (Gains) Losses — Actuarial gains and losses result from differences between the actual experience and the expected experience on pension and other postretirement plan assets or projected (expected) PBO during a particular period. These gains and losses are accumulated and, to the extent they exceed 10% of the greater of the PBO or the fair value of plan assets, the excess is amortized into pension and other postretirement benefit costs over the expected service years of the employees. | |||||
• | Amortization of Prior Service Costs (Credit) — These costs relate to the recognition of increases or decreases in pension and other postretirement benefit obligation due to amendments in plans or initiation of new plans. These increases or decreases in obligation are recognized in AOCI at the time of the amendment. These costs are then amortized to pension and other postretirement benefit costs over the expected service years of the employees affected by the change. | |||||
Income Tax | Income Tax | |||||
MetLife, Inc. and its includable life insurance and non-life insurance subsidiaries file a consolidated U.S. federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”). Non-includable subsidiaries file either separate individual corporate tax returns or separate consolidated tax returns. | ||||||
The Company’s accounting for income taxes represents management’s best estimate of various events and transactions. | ||||||
Deferred tax assets and liabilities resulting from temporary differences between the financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||||||
The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that deferred income tax assets will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination the Company considers many factors, including: | ||||||
• | the nature, frequency, and amount of cumulative financial reporting income and losses in recent years; | |||||
• | the jurisdiction in which the deferred tax asset was generated; | |||||
• | the length of time that carryforward can be utilized in the various taxing jurisdiction; | |||||
• | future taxable income exclusive of reversing temporary differences and carryforwards; | |||||
• | future reversals of existing taxable temporary differences; | |||||
• | taxable income in prior carryback years; and | |||||
• | tax planning strategies. | |||||
The Company may be required to change its provision for income taxes in certain circumstances. Examples of such circumstances include when estimates used in determining valuation allowances on deferred tax assets significantly change or when receipt of new information indicates the need for adjustment in valuation allowances. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income tax and the effective tax rate. Any such changes could significantly affect the amounts reported in the financial statements in the year these changes occur. | ||||||
The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made. | ||||||
The Company classifies interest recognized as interest expense and penalties recognized as a component of income tax. | ||||||
Litigation Contingencies | Litigation Contingencies | |||||
The Company is a party to a number of legal actions and is involved in a number of regulatory investigations. Given the inherent unpredictability of these matters, it is difficult to estimate the impact on the Company’s financial position. Liabilities are established when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Except as otherwise disclosed in Note 21, legal costs are recognized as incurred. On a quarterly and annual basis, the Company reviews relevant information with respect to liabilities for litigation, regulatory investigations and litigation-related contingencies to be reflected in the Company’s financial statements. | ||||||
Stock-based Compensation | Stock-Based Compensation | |||||
The Company grants certain employees and directors stock-based compensation awards under various plans that are subject to specific vesting conditions. With the exception of performance shares granted in 2014 and 2013 which are re-measured quarterly, the cost of all stock-based transactions is measured at fair value at grant date and recognized over the period during which a grantee is required to provide services in exchange for the award. Although the terms of the Company’s stock-based plans do not accelerate vesting upon retirement, or the attainment of retirement eligibility, the requisite service period subsequent to attaining such eligibility is considered nonsubstantive. Accordingly, the Company recognizes compensation expense related to stock-based awards over the shorter of the requisite service period or the period to attainment of retirement eligibility. An estimation of future forfeitures of stock-based awards is incorporated into the determination of compensation expense when recognizing expense over the requisite service period. | ||||||
The fair value of Stock Options is estimated on the date of grant using a binomial lattice model. Significant assumptions used in the Company’s binomial lattice model are further described below. The assumptions include: expected volatility of the price of Shares; risk-free rate of return; dividend yield on Shares; exercise multiple; and the post-vesting termination rate. | ||||||
Expected volatility is based upon an analysis of historical prices of Shares and call options on Shares traded on the open market. The Company uses a weighted-average of the implied volatility for publicly-traded call options with the longest remaining maturity nearest to the money as of each valuation date and the historical volatility, calculated using monthly closing prices of Shares. The Company chose a monthly measurement interval for historical volatility as this interval reflects the Company’s view that employee option exercise decisions are based on longer-term trends in the price of the underlying Shares rather than on daily price movements. | ||||||
The binomial lattice model used by the Company incorporates different risk-free rates based on the imputed forward rates for U.S. Treasury Strips for each year over the contractual term of the option. The table below presents the full range of rates that were used for options granted during the respective periods. | ||||||
Dividend yield is determined based on historical dividend distributions compared to the price of the underlying Shares as of the valuation date and held constant over the life of the Stock Option. | ||||||
The binomial lattice model used by the Company incorporates the contractual term of the Stock Options. The model also factors in expected exercise behavior and a post-vesting termination rate, or the rate at which vested options are exercised or expire prematurely due to termination of employment. From these factors, the model derives an expected life of the Stock Option. The exercise behavior in the model is a multiple that reflects the ratio of exercise price to the strike price of the Stock Option at which holders are expected to exercise. The exercise multiple is derived from actual historical exercise activity. The post-vesting termination rate is determined from actual historical exercise experience and expiration activity under the Incentive Plans. | ||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||
The Company considers all highly liquid securities and other investments purchased with an original or remaining maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, which approximates estimated fair value. | ||||||
Property, Equipment, Leasehold Improvements and Computer Software | Property, Equipment, Leasehold Improvements and Computer Software | |||||
Property, equipment and leasehold improvements, which are included in other assets, are stated at cost, less accumulated depreciation and amortization. Depreciation is determined using the straight-line method over the estimated useful lives of the assets, as appropriate. The estimated life is generally 40 years for company occupied real estate property, from one to 25 years for leasehold improvements, and from three to seven years for all other property and equipment. The cost basis of the property, equipment and leasehold improvements was $2.0 billion at both December 31, 2014 and 2013. Accumulated depreciation and amortization of property, equipment and leasehold improvements was $1.0 billion at both December 31, 2014 and 2013. Related depreciation and amortization expense was $182 million, $183 million and $208 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
Computer software, which is included in other assets, is stated at cost, less accumulated amortization. Purchased software costs, as well as certain internal and external costs incurred to develop internal-use computer software during the application development stage, are capitalized. Such costs are amortized generally over a four-year period using the straight-line method. The cost basis of computer software was $1.9 billion and $1.7 billion at December 31, 2014 and 2013, respectively. Accumulated amortization of capitalized software was $1.3 billion and $1.1 billion at December 31, 2014 and 2013, respectively. Related amortization expense was $212 million, $216 million and $221 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
Other Revenues | Other Revenues | |||||
Other revenues include, in addition to items described elsewhere herein, advisory fees, broker-dealer commissions and fees, administrative service fees, and changes in account value relating to corporate-owned life insurance (“COLI”). Such fees and commissions are recognized in the period in which services are performed. Under certain COLI contracts, if the Company reports certain unlikely adverse results in its financial statements, withdrawals would not be immediately available and would be subject to market value adjustment, which could result in a reduction of the account value. | ||||||
Policyholder Dividends | Policyholder Dividends | |||||
Policyholder dividends are approved annually by the insurance subsidiaries’ boards of directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management’s judgment as to the appropriate level of statutory surplus to be retained by the insurance subsidiaries. | ||||||
Foreign Currency | Foreign Currency | |||||
Assets, liabilities and operations of foreign affiliates and subsidiaries are recorded based on the functional currency of each entity. The determination of the functional currency is made based on the appropriate economic and management indicators. With the exception of certain foreign operations, primarily Japan, where multiple functional currencies exist, the local currencies of foreign operations are the functional currencies. Assets and liabilities of foreign affiliates and subsidiaries are translated from the functional currency to U.S. dollars at the exchange rates in effect at each year-end and income and expense accounts are translated at the average exchange rates during the year. The resulting translation adjustments are charged or credited directly to OCI, net of applicable taxes. Gains and losses from foreign currency transactions, including the effect of re-measurement of monetary assets and liabilities to the appropriate functional currency, are reported as part of net investment gains (losses) in the period in which they occur. | ||||||
Earnings Per Common Share | Earnings Per Common Share | |||||
Basic earnings per common share are computed based on the weighted average number of common shares, or their equivalent, outstanding during the period. The difference between the number of shares assumed issued and number of shares assumed purchased represents the dilutive shares. Diluted earnings per common share include the dilutive effect of the assumed: (i) exercise or issuance of stock-based awards using the treasury stock method; (ii) settlement of stock purchase contracts underlying common equity units using the treasury stock method; and (iii) settlement of accelerated common stock repurchase contracts. Under the treasury stock method, exercise or issuance of stock-based awards and settlement of the stock purchase contracts underlying common equity units is assumed to occur with the proceeds used to purchase common stock at the average market price for the period. | ||||||
Closed Block | On April 7, 2000 (the “Demutualization Date”), 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 of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. Assets have been allocated to the closed block in an amount that has been determined to produce cash flows which, together with anticipated revenues from the policies included in the closed block, are reasonably expected to be sufficient to support obligations and liabilities relating to these policies, including, but not limited to, provisions for the payment of claims and certain expenses and taxes, and to provide for the continuation of policyholder dividend scales in effect for 1999, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes. At least annually, the Company compares actual and projected experience against the experience assumed in the then-current dividend scales. Dividend scales are adjusted periodically to give effect to changes in experience. | |||||
The closed block assets, the cash flows generated by the closed block assets and the anticipated revenues from the policies in the closed block will benefit only the holders of the policies in the closed block. To the extent that, over time, cash flows from the assets allocated to the closed block and claims and other experience related to the closed block are, in the aggregate, more or less favorable than what was assumed when the closed block was established, total dividends paid to closed block policyholders in the future may be greater than or less than the total dividends that would have been paid to these policyholders if the policyholder dividend scales in effect for 1999 had been continued. Any cash flows in excess of amounts assumed will be available for distribution over time to closed block policyholders and will not be available to stockholders. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from assets outside of the closed block. The closed block will continue in effect as long as any policy in the closed block remains in-force. The expected life of the closed block is over 100 years. | ||||||
The Company uses the same accounting principles to account for the participating policies included in the closed block as it used prior to the Demutualization Date. However, the Company establishes a policyholder dividend obligation for earnings that will be paid to policyholders as additional dividends as described below. The excess of closed block liabilities over closed block assets at the Demutualization Date (adjusted to eliminate the impact of related amounts in AOCI) represents the estimated maximum future earnings from the closed block expected to result from operations attributed to the closed block after income taxes. Earnings of the closed block are recognized in income over the period the policies and contracts in the closed block remain in-force. Management believes that over time the actual cumulative earnings of the closed block will approximately equal the expected cumulative earnings due to the effect of dividend changes. If, over the period the closed block remains in existence, the actual cumulative earnings of the closed block are greater than the expected cumulative earnings of the closed block, the Company will pay the excess of the actual cumulative earnings of the closed block over the expected cumulative earnings to closed block policyholders as additional policyholder dividends unless offset by future unfavorable experience of the closed block and, accordingly, will recognize only the expected cumulative earnings in income with the excess recorded as a policyholder dividend obligation. If over such period, the actual cumulative earnings of the closed block are less than the expected cumulative earnings of the closed block, the Company will recognize only the actual earnings in income. However, the Company may change policyholder dividend scales in the future, which would be intended to increase future actual earnings until the actual cumulative earnings equal the expected cumulative earnings. | ||||||
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. |
Business_Basis_of_Presentation2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Reclassification | Certain derivatives (gains) losses were previously reported in: (i) (gains) losses on investments and sales of businesses, net; and (ii) other, net and were reclassified to (gains) losses on derivatives, net. The following table presents such reclassifications, all within cash flows from operating activities, in the consolidated statements of cash flows: | |||||||
Years Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
(Gains) losses on investments and sales of businesses, net | $ | (4,166 | ) | $ | (2,865 | ) | ||
Other, net | $ | (956 | ) | $ | (322 | ) | ||
(Gains) losses on derivatives, net | $ | 5,122 | $ | 3,187 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, by Segment | |||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 7,280 | $ | 15,979 | $ | 2,768 | $ | 2,967 | $ | 28,994 | $ | 7,566 | $ | 2,309 | $ | 153 | $ | 39,022 | $ | 45 | $ | 39,067 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 5,074 | 716 | 226 | 1,239 | 7,255 | 1,693 | 466 | 127 | 9,541 | 405 | 9,946 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,953 | 1,844 | 5,799 | 1,347 | 16,943 | 2,856 | 508 | 177 | 20,484 | 669 | 21,153 | ||||||||||||||||||||||||||||||||||
Other revenues | 1,059 | 420 | 286 | 34 | 1,799 | 106 | 60 | 68 | 2,033 | (3 | ) | 2,030 | |||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | (197 | ) | (197 | ) | ||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | 1,317 | 1,317 | ||||||||||||||||||||||||||||||||||
Total revenues | 21,366 | 18,959 | 9,079 | 5,587 | 54,991 | 12,221 | 3,343 | 525 | 71,080 | 2,236 | 73,316 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,851 | 14,897 | 5,106 | 2,743 | 32,597 | 5,724 | 1,053 | 104 | 39,478 | 1,000 | 40,478 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,245 | 156 | 1,140 | 394 | 3,935 | 1,544 | 148 | 34 | 5,661 | 1,282 | 6,943 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (969 | ) | (143 | ) | (31 | ) | (385 | ) | (1,528 | ) | (1,914 | ) | (680 | ) | (60 | ) | (4,182 | ) | (1 | ) | (4,183 | ) | |||||||||||||||||||||||
Amortization of DAC and VOBA | 1,515 | 149 | 19 | 321 | 2,004 | 1,397 | 613 | 13 | 4,027 | 105 | 4,132 | ||||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (1 | ) | (1 | ) | (364 | ) | (31 | ) | — | (396 | ) | (46 | ) | (442 | ) | |||||||||||||||||||||||||||
Interest expense on debt | 1 | 1 | 9 | — | 11 | — | — | 1,167 | 1,178 | 38 | 1,216 | ||||||||||||||||||||||||||||||||||
Other expenses | 4,695 | 2,570 | 513 | 1,677 | 9,455 | 3,971 | 1,810 | 1,018 | 16,254 | 114 | 16,368 | ||||||||||||||||||||||||||||||||||
Total expenses | 17,338 | 17,630 | 6,756 | 4,749 | 46,473 | 10,358 | 2,913 | 2,276 | 62,020 | 2,492 | 64,512 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,382 | 464 | 812 | 156 | 2,814 | 575 | 68 | (1,079 | ) | 2,378 | 87 | 2,465 | |||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,646 | $ | 865 | $ | 1,511 | $ | 682 | $ | 5,704 | $ | 1,288 | $ | 362 | $ | (672 | ) | 6,682 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 2,236 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | (2,492 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | (87 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 6,339 | $ | 6,339 | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2014 | Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | ||||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 359,173 | $ | 45,434 | $ | 230,124 | $ | 71,419 | $ | 116,915 | $ | 27,698 | $ | 51,574 | $ | 902,337 | |||||||||||||||||||||||||||||
Separate account assets | $ | 171,726 | $ | 669 | $ | 81,150 | $ | 50,301 | $ | 9,078 | $ | 4,070 | $ | — | $ | 316,994 | |||||||||||||||||||||||||||||
Separate account liabilities | $ | 171,726 | $ | 669 | $ | 81,150 | $ | 50,301 | $ | 9,078 | $ | 4,070 | $ | — | $ | 316,994 | |||||||||||||||||||||||||||||
______________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Total assets includes $93.8 billion of assets from the Japan operations which represents 10% of total consolidated assets. See Note 11 for information regarding goodwill. | ||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 6,528 | $ | 15,250 | $ | 2,767 | $ | 2,824 | $ | 27,369 | $ | 7,801 | $ | 2,297 | $ | 116 | $ | 37,583 | $ | 91 | $ | 37,674 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 4,912 | 688 | 247 | 991 | 6,838 | 1,722 | 386 | 139 | 9,085 | 366 | 9,451 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,898 | 1,856 | 5,621 | 1,246 | 16,621 | 2,915 | 498 | 360 | 20,394 | 1,838 | 22,232 | ||||||||||||||||||||||||||||||||||
Other revenues | 1,018 | 418 | 278 | 23 | 1,737 | 92 | 97 | 28 | 1,954 | (34 | ) | 1,920 | |||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | 161 | 161 | ||||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | (3,239 | ) | (3,239 | ) | ||||||||||||||||||||||||||||||||
Total revenues | 20,356 | 18,212 | 8,913 | 5,084 | 52,565 | 12,530 | 3,278 | 643 | 69,016 | (817 | ) | 68,199 | |||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,028 | 14,227 | 5,180 | 2,454 | 30,889 | 5,755 | 1,039 | 63 | 37,746 | 1,620 | 39,366 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,331 | 155 | 1,233 | 417 | 4,136 | 1,690 | 147 | 42 | 6,015 | 2,164 | 8,179 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (1,309 | ) | (141 | ) | (27 | ) | (424 | ) | (1,901 | ) | (2,143 | ) | (714 | ) | (28 | ) | (4,786 | ) | — | (4,786 | ) | ||||||||||||||||||||||||
Amortization of DAC and VOBA | 1,384 | 140 | 23 | 310 | 1,857 | 1,542 | 683 | 1 | 4,083 | (533 | ) | 3,550 | |||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (2 | ) | (2 | ) | (427 | ) | (95 | ) | — | (524 | ) | (55 | ) | (579 | ) | |||||||||||||||||||||||||||
Interest expense on debt | — | 1 | 9 | — | 10 | — | 1 | 1,148 | 1,159 | 123 | 1,282 | ||||||||||||||||||||||||||||||||||
Other expenses | 5,084 | 2,380 | 504 | 1,612 | 9,580 | 4,312 | 1,810 | 894 | 16,596 | 539 | 17,135 | ||||||||||||||||||||||||||||||||||
Total expenses | 16,518 | 16,762 | 6,922 | 4,367 | 44,569 | 10,729 | 2,871 | 2,120 | 60,289 | 3,858 | 64,147 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,314 | 488 | 696 | 143 | 2,641 | 557 | 78 | (932 | ) | 2,344 | (1,683 | ) | 661 | ||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,524 | $ | 962 | $ | 1,295 | $ | 574 | $ | 5,355 | $ | 1,244 | $ | 329 | $ | (545 | ) | 6,383 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | (817 | ) | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | (3,858 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | 1,683 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 3,391 | $ | 3,391 | |||||||||||||||||||||||||||||||||||||||||
At December 31, 2013 | Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | ||||||||||||||||||||||||||||||||||||||||||
& Worksite | Funding | ||||||||||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 349,516 | $ | 43,404 | $ | 220,612 | $ | 69,874 | $ | 119,717 | $ | 33,382 | $ | 48,791 | $ | 885,296 | |||||||||||||||||||||||||||||
Separate account assets | $ | 172,382 | $ | 644 | $ | 77,023 | $ | 49,660 | $ | 8,996 | $ | 8,496 | $ | — | $ | 317,201 | |||||||||||||||||||||||||||||
Separate account liabilities | $ | 172,382 | $ | 644 | $ | 77,023 | $ | 49,660 | $ | 8,996 | $ | 8,496 | $ | — | $ | 317,201 | |||||||||||||||||||||||||||||
______________ | |||||||||||||||||||||||||||||||||||||||||||||
-1 | Total assets includes $98.4 billion of assets from the Japan operations which represents 11% of total consolidated assets. See Note 11 for information regarding goodwill. | ||||||||||||||||||||||||||||||||||||||||||||
Operating Results | |||||||||||||||||||||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Retail | Group, | Corporate | Latin | Total | Asia | EMEA | Corporate | Total | Adjustments | Total | ||||||||||||||||||||||||||||||||||
Voluntary | Benefit | America | & Other | Consolidated | |||||||||||||||||||||||||||||||||||||||||
& Worksite Benefits | Funding | ||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | |||||||||||||||||||||||||||||||||||||||||||||
Premiums | $ | 6,532 | $ | 14,794 | $ | 2,681 | $ | 2,578 | $ | 26,585 | $ | 8,344 | $ | 2,370 | $ | 56 | $ | 37,355 | $ | 620 | $ | 37,975 | |||||||||||||||||||||||
Universal life and investment-type product policy fees | 4,561 | 662 | 225 | 785 | 6,233 | 1,491 | 333 | 155 | 8,212 | 344 | 8,556 | ||||||||||||||||||||||||||||||||||
Net investment income | 7,670 | 1,768 | 5,542 | 1,198 | 16,178 | 2,895 | 535 | 679 | 20,287 | 1,697 | 21,984 | ||||||||||||||||||||||||||||||||||
Other revenues | 879 | 422 | 259 | 16 | 1,576 | 26 | 121 | 33 | 1,756 | 150 | 1,906 | ||||||||||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | — | — | — | — | (352 | ) | (352 | ) | ||||||||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | (1,919 | ) | (1,919 | ) | ||||||||||||||||||||||||||||||||
Total revenues | 19,642 | 17,646 | 8,707 | 4,577 | 50,572 | 12,756 | 3,359 | 923 | 67,610 | 540 | 68,150 | ||||||||||||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims and policyholder dividends | 9,010 | 13,691 | 5,039 | 2,231 | 29,971 | 5,819 | 1,196 | 119 | 37,105 | 2,251 | 39,356 | ||||||||||||||||||||||||||||||||||
Interest credited to policyholder account balances | 2,375 | 167 | 1,358 | 393 | 4,293 | 1,784 | 126 | 39 | 6,242 | 1,487 | 7,729 | ||||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | — | — | — | — | — | — | — | 1,868 | 1,868 | ||||||||||||||||||||||||||||||||||
Capitalization of DAC | (1,753 | ) | (138 | ) | (29 | ) | (353 | ) | (2,273 | ) | (2,288 | ) | (723 | ) | — | (5,284 | ) | (5 | ) | (5,289 | ) | ||||||||||||||||||||||||
Amortization of DAC and VOBA | 1,607 | 133 | 22 | 224 | 1,986 | 1,563 | 626 | 2 | 4,177 | 22 | 4,199 | ||||||||||||||||||||||||||||||||||
Amortization of negative VOBA | — | — | — | (5 | ) | (5 | ) | (456 | ) | (94 | ) | — | (555 | ) | (67 | ) | (622 | ) | |||||||||||||||||||||||||||
Interest expense on debt | — | 1 | 8 | (1 | ) | 8 | 5 | 1 | 1,176 | 1,190 | 166 | 1,356 | |||||||||||||||||||||||||||||||||
Other expenses | 5,369 | 2,351 | 460 | 1,375 | 9,555 | 4,738 | 1,810 | 559 | 16,662 | 1,449 | 18,111 | ||||||||||||||||||||||||||||||||||
Total expenses | 16,608 | 16,205 | 6,858 | 3,864 | 43,535 | 11,165 | 2,942 | 1,895 | 59,537 | 7,171 | 66,708 | ||||||||||||||||||||||||||||||||||
Provision for income tax expense (benefit) | 1,032 | 481 | 646 | 130 | 2,289 | 554 | 146 | (687 | ) | 2,302 | (2,174 | ) | 128 | ||||||||||||||||||||||||||||||||
Operating earnings | $ | 2,002 | $ | 960 | $ | 1,203 | $ | 583 | $ | 4,748 | $ | 1,037 | $ | 271 | $ | (285 | ) | 5,771 | |||||||||||||||||||||||||||
Adjustments to: | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 540 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | (7,171 | ) | |||||||||||||||||||||||||||||||||||||||||||
Provision for income tax (expense) benefit | 2,174 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 1,314 | $ | 1,314 | |||||||||||||||||||||||||||||||||||||||||
Premiums, Universal Life and Investment-Type Policy Fees and Other Revenue by Product Groups for Reportable Segment | The following table presents total premiums, universal life and investment-type product policy fees and other revenues by major product groups of the Company’s segments, as well as Corporate & Other: | ||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
Life insurance | $ | 23,483 | $ | 23,189 | $ | 22,832 | |||||||||||||||||||||||||||||||||||||||
Accident & health insurance | 13,336 | 13,214 | 13,255 | ||||||||||||||||||||||||||||||||||||||||||
Annuities | 9,984 | 8,987 | 8,891 | ||||||||||||||||||||||||||||||||||||||||||
Property and casualty insurance | 3,524 | 3,270 | 3,117 | ||||||||||||||||||||||||||||||||||||||||||
Non-insurance | 716 | 385 | 342 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,043 | $ | 49,045 | $ | 48,437 | |||||||||||||||||||||||||||||||||||||||
Total premiums, universal life & investment-type product policy fees and other revenues associated with the Company's U.S. and foreign operations | The following table presents total premiums, universal life and investment-type product policy fees and other revenues associated with the Company’s U.S. and foreign operations: | ||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||
U.S. | $ | 34,536 | $ | 32,529 | $ | 31,500 | |||||||||||||||||||||||||||||||||||||||
Foreign: | |||||||||||||||||||||||||||||||||||||||||||||
Japan | 6,917 | 7,373 | 7,833 | ||||||||||||||||||||||||||||||||||||||||||
Other | 9,590 | 9,143 | 9,104 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 51,043 | $ | 49,045 | $ | 48,437 | |||||||||||||||||||||||||||||||||||||||
Insurance_Tables
Insurance (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Insurance [Abstract] | ||||||||||||||||||||
Insurance Liabilities | Insurance liabilities are comprised of future policy benefits, PABs and other policy-related balances. Information regarding insurance liabilities by segment, as well as Corporate & Other, was as follows at: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Retail | $ | 136,812 | $ | 134,915 | ||||||||||||||||
Group, Voluntary & Worksite Benefits | 30,328 | 29,521 | ||||||||||||||||||
Corporate Benefit Funding | 115,440 | 112,591 | ||||||||||||||||||
Latin America | 15,480 | 16,162 | ||||||||||||||||||
Asia | 86,483 | 93,066 | ||||||||||||||||||
EMEA | 20,520 | 21,657 | ||||||||||||||||||
Corporate & Other | 8,239 | 8,129 | ||||||||||||||||||
Total | $ | 413,302 | $ | 416,041 | ||||||||||||||||
Liabilities for Guarantees | Information regarding the liabilities for guarantees (excluding base policy liabilities and embedded derivatives) relating to annuity and universal and variable life contracts was as follows: | |||||||||||||||||||
Annuity Contracts | Universal and Variable | |||||||||||||||||||
Life Contracts | ||||||||||||||||||||
GMDBs | GMIBs | Secondary | Paid-Up | Total | ||||||||||||||||
Guarantees | Guarantees | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Direct and Assumed | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 432 | $ | 882 | $ | 4,463 | $ | 221 | $ | 5,998 | ||||||||||
Incurred guaranteed benefits (1) | 252 | 771 | 348 | 25 | 1,396 | |||||||||||||||
Paid guaranteed benefits | (117 | ) | (18 | ) | (26 | ) | — | (161 | ) | |||||||||||
Balance at December 31, 2012 | 567 | 1,635 | 4,785 | 246 | 7,233 | |||||||||||||||
Incurred guaranteed benefits (1) | 200 | 229 | (64 | ) | 20 | 385 | ||||||||||||||
Paid guaranteed benefits | (82 | ) | (13 | ) | (23 | ) | — | (118 | ) | |||||||||||
Balance at December 31, 2013 | 685 | 1,851 | 4,698 | 266 | 7,500 | |||||||||||||||
Incurred guaranteed benefits (1) | 310 | 262 | 411 | 22 | 1,005 | |||||||||||||||
Paid guaranteed benefits | (59 | ) | — | (17 | ) | — | (76 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 936 | $ | 2,113 | $ | 5,092 | $ | 288 | $ | 8,429 | ||||||||||
Ceded | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 54 | $ | 8 | $ | 614 | $ | 155 | $ | 831 | ||||||||||
Incurred guaranteed benefits | 22 | 1 | 139 | 18 | 180 | |||||||||||||||
Paid guaranteed benefits | (20 | ) | — | — | — | (20 | ) | |||||||||||||
Balance at December 31, 2012 | 56 | 9 | 753 | 173 | 991 | |||||||||||||||
Incurred guaranteed benefits | (5 | ) | — | 175 | 14 | 184 | ||||||||||||||
Paid guaranteed benefits | (10 | ) | (2 | ) | — | — | (12 | ) | ||||||||||||
Balance at December 31, 2013 | 41 | 7 | 928 | 187 | 1,163 | |||||||||||||||
Incurred guaranteed benefits | 9 | — | 134 | 15 | 158 | |||||||||||||||
Paid guaranteed benefits | (12 | ) | — | — | — | (12 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 38 | $ | 7 | $ | 1,062 | $ | 202 | $ | 1,309 | ||||||||||
Net | ||||||||||||||||||||
Balance at January 1, 2012 | $ | 378 | $ | 874 | $ | 3,849 | $ | 66 | $ | 5,167 | ||||||||||
Incurred guaranteed benefits | 230 | 770 | 209 | 7 | 1,216 | |||||||||||||||
Paid guaranteed benefits | (97 | ) | (18 | ) | (26 | ) | — | (141 | ) | |||||||||||
Balance at December 31, 2012 | 511 | 1,626 | 4,032 | 73 | 6,242 | |||||||||||||||
Incurred guaranteed benefits | 205 | 229 | (239 | ) | 6 | 201 | ||||||||||||||
Paid guaranteed benefits | (72 | ) | (11 | ) | (23 | ) | — | (106 | ) | |||||||||||
Balance at December 31, 2013 | 644 | 1,844 | 3,770 | 79 | 6,337 | |||||||||||||||
Incurred guaranteed benefits | 301 | 262 | 277 | 7 | 847 | |||||||||||||||
Paid guaranteed benefits | (47 | ) | — | (17 | ) | — | (64 | ) | ||||||||||||
Balance at December 31, 2014 | $ | 898 | $ | 2,106 | $ | 4,030 | $ | 86 | $ | 7,120 | ||||||||||
______________ | ||||||||||||||||||||
-1 | Secondary guarantees include the effects of foreign currency translation of ($343) million, ($597) million and ($39) million at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Fund Groupings | Account balances of contracts with insurance guarantees were invested in separate account asset classes as follows at: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Fund Groupings: | ||||||||||||||||||||
Balanced | $ | 87,667 | $ | 75,928 | ||||||||||||||||
Equity | 71,742 | 79,036 | ||||||||||||||||||
Bond | 11,416 | 10,632 | ||||||||||||||||||
Money Market | 1,024 | 1,157 | ||||||||||||||||||
Total | $ | 171,849 | $ | 166,753 | ||||||||||||||||
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the types of guarantees relating to annuity contracts and universal and variable life contracts was as follows at: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
In the | At | In the | At | |||||||||||||||||
Event of Death | Annuitization | Event of Death | Annuitization | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Annuity Contracts (1) | ||||||||||||||||||||
Variable Annuity Guarantees | ||||||||||||||||||||
Total contract account value (2) | $ | 196,595 | $ | 99,000 | $ | 201,395 | $ | 100,527 | ||||||||||||
Separate account value | $ | 163,566 | $ | 95,963 | $ | 164,500 | $ | 96,459 | ||||||||||||
Net amount at risk (2) | $ | 4,230 | $ | 1,770 | $ | 4,203 | $ | 1,219 | ||||||||||||
Average attained age of contractholders | 65 years | 65 years | 63 years | 63 years | ||||||||||||||||
Two Tier and Other Annuities | ||||||||||||||||||||
Account value | N/A | $ | 1,040 | N/A | $ | 880 | ||||||||||||||
Net amount at risk | N/A | $ | 340 | N/A | $ | 234 | ||||||||||||||
Average attained age of contractholders | N/A | 50 years | N/A | 50 years | ||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Secondary | Paid-Up | Secondary | Paid-Up | |||||||||||||||||
Guarantees | Guarantees | Guarantees | Guarantees | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Universal and Variable Life Contracts (1) | ||||||||||||||||||||
Account value (general and separate account) | $ | 16,875 | $ | 3,587 | $ | 16,048 | $ | 3,700 | ||||||||||||
Net amount at risk | $ | 180,069 | $ | 20,344 | $ | 185,920 | $ | 21,737 | ||||||||||||
Average attained age of policyholders | 56 years | 61 years | 55 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 on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. | |||||||||||||||||||
Schedule of Federal Home Loan Bank, common stock holdings, by branch of FHLB Bank | Certain of the Company’s subsidiaries are members of regional banks in the FHLB system (“FHLBanks”). Holdings of common stock of FHLBanks, included in equity securities, were as follows at: | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
FHLB of NY | $ | 661 | $ | 700 | ||||||||||||||||
FHLB of Des Moines | $ | 66 | $ | 76 | ||||||||||||||||
FHLB of Boston | $ | 55 | $ | 64 | ||||||||||||||||
FHLB of Pittsburgh | $ | 35 | $ | 30 | ||||||||||||||||
Schedule of liability recorded and collateral pledged for funding agreements | Such subsidiaries have also entered into funding agreements with FHLBanks and the Federal Agricultural Mortgage Corporation, a federally chartered instrumentality of the U.S. (“Farmer Mac”). The liability for such funding agreements is included in PABs. Information related to such funding agreements was as follows at: | |||||||||||||||||||
Liability | Collateral | |||||||||||||||||||
December 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
FHLB of NY (1) | $ | 12,570 | $ | 12,770 | $ | 15,255 | -2 | $ | 14,287 | -2 | ||||||||||
Farmer Mac (3) | $ | 2,750 | $ | 2,750 | $ | 3,162 | $ | 3,159 | ||||||||||||
FHLB of Des Moines (1) | $ | 1,405 | $ | 1,405 | $ | 1,688 | -2 | $ | 1,596 | -2 | ||||||||||
FHLB of Boston (1) | $ | 575 | $ | 450 | $ | 666 | -2 | $ | 808 | -2 | ||||||||||
FHLB of Pittsburgh (1) | $ | 435 | $ | 375 | $ | 1,637 | -2 | $ | 976 | -2 | ||||||||||
______________ | ||||||||||||||||||||
-1 | Represents funding agreements issued to the applicable FHLBank in exchange for cash and for which such FHLBank has been granted a lien on certain assets, some of which are in the custody of such FHLBank, including residential mortgage-backed securities (“RMBS”), to collateralize obligations under advances evidenced by funding agreements. The Company is permitted to withdraw any portion of the collateral in the custody of such FHLBank as long as there is no event of default and the remaining qualified collateral is sufficient to satisfy the collateral maintenance level. Upon any event of default by the Company, such FHLBank’s recovery on the collateral is limited to the amount of the Company’s liability to such FHLBank. | |||||||||||||||||||
-2 | Advances are collateralized by mortgage-backed securities. The amount of collateral presented is at estimated fair value. | |||||||||||||||||||
-3 | Represents funding agreements issued to certain SPEs that have issued debt securities for which payment of interest and principal is secured by such funding agreements, and such debt securities are also guaranteed as to payment of interest and principal by Farmer Mac. The obligations under these 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. The amount of collateral presented is at carrying value. | |||||||||||||||||||
Liabilities for Unpaid Claims and Claim Expenses | Information regarding the liabilities for unpaid claims and claim expenses relating to property and casualty, group accident and non-medical health policies and contracts, which are reported in future policy benefits and other policy-related balances, was as follows: | |||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
(In millions) | ||||||||||||||||||||
Balance at January 1, | $ | 10,630 | $ | 10,436 | $ | 10,117 | ||||||||||||||
Less: Reinsurance recoverables | 1,661 | 1,581 | 1,436 | |||||||||||||||||
Net balance at January 1, | 8,969 | 8,855 | 8,681 | |||||||||||||||||
Incurred related to: | ||||||||||||||||||||
Current year | 9,358 | 8,660 | 8,399 | |||||||||||||||||
Prior years (1) | (70 | ) | (86 | ) | (69 | ) | ||||||||||||||
Total incurred | 9,288 | 8,574 | 8,330 | |||||||||||||||||
Paid related to: | ||||||||||||||||||||
Current year | (6,714 | ) | (6,083 | ) | (5,689 | ) | ||||||||||||||
Prior years | (2,383 | ) | (2,377 | ) | (2,467 | ) | ||||||||||||||
Total paid | (9,097 | ) | (8,460 | ) | (8,156 | ) | ||||||||||||||
Net balance at December 31, | 9,160 | 8,969 | 8,855 | |||||||||||||||||
Add: Reinsurance recoverables | 1,876 | 1,661 | 1,581 | |||||||||||||||||
Balance at December 31, | $ | 11,036 | $ | 10,630 | $ | 10,436 | ||||||||||||||
______________ | ||||||||||||||||||||
-1 | During 2014, 2013 and 2012, as a result of changes in estimates of insured events in the respective prior year, claims and claim adjustment expenses associated with prior years decreased due to a reduction in prior year automobile bodily injury and homeowners’ severity. In addition, 2013 and 2012 included improved loss ratios for non-medical health claim liabilities. |
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | ||||||||||||
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DAC | ||||||||||||
Balance at January 1, | $ | 19,774 | $ | 17,150 | $ | 15,240 | ||||||
Capitalizations | 4,183 | 4,786 | 5,289 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (39 | ) | 192 | (40 | ) | |||||||
Other expenses | (3,372 | ) | (2,812 | ) | (2,875 | ) | ||||||
Total amortization | (3,411 | ) | (2,620 | ) | (2,915 | ) | ||||||
Unrealized investment gains (losses) | (676 | ) | 924 | (516 | ) | |||||||
Effect of foreign currency translation and other | (886 | ) | (466 | ) | 52 | |||||||
Balance at December 31, | 18,984 | 19,774 | 17,150 | |||||||||
VOBA | ||||||||||||
Balance at January 1, | 6,932 | 7,611 | 9,379 | |||||||||
Acquisitions (1) | — | 947 | 55 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (1 | ) | 3 | (1 | ) | |||||||
Other expenses | (720 | ) | (933 | ) | (1,283 | ) | ||||||
Total amortization | (721 | ) | (930 | ) | (1,284 | ) | ||||||
Unrealized investment gains (losses) | (26 | ) | 358 | (197 | ) | |||||||
Effect of foreign currency translation and other | (727 | ) | (1,054 | ) | (342 | ) | ||||||
Balance at December 31, | 5,458 | 6,932 | 7,611 | |||||||||
Total DAC and VOBA | ||||||||||||
Balance at December 31, | $ | 24,442 | $ | 26,706 | $ | 24,761 | ||||||
______________ | ||||||||||||
(1) See Note 3 for a description of acquisitions. | ||||||||||||
Schedule of Deferred Policy Acquisition Costs and Value of Business Acquired | Information regarding DAC and VOBA was as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DAC | ||||||||||||
Balance at January 1, | $ | 19,774 | $ | 17,150 | $ | 15,240 | ||||||
Capitalizations | 4,183 | 4,786 | 5,289 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (39 | ) | 192 | (40 | ) | |||||||
Other expenses | (3,372 | ) | (2,812 | ) | (2,875 | ) | ||||||
Total amortization | (3,411 | ) | (2,620 | ) | (2,915 | ) | ||||||
Unrealized investment gains (losses) | (676 | ) | 924 | (516 | ) | |||||||
Effect of foreign currency translation and other | (886 | ) | (466 | ) | 52 | |||||||
Balance at December 31, | 18,984 | 19,774 | 17,150 | |||||||||
VOBA | ||||||||||||
Balance at January 1, | 6,932 | 7,611 | 9,379 | |||||||||
Acquisitions (1) | — | 947 | 55 | |||||||||
Amortization related to: | ||||||||||||
Net investment gains (losses) and net derivative gains (losses) | (1 | ) | 3 | (1 | ) | |||||||
Other expenses | (720 | ) | (933 | ) | (1,283 | ) | ||||||
Total amortization | (721 | ) | (930 | ) | (1,284 | ) | ||||||
Unrealized investment gains (losses) | (26 | ) | 358 | (197 | ) | |||||||
Effect of foreign currency translation and other | (727 | ) | (1,054 | ) | (342 | ) | ||||||
Balance at December 31, | 5,458 | 6,932 | 7,611 | |||||||||
Total DAC and VOBA | ||||||||||||
Balance at December 31, | $ | 24,442 | $ | 26,706 | $ | 24,761 | ||||||
______________ | ||||||||||||
(1) See Note 3 for a description of acquisitions. | ||||||||||||
Information regarding Deferred Policy Acquisition Costs and Value of Business Acquired by Segment | Information regarding total DAC and VOBA by segment, as well as Corporate & Other, was as follows at: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions) | ||||||||||||
Retail | $ | 11,963 | $ | 12,882 | ||||||||
Group, Voluntary & Worksite Benefits | 377 | 382 | ||||||||||
Corporate Benefit Funding | 111 | 99 | ||||||||||
Latin America | 1,991 | 2,201 | ||||||||||
Asia | 8,217 | 9,077 | ||||||||||
EMEA | 1,709 | 2,039 | ||||||||||
Corporate & Other | 74 | 26 | ||||||||||
Total | $ | 24,442 | $ | 26,706 | ||||||||
Deferred Sales Inducements of Business Acquired | Information regarding other intangibles was as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DSI | ||||||||||||
Balance at January 1, | $ | 950 | $ | 930 | $ | 926 | ||||||
Capitalization | 56 | 58 | 81 | |||||||||
Amortization | (130 | ) | (36 | ) | (77 | ) | ||||||
Unrealized investment gains (losses) | (64 | ) | — | — | ||||||||
Effect of foreign currency translation | (2 | ) | (2 | ) | — | |||||||
Balance at December 31, | $ | 810 | $ | 950 | $ | 930 | ||||||
VODA and VOCRA | ||||||||||||
Balance at January 1, | $ | 975 | $ | 1,108 | $ | 1,264 | ||||||
Amortization (1) | (82 | ) | (84 | ) | (150 | ) | ||||||
Effect of foreign currency translation | (46 | ) | (49 | ) | (6 | ) | ||||||
Balance at December 31, | $ | 847 | $ | 975 | $ | 1,108 | ||||||
Accumulated amortization | $ | 500 | $ | 418 | $ | 334 | ||||||
Negative VOBA | ||||||||||||
Balance at January 1, | $ | 2,162 | $ | 2,916 | $ | 3,657 | ||||||
Acquisitions | — | — | 10 | |||||||||
Amortization | (442 | ) | (579 | ) | (622 | ) | ||||||
Effect of foreign currency translation and other | (124 | ) | (175 | ) | (129 | ) | ||||||
Balance at December 31, | $ | 1,596 | $ | 2,162 | $ | 2,916 | ||||||
Accumulated amortization | $ | 2,404 | $ | 1,962 | $ | 1,383 | ||||||
____________ | ||||||||||||
-1 | In connection with the Company’s annual impairment testing of VOCRA, it was determined that the VOCRA included in the Group, Voluntary & Worksite Benefits segment, associated with a previously acquired dental business, was impaired as the undiscounted future cash flows associated with the asset were lower than its current carrying value. This shortfall in undiscounted future cash flows is primarily the result of actual persistency experience being less favorable than what was assumed when the asset was acquired. As a result of this impairment, the Company wrote the asset down to its estimated fair value, which was determined using the discounted cash flow valuation approach. The Company recorded a non-cash charge of $77 million ($50 million, net of income tax) for the impairment of the VOCRA balance to other expenses in the consolidated statement of operations for the year ended December 31, 2012. | |||||||||||
Value of Distribution Agreements and Customer Relationships Acquired and Negative Value of Business Acquired | Information regarding other intangibles was as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions) | ||||||||||||
DSI | ||||||||||||
Balance at January 1, | $ | 950 | $ | 930 | $ | 926 | ||||||
Capitalization | 56 | 58 | 81 | |||||||||
Amortization | (130 | ) | (36 | ) | (77 | ) | ||||||
Unrealized investment gains (losses) | (64 | ) | — | — | ||||||||
Effect of foreign currency translation | (2 | ) | (2 | ) | — | |||||||
Balance at December 31, | $ | 810 | $ | 950 | $ | 930 | ||||||
VODA and VOCRA | ||||||||||||
Balance at January 1, | $ | 975 | $ | 1,108 | $ | 1,264 | ||||||
Amortization (1) | (82 | ) | (84 | ) | (150 | ) | ||||||
Effect of foreign currency translation | (46 | ) | (49 | ) | (6 | ) | ||||||
Balance at December 31, | $ | 847 | $ | 975 | $ | 1,108 | ||||||
Accumulated amortization | $ | 500 | $ | 418 | $ | 334 | ||||||
Negative VOBA | ||||||||||||
Balance at January 1, | $ | 2,162 | $ | 2,916 | $ | 3,657 | ||||||
Acquisitions | — | — | 10 | |||||||||
Amortization | (442 | ) | (579 | ) | (622 | ) | ||||||
Effect of foreign currency translation and other | (124 | ) | (175 | ) | (129 | ) | ||||||
Balance at December 31, | $ | 1,596 | $ | 2,162 | $ | 2,916 | ||||||
Accumulated amortization | $ | 2,404 | $ | 1,962 | $ | 1,383 | ||||||
____________ | ||||||||||||
-1 | In connection with the Company’s annual impairment testing of VOCRA, it was determined that the VOCRA included in the Group, Voluntary & Worksite Benefits segment, associated with a previously acquired dental business, was impaired as the undiscounted future cash flows associated with the asset were lower than its current carrying value. This shortfall in undiscounted future cash flows is primarily the result of actual persistency experience being less favorable than what was assumed when the asset was acquired. As a result of this impairment, the Company wrote the asset down to its estimated fair value, which was determined using the discounted cash flow valuation approach. The Company recorded a non-cash charge of $77 million ($50 million, net of income tax) for the impairment of the VOCRA balance to other expenses in the consolidated statement of operations for the year ended December 31, 2012. | |||||||||||
Estimated Future Amortization Expense (Credit) | The estimated future amortization expense (credit) to be reported in other expenses for the next five years is as follows: | |||||||||||
VOBA | VODA and VOCRA | Negative VOBA | ||||||||||
(In millions) | ||||||||||||
2015 | $ | 633 | $ | 75 | $ | (342 | ) | |||||
2016 | $ | 532 | $ | 70 | $ | (262 | ) | |||||
2017 | $ | 455 | $ | 67 | $ | (146 | ) | |||||
2018 | $ | 403 | $ | 62 | $ | (61 | ) | |||||
2019 | $ | 353 | $ | 58 | $ | (40 | ) | |||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Reinsurance Disclosures [Abstract] | ||||||||||||||||||||||||||||||||
Effect of reinsurance | The amounts in the consolidated statements of operations include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows: | |||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Premiums | ||||||||||||||||||||||||||||||||
Direct premiums | $ | 40,049 | $ | 38,476 | $ | 38,719 | ||||||||||||||||||||||||||
Reinsurance assumed | 1,472 | 1,472 | 1,488 | |||||||||||||||||||||||||||||
Reinsurance ceded | (2,454 | ) | (2,274 | ) | (2,232 | ) | ||||||||||||||||||||||||||
Net premiums | $ | 39,067 | $ | 37,674 | $ | 37,975 | ||||||||||||||||||||||||||
Universal life and investment-type product policy fees | ||||||||||||||||||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 10,768 | $ | 10,197 | $ | 9,216 | ||||||||||||||||||||||||||
Reinsurance assumed | 126 | 139 | 155 | |||||||||||||||||||||||||||||
Reinsurance ceded | (948 | ) | (885 | ) | (815 | ) | ||||||||||||||||||||||||||
Net universal life and investment-type product policy fees | $ | 9,946 | $ | 9,451 | $ | 8,556 | ||||||||||||||||||||||||||
Policyholder benefits and claims | ||||||||||||||||||||||||||||||||
Direct policyholder benefits and claims | $ | 41,573 | $ | 40,211 | $ | 39,262 | ||||||||||||||||||||||||||
Reinsurance assumed | 962 | 1,047 | 1,167 | |||||||||||||||||||||||||||||
Reinsurance ceded | (3,433 | ) | (3,151 | ) | (2,442 | ) | ||||||||||||||||||||||||||
Net policyholder benefits and claims | $ | 39,102 | $ | 38,107 | $ | 37,987 | ||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||||||||
Direct other expenses | $ | 17,334 | $ | 16,712 | $ | 17,848 | ||||||||||||||||||||||||||
Reinsurance assumed | 165 | 147 | 228 | |||||||||||||||||||||||||||||
Reinsurance ceded | (408 | ) | (257 | ) | (321 | ) | ||||||||||||||||||||||||||
Net other expenses | $ | 17,091 | $ | 16,602 | $ | 17,755 | ||||||||||||||||||||||||||
The amounts in the consolidated balance sheets include the impact of reinsurance. Information regarding the significant effects of reinsurance was as follows at: | ||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Direct | Assumed | Ceded | Total | Direct | Assumed | Ceded | Total | |||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||
Sheet | Sheet | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 6,111 | $ | 491 | $ | 15,642 | $ | 22,244 | $ | 6,248 | $ | 593 | $ | 15,018 | $ | 21,859 | ||||||||||||||||
Deferred policy acquisition costs and value of business acquired | 24,807 | 112 | (477 | ) | 24,442 | 26,954 | 104 | (352 | ) | 26,706 | ||||||||||||||||||||||
Total assets | $ | 30,918 | $ | 603 | $ | 15,165 | $ | 46,686 | $ | 33,202 | $ | 697 | $ | 14,666 | $ | 48,565 | ||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||
Future policy benefits | $ | 187,562 | $ | 2,024 | $ | — | $ | 189,586 | $ | 185,908 | $ | 2,034 | $ | — | $ | 187,942 | ||||||||||||||||
Policyholder account balances | 208,307 | 989 | (2 | ) | 209,294 | 211,610 | 1,277 | (2 | ) | 212,885 | ||||||||||||||||||||||
Other policy-related balances | 14,131 | 285 | 6 | 14,422 | 14,838 | 353 | 23 | 15,214 | ||||||||||||||||||||||||
Other liabilities | 20,752 | 481 | 3,204 | 24,437 | 19,591 | 533 | 3,044 | 23,168 | ||||||||||||||||||||||||
Total liabilities | $ | 430,752 | $ | 3,779 | $ | 3,208 | $ | 437,739 | $ | 431,947 | $ | 4,197 | $ | 3,065 | $ | 439,209 | ||||||||||||||||
Closed_Block_Tables
Closed Block (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Closed Block Disclosure [Abstract] | |||||||||||||
Closed block liabilities and assets | Information regarding the closed block liabilities and assets designated to the closed block was as follows at: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In millions) | |||||||||||||
Closed Block Liabilities | |||||||||||||
Future policy benefits | $ | 41,667 | $ | 42,076 | |||||||||
Other policy-related balances | 265 | 298 | |||||||||||
Policyholder dividends payable | 461 | 456 | |||||||||||
Policyholder dividend obligation | 3,155 | 1,771 | |||||||||||
Current income tax payable | 1 | 18 | |||||||||||
Other liabilities | 646 | 582 | |||||||||||
Total closed block liabilities | 46,195 | 45,201 | |||||||||||
Assets Designated to the Closed Block | |||||||||||||
Investments: | |||||||||||||
Fixed maturity securities available-for-sale, at estimated fair value | 29,199 | 28,374 | |||||||||||
Equity securities available-for-sale, at estimated fair value | 91 | 86 | |||||||||||
Mortgage loans | 6,076 | 6,155 | |||||||||||
Policy loans | 4,646 | 4,669 | |||||||||||
Real estate and real estate joint ventures | 666 | 492 | |||||||||||
Other invested assets | 1,065 | 814 | |||||||||||
Total investments | 41,743 | 40,590 | |||||||||||
Cash and cash equivalents | 227 | 238 | |||||||||||
Accrued investment income | 477 | 477 | |||||||||||
Premiums, reinsurance and other receivables | 67 | 98 | |||||||||||
Deferred income tax assets | 289 | 293 | |||||||||||
Total assets designated to the closed block | 42,803 | 41,696 | |||||||||||
Excess of closed block liabilities over assets designated to the closed block | 3,392 | 3,505 | |||||||||||
Amounts included in AOCI: | |||||||||||||
Unrealized investment gains (losses), net of income tax | 2,291 | 1,502 | |||||||||||
Unrealized gains (losses) on derivatives, net of income tax | 28 | (3 | ) | ||||||||||
Allocated to policyholder dividend obligation, net of income tax | (2,051 | ) | (1,151 | ) | |||||||||
Total amounts included in AOCI | 268 | 348 | |||||||||||
Maximum future earnings to be recognized from closed block assets and liabilities | $ | 3,660 | $ | 3,853 | |||||||||
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Balance at January 1, | $ | 1,771 | $ | 3,828 | $ | 2,919 | |||||||
Change in unrealized investment and derivative gains (losses) | 1,384 | (2,057 | ) | 909 | |||||||||
Balance at December 31, | $ | 3,155 | $ | 1,771 | $ | 3,828 | |||||||
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Revenues | |||||||||||||
Premiums | $ | 1,918 | $ | 1,987 | $ | 2,139 | |||||||
Net investment income | 2,093 | 2,130 | 2,188 | ||||||||||
Net investment gains (losses) | 7 | 25 | 61 | ||||||||||
Net derivative gains (losses) | 20 | (6 | ) | (12 | ) | ||||||||
Total revenues | 4,038 | 4,136 | 4,376 | ||||||||||
Expenses | |||||||||||||
Policyholder benefits and claims | 2,598 | 2,702 | 2,783 | ||||||||||
Policyholder dividends | 988 | 979 | 1,072 | ||||||||||
Other expenses | 155 | 165 | 179 | ||||||||||
Total expenses | 3,741 | 3,846 | 4,034 | ||||||||||
Revenues, net of expenses before provision for income tax expense (benefit) | 297 | 290 | 342 | ||||||||||
Provision for income tax expense (benefit) | 104 | 101 | 120 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations | 193 | 189 | 222 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations | — | — | 10 | ||||||||||
Revenues, net of expenses and provision for income tax expense (benefit) | $ | 193 | $ | 189 | $ | 232 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Fixed Maturity and Equity Securities Available-for-Sale | The following table presents the fixed maturity and equity securities AFS by sector. 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 RMBS, commercial mortgage-backed securities (“CMBS”) and ABS. | |||||||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Cost or | Gross Unrealized | Estimated | Cost or | Gross Unrealized | Estimated | |||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||
Cost | Gains | Temporary | OTTI | Value | Cost | Gains | Temporary | OTTI | Value | |||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 96,235 | $ | 10,343 | $ | 624 | $ | — | $ | 105,954 | $ | 100,203 | $ | 7,495 | $ | 1,229 | $ | — | $ | 106,469 | ||||||||||||||||||||
Foreign corporate | 57,695 | 4,651 | 664 | 7 | 61,675 | 59,778 | 3,939 | 565 | — | 63,152 | ||||||||||||||||||||||||||||||
U.S. Treasury and agency | 54,654 | 6,892 | 30 | — | 61,516 | 43,928 | 2,251 | 1,056 | — | 45,123 | ||||||||||||||||||||||||||||||
Foreign government | 47,327 | 5,500 | 161 | — | 52,666 | 50,717 | 4,107 | 387 | — | 54,437 | ||||||||||||||||||||||||||||||
RMBS | 38,064 | 2,102 | 214 | 106 | 39,846 | 34,167 | 1,584 | 490 | 206 | 35,055 | ||||||||||||||||||||||||||||||
State and political subdivision | 12,922 | 2,291 | 26 | — | 15,187 | 13,233 | 903 | 306 | — | 13,830 | ||||||||||||||||||||||||||||||
CMBS (1) | 13,762 | 615 | 46 | (1 | ) | 14,332 | 16,115 | 605 | 170 | — | 16,550 | |||||||||||||||||||||||||||||
ABS | 14,121 | 240 | 112 | — | 14,249 | 15,458 | 296 | 171 | 12 | 15,571 | ||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 334,780 | $ | 32,634 | $ | 1,877 | $ | 112 | $ | 365,425 | $ | 333,599 | $ | 21,180 | $ | 4,374 | $ | 218 | $ | 350,187 | ||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 1,990 | $ | 554 | $ | 28 | $ | — | $ | 2,516 | $ | 1,927 | $ | 431 | $ | 5 | $ | — | $ | 2,353 | ||||||||||||||||||||
Non-redeemable preferred stock | 1,086 | 68 | 39 | — | 1,115 | 1,085 | 76 | 112 | — | 1,049 | ||||||||||||||||||||||||||||||
Total equity securities | $ | 3,076 | $ | 622 | $ | 67 | $ | — | $ | 3,631 | $ | 3,012 | $ | 507 | $ | 117 | $ | — | $ | 3,402 | ||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The noncredit loss component of OTTI losses for CMBS was in an unrealized gain position of $1 million at December 31, 2014, 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 | The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Amortized | Estimated | Amortized | Estimated | |||||||||||||||||||||||||||||||||||||
Cost | Fair | Cost | Fair | |||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 13,023 | $ | 13,259 | $ | 15,828 | $ | 16,030 | ||||||||||||||||||||||||||||||||
Due after one year through five years | 74,303 | 77,704 | 70,467 | 74,229 | ||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 78,923 | 84,988 | 78,159 | 83,223 | ||||||||||||||||||||||||||||||||||||
Due after ten years | 102,584 | 121,047 | 103,405 | 109,529 | ||||||||||||||||||||||||||||||||||||
Subtotal | 268,833 | 296,998 | 267,859 | 283,011 | ||||||||||||||||||||||||||||||||||||
Structured securities (RMBS, CMBS and ABS) | 65,947 | 68,427 | 65,740 | 67,176 | ||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 334,780 | $ | 365,425 | $ | 333,599 | $ | 350,187 | ||||||||||||||||||||||||||||||||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | 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. | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | December 31, 2013 | |||||||||||||||||||||||||||||||||||||||
Less than 12 Months | Equal to or Greater than 12 Months | Less than 12 Months | Equal to or Greater than 12 Months | |||||||||||||||||||||||||||||||||||||
Estimated | Gross | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||
(In millions, except number of securities) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | ||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | 11,389 | $ | 331 | $ | 4,658 | $ | 293 | $ | 13,889 | $ | 808 | $ | 3,807 | $ | 421 | ||||||||||||||||||||||||
Foreign corporate | 9,410 | 505 | 2,074 | 166 | 9,019 | 402 | 2,320 | 163 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 8,927 | 12 | 1,314 | 18 | 15,225 | 1,037 | 357 | 19 | ||||||||||||||||||||||||||||||||
Foreign government | 1,085 | 80 | 630 | 81 | 5,052 | 336 | 1,846 | 51 | ||||||||||||||||||||||||||||||||
RMBS | 4,180 | 92 | 2,534 | 228 | 10,754 | 363 | 2,302 | 333 | ||||||||||||||||||||||||||||||||
State and political subdivision | 83 | 1 | 297 | 25 | 3,109 | 225 | 351 | 81 | ||||||||||||||||||||||||||||||||
CMBS | 1,268 | 23 | 934 | 22 | 3,696 | 142 | 631 | 28 | ||||||||||||||||||||||||||||||||
ABS | 4,456 | 57 | 1,440 | 55 | 3,772 | 59 | 978 | 124 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | 40,798 | $ | 1,101 | $ | 13,881 | $ | 888 | $ | 64,516 | $ | 3,372 | $ | 12,592 | $ | 1,220 | ||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||||||||||||||||
Common stock | $ | 111 | $ | 28 | $ | 1 | $ | — | $ | 81 | $ | 4 | $ | 16 | $ | 1 | ||||||||||||||||||||||||
Non-redeemable preferred stock | 67 | 2 | 192 | 37 | 364 | 65 | 191 | 47 | ||||||||||||||||||||||||||||||||
Total equity securities | $ | 178 | $ | 30 | $ | 193 | $ | 37 | $ | 445 | $ | 69 | $ | 207 | $ | 48 | ||||||||||||||||||||||||
Total number of securities in an | 3,153 | 1,435 | 4,480 | 1,571 | ||||||||||||||||||||||||||||||||||||
unrealized loss position | ||||||||||||||||||||||||||||||||||||||||
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying | % of | Carrying | % of | |||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-investment: | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 41,088 | 68.3 | % | $ | 40,926 | 70.9 | % | ||||||||||||||||||||||||||||||||
Agricultural | 12,378 | 20.6 | 12,391 | 21.5 | ||||||||||||||||||||||||||||||||||||
Residential | 6,369 | 10.6 | 2,772 | 4.8 | ||||||||||||||||||||||||||||||||||||
Subtotal (1) | 59,835 | 99.5 | 56,089 | 97.2 | ||||||||||||||||||||||||||||||||||||
Valuation allowances | (305 | ) | (0.5 | ) | (322 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||||
Subtotal mortgage loans held-for-investment, net | 59,530 | 99 | 55,767 | 96.6 | ||||||||||||||||||||||||||||||||||||
Residential — FVO | 308 | 0.5 | 338 | 0.6 | ||||||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | 280 | 0.5 | 1,598 | 2.8 | ||||||||||||||||||||||||||||||||||||
Total mortgage loans held-for-investment, net | 60,118 | 100 | 57,703 | 100 | ||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale | — | — | 3 | — | ||||||||||||||||||||||||||||||||||||
Total mortgage loans, net | $ | 60,118 | 100 | % | $ | 57,706 | 100 | % | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Purchases of mortgage loans were $4.7 billion and $2.2 billion for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses, Provision for Loss, Net | The changes in the valuation allowance, by portfolio segment, were as follows: | |||||||||||||||||||||||||||||||||||||||
Commercial | Agricultural | Residential | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 398 | $ | 81 | $ | 2 | $ | 481 | ||||||||||||||||||||||||||||||||
Provision (release) | (92 | ) | — | 6 | (86 | ) | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (13 | ) | (24 | ) | — | (37 | ) | |||||||||||||||||||||||||||||||||
Transfers to held-for-sale (1) | — | (5 | ) | (6 | ) | (11 | ) | |||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 293 | 52 | 2 | 347 | ||||||||||||||||||||||||||||||||||||
Provision (release) | (35 | ) | 4 | 18 | (13 | ) | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | — | (12 | ) | — | (12 | ) | ||||||||||||||||||||||||||||||||||
Transfers to held-for-sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 258 | 44 | 20 | 322 | ||||||||||||||||||||||||||||||||||||
Provision (release) | (11 | ) | (4 | ) | 27 | 12 | ||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | (23 | ) | (1 | ) | (5 | ) | (29 | ) | ||||||||||||||||||||||||||||||||
Transfers to held-for-sale | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 224 | $ | 39 | $ | 42 | $ | 305 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The valuation allowance on and the related carrying value of certain residential mortgage loans held-for-investment were transferred to mortgage loans held-for-sale in connection with the MetLife Bank Divestiture. See Note 3. | |||||||||||||||||||||||||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status | The past due and accrual status of mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: | |||||||||||||||||||||||||||||||||||||||
Past Due | Nonaccrual Status | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 10 | $ | 12 | $ | 75 | $ | 191 | ||||||||||||||||||||||||||||||||
Agricultural | 1 | 44 | 41 | 47 | ||||||||||||||||||||||||||||||||||||
Residential | 173 | 79 | 163 | 65 | ||||||||||||||||||||||||||||||||||||
Total | $ | 184 | $ | 135 | $ | 279 | $ | 303 | ||||||||||||||||||||||||||||||||
Impaired mortgage loans held-for-investment | Mortgage loans held-for-investment by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at and for the years ended: | |||||||||||||||||||||||||||||||||||||||
Evaluated Individually for Credit Losses | Evaluated Collectively for Credit Losses | Impaired Loans | ||||||||||||||||||||||||||||||||||||||
Impaired Loans with a Valuation Allowance | Impaired Loans without a Valuation Allowance | |||||||||||||||||||||||||||||||||||||||
December 31, | Unpaid Principal Balance | Recorded Investment | Valuation | Unpaid Principal Balance | Recorded | Recorded | Valuation | Carrying | Average | |||||||||||||||||||||||||||||||
Allowances | Investment | Investment | Allowances | Value | Recorded | |||||||||||||||||||||||||||||||||||
Investment | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 75 | $ | 75 | $ | 24 | $ | 101 | $ | 100 | $ | 40,913 | $ | 200 | $ | 151 | $ | 359 | ||||||||||||||||||||||
Agricultural | 51 | 48 | 2 | 14 | 13 | 12,317 | 37 | 59 | 80 | |||||||||||||||||||||||||||||||
Residential | — | — | — | 40 | 37 | 6,332 | 42 | 37 | 19 | |||||||||||||||||||||||||||||||
Total | $ | 126 | $ | 123 | $ | 26 | $ | 155 | $ | 150 | $ | 59,562 | $ | 279 | $ | 247 | $ | 458 | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||
Commercial | $ | 214 | $ | 210 | $ | 58 | $ | 299 | $ | 296 | $ | 40,420 | $ | 200 | $ | 448 | $ | 526 | ||||||||||||||||||||||
Agricultural | 68 | 66 | 7 | 35 | 34 | 12,291 | 37 | 93 | 153 | |||||||||||||||||||||||||||||||
Residential | 12 | 12 | 1 | 5 | 4 | 2,756 | 19 | 15 | 14 | |||||||||||||||||||||||||||||||
Total | $ | 294 | $ | 288 | $ | 66 | $ | 339 | $ | 334 | $ | 55,467 | $ | 256 | $ | 556 | $ | 693 | ||||||||||||||||||||||
Investment in leveraged leases | Investment in leveraged and direct financing leases consisted of the following at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Rental receivables, net | $ | 1,414 | $ | 1,750 | $ | 1,491 | $ | 1,806 | ||||||||||||||||||||||||||||||||
Estimated residual values | 1,148 | 145 | 1,325 | 90 | ||||||||||||||||||||||||||||||||||||
Subtotal | 2,562 | 1,895 | 2,816 | 1,896 | ||||||||||||||||||||||||||||||||||||
Unearned income | (777 | ) | (776 | ) | (870 | ) | (796 | ) | ||||||||||||||||||||||||||||||||
Investment in leases, net of non-recourse debt | $ | 1,785 | $ | 1,119 | $ | 1,946 | $ | 1,100 | ||||||||||||||||||||||||||||||||
Net income from investment in leveraged leases | The components of income from investment in leveraged and direct financing leases, excluding net investment gains (losses), were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | Leveraged Leases | Direct Financing Leases | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Income from investment in leases | $ | 66 | $ | 72 | $ | 82 | $ | 75 | $ | 57 | $ | 67 | ||||||||||||||||||||||||||||
Less: Income tax expense on leases | 23 | 25 | 29 | 26 | 20 | 23 | ||||||||||||||||||||||||||||||||||
Investment income after income tax | $ | 43 | $ | 47 | $ | 53 | $ | 49 | $ | 37 | $ | 44 | ||||||||||||||||||||||||||||
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) | The components of net unrealized investment gains (losses), included in AOCI, were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 30,367 | $ | 16,672 | $ | 33,641 | ||||||||||||||||||||||||||||||||||
Fixed maturity securities with noncredit OTTI losses in AOCI | (112 | ) | (218 | ) | (361 | ) | ||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 30,255 | 16,454 | 33,280 | |||||||||||||||||||||||||||||||||||||
Equity securities | 608 | 390 | 97 | |||||||||||||||||||||||||||||||||||||
Derivatives | 1,761 | 375 | 1,274 | |||||||||||||||||||||||||||||||||||||
Other | 149 | (73 | ) | (30 | ) | |||||||||||||||||||||||||||||||||||
Subtotal | 32,773 | 17,146 | 34,621 | |||||||||||||||||||||||||||||||||||||
Amounts allocated from: | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | (2,886 | ) | (898 | ) | (6,049 | ) | ||||||||||||||||||||||||||||||||||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (4 | ) | 6 | 19 | ||||||||||||||||||||||||||||||||||||
DAC, VOBA and DSI | (1,946 | ) | (1,190 | ) | (2,485 | ) | ||||||||||||||||||||||||||||||||||
Policyholder dividend obligation | (3,155 | ) | (1,771 | ) | (3,828 | ) | ||||||||||||||||||||||||||||||||||
Subtotal | (7,991 | ) | (3,853 | ) | (12,343 | ) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | 42 | 73 | 119 | |||||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (8,556 | ) | (4,956 | ) | (7,973 | ) | ||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 16,268 | 8,410 | 14,424 | |||||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to noncontrolling interests | (33 | ) | 4 | (5 | ) | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ | 16,235 | $ | 8,414 | $ | 14,419 | ||||||||||||||||||||||||||||||||||
The changes in net unrealized investment gains (losses) were as follows: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 8,414 | $ | 14,419 | $ | 8,674 | ||||||||||||||||||||||||||||||||||
Fixed maturity securities on which noncredit OTTI losses have been recognized | 106 | 143 | 363 | |||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) during the year | 15,521 | (17,618 | ) | 12,467 | ||||||||||||||||||||||||||||||||||||
Unrealized investment gains (losses) relating to: | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | (1,988 | ) | 5,151 | (2,053 | ) | |||||||||||||||||||||||||||||||||||
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (10 | ) | (13 | ) | (28 | ) | ||||||||||||||||||||||||||||||||||
DAC, VOBA and DSI | (756 | ) | 1,295 | (685 | ) | |||||||||||||||||||||||||||||||||||
Policyholder dividend obligation | (1,384 | ) | 2,057 | (909 | ) | |||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (31 | ) | (46 | ) | (117 | ) | ||||||||||||||||||||||||||||||||||
Deferred income tax benefit (expense) | (3,600 | ) | 3,017 | (3,279 | ) | |||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) | 16,272 | 8,405 | 14,433 | |||||||||||||||||||||||||||||||||||||
Net unrealized investment gains (losses) attributable to noncontrolling interests | (37 | ) | 9 | (14 | ) | |||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 16,235 | $ | 8,414 | $ | 14,419 | ||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) | $ | 7,858 | $ | (6,014 | ) | $ | 5,759 | |||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | (37 | ) | 9 | (14 | ) | |||||||||||||||||||||||||||||||||||
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $ | 7,821 | $ | (6,005 | ) | $ | 5,745 | |||||||||||||||||||||||||||||||||
Other than temporary impairment, credit losses recognized earnings | The changes in fixed maturity securities with noncredit OTTI losses included in AOCI were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | (218 | ) | $ | (361 | ) | ||||||||||||||||||||||||||||||||||
Noncredit OTTI losses and subsequent changes recognized | 17 | 60 | ||||||||||||||||||||||||||||||||||||||
Securities sold with previous noncredit OTTI loss | 53 | 149 | ||||||||||||||||||||||||||||||||||||||
Subsequent changes in estimated fair value | 36 | (66 | ) | |||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | (112 | ) | $ | (218 | ) | ||||||||||||||||||||||||||||||||||
Securities Lending | Elements of the securities lending program are presented below at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Securities on loan: (1) | ||||||||||||||||||||||||||||||||||||||||
Amortized cost | $ | 26,989 | $ | 27,094 | ||||||||||||||||||||||||||||||||||||
Estimated fair value | $ | 30,269 | $ | 27,595 | ||||||||||||||||||||||||||||||||||||
Cash collateral on deposit from counterparties (2) | $ | 30,826 | $ | 28,319 | ||||||||||||||||||||||||||||||||||||
Security collateral on deposit from counterparties (3) | $ | 83 | $ | — | ||||||||||||||||||||||||||||||||||||
Reinvestment portfolio — estimated fair value | $ | 31,314 | $ | 28,481 | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-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 re-pledged, 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 all asset classes, except mortgage loans, which are presented at carrying value at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Invested assets on deposit (regulatory deposits) (1) | $ | 9,437 | $ | 2,153 | ||||||||||||||||||||||||||||||||||||
Invested assets held in trust (collateral financing arrangements and reinsurance agreements) | 10,069 | 11,004 | ||||||||||||||||||||||||||||||||||||||
Invested assets pledged as collateral (2) | 25,996 | 23,770 | ||||||||||||||||||||||||||||||||||||||
Total invested assets on deposit, held in trust and pledged as collateral | $ | 45,502 | $ | 36,927 | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | In November 2014, MetLife Insurance Company of Connecticut (“MICC”), a wholly-owned subsidiary of MetLife, Inc., re-domesticated from Connecticut to Delaware, changed its name to MetLife Insurance Company USA and merged with its subsidiary, MetLife Investors USA Insurance Company (“MLI-USA”), and its affiliate, MetLife Investors Insurance Company (“MLIIC”), each a U.S. insurance company that issued variable annuity products in addition to other products, and Exeter Reassurance Company, Ltd. (“Exeter”), a former offshore reinsurance subsidiary of MetLife, Inc. and affiliate of MICC that mainly reinsured guarantees associated with variable annuity products (the “Mergers”). The surviving entity of the Mergers was MetLife Insurance Company USA (“MetLife USA”). Exeter, formerly a Cayman Islands company, was re-domesticated to Delaware in October 2013. In anticipation of the Mergers, effective January 1, 2014, following receipt of New York State Department of Financial Services (the “Department of Financial Services”) approval, MICC withdrew its license to issue insurance policies and annuity contracts in New York. Also effective January 1, 2014, MICC reinsured with an affiliate all existing New York insurance policies and annuity contracts that include a separate account feature and deposited investments with an estimated fair market value of $6.3 billion into a custodial account to secure MICC’s remaining New York policyholder liabilities not covered by such reinsurance. | |||||||||||||||||||||||||||||||||||||||
-2 | The Company has pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 and 12), collateral financing arrangements (see Note 13) and derivative transactions (see Note 9). | |||||||||||||||||||||||||||||||||||||||
Purchased credit impaired investments, by invested asset class, held | The following table presents information about PCI investments acquired during the periods indicated: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Contractually required payments (including interest) | $ | 947 | $ | 1,872 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Cash flows expected to be collected (1) | $ | 745 | $ | 1,446 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Fair value of investments acquired | $ | 503 | $ | 978 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Represents undiscounted principal and interest cash flow expectations, at the date of acquisition. | |||||||||||||||||||||||||||||||||||||||
The Company’s PCI investments, by invested asset class, were as follows at: | ||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Outstanding principal and interest balance (1) | $ | 5,287 | $ | 5,319 | $ | 239 | $ | 291 | ||||||||||||||||||||||||||||||||
Carrying value (2) | $ | 4,170 | $ | 4,109 | $ | 132 | $ | 138 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Represents the contractually required payments, which is the sum of contractual principal, whether or not currently due, and accrued interest. | |||||||||||||||||||||||||||||||||||||||
-2 | Estimated fair value plus accrued interest for fixed maturity securities and amortized cost, plus accrued interest, less any valuation allowances, for mortgage loans. | |||||||||||||||||||||||||||||||||||||||
The following table presents activity for the accretable yield on PCI investments: | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Mortgage Loans | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Accretable yield, January 1, | $ | 2,746 | $ | 2,665 | $ | 74 | $ | 184 | ||||||||||||||||||||||||||||||||
Investments purchased | 242 | 468 | — | — | ||||||||||||||||||||||||||||||||||||
Accretion recognized in earnings | (244 | ) | (260 | ) | (22 | ) | (87 | ) | ||||||||||||||||||||||||||||||||
Disposals | (60 | ) | (152 | ) | — | — | ||||||||||||||||||||||||||||||||||
Reclassification (to) from nonaccretable difference | (541 | ) | 25 | (4 | ) | (23 | ) | |||||||||||||||||||||||||||||||||
Accretable yield, December 31, | $ | 2,143 | $ | 2,746 | $ | 48 | $ | 74 | ||||||||||||||||||||||||||||||||
The Components of Net Investment Income | The components of net investment income were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 14,868 | $ | 15,071 | $ | 15,218 | ||||||||||||||||||||||||||||||||||
Equity securities | 133 | 127 | 133 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — Actively Traded and FVO general account securities (1) | 103 | 65 | 88 | |||||||||||||||||||||||||||||||||||||
Mortgage loans | 2,928 | 3,020 | 3,191 | |||||||||||||||||||||||||||||||||||||
Policy loans | 629 | 620 | 626 | |||||||||||||||||||||||||||||||||||||
Real estate and real estate joint ventures | 951 | 909 | 834 | |||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 1,033 | 955 | 845 | |||||||||||||||||||||||||||||||||||||
Cash, cash equivalents and short-term investments | 168 | 181 | 163 | |||||||||||||||||||||||||||||||||||||
Operating joint ventures | 10 | 10 | 19 | |||||||||||||||||||||||||||||||||||||
Other | 192 | 165 | 131 | |||||||||||||||||||||||||||||||||||||
Subtotal | 21,015 | 21,123 | 21,248 | |||||||||||||||||||||||||||||||||||||
Less: Investment expenses | 1,178 | 1,198 | 1,090 | |||||||||||||||||||||||||||||||||||||
Subtotal, net | 19,837 | 19,925 | 20,158 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — FVO contractholder-directed unit-linked investments (1) | 1,266 | 2,172 | 1,473 | |||||||||||||||||||||||||||||||||||||
Securitized reverse residential mortgage loans | — | — | 177 | |||||||||||||||||||||||||||||||||||||
FVO CSEs — interest income: | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | 49 | 132 | 172 | |||||||||||||||||||||||||||||||||||||
Securities | 1 | 3 | 4 | |||||||||||||||||||||||||||||||||||||
Subtotal | 1,316 | 2,307 | 1,826 | |||||||||||||||||||||||||||||||||||||
Net investment income | $ | 21,153 | $ | 22,232 | $ | 21,984 | ||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective years included in net investment income were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Actively Traded and FVO general account securities | $ | (3 | ) | $ | 18 | $ | 51 | |||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | $ | 645 | $ | 1,579 | $ | 1,170 | ||||||||||||||||||||||||||||||||||
The components of net investment gains (losses) | The components of net investment gains (losses) were as follows: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 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: | ||||||||||||||||||||||||||||||||||||||||
Consumer | $ | (7 | ) | $ | (11 | ) | $ | (19 | ) | |||||||||||||||||||||||||||||||
Transportation | (2 | ) | (3 | ) | (17 | ) | ||||||||||||||||||||||||||||||||||
Utility | — | (48 | ) | (61 | ) | |||||||||||||||||||||||||||||||||||
Finance | — | (10 | ) | (32 | ) | |||||||||||||||||||||||||||||||||||
Communications | — | (2 | ) | (19 | ) | |||||||||||||||||||||||||||||||||||
Technology | — | — | (6 | ) | ||||||||||||||||||||||||||||||||||||
Industrial | — | — | (5 | ) | ||||||||||||||||||||||||||||||||||||
Total U.S. and foreign corporate securities | (9 | ) | (74 | ) | (159 | ) | ||||||||||||||||||||||||||||||||||
RMBS | (31 | ) | (80 | ) | (97 | ) | ||||||||||||||||||||||||||||||||||
CMBS | (13 | ) | (12 | ) | (51 | ) | ||||||||||||||||||||||||||||||||||
ABS | (7 | ) | — | (9 | ) | |||||||||||||||||||||||||||||||||||
State and political subdivision | — | — | (1 | ) | ||||||||||||||||||||||||||||||||||||
OTTI losses on fixed maturity securities recognized in earnings | (60 | ) | (166 | ) | (317 | ) | ||||||||||||||||||||||||||||||||||
Fixed maturity securities — net gains (losses) on sales and disposals | 598 | 561 | 253 | |||||||||||||||||||||||||||||||||||||
Total gains (losses) on fixed maturity securities | 538 | 395 | (64 | ) | ||||||||||||||||||||||||||||||||||||
Total gains (losses) on equity securities: | ||||||||||||||||||||||||||||||||||||||||
Total OTTI losses recognized — by sector: | ||||||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | (23 | ) | (20 | ) | — | |||||||||||||||||||||||||||||||||||
Common stock | (13 | ) | (6 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||
OTTI losses on equity securities recognized in earnings | (36 | ) | (26 | ) | (34 | ) | ||||||||||||||||||||||||||||||||||
Equity securities — net gains (losses) on sales and disposals | 101 | 31 | 38 | |||||||||||||||||||||||||||||||||||||
Total gains (losses) on equity securities | 65 | 5 | 4 | |||||||||||||||||||||||||||||||||||||
FVO and trading securities — FVO general account securities | 9 | 15 | 17 | |||||||||||||||||||||||||||||||||||||
Mortgage loans | (36 | ) | 22 | 57 | ||||||||||||||||||||||||||||||||||||
Real estate and real estate joint ventures | 222 | (19 | ) | (36 | ) | |||||||||||||||||||||||||||||||||||
Other limited partnership interests | (78 | ) | (48 | ) | (36 | ) | ||||||||||||||||||||||||||||||||||
Other investment portfolio gains (losses) | (110 | ) | 22 | (151 | ) | |||||||||||||||||||||||||||||||||||
Subtotal — investment portfolio gains (losses) | 610 | 392 | (209 | ) | ||||||||||||||||||||||||||||||||||||
FVO CSEs: | ||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | (13 | ) | (52 | ) | 7 | |||||||||||||||||||||||||||||||||||
Securities | — | 2 | — | |||||||||||||||||||||||||||||||||||||
Long-term debt — related to commercial mortgage loans | 19 | 85 | 25 | |||||||||||||||||||||||||||||||||||||
Long-term debt — related to securities | (1 | ) | (2 | ) | (7 | ) | ||||||||||||||||||||||||||||||||||
Non-investment portfolio gains (losses) (1) | (812 | ) | (264 | ) | (168 | ) | ||||||||||||||||||||||||||||||||||
Subtotal FVO CSEs and non-investment portfolio gains (losses) | (807 | ) | (231 | ) | (143 | ) | ||||||||||||||||||||||||||||||||||
Total net investment gains (losses) | $ | (197 | ) | $ | 161 | $ | (352 | ) | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | Non-investment portfolio gains (losses) for the year ended December 31, 2014 includes a loss of $633 million related to the disposition of MAL as more fully described in 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 | 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. | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | Equity Securities | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Proceeds | $ | 82,075 | $ | 76,070 | $ | 59,219 | $ | 544 | $ | 746 | $ | 1,648 | ||||||||||||||||||||||||||||
Gross investment gains | $ | 1,165 | $ | 1,326 | $ | 944 | $ | 112 | $ | 56 | $ | 73 | ||||||||||||||||||||||||||||
Gross investment losses | (567 | ) | (765 | ) | (691 | ) | (11 | ) | (25 | ) | (35 | ) | ||||||||||||||||||||||||||||
OTTI losses (1) | (60 | ) | (166 | ) | (317 | ) | (36 | ) | (26 | ) | (34 | ) | ||||||||||||||||||||||||||||
Net investment gains (losses) | $ | 538 | $ | 395 | $ | (64 | ) | $ | 65 | $ | 5 | $ | 4 | |||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
(1) OTTI losses recognized in earnings include noncredit-related impairment losses of $0, $19 million and $94 million for the years ended December 31, 2014, 2013 and 2012, respectively, on (i) 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 (ii) 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) | 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 OCI: | |||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 378 | $ | 392 | ||||||||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||||||||
Initial impairments — credit loss OTTI recognized on securities not previously impaired | 2 | 6 | ||||||||||||||||||||||||||||||||||||||
Additional impairments — credit loss OTTI recognized on securities previously impaired | 25 | 69 | ||||||||||||||||||||||||||||||||||||||
Reductions: | ||||||||||||||||||||||||||||||||||||||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (40 | ) | (87 | ) | ||||||||||||||||||||||||||||||||||||
Securities impaired to net present value of expected future cash flows | (7 | ) | — | |||||||||||||||||||||||||||||||||||||
Increases in cash flows — accretion of previous credit loss OTTI | (1 | ) | (2 | ) | ||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 357 | $ | 378 | ||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | 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 December 31, 2014 and 2013. 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. | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Total | Total | Total | Total | |||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
MRSC (collateral financing arrangement (primarily securities)) (1) | $ | 3,471 | $ | — | $ | 3,440 | $ | — | ||||||||||||||||||||||||||||||||
Operating joint ventures (2) | 2,405 | 1,999 | 2,095 | 1,777 | ||||||||||||||||||||||||||||||||||||
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3) | 297 | 155 | 1,630 | 1,457 | ||||||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||||
Other invested assets | 59 | — | 82 | 7 | ||||||||||||||||||||||||||||||||||||
FVO and trading securities | 45 | — | 69 | — | ||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 37 | — | 61 | — | ||||||||||||||||||||||||||||||||||||
Real estate joint ventures (4) | 9 | 15 | 1,181 | 443 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,323 | $ | 2,169 | $ | 8,558 | $ | 3,684 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | See Note 13 for a description of the MetLife Reinsurance Company of South Carolina (“MRSC”) collateral financing arrangement. | |||||||||||||||||||||||||||||||||||||||
-2 | 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. | |||||||||||||||||||||||||||||||||||||||
-3 | The Company consolidates entities 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 Company’s exposure was limited to that of its remaining investment in these entities of $123 million and $154 million at estimated fair value at December 31, 2014 and 2013, 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 $38 million, $122 million and $163 million for the years ended December 31, 2014, 2013 and 2012 respectively. | |||||||||||||||||||||||||||||||||||||||
-4 | At December 31, 2013, the Company consolidated an open ended core real estate fund formed in the fourth quarter of 2013 (the “MetLife Core Property Fund”), which represented the majority of the balances at December 31, 2013. As a result of the quarterly reassessment in the first quarter of 2014, the Company no longer consolidated the MetLife Core Property Fund, effective March 31, 2014, based on the terms of the revised partnership agreement. The Company accounts for its retained interest in the real estate fund under the equity method. Assets of the real estate fund are a real estate investment trust which holds primarily traditional core income-producing real estate which has associated liabilities that are primarily non-recourse debt secured by certain real estate assets of the fund. 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 Company’s exposure was limited to that of its investment in the real estate fund of $178 million at carrying value at December 31, 2013. The long-term debt bears interest primarily at fixed rates ranging from 1.39% to 4.45%, payable primarily on a monthly basis. | |||||||||||||||||||||||||||||||||||||||
Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | 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: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Carrying | Maximum | Carrying | Maximum | |||||||||||||||||||||||||||||||||||||
Amount | Exposure | Amount | Exposure | |||||||||||||||||||||||||||||||||||||
to Loss (1) | to Loss (1) | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities AFS: | ||||||||||||||||||||||||||||||||||||||||
Structured securities (RMBS, CMBS and ABS) (2) | $ | 68,427 | $ | 68,427 | $ | 67,176 | $ | 67,176 | ||||||||||||||||||||||||||||||||
U.S. and foreign corporate | 3,829 | 3,829 | 3,966 | 3,966 | ||||||||||||||||||||||||||||||||||||
Other limited partnership interests | 6,250 | 8,402 | 5,041 | 6,994 | ||||||||||||||||||||||||||||||||||||
Other invested assets | 1,720 | 2,050 | 1,509 | 1,897 | ||||||||||||||||||||||||||||||||||||
FVO and trading securities | 565 | 565 | 619 | 619 | ||||||||||||||||||||||||||||||||||||
Real estate joint ventures | 100 | 125 | 70 | 71 | ||||||||||||||||||||||||||||||||||||
Mortgage loans | 51 | 51 | 106 | 106 | ||||||||||||||||||||||||||||||||||||
Equity securities AFS: | ||||||||||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | 41 | 41 | 35 | 35 | ||||||||||||||||||||||||||||||||||||
Total | $ | 80,983 | $ | 83,490 | $ | 78,522 | $ | 80,864 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||
-1 | The maximum exposure to loss relating to fixed maturity securities AFS, FVO and trading securities and equity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests, mortgage loans and real estate joint ventures 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 $212 million and $257 million at December 31, 2014 and 2013, 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 in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity. | |||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||
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 | The credit quality of commercial mortgage loans held-for-investment were as follows at: | |||||||||||||||||||||||||||||||||||||||
Recorded Investment | Estimated | % of | ||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratios | Total | % of | Fair | Total | ||||||||||||||||||||||||||||||||||||
> 1.20x | 1.00x - 1.20x | < 1.00x | Total | Value | ||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 33,933 | $ | 1,105 | $ | 1,101 | $ | 36,139 | 88 | % | $ | 38,166 | 88.4 | % | ||||||||||||||||||||||||||
65% to 75% | 3,306 | 405 | 87 | 3,798 | 9.2 | 3,873 | 9 | |||||||||||||||||||||||||||||||||
76% to 80% | 130 | — | 15 | 145 | 0.4 | 153 | 0.3 | |||||||||||||||||||||||||||||||||
Greater than 80% | 562 | 281 | 163 | 1,006 | 2.4 | 987 | 2.3 | |||||||||||||||||||||||||||||||||
Total | $ | 37,931 | $ | 1,791 | $ | 1,366 | $ | 41,088 | 100 | % | $ | 43,179 | 100 | % | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 30,552 | $ | 614 | $ | 841 | $ | 32,007 | 78.2 | % | $ | 33,519 | 78.9 | % | ||||||||||||||||||||||||||
65% to 75% | 6,360 | 438 | 149 | 6,947 | 17 | 7,039 | 16.6 | |||||||||||||||||||||||||||||||||
76% to 80% | 525 | 192 | 189 | 906 | 2.2 | 892 | 2.1 | |||||||||||||||||||||||||||||||||
Greater than 80% | 661 | 242 | 163 | 1,066 | 2.6 | 1,006 | 2.4 | |||||||||||||||||||||||||||||||||
Total | $ | 38,098 | $ | 1,486 | $ | 1,342 | $ | 40,926 | 100 | % | $ | 42,456 | 100 | % | ||||||||||||||||||||||||||
Agricultural 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 | The credit quality of agricultural mortgage loans held-for-investment were as follows at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Recorded | % of | Recorded | % of | |||||||||||||||||||||||||||||||||||||
Investment | Total | Investment | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Loan-to-value ratios: | ||||||||||||||||||||||||||||||||||||||||
Less than 65% | $ | 11,743 | 94.9 | % | $ | 11,461 | 92.5 | % | ||||||||||||||||||||||||||||||||
65% to 75% | 533 | 4.3 | 729 | 5.9 | ||||||||||||||||||||||||||||||||||||
76% to 80% | 17 | 0.1 | 84 | 0.7 | ||||||||||||||||||||||||||||||||||||
Greater than 80% | 85 | 0.7 | 117 | 0.9 | ||||||||||||||||||||||||||||||||||||
Total | $ | 12,378 | 100 | % | $ | 12,391 | 100 | % | ||||||||||||||||||||||||||||||||
Residential 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 | The credit quality of residential mortgage loans held-for-investment were as follows at: | |||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||
Recorded | % of | Recorded | % of | |||||||||||||||||||||||||||||||||||||
Investment | Total | Investment | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
Performance indicators: | ||||||||||||||||||||||||||||||||||||||||
Performing | $ | 6,196 | 97.3 | % | $ | 2,693 | 97.1 | % | ||||||||||||||||||||||||||||||||
Nonperforming | 173 | 2.7 | 79 | 2.9 | ||||||||||||||||||||||||||||||||||||
Total | $ | 6,369 | 100 | % | $ | 2,772 | 100 | % | ||||||||||||||||||||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | 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: | |||||||||||||||||||||||||
Primary Underlying Risk Exposure | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||||
Gross | Assets | Liabilities | Gross | Assets | Liabilities | |||||||||||||||||||||
Notional | Notional | |||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Derivatives Designated as Hedging Instruments | ||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | $ | 6,044 | $ | 2,064 | $ | 21 | $ | 6,419 | $ | 1,282 | $ | 78 | |||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 2,708 | 65 | 100 | 2,713 | 252 | 135 | |||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 2,335 | — | 291 | 2,935 | — | 77 | |||||||||||||||||||
Subtotal | 11,087 | 2,129 | 412 | 12,067 | 1,534 | 290 | ||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | 2,560 | 528 | — | 3,121 | 83 | 141 | |||||||||||||||||||
Interest rate forwards | Interest rate | 225 | 63 | — | 450 | 7 | 7 | |||||||||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 18,325 | 563 | 930 | 12,452 | 401 | 660 | |||||||||||||||||||
Subtotal | 21,110 | 1,154 | 930 | 16,023 | 491 | 808 | ||||||||||||||||||||
Foreign operations hedges: | ||||||||||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 4,097 | 295 | 11 | 3,182 | 82 | 47 | |||||||||||||||||||
Currency options | Foreign currency exchange rate | 6,419 | 415 | — | 7,362 | 318 | — | |||||||||||||||||||
Subtotal | 10,516 | 710 | 11 | 10,544 | 400 | 47 | ||||||||||||||||||||
Total qualifying hedges | 42,713 | 3,993 | 1,353 | 38,634 | 2,425 | 1,145 | ||||||||||||||||||||
Derivatives Not Designated or Not Qualifying as Hedging Instruments | ||||||||||||||||||||||||||
Interest rate swaps | Interest rate | 93,266 | 4,570 | 2,051 | 107,354 | 3,330 | 1,767 | |||||||||||||||||||
Interest rate floors | Interest rate | 55,645 | 440 | 199 | 63,064 | 451 | 346 | |||||||||||||||||||
Interest rate caps | Interest rate | 49,128 | 145 | 1 | 39,460 | 177 | — | |||||||||||||||||||
Interest rate futures | Interest rate | 2,707 | 4 | 9 | 6,011 | 9 | 9 | |||||||||||||||||||
Interest rate options | Interest rate | 48,078 | 1,241 | 75 | 40,978 | 255 | 243 | |||||||||||||||||||
Synthetic GICs | Interest rate | 4,298 | — | — | 4,409 | — | — | |||||||||||||||||||
Foreign currency swaps | Foreign currency exchange rate | 11,041 | 447 | 385 | 9,307 | 133 | 684 | |||||||||||||||||||
Foreign currency forwards | Foreign currency exchange rate | 13,206 | 127 | 791 | 11,311 | 69 | 359 | |||||||||||||||||||
Currency futures | Foreign currency exchange rate | 522 | 2 | — | 1,316 | 1 | 1 | |||||||||||||||||||
Currency options | Foreign currency exchange rate | 8,324 | 585 | 340 | 2,265 | 53 | 48 | |||||||||||||||||||
Credit default swaps — purchased | Credit | 2,830 | 8 | 34 | 3,725 | 7 | 51 | |||||||||||||||||||
Credit default swaps — written | Credit | 10,527 | 181 | 6 | 9,055 | 166 | 1 | |||||||||||||||||||
Equity futures | Equity market | 6,073 | 65 | 2 | 5,157 | 1 | 43 | |||||||||||||||||||
Equity index options | Equity market | 39,345 | 1,426 | 1,036 | 37,411 | 1,344 | 1,068 | |||||||||||||||||||
Equity variance swaps | Equity market | 24,598 | 196 | 639 | 21,636 | 174 | 577 | |||||||||||||||||||
TRRs | Equity market | 3,297 | 22 | 101 | 3,802 | — | 179 | |||||||||||||||||||
Total non-designated or non-qualifying derivatives | 372,885 | 9,459 | 5,669 | 366,261 | 6,170 | 5,376 | ||||||||||||||||||||
Total | $ | 415,598 | $ | 13,452 | $ | 7,022 | $ | 404,895 | $ | 8,595 | $ | 6,521 | ||||||||||||||
Components of Net Derivatives Gains (Losses) | The components of net derivative gains (losses) were as follows: | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Derivatives and hedging gains (losses) (1) | $ | 1,638 | $ | (8,343 | ) | $ | (3,158 | ) | ||||||||||||||||||
Embedded derivatives | (321 | ) | 5,104 | 1,239 | ||||||||||||||||||||||
Total net derivative gains (losses) | $ | 1,317 | $ | (3,239 | ) | $ | (1,919 | ) | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 | The following table presents earned income on derivatives: | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Qualifying hedges: | ||||||||||||||||||||||||||
Net investment income | $ | 158 | $ | 135 | $ | 111 | ||||||||||||||||||||
Interest credited to policyholder account balances | 101 | 150 | 164 | |||||||||||||||||||||||
Other expenses | (3 | ) | (6 | ) | (5 | ) | ||||||||||||||||||||
Non-qualifying hedges: | ||||||||||||||||||||||||||
Net investment income | (4 | ) | (6 | ) | (6 | ) | ||||||||||||||||||||
Other revenues | — | — | 47 | |||||||||||||||||||||||
Net derivative gains (losses) | 828 | 328 | 476 | |||||||||||||||||||||||
Policyholder benefits and claims | 40 | (292 | ) | (120 | ) | |||||||||||||||||||||
Total | $ | 1,120 | $ | 309 | $ | 667 | ||||||||||||||||||||
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments | 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 | Net | Policyholder | Other | |||||||||||||||||||||||
Derivative | Investment | Benefits and | Revenues (3) | |||||||||||||||||||||||
Gains (Losses) | Income (1) | Claims (2) | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,545 | $ | — | $ | 42 | $ | — | ||||||||||||||||||
Foreign currency exchange rate derivatives | (344 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (12 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — written | 21 | — | — | — | ||||||||||||||||||||||
Equity derivatives | (634 | ) | (18 | ) | (288 | ) | — | |||||||||||||||||||
Total | $ | 576 | $ | (18 | ) | $ | (246 | ) | $ | — | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (3,458 | ) | $ | — | $ | (27 | ) | $ | — | ||||||||||||||||
Foreign currency exchange rate derivatives | (1,716 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (21 | ) | (14 | ) | — | — | ||||||||||||||||||||
Credit derivatives — written | 130 | 1 | — | — | ||||||||||||||||||||||
Equity derivatives | (3,663 | ) | (25 | ) | (727 | ) | — | |||||||||||||||||||
Total | $ | (8,728 | ) | $ | (38 | ) | $ | (754 | ) | $ | — | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate derivatives | $ | (296 | ) | $ | — | $ | — | $ | 28 | |||||||||||||||||
Foreign currency exchange rate derivatives | (660 | ) | — | — | — | |||||||||||||||||||||
Credit derivatives — purchased | (298 | ) | (14 | ) | — | — | ||||||||||||||||||||
Credit derivatives — written | 150 | — | — | — | ||||||||||||||||||||||
Equity derivatives | (2,556 | ) | (9 | ) | (419 | ) | — | |||||||||||||||||||
Total | $ | (3,660 | ) | $ | (23 | ) | $ | (419 | ) | $ | 28 | |||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and 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 prior to the MetLife Bank Divestiture. | |||||||||||||||||||||||||
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | 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 | Hedged Items in Fair Value | Net Derivative | Net Derivative | Ineffectiveness | ||||||||||||||||||||||
Hedging Relationships | Hedging Relationships | Gains (Losses) | Gains (Losses) | Recognized in | ||||||||||||||||||||||
Recognized | Recognized for | Net Derivative | ||||||||||||||||||||||||
for Derivatives | Hedged Items | Gains (Losses) | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | 5 | $ | (1 | ) | $ | 4 | ||||||||||||||||||
Policyholder liabilities (1) | 681 | (667 | ) | 14 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | 13 | (11 | ) | 2 | |||||||||||||||||||||
Foreign-denominated PABs (2) | (283 | ) | 270 | (13 | ) | |||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (359 | ) | 330 | (29 | ) | ||||||||||||||||||||
Total | $ | 57 | $ | (79 | ) | $ | (22 | ) | ||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | 42 | $ | (43 | ) | $ | (1 | ) | |||||||||||||||||
Policyholder liabilities (1) | (830 | ) | 835 | 5 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | 13 | (12 | ) | 1 | |||||||||||||||||||||
Foreign-denominated PABs (2) | (97 | ) | 110 | 13 | ||||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (109 | ) | 102 | (7 | ) | ||||||||||||||||||||
Total | $ | (981 | ) | $ | 992 | $ | 11 | |||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate swaps: | Fixed maturity securities | $ | (4 | ) | $ | — | $ | (4 | ) | |||||||||||||||||
Policyholder liabilities (1) | (82 | ) | 96 | 14 | ||||||||||||||||||||||
Foreign currency swaps: | Foreign-denominated fixed maturity securities | (1 | ) | 1 | — | |||||||||||||||||||||
Foreign-denominated PABs (2) | 3 | (20 | ) | (17 | ) | |||||||||||||||||||||
Foreign currency forwards: | Foreign-denominated fixed maturity securities | (51 | ) | 50 | (1 | ) | ||||||||||||||||||||
Total | $ | (135 | ) | $ | 127 | $ | (8 | ) | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 | The following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and the consolidated statements of equity: | |||||||||||||||||||||||||
Derivatives in Net Investment | Amount of Gains (Losses) Deferred in | |||||||||||||||||||||||||
Hedging Relationships (1), (2) | AOCI (Effective Portion) | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Foreign currency forwards | $ | 407 | $ | 69 | $ | (50 | ) | |||||||||||||||||||
Currency options | 222 | 262 | 36 | |||||||||||||||||||||||
Total | $ | 629 | $ | 331 | $ | (14 | ) | |||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | In May 2014, the Company sold its interest in MAL, which was a hedged item in a net investment hedging relationship. See Note 3. As a result, during the year ended December 31, 2014, the Company released losses of $77 million from AOCI into earnings upon the sale. During the years ended December 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 | 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: | |||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Rating Agency Designation of Referenced | Estimated | Maximum | Weighted | Estimated | Maximum | Weighted | ||||||||||||||||||||
Credit Obligations (1) | Fair Value | Amount of Future | Average | Fair Value | Amount of Future | Average | ||||||||||||||||||||
of Credit | Payments under | Years to | of Credit | Payments under | Years to | |||||||||||||||||||||
Default | Credit Default | Maturity (3) | Default | Credit Default | Maturity (3) | |||||||||||||||||||||
Swaps | Swaps (2) | Swaps | Swaps (2) | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||
Aaa/Aa/A | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | $ | 10 | $ | 677 | 2.4 | $ | 10 | $ | 545 | 2.6 | ||||||||||||||||
Credit default swaps referencing indices | 10 | 1,700 | 2.6 | 26 | 2,739 | 1.5 | ||||||||||||||||||||
Subtotal | 20 | 2,377 | 2.6 | 36 | 3,284 | 1.6 | ||||||||||||||||||||
Baa | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | 23 | 1,591 | 2.8 | 24 | 1,320 | 3.1 | ||||||||||||||||||||
Credit default swaps referencing indices | 94 | 5,774 | 4.7 | 73 | 4,071 | 4.7 | ||||||||||||||||||||
Subtotal | 117 | 7,365 | 4.3 | 97 | 5,391 | 4.3 | ||||||||||||||||||||
Ba | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | — | 60 | 3 | — | 5 | 3.8 | ||||||||||||||||||||
Credit default swaps referencing indices | (1 | ) | 100 | 2 | — | — | — | |||||||||||||||||||
Subtotal | (1 | ) | 160 | 2.4 | — | 5 | 3.8 | |||||||||||||||||||
B | ||||||||||||||||||||||||||
Single name credit default swaps (corporate) | — | — | — | — | — | — | ||||||||||||||||||||
Credit default swaps referencing indices | 39 | 625 | 4.9 | 32 | 375 | 4.9 | ||||||||||||||||||||
Subtotal | 39 | 625 | 4.9 | 32 | 375 | 4.9 | ||||||||||||||||||||
Total | $ | 175 | $ | 10,527 | 3.9 | $ | 165 | $ | 9,055 | 3.4 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), 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 gross notional amounts. | |||||||||||||||||||||||||
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Gross estimated fair value of derivatives: | ||||||||||||||||||||||||||
OTC-bilateral (1) | $ | 12,256 | $ | 6,017 | $ | 8,537 | $ | 6,367 | ||||||||||||||||||
OTC-cleared (1) | 1,380 | 1,054 | 302 | 129 | ||||||||||||||||||||||
Exchange-traded | 71 | 11 | 11 | 53 | ||||||||||||||||||||||
Total gross estimated fair value of derivatives (1) | 13,707 | 7,082 | 8,850 | 6,549 | ||||||||||||||||||||||
Amounts offset on the consolidated balance sheets | — | — | — | — | ||||||||||||||||||||||
Estimated fair value of derivatives presented on the consolidated balance sheets (1) | 13,707 | 7,082 | 8,850 | 6,549 | ||||||||||||||||||||||
Gross amounts not offset on the consolidated balance sheets: | ||||||||||||||||||||||||||
Gross estimated fair value of derivatives: (2) | ||||||||||||||||||||||||||
OTC-bilateral | (4,082 | ) | (4,082 | ) | (4,631 | ) | (4,631 | ) | ||||||||||||||||||
OTC-cleared | (989 | ) | (989 | ) | (122 | ) | (122 | ) | ||||||||||||||||||
Exchange-traded | (5 | ) | (5 | ) | (5 | ) | (5 | ) | ||||||||||||||||||
Cash collateral: (3), (4) | ||||||||||||||||||||||||||
OTC-bilateral | (4,153 | ) | (133 | ) | (1,679 | ) | (3 | ) | ||||||||||||||||||
OTC-cleared | (386 | ) | (62 | ) | (169 | ) | (7 | ) | ||||||||||||||||||
Exchange-traded | — | (4 | ) | — | (44 | ) | ||||||||||||||||||||
Securities collateral: (5) | ||||||||||||||||||||||||||
OTC-bilateral | (3,768 | ) | (1,700 | ) | (2,105 | ) | (1,464 | ) | ||||||||||||||||||
OTC-cleared | — | (3 | ) | — | — | |||||||||||||||||||||
Exchange-traded | — | (2 | ) | — | (4 | ) | ||||||||||||||||||||
Net amount after application of master netting agreements and collateral | $ | 324 | $ | 102 | $ | 139 | $ | 269 | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-1 | At both December 31, 2014 and 2013, derivative assets include income or expense accruals reported in accrued investment income or in other liabilities of $255 million. At December 31, 2014 and 2013, derivative liabilities include income or expense accruals reported in accrued investment income or in other liabilities of $60 million and $28 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 by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. In certain instances, cash collateral pledged to the Company as initial margin for OTC-bilateral derivatives is held in separate custodial accounts and is not recorded on the Company’s balance sheet because the account title is in the name of the counterparty (but segregated for the benefit of the Company). The amount of this off-balance sheet collateral was $263 million and $0 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
-4 | The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. 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 December 31, 2014 and 2013, the Company received excess cash collateral of $87 million (including $36 million off-balance sheet cash collateral held in separate custodial accounts) and $104 million, respectively, and provided excess cash collateral of $192 million and $236 million, respectively, which is not included in the table above due to the foregoing limitation. | |||||||||||||||||||||||||
-5 | Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at December 31, 2014 none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge 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 December 31, 2014 and 2013, the Company received excess securities collateral with an estimated fair value of $395 million and $238 million, respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At December 31, 2014 and 2013, the Company provided excess securities collateral with an estimated fair value of $117 million and $66 million, respectively, for its OTC-bilateral derivatives, $199 million and $141 million, respectively, for its OTC-cleared derivatives, and $245 million and $81 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 | The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of equity: | |||||||||||||||||||||||||
Derivatives in Cash Flow | Amount of Gains | Amount and Location | Amount and Location | |||||||||||||||||||||||
Hedging Relationships | (Losses)Deferred in | of Gains (Losses) | of Gains (Losses)Recognized in Income | |||||||||||||||||||||||
AOCI on Derivatives | Reclassified from | (Loss) on Derivatives | ||||||||||||||||||||||||
AOCI into Income (Loss) | ||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||
Net Derivative | Net Investment | Other | Net Derivative | |||||||||||||||||||||||
Gains (Losses) | Income | Expenses | Gains (Losses) | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||
Interest rate swaps | $ | 722 | $ | 42 | $ | 9 | $ | — | $ | 3 | ||||||||||||||||
Interest rate forwards | 86 | (7 | ) | 4 | 2 | — | ||||||||||||||||||||
Foreign currency swaps | (139 | ) | (768 | ) | (2 | ) | 2 | 1 | ||||||||||||||||||
Credit forwards | — | — | 1 | — | — | |||||||||||||||||||||
Total | $ | 669 | $ | (733 | ) | $ | 12 | $ | 4 | $ | 4 | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (635 | ) | $ | 20 | $ | 8 | $ | — | $ | (3 | ) | ||||||||||||||
Interest rate forwards | (59 | ) | 10 | 3 | (1 | ) | 1 | |||||||||||||||||||
Foreign currency swaps | (165 | ) | (3 | ) | (3 | ) | 1 | 3 | ||||||||||||||||||
Credit forwards | (4 | ) | — | 1 | — | — | ||||||||||||||||||||
Total | $ | (863 | ) | $ | 27 | $ | 9 | $ | — | $ | 1 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||
Interest rate swaps | $ | (34 | ) | $ | 1 | $ | 4 | $ | (3 | ) | $ | 2 | ||||||||||||||
Interest rate forwards | (17 | ) | 1 | 2 | (1 | ) | — | |||||||||||||||||||
Foreign currency swaps | (164 | ) | 23 | (5 | ) | 1 | (6 | ) | ||||||||||||||||||
Credit forwards | — | — | 1 | — | — | |||||||||||||||||||||
Total | $ | (215 | ) | $ | 25 | $ | 2 | $ | (3 | ) | $ | (4 | ) | |||||||||||||
Schedule of Derivative Instruments | The following table presents the estimated fair value of the Company’s OTC-bilateral 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. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table. | |||||||||||||||||||||||||
Estimated Fair Value of | Fair Value of Incremental | |||||||||||||||||||||||||
Collateral Provided | Collateral Provided Upon | |||||||||||||||||||||||||
Estimated | Fixed Maturity | Cash | One Notch | Downgrade in the Company’s | ||||||||||||||||||||||
Fair Value of Derivatives in | Securities | Downgrade in | Credit Rating to a Level | |||||||||||||||||||||||
Net Liability | the Company’s | that Triggers Full Overnight | ||||||||||||||||||||||||
Position (1) | Credit Rating | Collateralization or Termination | ||||||||||||||||||||||||
of the Derivative Position | ||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||
Derivatives subject to credit-contingent provisions | $ | 1,832 | $ | 1,750 | $ | 131 | $ | 5 | $ | 7 | ||||||||||||||||
Derivatives not subject to credit-contingent provisions | 84 | 65 | 2 | — | — | |||||||||||||||||||||
Total | $ | 1,916 | $ | 1,815 | $ | 133 | $ | 5 | $ | 7 | ||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
Derivatives subject to credit-contingent provisions | $ | 1,674 | $ | 1,530 | $ | — | $ | 27 | $ | 34 | ||||||||||||||||
Derivatives not subject to credit-contingent provisions | 20 | — | 3 | — | — | |||||||||||||||||||||
Total | $ | 1,694 | $ | 1,530 | $ | 3 | $ | 27 | $ | 34 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 | The following table presents changes in estimated fair value related to embedded derivatives: | |||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net derivative gains (losses) (1) | $ | (321 | ) | $ | 5,104 | $ | 1,239 | |||||||||||||||||||
Policyholder benefits and claims | $ | 87 | $ | (139 | ) | $ | 75 | |||||||||||||||||||
______________ | ||||||||||||||||||||||||||
-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 $13 million, ($952) million and ($1.7) billion for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Schedule of Derivative Instruments | 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: | |||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts: | ||||||||||||||||||||||||||
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | $ | 324 | $ | 247 | |||||||||||||||||||||
Funds withheld on assumed reinsurance | Other invested assets | 53 | 38 | |||||||||||||||||||||||
Options embedded in debt or equity securities | Investments | (217 | ) | (145 | ) | |||||||||||||||||||||
Net embedded derivatives within asset host contracts | $ | 160 | $ | 140 | ||||||||||||||||||||||
Net embedded derivatives within liability host contracts: | ||||||||||||||||||||||||||
Direct guaranteed minimum benefits | PABs and Future policy benefits | $ | (1,126 | ) | $ | (2,296 | ) | |||||||||||||||||||
Assumed guaranteed minimum benefits | PABs | 973 | 1,262 | |||||||||||||||||||||||
Funds withheld on ceded reinsurance | Other liabilities | 83 | 60 | |||||||||||||||||||||||
Other | PABs | 24 | 5 | |||||||||||||||||||||||
Net embedded derivatives within liability host contracts | $ | (46 | ) | $ | (969 | ) |
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated | |||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | $ | 99,012 | $ | 6,942 | $ | 105,954 | ||||||||||||||||||||||||||||
Foreign corporate | — | 55,185 | 6,490 | 61,675 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 36,879 | 24,637 | — | 61,516 | ||||||||||||||||||||||||||||||||
Foreign government | — | 51,355 | 1,311 | 52,666 | ||||||||||||||||||||||||||||||||
RMBS | — | 35,463 | 4,383 | 39,846 | ||||||||||||||||||||||||||||||||
State and political subdivision | — | 15,187 | — | 15,187 | ||||||||||||||||||||||||||||||||
CMBS | — | 13,567 | 765 | 14,332 | ||||||||||||||||||||||||||||||||
ABS | — | 12,005 | 2,244 | 14,249 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 36,879 | 306,411 | 22,135 | 365,425 | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
Common stock | 1,558 | 863 | 95 | 2,516 | ||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | — | 865 | 250 | 1,115 | ||||||||||||||||||||||||||||||||
Total equity securities | 1,558 | 1,728 | 345 | 3,631 | ||||||||||||||||||||||||||||||||
FVO and trading securities: | ||||||||||||||||||||||||||||||||||||
Actively Traded Securities | 22 | 627 | 5 | 654 | ||||||||||||||||||||||||||||||||
FVO general account securities | 552 | 57 | 95 | 704 | ||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 11,064 | 3,797 | 455 | 15,316 | ||||||||||||||||||||||||||||||||
FVO securities held by CSEs | — | 3 | 12 | 15 | ||||||||||||||||||||||||||||||||
Total FVO and trading securities | 11,638 | 4,484 | 567 | 16,689 | ||||||||||||||||||||||||||||||||
Short-term investments (1) | 2,104 | 5,223 | 336 | 7,663 | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans — FVO | — | — | 308 | 308 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | — | 280 | — | 280 | ||||||||||||||||||||||||||||||||
Total mortgage loans | — | 280 | 308 | 588 | ||||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Other investments | 203 | 61 | — | 264 | ||||||||||||||||||||||||||||||||
Derivative assets: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | 4 | 8,988 | 63 | 9,055 | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate | 2 | 2,472 | 25 | 2,499 | ||||||||||||||||||||||||||||||||
Credit | — | 175 | 14 | 189 | ||||||||||||||||||||||||||||||||
Equity market | 65 | 1,287 | 357 | 1,709 | ||||||||||||||||||||||||||||||||
Total derivative assets | 71 | 12,922 | 459 | 13,452 | ||||||||||||||||||||||||||||||||
Total other invested assets | 274 | 12,983 | 459 | 13,716 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts (3) | — | — | 377 | 377 | ||||||||||||||||||||||||||||||||
Separate account assets (4) | 83,533 | 231,539 | 1,922 | 316,994 | ||||||||||||||||||||||||||||||||
Total assets | $ | 135,986 | $ | 562,648 | $ | 26,449 | $ | 725,083 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | $ | 9 | $ | 2,347 | $ | — | $ | 2,356 | ||||||||||||||||||||||||||||
Foreign currency exchange rate | — | 2,755 | 93 | 2,848 | ||||||||||||||||||||||||||||||||
Credit | — | 38 | 2 | 40 | ||||||||||||||||||||||||||||||||
Equity market | 2 | 1,112 | 664 | 1,778 | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 11 | 6,252 | 759 | 7,022 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within liability host contracts (3) | — | 7 | (53 | ) | (46 | ) | ||||||||||||||||||||||||||||||
Long-term debt of CSEs — FVO | — | 138 | 13 | 151 | ||||||||||||||||||||||||||||||||
Trading liabilities (5) | 215 | 24 | — | 239 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 226 | $ | 6,421 | $ | 719 | $ | 7,366 | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Estimated | |||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | $ | 99,321 | $ | 7,148 | $ | 106,469 | ||||||||||||||||||||||||||||
Foreign corporate | — | 56,448 | 6,704 | 63,152 | ||||||||||||||||||||||||||||||||
U.S. Treasury and agency | 25,061 | 20,000 | 62 | 45,123 | ||||||||||||||||||||||||||||||||
Foreign government | — | 52,202 | 2,235 | 54,437 | ||||||||||||||||||||||||||||||||
RMBS | — | 32,098 | 2,957 | 35,055 | ||||||||||||||||||||||||||||||||
State and political subdivision | — | 13,820 | 10 | 13,830 | ||||||||||||||||||||||||||||||||
CMBS | — | 15,578 | 972 | 16,550 | ||||||||||||||||||||||||||||||||
ABS | — | 11,361 | 4,210 | 15,571 | ||||||||||||||||||||||||||||||||
Total fixed maturity securities | 25,061 | 300,828 | 24,298 | 350,187 | ||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||
Common stock | 1,186 | 990 | 177 | 2,353 | ||||||||||||||||||||||||||||||||
Non-redeemable preferred stock | — | 654 | 395 | 1,049 | ||||||||||||||||||||||||||||||||
Total equity securities | 1,186 | 1,644 | 572 | 3,402 | ||||||||||||||||||||||||||||||||
FVO and trading securities: | ||||||||||||||||||||||||||||||||||||
Actively Traded Securities | 2 | 648 | 12 | 662 | ||||||||||||||||||||||||||||||||
FVO general account securities | 518 | 80 | 29 | 627 | ||||||||||||||||||||||||||||||||
FVO contractholder-directed unit-linked investments | 10,702 | 4,806 | 603 | 16,111 | ||||||||||||||||||||||||||||||||
FVO securities held by CSEs | — | 23 | — | 23 | ||||||||||||||||||||||||||||||||
Total FVO and trading securities | 11,222 | 5,557 | 644 | 17,423 | ||||||||||||||||||||||||||||||||
Short-term investments (1) | 5,915 | 6,943 | 254 | 13,112 | ||||||||||||||||||||||||||||||||
Mortgage loans: | ||||||||||||||||||||||||||||||||||||
Residential mortgage loans — FVO | — | — | 338 | 338 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans held by CSEs — FVO | — | 1,598 | — | 1,598 | ||||||||||||||||||||||||||||||||
Total mortgage loans | — | 1,598 | 338 | 1,936 | ||||||||||||||||||||||||||||||||
Other invested assets: | ||||||||||||||||||||||||||||||||||||
Other investments | 188 | 71 | — | 259 | ||||||||||||||||||||||||||||||||
Derivative assets: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | 10 | 5,557 | 27 | 5,594 | ||||||||||||||||||||||||||||||||
Foreign currency exchange rate | 1 | 1,280 | 28 | 1,309 | ||||||||||||||||||||||||||||||||
Credit | — | 144 | 29 | 173 | ||||||||||||||||||||||||||||||||
Equity market | 1 | 1,233 | 285 | 1,519 | ||||||||||||||||||||||||||||||||
Total derivative assets | 12 | 8,214 | 369 | 8,595 | ||||||||||||||||||||||||||||||||
Total other invested assets | 200 | 8,285 | 369 | 8,854 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within asset host contracts (3) | — | — | 285 | 285 | ||||||||||||||||||||||||||||||||
Separate account assets (4) | 89,960 | 225,776 | 1,465 | 317,201 | ||||||||||||||||||||||||||||||||
Total assets | $ | 133,544 | $ | 550,631 | $ | 28,225 | $ | 712,400 | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: (2) | ||||||||||||||||||||||||||||||||||||
Interest rate | $ | 9 | $ | 2,568 | $ | 14 | $ | 2,591 | ||||||||||||||||||||||||||||
Foreign currency exchange rate | 1 | 1,971 | 39 | 2,011 | ||||||||||||||||||||||||||||||||
Credit | — | 52 | — | 52 | ||||||||||||||||||||||||||||||||
Equity market | 43 | 1,222 | 602 | 1,867 | ||||||||||||||||||||||||||||||||
Total derivative liabilities | 53 | 5,813 | 655 | 6,521 | ||||||||||||||||||||||||||||||||
Net embedded derivatives within liability host contracts (3) | — | 4 | (973 | ) | (969 | ) | ||||||||||||||||||||||||||||||
Long-term debt of CSEs — FVO | — | 1,427 | 28 | 1,455 | ||||||||||||||||||||||||||||||||
Trading liabilities (5) | 260 | 2 | — | 262 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 313 | $ | 7,246 | $ | (290 | ) | $ | 7,269 | |||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||
-2 | Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on 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. | |||||||||||||||||||||||||||||||||||
-3 | Net embedded derivatives within asset host contracts are presented primarily within premiums, reinsurance and other receivables on the consolidated balance sheets. Net embedded derivatives within liability host contracts are presented within PABs, future policy benefits and other liabilities on the consolidated balance sheets. At December 31, 2014 and 2013, equity securities also included embedded derivatives of ($217) million and ($145) million, respectively. | |||||||||||||||||||||||||||||||||||
-4 | 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. | |||||||||||||||||||||||||||||||||||
-5 | Trading liabilities are presented within other liabilities on the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
Fair Value Inputs, Quantitative Information | 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: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Impact of | ||||||||||||||||||||||||||||||||||
Increase in Input | ||||||||||||||||||||||||||||||||||||
on Estimated | ||||||||||||||||||||||||||||||||||||
Valuation Techniques | Significant Unobservable Inputs | Range | Weighted | Range | Weighted | Fair Value (2) | ||||||||||||||||||||||||||||||
Average (1) | Average (1) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities (3) | ||||||||||||||||||||||||||||||||||||
U.S. corporate and foreign corporate | • | Matrix pricing | • | Delta spread adjustments (4) | -40 | - | 240 | 46 | -10 | - | 240 | 46 | Decrease | |||||||||||||||||||||||
• | Market pricing | • | Quoted prices (5) | — | - | 750 | 151 | — | - | 277 | 119 | Increase | ||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 31 | - | 126 | 99 | 33 | - | 145 | 95 | Increase | ||||||||||||||||||||||||
Foreign government | • | Market pricing | • | Quoted prices (5) | 92 | - | 189 | 106 | 64 | - | 156 | 100 | Increase | |||||||||||||||||||||||
RMBS | • | Market pricing | • | Quoted prices (5) | 22 | - | 120 | 97 | 10 | - | 109 | 98 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 1 | - | 118 | 93 | 69 | - | 101 | 93 | Increase (6) | ||||||||||||||||||||||||
ABS | • | Market pricing | • | Quoted prices (5) | 15 | - | 110 | 100 | — | - | 110 | 101 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 56 | - | 106 | 102 | 56 | - | 106 | 98 | Increase (6) | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate | • | Present value techniques | • | Swap yield (7) | 278 | - | 297 | 248 | - | 450 | Increase (12) | |||||||||||||||||||||||||
Foreign currency exchange rate | • | Present value techniques | • | Swap yield (7) | 62 | - | 2,430 | 97 | - | 767 | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 40% | - | 55% | 38% | - | 47% | |||||||||||||||||||||||||||||
Credit | • | Present value techniques | • | Credit spreads (9) | 98 | - | 100 | 98 | - | 101 | Decrease (9) | |||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (10) | |||||||||||||||||||||||||||||||||
Equity market | • | Present value techniques or option pricing models | • | Volatility (11) | 15% | - | 27% | 13% | - | 28% | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 70% | 70% | 60% | - | 60% | ||||||||||||||||||||||||||||||
Embedded derivatives | ||||||||||||||||||||||||||||||||||||
Direct and assumed guaranteed minimum benefits | • | Option pricing techniques | • | Mortality rates: | ||||||||||||||||||||||||||||||||
Ages 0 - 40 | 0% | - | 0.28% | 0% | - | 0.14% | Decrease (13) | |||||||||||||||||||||||||||||
Ages 41 - 60 | 0.04% | - | 0.88% | 0.04% | - | 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% | - | 40% | -16 | ||||||||||||||||||||||||||||
• | Long-term equity volatilities | 7.30% | - | 33% | 9.14% | - | 40% | Increase (17) | ||||||||||||||||||||||||||||
• | Nonperformance risk spread | -0.35% | - | 0.81% | -1.08% | - | 0.83% | 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. For embedded derivatives, changes are based on liability positions. | |||||||||||||||||||||||||||||||||||
-3 | Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. | |||||||||||||||||||||||||||||||||||
-4 | Range and 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. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. | |||||||||||||||||||||||||||||||||||
-10 | At both December 31, 2014 and 2013, 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 Inputs, Quantitative Information | 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: | |||||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | Impact of | ||||||||||||||||||||||||||||||||||
Increase in Input | ||||||||||||||||||||||||||||||||||||
on Estimated | ||||||||||||||||||||||||||||||||||||
Valuation Techniques | Significant Unobservable Inputs | Range | Weighted | Range | Weighted | Fair Value (2) | ||||||||||||||||||||||||||||||
Average (1) | Average (1) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities (3) | ||||||||||||||||||||||||||||||||||||
U.S. corporate and foreign corporate | • | Matrix pricing | • | Delta spread adjustments (4) | -40 | - | 240 | 46 | -10 | - | 240 | 46 | Decrease | |||||||||||||||||||||||
• | Market pricing | • | Quoted prices (5) | — | - | 750 | 151 | — | - | 277 | 119 | Increase | ||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 31 | - | 126 | 99 | 33 | - | 145 | 95 | Increase | ||||||||||||||||||||||||
Foreign government | • | Market pricing | • | Quoted prices (5) | 92 | - | 189 | 106 | 64 | - | 156 | 100 | Increase | |||||||||||||||||||||||
RMBS | • | Market pricing | • | Quoted prices (5) | 22 | - | 120 | 97 | 10 | - | 109 | 98 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 1 | - | 118 | 93 | 69 | - | 101 | 93 | Increase (6) | ||||||||||||||||||||||||
ABS | • | Market pricing | • | Quoted prices (5) | 15 | - | 110 | 100 | — | - | 110 | 101 | Increase (6) | |||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (5) | 56 | - | 106 | 102 | 56 | - | 106 | 98 | Increase (6) | ||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||
Interest rate | • | Present value techniques | • | Swap yield (7) | 278 | - | 297 | 248 | - | 450 | Increase (12) | |||||||||||||||||||||||||
Foreign currency exchange rate | • | Present value techniques | • | Swap yield (7) | 62 | - | 2,430 | 97 | - | 767 | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 40% | - | 55% | 38% | - | 47% | |||||||||||||||||||||||||||||
Credit | • | Present value techniques | • | Credit spreads (9) | 98 | - | 100 | 98 | - | 101 | Decrease (9) | |||||||||||||||||||||||||
• | Consensus pricing | • | Offered quotes (10) | |||||||||||||||||||||||||||||||||
Equity market | • | Present value techniques or option pricing models | • | Volatility (11) | 15% | - | 27% | 13% | - | 28% | Increase (12) | |||||||||||||||||||||||||
• | Correlation (8) | 70% | 70% | 60% | - | 60% | ||||||||||||||||||||||||||||||
Embedded derivatives | ||||||||||||||||||||||||||||||||||||
Direct and assumed guaranteed minimum benefits | • | Option pricing techniques | • | Mortality rates: | ||||||||||||||||||||||||||||||||
Ages 0 - 40 | 0% | - | 0.28% | 0% | - | 0.14% | Decrease (13) | |||||||||||||||||||||||||||||
Ages 41 - 60 | 0.04% | - | 0.88% | 0.04% | - | 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% | - | 40% | -16 | ||||||||||||||||||||||||||||
• | Long-term equity volatilities | 7.30% | - | 33% | 9.14% | - | 40% | Increase (17) | ||||||||||||||||||||||||||||
• | Nonperformance risk spread | -0.35% | - | 0.81% | -1.08% | - | 0.83% | 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. For embedded derivatives, changes are based on liability positions. | |||||||||||||||||||||||||||||||||||
-3 | Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. | |||||||||||||||||||||||||||||||||||
-4 | Range and 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. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. | |||||||||||||||||||||||||||||||||||
-10 | At both December 31, 2014 and 2013, 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, Measured on Recurring Basis, Unobservable Input Reconciliation | 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. | Foreign | U.S. | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 7,148 | $ | 6,704 | $ | 62 | $ | 2,235 | $ | 2,957 | $ | 10 | $ | 972 | $ | 4,210 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 10 | 17 | — | 111 | 48 | — | 2 | 6 | ||||||||||||||||||||||||||||
Net investment gains (losses) | (6 | ) | (8 | ) | — | (50 | ) | 8 | — | (12 | ) | (38 | ) | |||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | 358 | (5 | ) | — | (110 | ) | 81 | — | (46 | ) | 34 | |||||||||||||||||||||||||
Purchases (3) | 1,490 | 1,438 | — | 363 | 1,884 | — | 269 | 1,551 | ||||||||||||||||||||||||||||
Sales (3) | (1,083 | ) | (725 | ) | — | (273 | ) | (612 | ) | — | (236 | ) | (1,168 | ) | ||||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 260 | 266 | — | 253 | 46 | — | 58 | 45 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (1,235 | ) | (1,197 | ) | (62 | ) | (1,218 | ) | (29 | ) | (10 | ) | (242 | ) | (2,396 | ) | ||||||||||||||||||||
Balance at December 31, | $ | 6,942 | $ | 6,490 | $ | — | $ | 1,311 | $ | 4,383 | $ | — | $ | 765 | $ | 2,244 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 7 | $ | 15 | $ | — | $ | 12 | $ | 48 | $ | — | $ | 2 | $ | 2 | ||||||||||||||||||||
Net investment gains (losses) | $ | (7 | ) | $ | (2 | ) | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (12 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities Held by CSEs | Short-term | Residential | Mortgage | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | Loans Held- | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | for-sale | |||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 177 | $ | 395 | $ | 12 | $ | 29 | $ | 603 | — | $ | 254 | $ | 338 | $ | — | |||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 6 | 2 | — | 3 | 20 | — | |||||||||||||||||||||||||||
Net investment gains (losses) | 13 | 4 | — | — | — | — | (2 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | (83 | ) | 3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Purchases (3) | 30 | — | 5 | — | 297 | — | 335 | 124 | — | |||||||||||||||||||||||||||
Sales (3) | (43 | ) | (58 | ) | (7 | ) | (9 | ) | (467 | ) | (1 | ) | (236 | ) | (120 | ) | — | |||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | (54 | ) | — | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1 | 6 | — | 69 | 65 | 13 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | (100 | ) | (5 | ) | — | (45 | ) | — | (18 | ) | — | — | |||||||||||||||||||||||
Balance at December 31, | $ | 95 | $ | 250 | $ | 5 | $ | 95 | $ | 455 | $ | 12 | $ | 336 | $ | 308 | $ | — | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 6 | $ | (13 | ) | — | $ | 1 | $ | 20 | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | (2 | ) | $ | (3 | ) | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 13 | $ | (11 | ) | $ | 29 | $ | (317 | ) | $ | 1,258 | $ | 1,465 | $ | (28 | ) | $ | — | $ | — | |||||||||||||||
Total realized/unrealized gains(losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 103 | (1 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | 14 | (76 | ) | (13 | ) | (12 | ) | (260 | ) | — | — | — | — | |||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 4 | 87 | — | — | — | — | |||||||||||||||||||||||||||
OCI | 95 | 3 | — | 3 | 191 | — | — | — | — | |||||||||||||||||||||||||||
Purchases (3) | — | — | — | 7 | — | 657 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (459 | ) | — | — | — | ||||||||||||||||||||||||||
Issuances (3) | — | — | (4 | ) | — | — | 81 | — | — | — | ||||||||||||||||||||||||||
Settlements (3) | (59 | ) | 16 | — | 8 | (846 | ) | (28 | ) | 16 | — | — | ||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 147 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | — | — | — | (44 | ) | — | — | — | ||||||||||||||||||||||||||
Balance at December 31, | $ | 63 | $ | (68 | ) | $ | 12 | $ | (307 | ) | $ | 430 | $ | 1,922 | $ | (13 | ) | $ | — | $ | — | |||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | (59 | ) | $ | (1 | ) | $ | (11 | ) | $ | (260 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 4 | $ | 87 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 7,433 | $ | 6,208 | $ | 71 | $ | 1,814 | $ | 2,037 | $ | 54 | $ | 1,147 | $ | 3,656 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 10 | 9 | — | 9 | 31 | — | 5 | 8 | ||||||||||||||||||||||||||||
Net investment gains (losses) | (31 | ) | (33 | ) | — | 8 | (3 | ) | — | (14 | ) | 5 | ||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | (94 | ) | (75 | ) | (3 | ) | (84 | ) | 155 | (1 | ) | (45 | ) | (70 | ) | |||||||||||||||||||||
Purchases (3) | 1,555 | 1,972 | — | 734 | 1,155 | — | 546 | 1,870 | ||||||||||||||||||||||||||||
Sales (3) | (1,178 | ) | (999 | ) | (6 | ) | (128 | ) | (399 | ) | (7 | ) | (450 | ) | (814 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1,092 | 310 | — | 81 | 56 | — | 114 | 33 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (1,639 | ) | (688 | ) | — | (199 | ) | (75 | ) | (36 | ) | (331 | ) | (478 | ) | |||||||||||||||||||||
Balance at December 31, | $ | 7,148 | $ | 6,704 | $ | 62 | $ | 2,235 | $ | 2,957 | $ | 10 | $ | 972 | $ | 4,210 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 8 | $ | 8 | $ | — | $ | 9 | $ | 36 | $ | — | $ | 3 | $ | 1 | ||||||||||||||||||||
Net investment gains (losses) | $ | (39 | ) | $ | (3 | ) | $ | — | $ | — | $ | (3 | ) | $ | — | $ | (12 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities held by CSEs | Short-term | Residential | Mortgage Loans Held- | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | for-sale | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | ||||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 190 | $ | 419 | $ | 6 | $ | 32 | $ | 937 | $ | — | $ | 429 | $ | — | $ | 49 | ||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 6 | (8 | ) | — | 3 | 1 | — | ||||||||||||||||||||||||||
Net investment gains (losses) | 26 | (32 | ) | — | 6 | — | — | (23 | ) | — | — | |||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | — | 100 | — | — | — | — | 17 | — | — | |||||||||||||||||||||||||||
Purchases (3) | 9 | 21 | 9 | — | 340 | — | 256 | 339 | — | |||||||||||||||||||||||||||
Sales (3) | (45 | ) | (113 | ) | — | (30 | ) | (608 | ) | — | (427 | ) | (2 | ) | (45 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | (4 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 1 | — | — | 15 | 235 | — | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (4 | ) | — | (3 | ) | — | (293 | ) | — | (1 | ) | — | — | |||||||||||||||||||||||
Balance at December 31, | $ | 177 | $ | 395 | $ | 12 | $ | 29 | $ | 603 | $ | — | $ | 254 | $ | 338 | $ | — | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 5 | $ | (1 | ) | $ | — | $ | 2 | $ | 1 | $ | — | |||||||||||||||||
Net investment gains (losses) | $ | (3 | ) | $ | (20 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | ||||||||||||||||||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | $ | 177 | $ | 37 | $ | 43 | $ | 128 | $ | (3,162 | ) | $ | 1,205 | $ | (44 | ) | $ | — | $ | — | ||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 35 | (2 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | (16 | ) | (49 | ) | (12 | ) | (479 | ) | 5,041 | — | — | — | — | |||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 19 | (139 | ) | — | — | — | — | ||||||||||||||||||||||||||
OCI | (102 | ) | (1 | ) | — | — | 300 | — | — | — | — | |||||||||||||||||||||||||
Purchases (3) | — | — | — | 14 | — | 294 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (319 | ) | — | — | — | ||||||||||||||||||||||||||
Issuances (3) | — | — | (1 | ) | — | — | 72 | — | — | — | ||||||||||||||||||||||||||
Settlements (3) | (31 | ) | 2 | (1 | ) | 1 | (782 | ) | — | 18 | — | — | ||||||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 240 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (15 | ) | — | — | — | — | (62 | ) | — | — | — | |||||||||||||||||||||||||
Balance at December 31, | $ | 13 | $ | (11 | ) | $ | 29 | $ | (317 | ) | $ | 1,258 | $ | 1,465 | $ | (28 | ) | $ | — | $ | — | |||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net derivative gains (losses) | $ | (8 | ) | $ | (46 | ) | $ | (10 | ) | $ | (463 | ) | $ | 5,022 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 19 | $ | (135 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | ||||||||||||||||||||||||||||||||||||
U.S. | Foreign | U.S. | Foreign | RMBS | State and | CMBS | ABS | |||||||||||||||||||||||||||||
Corporate | Corporate | Treasury | Government | Political | ||||||||||||||||||||||||||||||||
and Agency | Subdivision | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 6,784 | $ | 4,370 | $ | 31 | $ | 2,322 | $ | 1,602 | $ | 53 | $ | 753 | $ | 1,850 | ||||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | 14 | 20 | — | 14 | 27 | — | 8 | 18 | ||||||||||||||||||||||||||||
Net investment gains (losses) | 4 | (78 | ) | — | (3 | ) | (7 | ) | — | (42 | ) | 2 | ||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
OCI | 328 | 294 | — | 45 | 275 | 3 | (4 | ) | (2 | ) | ||||||||||||||||||||||||||
Purchases (3) | 1,718 | 2,654 | 48 | 431 | 952 | 5 | 682 | 2,007 | ||||||||||||||||||||||||||||
Sales (3) | (1,207 | ) | (855 | ) | (8 | ) | (673 | ) | (704 | ) | (7 | ) | (397 | ) | (177 | ) | ||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Transfers into Level 3 (4) | 661 | 186 | — | 28 | 161 | — | 177 | 6 | ||||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (869 | ) | (383 | ) | — | (350 | ) | (269 | ) | — | (30 | ) | (48 | ) | ||||||||||||||||||||||
Balance at December 31, | $ | 7,433 | $ | 6,208 | $ | 71 | $ | 1,814 | $ | 2,037 | $ | 54 | $ | 1,147 | $ | 3,656 | ||||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | 12 | $ | 19 | $ | — | $ | 16 | $ | 27 | $ | — | $ | 2 | $ | 18 | ||||||||||||||||||||
Net investment gains (losses) | $ | (4 | ) | $ | (30 | ) | $ | — | $ | — | $ | (4 | ) | $ | — | $ | (1 | ) | $ | — | ||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Equity Securities | FVO and Trading Securities | Mortgage Loans | ||||||||||||||||||||||||||||||||||
Common | Non- | Actively | FVO | FVO | FVO Securities held by CSEs | Short-term | Residential | Mortgage | ||||||||||||||||||||||||||||
Stock | redeemable | Traded | General | Contractholder- | Investments | Mortgage | Loans Held- | |||||||||||||||||||||||||||||
Preferred | Securities | Account | directed | Loans - FVO | for-sale | |||||||||||||||||||||||||||||||
Stock | Securities | Unit-linked | ||||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 281 | $ | 438 | $ | — | $ | 23 | $ | 1,386 | $ | — | $ | 590 | $ | — | $ | 1,414 | ||||||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 18 | 25 | — | 2 | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | (1 | ) | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other revenues | — | — | — | — | — | — | — | — | (35 | ) | ||||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
OCI | 13 | 40 | — | — | — | — | (26 | ) | — | — | ||||||||||||||||||||||||||
Purchases (3) | 99 | 5 | 6 | — | 604 | — | 425 | — | 1 | |||||||||||||||||||||||||||
Sales (3) | (140 | ) | (66 | ) | — | (9 | ) | (1,040 | ) | — | (559 | ) | — | (1,348 | ) | |||||||||||||||||||||
Issuances (3) | — | — | — | — | — | — | — | — | 7 | |||||||||||||||||||||||||||
Settlements (3) | — | — | — | — | — | — | — | — | (43 | ) | ||||||||||||||||||||||||||
Transfers into Level 3 (4) | 3 | — | — | — | — | — | 5 | — | 56 | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | (65 | ) | — | — | — | (38 | ) | — | (8 | ) | — | (3 | ) | |||||||||||||||||||||||
Balance at December 31, | $ | 190 | $ | 419 | $ | 6 | $ | 32 | $ | 937 | $ | — | $ | 429 | $ | — | $ | 49 | ||||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | 14 | $ | 25 | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | (11 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (29 | ) | |||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||
Net Derivatives (6) | ||||||||||||||||||||||||||||||||||||
Interest | Foreign | Credit | Equity | Net | Separate | Long-term | MSRs (9) | Liability Related | ||||||||||||||||||||||||||||
Rate | Currency | Market | Embedded | Account | Debt of | to Securitized | ||||||||||||||||||||||||||||||
Exchange | Derivatives (7) | Assets (8) | CSEs - FVO | Reverse Mortgage | ||||||||||||||||||||||||||||||||
Rate | Loans (9) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 300 | $ | 44 | $ | 1 | $ | 889 | $ | (4,203 | ) | $ | 1,325 | $ | (116 | ) | $ | 666 | $ | (1,175 | ) | |||||||||||||||
Total realized/unrealized gains (losses) included in: | ||||||||||||||||||||||||||||||||||||
Net income (loss): (1), (2) | ||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment gains (losses) | — | — | — | — | — | 99 | (7 | ) | — | — | ||||||||||||||||||||||||||
Net derivative gains (losses) | 15 | 10 | 48 | (606 | ) | 1,305 | — | — | — | — | ||||||||||||||||||||||||||
Other revenues | (67 | ) | — | — | — | — | — | — | (83 | ) | 1 | |||||||||||||||||||||||||
Policyholder benefits and claims | — | — | — | 29 | 75 | — | — | — | — | |||||||||||||||||||||||||||
OCI | — | — | — | (3 | ) | 259 | — | — | — | — | ||||||||||||||||||||||||||
Purchases (3) | — | — | — | 19 | — | 244 | — | — | — | |||||||||||||||||||||||||||
Sales (3) | — | — | — | — | — | (443 | ) | — | (485 | ) | 1,149 | |||||||||||||||||||||||||
Issuances (3) | — | — | (3 | ) | (44 | ) | — | 2 | — | 43 | — | |||||||||||||||||||||||||
Settlements (3) | (71 | ) | (17 | ) | (3 | ) | (156 | ) | (598 | ) | (1 | ) | 79 | (141 | ) | 23 | ||||||||||||||||||||
Transfers into Level 3 (4) | — | — | — | — | — | 24 | — | — | — | |||||||||||||||||||||||||||
Transfers out of Level 3 (4) | — | — | — | — | — | (45 | ) | — | — | 2 | ||||||||||||||||||||||||||
Balance at December 31, | $ | 177 | $ | 37 | $ | 43 | $ | 128 | $ | (3,162 | ) | $ | 1,205 | $ | (44 | ) | $ | — | $ | — | ||||||||||||||||
Changes in unrealized gains (losses) included in net income (loss): (5) | ||||||||||||||||||||||||||||||||||||
Net investment income | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Net investment gains (losses) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (7 | ) | $ | — | $ | — | |||||||||||||||||
Net derivative gains (losses) | $ | — | $ | (12 | ) | $ | 47 | $ | (593 | ) | $ | 1,275 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Other revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Policyholder benefits and claims | $ | — | $ | — | $ | — | $ | 29 | $ | 78 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities and mortgage loans held-for-sale are included in net investment gains (losses), changes in estimated fair value of mortgage loans -FVO are included in net investment income, and changes in the estimated fair value of mortgage loans held-for-sale and 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 for a discussion of the MetLife Bank Divestiture. 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. | |||||||||||||||||||||||||||||||||||
Residential Mortgage | Certain Assets | |||||||||||||||||||||||||||||||||||
Loans — FVO | and Liabilities | |||||||||||||||||||||||||||||||||||
of CSEs (1) | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Unpaid principal balance | $ | 436 | $ | 508 | $ | 223 | $ | 1,528 | ||||||||||||||||||||||||||||
Difference between estimated fair value and unpaid principal balance | (128 | ) | (170 | ) | 57 | 70 | ||||||||||||||||||||||||||||||
Carrying value at estimated fair value | $ | 308 | $ | 338 | $ | 280 | $ | 1,598 | ||||||||||||||||||||||||||||
Loans in non-accrual status | $ | 125 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Contractual principal balance | $ | 159 | $ | 1,445 | ||||||||||||||||||||||||||||||||
Difference between estimated fair value and contractual principal balance | (8 | ) | 10 | |||||||||||||||||||||||||||||||||
Carrying value at estimated fair value | $ | 151 | $ | 1,455 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | These assets and liabilities are comprised of commercial mortgage loans and 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 — FVO is recognized in net investment income. Interest expense from long-term debt of CSEs — FVO 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 and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). | |||||||||||||||||||||||||||||||||||
At December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Carrying Value After Measurement | Gains (Losses) | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Mortgage loans: (1) | ||||||||||||||||||||||||||||||||||||
Held-for-investment | $ | 97 | $ | 211 | $ | 428 | $ | 2 | $ | 20 | $ | (11 | ) | |||||||||||||||||||||||
Held-for-sale | $ | — | $ | 3 | $ | 319 | $ | — | $ | — | $ | (31 | ) | |||||||||||||||||||||||
Other limited partnership interests (2) | $ | 147 | $ | 77 | $ | 54 | $ | (76 | ) | $ | (46 | ) | $ | (33 | ) | |||||||||||||||||||||
Goodwill (3) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,868 | ) | |||||||||||||||||||||||
Other assets (4) | $ | — | $ | — | $ | 32 | $ | — | $ | — | $ | (77 | ) | |||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||
-1 | 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 December 31, 2014 and 2013 were not significant. | |||||||||||||||||||||||||||||||||||
-3 | As discussed in Note 11, in 2012, the Company recorded an impairment of goodwill associated with the Retail Annuities reporting unit. | |||||||||||||||||||||||||||||||||||
-4 | As discussed in Note 5, in 2012, the Company recorded an impairment of VOCRA, which is included in other assets. | |||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Carried at Other Than Fair Value | 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: | |||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Value | Estimated | |||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 59,530 | $ | — | $ | — | $ | 62,554 | $ | 62,554 | ||||||||||||||||||||||||||
Policy loans | $ | 11,618 | $ | — | $ | 1,647 | $ | 12,287 | $ | 13,934 | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 67 | $ | — | $ | — | $ | 139 | $ | 139 | ||||||||||||||||||||||||||
Other limited partnership interests | $ | 704 | $ | — | $ | — | $ | 906 | $ | 906 | ||||||||||||||||||||||||||
Other invested assets | $ | 562 | $ | 172 | $ | 70 | $ | 320 | $ | 562 | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 3,070 | $ | — | $ | 713 | $ | 2,444 | $ | 3,157 | ||||||||||||||||||||||||||
Other assets | $ | 251 | $ | — | $ | 175 | $ | 68 | $ | 243 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
PABs | $ | 134,219 | $ | — | $ | — | $ | 139,359 | $ | 139,359 | ||||||||||||||||||||||||||
Long-term debt | $ | 16,128 | $ | — | $ | 18,357 | $ | — | $ | 18,357 | ||||||||||||||||||||||||||
Collateral financing arrangements | $ | 4,196 | $ | — | $ | — | $ | 3,961 | $ | 3,961 | ||||||||||||||||||||||||||
Junior subordinated debt securities | $ | 3,193 | $ | — | $ | 4,173 | $ | — | $ | 4,173 | ||||||||||||||||||||||||||
Other liabilities | $ | 2,544 | $ | — | $ | 1,223 | $ | 1,323 | $ | 2,546 | ||||||||||||||||||||||||||
Separate account liabilities | $ | 116,665 | $ | — | $ | 116,665 | $ | — | $ | 116,665 | ||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||
Value | Estimated | |||||||||||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Mortgage loans | $ | 55,770 | $ | — | $ | — | $ | 57,924 | $ | 57,924 | ||||||||||||||||||||||||||
Policy loans | $ | 11,764 | $ | — | $ | 1,694 | $ | 11,512 | $ | 13,206 | ||||||||||||||||||||||||||
Real estate joint ventures | $ | 102 | $ | — | $ | — | $ | 169 | $ | 169 | ||||||||||||||||||||||||||
Other limited partnership interests | $ | 950 | $ | — | $ | — | $ | 1,109 | $ | 1,109 | ||||||||||||||||||||||||||
Other invested assets | $ | 844 | $ | 322 | $ | 163 | $ | 359 | $ | 844 | ||||||||||||||||||||||||||
Premiums, reinsurance and other receivables | $ | 3,116 | $ | — | $ | 728 | $ | 2,382 | $ | 3,110 | ||||||||||||||||||||||||||
Other assets | $ | 324 | $ | — | $ | 210 | $ | 142 | $ | 352 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
PABs | $ | 139,735 | $ | — | $ | — | $ | 144,631 | $ | 144,631 | ||||||||||||||||||||||||||
Long-term debt | $ | 17,170 | $ | — | $ | 18,564 | $ | — | $ | 18,564 | ||||||||||||||||||||||||||
Collateral financing arrangements | $ | 4,196 | $ | — | $ | — | $ | 3,984 | $ | 3,984 | ||||||||||||||||||||||||||
Junior subordinated debt securities | $ | 3,193 | $ | — | $ | 3,789 | $ | — | $ | 3,789 | ||||||||||||||||||||||||||
Other liabilities | $ | 2,239 | $ | — | $ | 948 | $ | 1,292 | $ | 2,240 | ||||||||||||||||||||||||||
Separate account liabilities | $ | 117,562 | $ | — | $ | 117,562 | $ | — | $ | 117,562 | ||||||||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Goodwill Rollforward and by Segment | Information regarding goodwill by segment, as well as Corporate & Other, was as follows: | |||||||||||||||||||||||||||||||
Retail | Group, | Corporate | Latin | Asia (1) | EMEA | Corporate | Total | |||||||||||||||||||||||||
Voluntary & | Benefit | America | & Other (2) | |||||||||||||||||||||||||||||
Worksite | Funding | |||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Balance at January 1, 2012 | ||||||||||||||||||||||||||||||||
Goodwill | $ | 3,125 | $ | 138 | $ | 900 | $ | 501 | $ | 5,533 | $ | 1,333 | $ | 470 | $ | 12,000 | ||||||||||||||||
Accumulated impairment | — | — | — | — | — | — | (65 | ) | (65 | ) | ||||||||||||||||||||||
Total goodwill, net | 3,125 | 138 | 900 | 501 | 5,533 | 1,333 | 405 | 11,935 | ||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
Impairments (3) | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | 26 | (146 | ) | 5 | — | (115 | ) | ||||||||||||||||||||||
Balance at December 31, 2012 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 900 | 527 | 5,387 | 1,339 | 470 | 11,886 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (241 | ) | (1,933 | ) | |||||||||||||||||||||
Total goodwill, net | 1,433 | 138 | 900 | 527 | 5,387 | 1,339 | 229 | 9,953 | ||||||||||||||||||||||||
Acquisitions (4) | — | — | — | 1,140 | — | 1 | — | 1,141 | ||||||||||||||||||||||||
Dispositions | — | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||||
Reduction of goodwill (5) | — | — | — | — | — | — | (65 | ) | (65 | ) | ||||||||||||||||||||||
Reduction of accumulated impairment (5) | — | — | — | — | — | — | 65 | 65 | ||||||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | (79 | ) | (489 | ) | 24 | — | (544 | ) | |||||||||||||||||||||
Balance at December 31, 2013 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 900 | 1,588 | 4,898 | 1,356 | 405 | 12,410 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Total goodwill, net | 1,433 | 138 | 900 | 1,588 | 4,898 | 1,356 | 229 | 10,542 | ||||||||||||||||||||||||
Dispositions (6) | — | — | (60 | ) | — | (3 | ) | (7 | ) | — | (70 | ) | ||||||||||||||||||||
Effect of foreign currency translation and other | — | — | — | (203 | ) | (280 | ) | (117 | ) | — | (600 | ) | ||||||||||||||||||||
Balance at December 31, 2014 | ||||||||||||||||||||||||||||||||
Goodwill | 3,125 | 138 | 840 | 1,385 | 4,615 | 1,232 | 405 | 11,740 | ||||||||||||||||||||||||
Accumulated impairment | (1,692 | ) | — | — | — | — | — | (176 | ) | (1,868 | ) | |||||||||||||||||||||
Total goodwill, net | $ | 1,433 | $ | 138 | $ | 840 | $ | 1,385 | $ | 4,615 | $ | 1,232 | $ | 229 | $ | 9,872 | ||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||
-1 | Includes goodwill of $4.4 billion, $4.7 billion and $5.2 billion from the Japan operations at December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
-2 | For purposes of goodwill impairment testing in 2014, the balance of $229 million, of net goodwill in Corporate & Other at December 31, 2013 did not change. This balance resulted from goodwill acquired as part of the 2005 Travelers acquisition and was allocated to business units of the Retail; Group, Voluntary & Worksite Benefits; and Corporate Benefit Funding segments in the amounts of $34 million, $9 million and $186 million, respectively. | |||||||||||||||||||||||||||||||
-3 | In connection with the Company’s annual goodwill impairment testing in 2012, the market multiple and discounted cash flow valuation approaches indicated that the fair value of the Retail Annuities reporting unit was below its carrying value. As a result, an actuarial appraisal, which estimates the net worth of the reporting unit, the value of existing business and the value of new business, was performed. This appraisal resulted in a fair value of the Retail Annuities reporting unit that was less than the carrying value, indicating a potential for goodwill impairment. A further comparison of the implied fair value of its goodwill with the reporting unit’s carrying amount indicated that the entire amount of goodwill associated with the Retail Annuities reporting unit was impaired. Therefore, the Company recorded a non-cash charge of $1.9 billion ($1.6 billion, net of income tax) for the impairment of the entire goodwill balance in the consolidated statements of operations for the year ended December 31, 2012. Of this amount, $1.4 billion was impaired at MetLife, Inc. There was no impact on income taxes. | |||||||||||||||||||||||||||||||
-4 | See Note 3 for a discussion of the acquisition of ProVida, which is included in the Latin America segment. | |||||||||||||||||||||||||||||||
-5 | In connection with the MetLife Bank Divestiture, goodwill and the related accumulated impairment were reduced by $65 million for the year ended December 31, 2013. See Note 3. | |||||||||||||||||||||||||||||||
-6 | In connection with the sale of MAL, goodwill in the Corporate Benefit Funding reporting unit was reduced by $60 million during the year ended December 31, 2014. See Note 3. This goodwill was allocated to MAL based on the relative fair values of MAL and the remaining portion of the Corporate Benefit Funding reporting unit. |
Longterm_and_Shortterm_Debt_Ta
Long-term and Short-term Debt (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||
Long-term and Short-term debt outstanding | Long-term and short-term debt outstanding was as follows: | ||||||||||||||||||
Interest Rates (1) | Maturity | December 31, | |||||||||||||||||
Range | Weighted | 2014 | 2013 | ||||||||||||||||
Average | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Senior notes | 1.76% - 7.72% | 5.23% | 2015 - 2044 | $ | 15,317 | $ | 15,938 | ||||||||||||
Surplus notes | 7.63% - 7.88% | 7.83% | 2015 - 2025 | 701 | 701 | ||||||||||||||
Other notes | 1.34% - 8.00% | 4.41% | 2015 - 2030 | 110 | 531 | ||||||||||||||
Capital lease obligations | 7 | 28 | |||||||||||||||||
Total long-term debt (2) | 16,135 | 17,198 | |||||||||||||||||
Total short-term debt | 100 | 175 | |||||||||||||||||
Total | $ | 16,235 | $ | 17,373 | |||||||||||||||
______________ | |||||||||||||||||||
-1 | Range of interest rates and weighted average interest rates are for the year ended December 31, 2014. | ||||||||||||||||||
-2 | Excludes $151 million and $1.5 billion of long-term debt relating to CSEs — FVO at December 31, 2014 and 2013, respectively. See Note 8. | ||||||||||||||||||
Schedule of Short-term Debt | Short-term debt with maturities of one year or less was as follows: | ||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
(In millions) | |||||||||||||||||||
Commercial paper | $ | 100 | $ | 175 | |||||||||||||||
Average daily balance | $ | 109 | $ | 103 | |||||||||||||||
Average days outstanding | 69 days | 55 days | |||||||||||||||||
Schedule of Line of Credit Facilities | Unsecured credit facilities are used for general corporate purposes, to support the borrowers’ commercial paper programs and for the issuance of letters of credit. Total fees expensed associated with these credit facilities were $12 million, $24 million and $30 million for the years ended December 31, 2014, 2013 and 2012, respectively, and was included in other expenses. Information on the credit facility at December 31, 2014 was as follows: | ||||||||||||||||||
Borrower(s) | Expiration | Maximum Capacity | Letters of | Drawdowns | Unused Commitments | ||||||||||||||
Credit | |||||||||||||||||||
Issued | |||||||||||||||||||
(In millions) | |||||||||||||||||||
MetLife, Inc. and MetLife Funding, Inc. | May-19 | $ | 4,000 | $ | 684 | $ | — | $ | 3,316 | ||||||||||
In May 2014, MetLife, Inc. and MetLife Funding, Inc. entered into a $4.0 billion five-year unsecured credit agreement, which amended and restated both the five-year $3.0 billion and the five-year $1.0 billion unsecured credit agreements in their entireties into a single agreement (the “2014 Five-Year Credit Agreement”). The credit facility made available by the 2014 Five-Year Credit Agreement may be used for general corporate purposes (including in the case of loans, to back up commercial paper and, in the case of letters of credit, to support variable annuity policy and reinsurance reserve requirements). All borrowings under the 2014 Five-Year Credit Agreement must be repaid by May 30, 2019, except that letters of credit outstanding on that date may remain outstanding until no later than May 30, 2020. MetLife, Inc. incurred costs of $6 million related to the 2014 Five-Year Credit Agreement, which were capitalized and included in other assets. These costs are being amortized over the remaining term of the 2014 Five-Year Credit Agreement. | |||||||||||||||||||
Committed Facilities | The committed facilities are used for collateral for certain of the Company’s affiliated reinsurance liabilities. Total fees expensed associated with these committed facilities were $95 million, $103 million and $96 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in other expenses. Information on these committed facilities at December 31, 2014 was as follows: | ||||||||||||||||||
Account Party/Borrower(s) | Expiration | Maximum Capacity | Letters of | Drawdowns | Unused | ||||||||||||||
Credit | Commitments | ||||||||||||||||||
Issued | |||||||||||||||||||
(In millions) | |||||||||||||||||||
MetLife, Inc. and Missouri Reinsurance, Inc. | June 2016 (1) | $ | 490 | $ | 490 | $ | — | $ | — | ||||||||||
MetLife, Inc. | June 2018 (2) | 520 | 470 | — | 50 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | December 2024 (3),(4) | 575 | 350 | — | 225 | ||||||||||||||
MetLife Reinsurance Company of South Carolina and MetLife, Inc. | June 2037 (5) | 3,500 | — | 2,797 | 703 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | December 2037 (3), (6) | 2,896 | 2,049 | — | 847 | ||||||||||||||
MetLife Reinsurance Company of Vermont and MetLife, Inc. | September 2038 (7) | 4,250 | 3,207 | — | 1,043 | ||||||||||||||
Total | $ | 12,231 | $ | 6,566 | $ | 2,797 | $ | 2,868 | |||||||||||
______________ | |||||||||||||||||||
-1 | Commencing in December 2015 and extending through March 2016, the capacity will grade down from $490 million to $200 million. | ||||||||||||||||||
-2 | Commencing in March 2015 and extending through June 2018, the capacity will grade down from $520 million to $200 million. | ||||||||||||||||||
-3 | MetLife, Inc. is a guarantor under this agreement. | ||||||||||||||||||
-4 | Commencing in December 2022 and extending through December 2024, the capacity will grade down from $575 million to $515 million. | ||||||||||||||||||
-5 | The drawdown on this facility is associated with a collateral financing arrangement described more fully in Note 13. | ||||||||||||||||||
-6 | Capacity at December 31, 2014 was $2.2 billion. Capacity grades up to a maximum capacity of $2.9 billion in 2024. Commencing in January 2025 and extending through December 2037, the capacity will grade down from $2.9 billion to $2.0 billion. Unused commitment of $847 million is based on maximum capacity. | ||||||||||||||||||
-7 | Commencing in April 2028 and extending through September 2038, the capacity will grade down from $4.3 billion to $3.1 billion. MetLife, Inc. is a guarantor of certain letters of credit issued as of December 31, 2014 under this agreement. |
Collateral_Financing_Arrangeme1
Collateral Financing Arrangements Collateral Financing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Secured Debt [Abstract] | ||||||||
CFA Associated with Closed Block | Information related to the collateral financing arrangement associated with the closed block was as follows at: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Surplus notes outstanding (1) | $ | 1,399 | $ | 1,399 | ||||
Receivable from unaffiliated financial institution (1) | $ | 182 | $ | 182 | ||||
Pledged collateral (2) | $ | 53 | $ | 23 | ||||
Assets held in trust (2) | $ | 1,214 | $ | 1,662 | ||||
______________ | ||||||||
-1 | Carrying value. | |||||||
-2 | Estimated fair value. | |||||||
CFA Associated with Secondary Guarantees | Information related to the collateral financing arrangements associated with secondary guarantees was as follows at: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
(In millions) | ||||||||
Liability outstanding (1) | $ | 2,797 | $ | 2,797 | ||||
Assets held in trust (2) | $ | 3,471 | $ | 3,440 | ||||
______________ | ||||||||
-1 | Carrying value. | |||||||
-2 | Estimated fair value. |
Junior_Subordinated_Debt_Secur1
Junior Subordinated Debt Securities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Junior Subordinated Notes [Abstract] | ||||||||||||||||||||||||
Outstanding Junior Subordinated Debt Securities | Outstanding junior subordinated debt securities, and exchangeable surplus trust securities which MetLife, Inc. will exchange for junior subordinated debt securities prior to redemption or repayment, were as follows: | |||||||||||||||||||||||
Carrying Value at December 31, | ||||||||||||||||||||||||
Issuer | Issue Date | Face Value | Interest Rate (2) | Scheduled | Interest Rate | Final | 2014 | 2013 | ||||||||||||||||
Redemption | Subsequent to | Maturity | ||||||||||||||||||||||
Date | Scheduled | |||||||||||||||||||||||
Redemption | ||||||||||||||||||||||||
Date (3) | ||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||
MetLife, Inc. | Jul-09 | $ | 500 | 10.75 | % | Aug-39 | LIBOR + 7.548% | Aug-69 | $ | 500 | $ | 500 | ||||||||||||
MetLife Capital Trust X (1) | Apr-08 | $ | 750 | 9.25 | % | Apr-38 | LIBOR + 5.540% | Apr-68 | 750 | 750 | ||||||||||||||
MetLife Capital Trust IV (1) | Dec-07 | $ | 700 | 7.875 | % | Dec-37 | LIBOR + 3.960% | Dec-67 | 695 | 695 | ||||||||||||||
MetLife, Inc. | Dec-06 | $ | 1,250 | 6.4 | % | Dec-36 | LIBOR + 2.205% | Dec-66 | 1,248 | 1,248 | ||||||||||||||
$ | 3,193 | $ | 3,193 | |||||||||||||||||||||
______________ | ||||||||||||||||||||||||
-1 | MetLife Capital Trust X and MetLife Capital Trust IV are VIEs which are consolidated in the financial statements of the Company. The securities issued by these entities are exchangeable surplus trust securities, which will be exchanged for a like amount of MetLife, Inc.’s junior subordinated debt securities on the scheduled redemption date; mandatorily under certain circumstances, and at any time upon MetLife, Inc. exercising its option to redeem the securities. | |||||||||||||||||||||||
-2 | Prior to the scheduled redemption date, interest is payable semiannually in arrears. | |||||||||||||||||||||||
-3 | In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three-month LIBOR plus the indicated margin, payable quarterly in arrears. |
Equity_Tables
Equity (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Schedule of Dividends Paid, Preferred Stock | Information on the declaration, record and payment dates, as well as per share and aggregate dividend amounts, for the Series A and Series B preferred shares was as follows: | ||||||||||||||||||||
Dividend | |||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Series A | Series A | Series B | Series B | |||||||||||||||
Per Share | Aggregate | Per Share | Aggregate | ||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
November 17, 2014 | November 30, 2014 | December 15, 2014 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2014 | August 31, 2014 | September 15, 2014 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2014 | May 31, 2014 | June 16, 2014 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2014 | February 28, 2014 | March 17, 2014 | $ | 0.25 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
November 15, 2013 | November 30, 2013 | December 16, 2013 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2013 | August 31, 2013 | September 16, 2013 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2013 | May 31, 2013 | June 17, 2013 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2013 | February 28, 2013 | March 15, 2013 | $ | 0.25 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
November 15, 2012 | November 30, 2012 | December 17, 2012 | $ | 0.253 | $ | 7 | $ | 0.406 | $ | 24 | |||||||||||
August 15, 2012 | August 31, 2012 | September 17, 2012 | $ | 0.256 | 6 | $ | 0.406 | 24 | |||||||||||||
May 15, 2012 | May 31, 2012 | June 15, 2012 | $ | 0.256 | 7 | $ | 0.406 | 24 | |||||||||||||
March 5, 2012 | February 29, 2012 | March 15, 2012 | $ | 0.253 | 6 | $ | 0.406 | 24 | |||||||||||||
$ | 26 | $ | 96 | ||||||||||||||||||
Schedule of Dividends Paid, Common Stock | The table below presents declaration, record and payment dates, as well as per share and aggregate dividend amounts, for common stock: | ||||||||||||||||||||
Dividend | |||||||||||||||||||||
Declaration Date | Record Date | Payment Date | Per Share | Aggregate | |||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||
October 28, 2014 | November 7, 2014 | December 12, 2014 | $ | 0.35 | $ | 398 | |||||||||||||||
July 7, 2014 | August 8, 2014 | September 12, 2014 | $ | 0.35 | 395 | ||||||||||||||||
April 22, 2014 | May 9, 2014 | June 13, 2014 | $ | 0.35 | 395 | ||||||||||||||||
January 6, 2014 | February 6, 2014 | March 13, 2014 | $ | 0.275 | 311 | ||||||||||||||||
$ | 1,499 | ||||||||||||||||||||
October 22, 2013 | November 8, 2013 | December 13, 2013 | $ | 0.275 | $ | 311 | |||||||||||||||
June 25, 2013 | August 9, 2013 | September 13, 2013 | $ | 0.275 | 303 | ||||||||||||||||
April 23, 2013 | May 9, 2013 | June 13, 2013 | $ | 0.275 | 302 | ||||||||||||||||
January 4, 2013 | February 6, 2013 | March 13, 2013 | $ | 0.185 | 203 | ||||||||||||||||
$ | 1,119 | ||||||||||||||||||||
October 23, 2012 | November 9, 2012 | December 14, 2012 | $ | 0.74 | $ | 811 | |||||||||||||||
Components of compensation expense related to stock based compensation | The components of compensation expense related to stock-based compensation includes compensation expense related to Phantom Stock-Based Awards, and excludes the insignificant compensation expense related to the 2005 Directors Stock Plan. Those components were: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Stock Options and Unit Options | $ | 29 | $ | 39 | $ | 61 | |||||||||||||||
Performance Shares and Units (1) | 111 | 91 | 80 | ||||||||||||||||||
Restricted Stock Units and Restricted Units | 52 | 45 | 27 | ||||||||||||||||||
Total compensation expense | $ | 192 | $ | 175 | $ | 168 | |||||||||||||||
Income tax benefit | $ | 67 | $ | 61 | $ | 59 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | Performance Shares expected to vest and the related compensation expenses may be further adjusted by the performance factor most likely to be achieved, as estimated by management, at the end of the performance period. | ||||||||||||||||||||
Total unrecognized compensation expense related to stock based compensation and the expected weighted average period over which the expenses will be recognized | The following table presents the total unrecognized compensation expense related to stock-based compensation and the expected weighted average period over which these expenses will be recognized at: | ||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Expense | Weighted Average | ||||||||||||||||||||
Period | |||||||||||||||||||||
(In millions) | (Years) | ||||||||||||||||||||
Stock Options | $ | 12 | 1.54 | ||||||||||||||||||
Performance Shares | $ | 47 | 1.58 | ||||||||||||||||||
Restricted Stock Units | $ | 56 | 1.7 | ||||||||||||||||||
Activity related to Stock Options | A summary of the activity related to Stock Options was as follows: | ||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||||||
Option | Exercise | Remaining | Value (1) | ||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(Years) | (In millions) | ||||||||||||||||||||
Outstanding at January 1, 2014 | 29,751,376 | $ | 42.56 | 5.19 | $ | 379 | |||||||||||||||
Granted | 824,323 | $ | 50.53 | ||||||||||||||||||
Exercised | (4,197,329 | ) | $ | 37.12 | |||||||||||||||||
Expired | (136,031 | ) | $ | 57.22 | |||||||||||||||||
Forfeited | (163,412 | ) | $ | 40.25 | |||||||||||||||||
Outstanding at December 31, 2014 | 26,078,927 | $ | 43.63 | 4.67 | $ | 312 | |||||||||||||||
Vested and expected to vest at December 31, 2014 | 25,973,890 | $ | 43.65 | 4.59 | $ | 311 | |||||||||||||||
Exercisable at December 31, 2014 | 22,564,811 | $ | 44.15 | 4.17 | $ | 264 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | The aggregate intrinsic value was computed using the closing Share price on December 31, 2014 of $54.09 and December 31, 2013 of $53.92, as applicable. | ||||||||||||||||||||
Weighted average assumptions used to determine the fair value of Stock Options issued | The following table presents the weighted average assumptions, with the exception of risk-free rate, which is expressed as a range, used to determine the fair value of Stock Options issued: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Dividend yield | 2.18% | 2.13% | 1.95% | ||||||||||||||||||
Risk-free rate of return | 0.12%-5.07% | 0.16%-3.89% | 0.21%-4.17% | ||||||||||||||||||
Expected volatility | 33.26% | 32.98% | 35.59% | ||||||||||||||||||
Exercise multiple | 1.45 | 1.51 | 1.58 | ||||||||||||||||||
Post-vesting termination rate | 2.93% | 3.16% | 3.14% | ||||||||||||||||||
Contractual term (years) | 10 | 10 | 10 | ||||||||||||||||||
Expected life (years) | 6 | 7 | 7 | ||||||||||||||||||
Weighted average exercise price of stock options granted | $ | 50.53 | $ | 35.96 | $ | 37.91 | |||||||||||||||
Weighted average fair value of stock options granted | $ | 13.84 | $ | 9.88 | $ | 11.33 | |||||||||||||||
Stock Option exercise activity | The following table presents a summary of Stock Option exercise activity: | ||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 67 | $ | 79 | $ | 29 | |||||||||||||||
Cash received from exercise of stock options | $ | 156 | $ | 202 | $ | 109 | |||||||||||||||
Income tax benefit realized from stock options exercised | $ | 24 | $ | 28 | $ | 10 | |||||||||||||||
Performance Share and Restricted Stock Unit Activity | The following table presents a summary of Performance Share and Restricted Stock Unit activity: | ||||||||||||||||||||
Performance Shares | Restricted Stock Units | ||||||||||||||||||||
Shares | Weighted | Units | Weighted | ||||||||||||||||||
Average | Average | ||||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Outstanding at January 1, 2014 | 5,074,140 | $ | 42.86 | 3,328,516 | $ | 33.35 | |||||||||||||||
Granted | 1,183,207 | $ | 50.58 | 1,432,389 | $ | 46.2 | |||||||||||||||
Forfeited | (194,263 | ) | $ | 45.19 | 7,795 | $ | 35.13 | ||||||||||||||
Payable (1) | (1,551,570 | ) | $ | 42.79 | (1,264,470 | ) | $ | 36.68 | |||||||||||||
Outstanding at December 31, 2014 | 4,511,514 | $ | 44.85 | 3,504,230 | $ | 38.48 | |||||||||||||||
Vested and expected to vest at December 31, 2014 | 4,477,097 | $ | 44.54 | 3,153,807 | $ | 38.49 | |||||||||||||||
______________ | |||||||||||||||||||||
-1 | Includes both Shares paid and Shares deferred for later payment. | ||||||||||||||||||||
Liability Award Unit Activity | The following table presents a summary of Liability Awards activity: | ||||||||||||||||||||
Unit | Restricted | Performance | |||||||||||||||||||
Options | Units | Units | |||||||||||||||||||
Outstanding at January 1, 2014 | 1,221,626 | 979,522 | 531,888 | ||||||||||||||||||
Granted | 40,181 | 307,873 | 209,646 | ||||||||||||||||||
Exercised | (123,293 | ) | — | — | |||||||||||||||||
Forfeited | (31,518 | ) | (83,537 | ) | (20,517 | ) | |||||||||||||||
Paid | — | (403,818 | ) | (127,094 | ) | ||||||||||||||||
Outstanding at December 31, 2014 | 1,106,996 | 800,040 | 593,923 | ||||||||||||||||||
Vested and expected to vest at December 31, 2014 | 996,296 | 720,036 | 534,531 | ||||||||||||||||||
Schedules of statutory net income, capital and surplus and reserve strengthening by subsidiary | The following table summarizes the two schedules of strengthening: | ||||||||||||||||||||
2013 Schedule | 2014 Schedule | Combined Schedule | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
2013 Strengthening | $300 | N/A | $300 | ||||||||||||||||||
2014 Strengthening | $200 | $100 | $300 | ||||||||||||||||||
2015 Strengthening (1) | $100 | $100 | $200 | ||||||||||||||||||
2016 Strengthening (1) | N/A | $100 | $100 | ||||||||||||||||||
______________ | |||||||||||||||||||||
-1 | The actual 2015 and 2016 amounts may differ from those originally estimated in 2013 and 2014 due to changes in economic conditions, regulations, or policyholder behavior. | ||||||||||||||||||||
Statutory capital and surplus was as follows at: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
Company | 2014 | 2013 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | $ | 12,008 | $ | 12,428 | |||||||||||||||||
American Life Insurance Company | $ | 3,362 | $ | 2,711 | |||||||||||||||||
MetLife Insurance Company USA (1) | $ | 6,042 | $ | 3,566 | |||||||||||||||||
Metropolitan Property and Casualty Insurance Company | $ | 2,388 | $ | 2,225 | |||||||||||||||||
Metropolitan Tower Life Insurance Company | $ | 767 | $ | 735 | |||||||||||||||||
______________ | |||||||||||||||||||||
-1 | See Note 8 for a discussion on the Mergers. | ||||||||||||||||||||
Statutory net income (loss) was as follows: | |||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
Company | State of Domicile | 2014 | 2013 | 2012 | |||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | New York | $ | 1,487 | $ | 369 | $ | 1,320 | ||||||||||||||
American Life Insurance Company | Delaware | $ | (36 | ) | $ | 631 | $ | 317 | |||||||||||||
MetLife Insurance Company USA (1) | Delaware | $ | 1,543 | $ | 3,358 | $ | 848 | ||||||||||||||
Metropolitan Property and Casualty Insurance Company | Rhode Island | $ | 291 | $ | 282 | $ | 235 | ||||||||||||||
Metropolitan Tower Life Insurance Company | Delaware | $ | 51 | $ | 52 | $ | 61 | ||||||||||||||
______________ | |||||||||||||||||||||
-1 | Statutory net income (loss) for the year ended December 31, 2012 is as filed with the Connecticut Insurance Department by MICC and does not reflect the results of the Mergers. See Note 8 for a discussion on the Mergers. | ||||||||||||||||||||
Dividend Payment Restrictions | The table below sets forth the dividends permitted to be paid by MetLife, Inc.’s primary insurance subsidiaries without insurance regulatory approval and dividends paid: | ||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Company | Permitted Without | Paid (2) | Paid (2) | ||||||||||||||||||
Approval (1) | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Metropolitan Life Insurance Company | $ | 1,200 | $ | 821 | -3 | $ | 1,428 | ||||||||||||||
American Life Insurance Company | $ | — | $ | — | $ | — | |||||||||||||||
MetLife Insurance Company USA (4) | $ | 3,056 | $ | 155 | -5 | $ | 1,000 | -6 | |||||||||||||
Metropolitan Property and Casualty Insurance Company | $ | 239 | $ | 200 | $ | 100 | |||||||||||||||
Metropolitan Tower Life Insurance Company | $ | 102 | $ | 73 | $ | 109 | -7 | ||||||||||||||
MetLife Investors Insurance Company (4) | N/A | N/A | $ | 129 | |||||||||||||||||
______________ | |||||||||||||||||||||
-1 | Reflects dividend amounts that may be paid during 2015 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 2015, some or all of such dividends may require regulatory approval. | ||||||||||||||||||||
-2 | Reflects all amounts paid, including those requiring regulatory approval. | ||||||||||||||||||||
-3 | During December 2014, MLIC distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $113 million. | ||||||||||||||||||||
-4 | See Note 8 for a discussion of the Mergers. | ||||||||||||||||||||
-5 | Prior to the Mergers, Exeter paid dividends of $155 million on its preferred stock. In August 2014, MICC redeemed for $1.4 billion and retired 4,595,317 shares of its common stock owned by MetLife Investors Group LLC (“MLIG”). Following the redemption, in August 2014, MLIG paid a dividend of $1.4 billion to MetLife, Inc. MetLife USA did not pay dividends in 2014. | ||||||||||||||||||||
-6 | During the year ended December 31, 2013, MICC paid dividends of $1.0 billion. | ||||||||||||||||||||
-7 | During October 2013, Metropolitan Tower Life Insurance Company (“MTL”) distributed shares of an affiliate to MetLife, Inc. as an in-kind dividend of $32 million. Also during October 2013, MTL paid a dividend to MetLife, Inc. in the amount of $77 million in cash, which represented its dividend capacity without regulatory approval at December 31, 2013. Regulatory approval for these dividends was obtained due to the amount and timing of the payments. | ||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc., net of income tax, was as follows: | ||||||||||||||||||||
Unrealized | Unrealized Gains (Losses) on Derivatives | Foreign Currency Translation Adjustments | Defined | Total | |||||||||||||||||
Investment Gains | Benefit | ||||||||||||||||||||
(Losses), Net of | Plans | ||||||||||||||||||||
Related Offsets (1) | Adjustment | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Balance at December 31, 2011 | $ | 7,689 | $ | 985 | $ | (648 | ) | $ | (1,943 | ) | $ | 6,083 | |||||||||
OCI before reclassifications | 9,321 | (262 | ) | (134 | ) | (996 | ) | 7,929 | |||||||||||||
Deferred income tax benefit (expense) | (3,457 | ) | 92 | 249 | 350 | (2,766 | ) | ||||||||||||||
OCI before reclassifications, net of income tax | 13,553 | 815 | (533 | ) | (2,589 | ) | 11,246 | ||||||||||||||
Amounts reclassified from AOCI | 58 | 24 | — | 154 | 236 | ||||||||||||||||
Deferred income tax benefit (expense) | (23 | ) | (8 | ) | — | (54 | ) | (85 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | 35 | 16 | — | 100 | 151 | ||||||||||||||||
Balance at December 31, 2012 | 13,588 | 831 | (533 | ) | (2,489 | ) | 11,397 | ||||||||||||||
OCI before reclassifications | (8,487 | ) | (937 | ) | (937 | ) | 1,078 | (9,283 | ) | ||||||||||||
Deferred income tax benefit (expense) | 2,807 | 312 | (189 | ) | (379 | ) | 2,551 | ||||||||||||||
OCI before reclassifications, net of income tax | 7,908 | 206 | (1,659 | ) | (1,790 | ) | 4,665 | ||||||||||||||
Amounts reclassified from AOCI | 411 | 36 | — | 214 | 661 | ||||||||||||||||
Deferred income tax benefit (expense) | (136 | ) | (11 | ) | — | (75 | ) | (222 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | 275 | 25 | — | 139 | 439 | ||||||||||||||||
Balance at December 31, 2013 | 8,183 | 231 | (1,659 | ) | (1,651 | ) | 5,104 | ||||||||||||||
OCI before reclassifications | 11,197 | 669 | (1,492 | ) | (1,150 | ) | 9,224 | ||||||||||||||
Deferred income tax benefit (expense) | (3,419 | ) | (261 | ) | (208 | ) | 401 | (3,487 | ) | ||||||||||||
OCI before reclassifications, net of income tax | 15,961 | 639 | (3,359 | ) | (2,400 | ) | 10,841 | ||||||||||||||
Amounts reclassified from AOCI | (811 | ) | 717 | 77 | 180 | 163 | |||||||||||||||
Deferred income tax benefit (expense) | 249 | (280 | ) | (27 | ) | (63 | ) | (121 | ) | ||||||||||||
Amounts reclassified from AOCI, net of income tax | (562 | ) | 437 | 50 | 117 | 42 | |||||||||||||||
Sale of subsidiary (2) | (320 | ) | — | 6 | — | (314 | ) | ||||||||||||||
Deferred income tax benefit (expense) | 80 | — | — | — | 80 | ||||||||||||||||
Sale of subsidiary, net of income tax | (240 | ) | — | 6 | — | (234 | ) | ||||||||||||||
Balance at December 31, 2014 | $ | 15,159 | $ | 1,076 | $ | (3,303 | ) | $ | (2,283 | ) | $ | 10,649 | |||||||||
__________________ | |||||||||||||||||||||
-1 | See Note 8 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. | ||||||||||||||||||||
-2 | See Note 3 | ||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI, was as follows: | ||||||||||||||||||||
AOCI Components | Amounts Reclassified from AOCI | Consolidated Statement of Operations and Comprehensive Income (Loss) Locations | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Net unrealized investment gains (losses): | |||||||||||||||||||||
Net unrealized investment gains (losses) | $ | 603 | $ | 344 | $ | (5 | ) | Net investment gains (losses) | |||||||||||||
Net unrealized investment gains (losses) | 67 | 93 | 73 | Net investment income | |||||||||||||||||
Net unrealized investment gains (losses) | 141 | (26 | ) | (10 | ) | Net derivative gains (losses) | |||||||||||||||
Net unrealized investment gains (losses), before income tax | 811 | 411 | 58 | ||||||||||||||||||
Income tax (expense) benefit | (249 | ) | (136 | ) | (23 | ) | |||||||||||||||
Net unrealized investment gains (losses), net of income tax | $ | 562 | $ | 275 | $ | 35 | |||||||||||||||
Unrealized gains (losses) on derivatives - cash flow hedges: | |||||||||||||||||||||
Interest rate swaps | $ | 42 | $ | 20 | $ | 1 | Net derivative gains (losses) | ||||||||||||||
Interest rate swaps | 9 | 8 | 4 | Net investment income | |||||||||||||||||
Interest rate swaps | — | — | (3 | ) | Other expenses | ||||||||||||||||
Interest rate forwards | (7 | ) | 10 | 1 | Net derivative gains (losses) | ||||||||||||||||
Interest rate forwards | 4 | 3 | 2 | Net investment income | |||||||||||||||||
Interest rate forwards | 2 | (1 | ) | (1 | ) | Other expenses | |||||||||||||||
Foreign currency swaps | (768 | ) | (3 | ) | 23 | Net derivative gains (losses) | |||||||||||||||
Foreign currency swaps | (2 | ) | (3 | ) | (5 | ) | Net investment income | ||||||||||||||
Foreign currency swaps | 2 | 1 | 1 | Other expenses | |||||||||||||||||
Credit forwards | 1 | 1 | 1 | Net investment income | |||||||||||||||||
Gains (losses) on cash flow hedges, before income tax | (717 | ) | 36 | 24 | |||||||||||||||||
Income tax (expense) benefit | 280 | (11 | ) | (8 | ) | ||||||||||||||||
Gains (losses) on cash flow hedges, net of income tax | (437 | ) | 25 | 16 | |||||||||||||||||
Foreign currency translation adjustment | (77 | ) | — | — | Net investment gain (losses) | ||||||||||||||||
Income tax (expense) benefit | 27 | — | — | ||||||||||||||||||
Foreign translation adjustment, net of income tax | (50 | ) | — | — | |||||||||||||||||
Defined benefit plans adjustment: (1) | |||||||||||||||||||||
Amortization of net actuarial gains (losses) | $ | (180 | ) | $ | 283 | $ | 252 | ||||||||||||||
Amortization of prior service (costs) credit | — | (69 | ) | (98 | ) | ||||||||||||||||
Amortization of defined benefit plan items, before | (180 | ) | 214 | 154 | |||||||||||||||||
income tax | |||||||||||||||||||||
Income tax (expense) benefit | 63 | (75 | ) | (54 | ) | ||||||||||||||||
Amortization of defined benefit plan items, net of income tax | $ | (117 | ) | $ | 139 | $ | 100 | ||||||||||||||
Total reclassifications, net of income tax | $ | (42 | ) | $ | 439 | $ | 151 | ||||||||||||||
__________________ | |||||||||||||||||||||
-1 | These AOCI components are included in the computation of net periodic benefit costs. See Note 18. |
Other_Expenses_Tables
Other Expenses (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||
Other Expenses | Information on other expenses was as follows: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Compensation | $ | 4,894 | $ | 5,108 | $ | 5,562 | ||||||||||||||||||||||||||||||
Pension, postretirement and postemployment benefit costs | 473 | 488 | 428 | |||||||||||||||||||||||||||||||||
Commissions | 5,153 | 5,428 | 5,909 | |||||||||||||||||||||||||||||||||
Volume-related costs | 859 | 842 | 599 | |||||||||||||||||||||||||||||||||
Capitalization of DAC | (4,183 | ) | (4,786 | ) | (5,289 | ) | ||||||||||||||||||||||||||||||
Amortization of DAC and VOBA | 4,132 | 3,550 | 4,199 | |||||||||||||||||||||||||||||||||
Amortization of negative VOBA | (442 | ) | (579 | ) | (622 | ) | ||||||||||||||||||||||||||||||
Interest expense on debt | 1,216 | 1,282 | 1,356 | |||||||||||||||||||||||||||||||||
Premium taxes, licenses and fees | 801 | 658 | 677 | |||||||||||||||||||||||||||||||||
Professional services | 1,457 | 1,454 | 1,664 | |||||||||||||||||||||||||||||||||
Rent and related expenses, net of sublease income | 361 | 376 | 422 | |||||||||||||||||||||||||||||||||
Other (1) | 2,370 | 2,781 | 2,850 | |||||||||||||||||||||||||||||||||
Total other expenses | $ | 17,091 | $ | 16,602 | $ | 17,755 | ||||||||||||||||||||||||||||||
__________________ | ||||||||||||||||||||||||||||||||||||
-1 | See Note 19 for information on the Japan income tax refund included in other expenses for the year ended December 31, 2013. | |||||||||||||||||||||||||||||||||||
Restructuring charges | These restructuring charges are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Information regarding restructuring charges was as follows: | |||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Severance | Lease and | Total | Severance | Lease and | Total | Severance | Lease and | Total | ||||||||||||||||||||||||||||
Asset | Asset | Asset | ||||||||||||||||||||||||||||||||||
Impairment | Impairment | Impairment | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 40 | $ | 6 | $ | 46 | $ | 23 | $ | — | $ | 23 | $ | — | $ | — | $ | — | ||||||||||||||||||
Restructuring charges | 83 | 8 | 91 | 99 | 16 | 115 | 141 | 18 | 159 | |||||||||||||||||||||||||||
Cash payments | (92 | ) | (8 | ) | (100 | ) | (82 | ) | (10 | ) | (92 | ) | (118 | ) | (18 | ) | (136 | ) | ||||||||||||||||||
Balance at December 31, | $ | 31 | $ | 6 | $ | 37 | $ | 40 | $ | 6 | $ | 46 | $ | 23 | $ | — | $ | 23 | ||||||||||||||||||
Total restructuring charges incurred since inception of initiative | $ | 323 | $ | 42 | $ | 365 | $ | 240 | $ | 34 | $ | 274 | $ | 141 | $ | 18 | $ | 159 | ||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations at January 1, | $ | 8,591 | $ | 744 | $ | 1,834 | $ | 41 | $ | 9,480 | $ | 823 | $ | 2,375 | $ | 43 | ||||||||||||||||||||||||||||||||
Service costs | 200 | 62 | 14 | 2 | 236 | 67 | 20 | 2 | ||||||||||||||||||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | ||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,551 | 56 | 264 | — | (1,050 | ) | 34 | (551 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Acquisition, divestitures, settlements and curtailments | (13 | ) | (5 | ) | (6 | ) | 1 | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||
Change in benefits | (4 | ) | — | (9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (101 | ) | — | (4 | ) | — | (134 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations at December 31, | 10,262 | 739 | 2,110 | 35 | 8,591 | 744 | 1,834 | 41 | ||||||||||||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | 7,776 | 248 | 1,352 | 14 | 7,879 | 224 | 1,320 | 15 | ||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 1,084 | 24 | 112 | — | (22 | ) | 34 | 58 | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisition, divestitures and settlements | — | (10 | ) | — | — | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Employer contributions | 390 | 60 | 41 | 3 | 383 | 83 | 76 | 5 | ||||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (33 | ) | — | — | — | (33 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | 8,750 | 253 | 1,426 | 10 | 7,776 | 248 | 1,352 | 14 | ||||||||||||||||||||||||||||||||||||||||
Over (under) funded status at December 31, | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 7 | $ | — | $ | 1 | $ | 223 | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other liabilities | (1,512 | ) | (493 | ) | (684 | ) | (26 | ) | (1,038 | ) | (503 | ) | (482 | ) | (27 | ) | ||||||||||||||||||||||||||||||||
Net amount recognized | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | $ | 3,034 | $ | 59 | $ | 422 | $ | 3 | $ | 2,274 | $ | 28 | $ | 211 | $ | 2 | ||||||||||||||||||||||||||||||||
Prior service costs (credit) | (2 | ) | 1 | (11 | ) | 1 | 18 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
AOCI, before income tax | $ | 3,032 | $ | 60 | $ | 411 | $ | 4 | $ | 2,292 | $ | 30 | $ | 212 | $ | 3 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 9,729 | $ | 626 | N/A | N/A | $ | 8,104 | $ | 636 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations at January 1, | $ | 8,591 | $ | 744 | $ | 1,834 | $ | 41 | $ | 9,480 | $ | 823 | $ | 2,375 | $ | 43 | ||||||||||||||||||||||||||||||||
Service costs | 200 | 62 | 14 | 2 | 236 | 67 | 20 | 2 | ||||||||||||||||||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | ||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,551 | 56 | 264 | — | (1,050 | ) | 34 | (551 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Acquisition, divestitures, settlements and curtailments | (13 | ) | (5 | ) | (6 | ) | 1 | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||
Change in benefits | (4 | ) | — | (9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (101 | ) | — | (4 | ) | — | (134 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations at December 31, | 10,262 | 739 | 2,110 | 35 | 8,591 | 744 | 1,834 | 41 | ||||||||||||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | 7,776 | 248 | 1,352 | 14 | 7,879 | 224 | 1,320 | 15 | ||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 1,084 | 24 | 112 | — | (22 | ) | 34 | 58 | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisition, divestitures and settlements | — | (10 | ) | — | — | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Employer contributions | 390 | 60 | 41 | 3 | 383 | 83 | 76 | 5 | ||||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (33 | ) | — | — | — | (33 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | 8,750 | 253 | 1,426 | 10 | 7,776 | 248 | 1,352 | 14 | ||||||||||||||||||||||||||||||||||||||||
Over (under) funded status at December 31, | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 7 | $ | — | $ | 1 | $ | 223 | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other liabilities | (1,512 | ) | (493 | ) | (684 | ) | (26 | ) | (1,038 | ) | (503 | ) | (482 | ) | (27 | ) | ||||||||||||||||||||||||||||||||
Net amount recognized | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | $ | 3,034 | $ | 59 | $ | 422 | $ | 3 | $ | 2,274 | $ | 28 | $ | 211 | $ | 2 | ||||||||||||||||||||||||||||||||
Prior service costs (credit) | (2 | ) | 1 | (11 | ) | 1 | 18 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
AOCI, before income tax | $ | 3,032 | $ | 60 | $ | 411 | $ | 4 | $ | 2,292 | $ | 30 | $ | 212 | $ | 3 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 9,729 | $ | 626 | N/A | N/A | $ | 8,104 | $ | 636 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans (1) | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations at January 1, | $ | 8,591 | $ | 744 | $ | 1,834 | $ | 41 | $ | 9,480 | $ | 823 | $ | 2,375 | $ | 43 | ||||||||||||||||||||||||||||||||
Service costs | 200 | 62 | 14 | 2 | 236 | 67 | 20 | 2 | ||||||||||||||||||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | ||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 1,551 | 56 | 264 | — | (1,050 | ) | 34 | (551 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||
Acquisition, divestitures, settlements and curtailments | (13 | ) | (5 | ) | (6 | ) | 1 | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||
Change in benefits | (4 | ) | — | (9 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (101 | ) | — | (4 | ) | — | (134 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations at December 31, | 10,262 | 739 | 2,110 | 35 | 8,591 | 744 | 1,834 | 41 | ||||||||||||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at January 1, | 7,776 | 248 | 1,352 | 14 | 7,879 | 224 | 1,320 | 15 | ||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 1,084 | 24 | 112 | — | (22 | ) | 34 | 58 | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Acquisition, divestitures and settlements | — | (10 | ) | — | — | — | (19 | ) | — | (3 | ) | |||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 30 | — | — | — | 30 | — | ||||||||||||||||||||||||||||||||||||||||
Employer contributions | 390 | 60 | 41 | 3 | 383 | 83 | 76 | 5 | ||||||||||||||||||||||||||||||||||||||||
Benefits paid | (500 | ) | (36 | ) | (109 | ) | (7 | ) | (464 | ) | (41 | ) | (132 | ) | (2 | ) | ||||||||||||||||||||||||||||||||
Effect of foreign currency translation | — | (33 | ) | — | — | — | (33 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at December 31, | 8,750 | 253 | 1,426 | 10 | 7,776 | 248 | 1,352 | 14 | ||||||||||||||||||||||||||||||||||||||||
Over (under) funded status at December 31, | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
Amounts recognized in the consolidated balance sheets | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 7 | $ | — | $ | 1 | $ | 223 | $ | 7 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Other liabilities | (1,512 | ) | (493 | ) | (684 | ) | (26 | ) | (1,038 | ) | (503 | ) | (482 | ) | (27 | ) | ||||||||||||||||||||||||||||||||
Net amount recognized | $ | (1,512 | ) | $ | (486 | ) | $ | (684 | ) | $ | (25 | ) | $ | (815 | ) | $ | (496 | ) | $ | (482 | ) | $ | (27 | ) | ||||||||||||||||||||||||
AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | $ | 3,034 | $ | 59 | $ | 422 | $ | 3 | $ | 2,274 | $ | 28 | $ | 211 | $ | 2 | ||||||||||||||||||||||||||||||||
Prior service costs (credit) | (2 | ) | 1 | (11 | ) | 1 | 18 | 2 | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
AOCI, before income tax | $ | 3,032 | $ | 60 | $ | 411 | $ | 4 | $ | 2,292 | $ | 30 | $ | 212 | $ | 3 | ||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 9,729 | $ | 626 | N/A | N/A | $ | 8,104 | $ | 636 | N/A | N/A | ||||||||||||||||||||||||||||||||||||
_____________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligations in excess of fair value of plan assets | The aggregate pension accumulated benefit obligation and aggregate fair value of plan assets for pension benefit plans with accumulated benefit obligations in excess of plan assets was as follows at: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 1,981 | $ | 634 | $ | 1,037 | $ | 644 | ||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligations | $ | 1,789 | $ | 573 | $ | 927 | $ | 579 | ||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 676 | $ | 177 | $ | — | $ | 167 | ||||||||||||||||||||||||||||||||||||||||
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information for pension and other postretirement benefit plans with a PBO in excess of plan assets were as follows at: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligations | $ | 10,241 | $ | 703 | $ | 2,110 | $ | 35 | $ | 1,170 | $ | 701 | $ | 1,834 | $ | 41 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 8,719 | $ | 212 | $ | 1,426 | $ | 10 | $ | 133 | $ | 199 | $ | 1,352 | $ | 14 | ||||||||||||||||||||||||||||||||
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Service costs | $ | 200 | $ | 62 | $ | 14 | $ | 2 | $ | 236 | $ | 67 | $ | 20 | $ | 2 | $ | 224 | $ | 75 | $ | 21 | $ | 1 | ||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | 406 | 17 | 103 | 2 | ||||||||||||||||||||||||||||||||||||
Settlement and curtailment costs | 14 | 5 | 2 | 2 | — | (2 | ) | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (475 | ) | (7 | ) | (75 | ) | (1 | ) | (483 | ) | (6 | ) | (75 | ) | (1 | ) | (484 | ) | (6 | ) | (77 | ) | (1 | ) | ||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | 169 | — | 11 | — | 228 | — | 55 | — | 195 | — | 57 | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service costs (credit) | 1 | — | (1 | ) | — | 6 | — | (75 | ) | — | 6 | — | (104 | ) | — | |||||||||||||||||||||||||||||||||
Total net periodic benefit costs (credit) | 346 | 79 | 43 | 5 | 376 | 73 | 17 | 4 | 347 | 86 | — | 3 | ||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 929 | 31 | 222 | 1 | (545 | ) | 1 | (533 | ) | 1 | 744 | 18 | 234 | 2 | ||||||||||||||||||||||||||||||||||
Prior service costs (credit) | (19 | ) | (1 | ) | (13 | ) | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | (169 | ) | — | (11 | ) | — | (228 | ) | — | (55 | ) | (2 | ) | (195 | ) | — | (57 | ) | — | |||||||||||||||||||||||||||||
Amortization of prior service (costs) credit | (1 | ) | — | 1 | — | (6 | ) | — | 75 | — | (6 | ) | — | 104 | — | |||||||||||||||||||||||||||||||||
Total recognized in OCI | 740 | 30 | 199 | 1 | (779 | ) | 1 | (513 | ) | (1 | ) | 543 | 17 | 281 | 1 | |||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and OCI | $ | 1,086 | $ | 109 | $ | 242 | $ | 6 | $ | (403 | ) | $ | 74 | $ | (496 | ) | $ | 3 | $ | 890 | $ | 103 | $ | 281 | $ | 4 | ||||||||||||||||||||||
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit costs | ||||||||||||||||||||||||||||||||||||||||||||||||
Service costs | $ | 200 | $ | 62 | $ | 14 | $ | 2 | $ | 236 | $ | 67 | $ | 20 | $ | 2 | $ | 224 | $ | 75 | $ | 21 | $ | 1 | ||||||||||||||||||||||||
Interest costs | 437 | 19 | 92 | 2 | 389 | 14 | 92 | 2 | 406 | 17 | 103 | 2 | ||||||||||||||||||||||||||||||||||||
Settlement and curtailment costs | 14 | 5 | 2 | 2 | — | (2 | ) | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (475 | ) | (7 | ) | (75 | ) | (1 | ) | (483 | ) | (6 | ) | (75 | ) | (1 | ) | (484 | ) | (6 | ) | (77 | ) | (1 | ) | ||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | 169 | — | 11 | — | 228 | — | 55 | — | 195 | — | 57 | — | ||||||||||||||||||||||||||||||||||||
Amortization of prior service costs (credit) | 1 | — | (1 | ) | — | 6 | — | (75 | ) | — | 6 | — | (104 | ) | — | |||||||||||||||||||||||||||||||||
Total net periodic benefit costs (credit) | 346 | 79 | 43 | 5 | 376 | 73 | 17 | 4 | 347 | 86 | — | 3 | ||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in OCI | ||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 929 | 31 | 222 | 1 | (545 | ) | 1 | (533 | ) | 1 | 744 | 18 | 234 | 2 | ||||||||||||||||||||||||||||||||||
Prior service costs (credit) | (19 | ) | (1 | ) | (13 | ) | — | — | — | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||||||||||||||||||
Amortization of net actuarial (gains) losses | (169 | ) | — | (11 | ) | — | (228 | ) | — | (55 | ) | (2 | ) | (195 | ) | — | (57 | ) | — | |||||||||||||||||||||||||||||
Amortization of prior service (costs) credit | (1 | ) | — | 1 | — | (6 | ) | — | 75 | — | (6 | ) | — | 104 | — | |||||||||||||||||||||||||||||||||
Total recognized in OCI | 740 | 30 | 199 | 1 | (779 | ) | 1 | (513 | ) | (1 | ) | 543 | 17 | 281 | 1 | |||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit costs and OCI | $ | 1,086 | $ | 109 | $ | 242 | $ | 6 | $ | (403 | ) | $ | 74 | $ | (496 | ) | $ | 3 | $ | 890 | $ | 103 | $ | 281 | $ | 4 | ||||||||||||||||||||||
Assumptions used in determining benefit obligations and net periodic benefit costs | Assumptions used in determining benefit obligations were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans (1) | U.S. Plans | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.10% | 1.68% | 4.10% | 5.84% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 2.25 | % | - | 8.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 5.15% | 1.94% | 5.15% | 6.47% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. | |||||||||||||||||||||||||||||||||||||||||||||||
Assumptions used in determining net periodic benefit costs were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans (1) | U.S. Plans | Non-U.S. Plans (1) | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 5.15% | 2.06% | 5.15% | 6.38% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 6.25% | 3.24% | 5.70% | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.20% | 1.98% | 4.20% | 5.01% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 6.25% | 2.07% | 5.76% | 7.25% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 1.5 | % | - | 5.50% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average discount rate | 4.95% | 2.35% | 4.95% | 5.78% | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average expected rate of return on plan assets | 7.00% | 3.35% | 6.26% | 6.54% | ||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 3.5 | % | - | 7.50% | 2 | % | - | 4.00% | N/A | N/A | ||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Reflects those assumptions that were most appropriate for the local economic environments of each of the subsidiaries providing such benefits. | |||||||||||||||||||||||||||||||||||||||||||||||
Assumed healthcare costs trend rates | The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pre-and Post-Medicare eligible claims | 6.4% for 2015, gradually decreasing each year for Pre-Medicare until 2094 reaching the ultimate rate of 4.4% and for Post-Medicare until 2089 reaching the ultimate rate of 4.7% | 6.4% in 2014, gradually decreasing each year until 2094 reaching the ultimate rate of 4.4% for Pre-Medicare and 4.6% for Post-Medicare. | ||||||||||||||||||||||||||||||||||||||||||||||
One-percentage point change in assumed healthcare cost trend rates | Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects as of December 31, 2014: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||
One Percent | One Percent | One Percent | One Percent | |||||||||||||||||||||||||||||||||||||||||||||
Increase | Decrease | Increase | Decrease | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest costs components | $ | 14 | $ | (11 | ) | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Effect of accumulated postretirement benefit obligations | $ | 302 | $ | (245 | ) | $ | 1 | $ | (1 | ) | ||||||||||||||||||||||||||||||||||||||
As of December 31, 2014, the improved mortality rate assumption used for all U.S. pension and postretirement benefit plans is the RP-2000 healthy mortality table projected generationally using 175% of Scale AA. The mortality rate assumption was revised based upon the results of a comprehensive study of MetLife’s demographic experience and reflects the current best estimate of expected mortality rates for MetLife’s participant population. Prior to December 31, 2014, the mortality rate assumption used to value the benefit obligations and net periodic benefit cost for these plans was the RP-2000 healthy mortality table projected generationally using 100% of Scale AA. | ||||||||||||||||||||||||||||||||||||||||||||||||
Plan Assets | The table below summarizes the actual weighted average allocation of the fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2014 for the Invested Plans: | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension | Postretirement Medical | Postretirement Life | Pension | Postretirement Medical | Postretirement Life | |||||||||||||||||||||||||||||||||||||||||||
Target | Actual | Target | Actual | Target | Actual | Actual | Actual | Actual | ||||||||||||||||||||||||||||||||||||||||
Allocation | Allocation | Allocation | Allocation | Allocation | Allocation | |||||||||||||||||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities (1) | 75 | % | 69 | % | 70 | % | 71 | % | — | % | — | % | 64 | % | 67 | % | — | % | ||||||||||||||||||||||||||||||
Equity securities (2) | 12 | % | 15 | % | 30 | % | 27 | % | — | % | — | % | 23 | % | 32 | % | — | % | ||||||||||||||||||||||||||||||
Alternative securities (3) | 13 | % | 16 | % | — | % | 2 | % | 100 | % | 100 | % | 13 | % | 1 | % | 100 | % | ||||||||||||||||||||||||||||||
Total assets | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Fixed maturity securities include ABS, collateralized mortgage obligations, corporate, federal agency, foreign bonds, mortgage-backed securities, municipals, preferred stocks, U.S. government bonds and exchange traded funds. Certain prior year amounts have been reclassified from equity securities into fixed maturity securities to conform to the current year presentation. | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Equity securities primarily include common stock of U.S. companies. | |||||||||||||||||||||||||||||||||||||||||||||||
-3 | Alternative securities primarily include derivative assets, money market securities, short-term investments and other investments. Postretirement life’s target and actual allocation of plan assets are all in short-term investments. | |||||||||||||||||||||||||||||||||||||||||||||||
The pension and postretirement plan assets measured at estimated fair value on a recurring basis were determined as described in “— Plan Assets.” These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 2,638 | $ | 80 | $ | 2,718 | $ | 42 | $ | 244 | $ | 3 | $ | 289 | ||||||||||||||||||||||||||||||||
U.S. government bonds | 1,605 | 223 | — | 1,828 | 169 | 12 | — | 181 | ||||||||||||||||||||||||||||||||||||||||
Foreign bonds | — | 718 | 17 | 735 | — | 68 | — | 68 | ||||||||||||||||||||||||||||||||||||||||
Federal agencies | — | 254 | — | 254 | — | 35 | — | 35 | ||||||||||||||||||||||||||||||||||||||||
Municipals | — | 270 | — | 270 | — | 74 | — | 74 | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | 188 | 8 | 196 | — | 63 | — | 63 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 1,605 | 4,291 | 105 | 6,001 | 211 | 496 | 3 | 710 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - domestic | 951 | — | — | 951 | 188 | — | — | 188 | ||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | 394 | — | — | 394 | 80 | — | — | 80 | ||||||||||||||||||||||||||||||||||||||||
Total equity securities | 1,345 | — | — | 1,345 | 268 | — | — | 268 | ||||||||||||||||||||||||||||||||||||||||
Other investments | — | 24 | 743 | 767 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | 189 | 273 | — | 462 | 14 | 433 | — | 447 | ||||||||||||||||||||||||||||||||||||||||
Money market securities | 29 | 56 | — | 85 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 11 | 7 | 72 | 90 | — | 1 | — | 1 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,179 | $ | 4,651 | $ | 920 | $ | 8,750 | $ | 493 | $ | 930 | $ | 3 | $ | 1,426 | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 2,073 | $ | 59 | $ | 2,132 | $ | 77 | $ | 170 | $ | 1 | $ | 248 | ||||||||||||||||||||||||||||||||
U.S. government bonds | 924 | 166 | — | 1,090 | 135 | 5 | — | 140 | ||||||||||||||||||||||||||||||||||||||||
Foreign bonds | — | 718 | 11 | 729 | — | 63 | — | 63 | ||||||||||||||||||||||||||||||||||||||||
Federal agencies | — | 292 | — | 292 | — | 33 | — | 33 | ||||||||||||||||||||||||||||||||||||||||
Municipals | — | 219 | — | 219 | 55 | 15 | — | 70 | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | 490 | 19 | 509 | — | 54 | — | 54 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | 924 | 3,958 | 89 | 4,971 | 267 | 340 | 1 | 608 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - domestic | 1,133 | 22 | 148 | 1,303 | 196 | — | — | 196 | ||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | 460 | — | — | 460 | 102 | — | — | 102 | ||||||||||||||||||||||||||||||||||||||||
Total equity securities | 1,593 | 22 | 148 | 1,763 | 298 | — | — | 298 | ||||||||||||||||||||||||||||||||||||||||
Other investments | — | — | 600 | 600 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | 53 | 309 | — | 362 | — | 439 | — | 439 | ||||||||||||||||||||||||||||||||||||||||
Money market securities | 1 | 12 | — | 13 | 4 | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | 17 | 15 | 35 | 67 | — | 3 | — | 3 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,588 | $ | 4,316 | $ | 872 | $ | 7,776 | $ | 569 | $ | 782 | $ | 1 | $ | 1,352 | ||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Other primarily includes mortgage-backed securities, collateralized mortgage obligations and ABS. | |||||||||||||||||||||||||||||||||||||||||||||||
The table below summarizes the actual weighted average allocation of the fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2014 for the plans: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||
Pension | Other Postretirement | Pension | Other Postretirement | |||||||||||||||||||||||||||||||||||||||||||||
Target | Actual Allocation | Target | Actual Allocation | Actual Allocation | Actual Allocation | |||||||||||||||||||||||||||||||||||||||||||
Asset Class | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities (1) | 74 | % | 61 | % | 100 | % | 100 | % | 50 | % | 100 | % | ||||||||||||||||||||||||||||||||||||
Equity securities (2) | 19 | % | 23 | % | — | % | — | % | 33 | % | — | % | ||||||||||||||||||||||||||||||||||||
Alternative securities (3) | 7 | % | 16 | % | — | % | — | % | 17 | % | — | % | ||||||||||||||||||||||||||||||||||||
Total assets | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Fixed maturity securities include corporate and foreign bonds. | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Equity securities primarily include common stock of non-U.S. companies. | |||||||||||||||||||||||||||||||||||||||||||||||
-3 | Alternative securities include derivative assets, real estate, short-term investments, and other investments. | |||||||||||||||||||||||||||||||||||||||||||||||
The pension and postretirement plan assets measured at estimated fair value on a recurring basis were determined as described in “— Plan Assets.” These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 66 | $ | — | $ | 66 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Foreign bonds | — | 90 | — | 90 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | — | 156 | — | 156 | — | 10 | — | 10 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | — | 57 | — | 57 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other investments | 34 | — | — | 34 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | — | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | — | 3 | — | 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 34 | $ | 216 | $ | 3 | $ | 253 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||
Estimated | Estimated | |||||||||||||||||||||||||||||||||||||||||||||||
Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | $ | — | $ | 27 | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Foreign bonds | — | 96 | — | 96 | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||||||
Total fixed maturity securities | — | 123 | — | 123 | — | 14 | — | 14 | ||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Common stock - foreign | — | 83 | — | 83 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other investments | 32 | — | — | 32 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Real estate | — | — | 2 | 2 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Short-term investments | — | 6 | — | 6 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 32 | $ | 212 | $ | 4 | $ | 248 | $ | — | $ | 14 | $ | — | $ | 14 | ||||||||||||||||||||||||||||||||
Rollforward fair value measurement using significant unobservable outputs (level 3) | A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 59 | $ | 11 | $ | 19 | $ | 148 | $ | 600 | $ | 35 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | 3 | — | — | — | (13 | ) | (16 | ) | ||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | — | — | 112 | 19 | ||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 11 | 6 | (2 | ) | — | (104 | ) | 34 | ||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | 7 | — | (9 | ) | (148 | ) | 148 | — | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 80 | $ | 17 | $ | 8 | $ | — | $ | 743 | $ | 72 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 1 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 3 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 19 | $ | 8 | $ | 7 | $ | 137 | $ | 447 | $ | 1 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | (1 | ) | — | (3 | ) | ||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (2 | ) | 1 | — | 9 | 59 | (18 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | 19 | (3 | ) | 11 | 3 | (62 | ) | 55 | ||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | 23 | 5 | 1 | — | 156 | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 59 | $ | 11 | $ | 19 | $ | 148 | $ | 600 | $ | 35 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 4 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (3 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | 4 | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (3 | ) | (1 | ) | (4 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 1 | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Foreign | Other (1) | Common | Other | Derivative | |||||||||||||||||||||||||||||||||||||||||||
Bonds | Stock - | Investments | Assets | |||||||||||||||||||||||||||||||||||||||||||||
Domestic | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 32 | $ | 5 | $ | 2 | $ | 206 | $ | 531 | $ | 4 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | — | (27 | ) | 55 | 6 | |||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (1 | ) | 8 | — | 10 | (36 | ) | (7 | ) | |||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (12 | ) | (5 | ) | 5 | (52 | ) | (103 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 19 | $ | 8 | $ | 7 | $ | 137 | $ | 447 | $ | 1 | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Municipals | Other (1) | Derivative | |||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 4 | $ | 1 | $ | 5 | $ | 1 | ||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (2 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | — | — | 2 | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | — | — | (2 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||
Transfers into and/or out of Level 3 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 4 | $ | 1 | $ | 3 | $ | — | ||||||||||||||||||||||||||||||||||||||||
______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Other includes ABS and collateralized mortgage obligations. | |||||||||||||||||||||||||||||||||||||||||||||||
A rollforward of all pension benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | Real | Derivative | Real | Derivative | Real | |||||||||||||||||||||||||||||||||||||||||||
Assets | Estate | Assets | Estate | Assets | Estate | |||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, | $ | 2 | $ | 2 | $ | 13 | $ | 7 | $ | 13 | $ | 8 | ||||||||||||||||||||||||||||||||||||
Realized gains (losses) | — | — | (2 | ) | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||||||||
Unrealized gains (losses) | (1 | ) | — | 3 | 1 | 1 | — | |||||||||||||||||||||||||||||||||||||||||
Purchases, sales, issuances, and settlements, net | — | — | (12 | ) | (5 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, | $ | 1 | $ | 2 | $ | 2 | $ | 2 | $ | 13 | $ | 7 | ||||||||||||||||||||||||||||||||||||
Defined benefit plan estimated future benefit payments | Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||
2015 | $ | 490 | $ | 32 | $ | 81 | $ | 4 | ||||||||||||||||||||||||||||||||||||||||
2016 | $ | 507 | $ | 36 | $ | 81 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2017 | $ | 531 | $ | 37 | $ | 84 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2018 | $ | 544 | $ | 40 | $ | 87 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2019 | $ | 565 | $ | 48 | $ | 92 | $ | 3 | ||||||||||||||||||||||||||||||||||||||||
2020-2024 | $ | 3,134 | $ | 255 | $ | 519 | $ | 14 | ||||||||||||||||||||||||||||||||||||||||
Income_Tax_Tables
Income Tax (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||
Provision for income tax from continuing operations | The provision for income tax from continuing operations was as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Current: | ||||||||||||||||
Federal | $ | (56 | ) | $ | 85 | $ | (29 | ) | ||||||||
State and local | 9 | 2 | 6 | |||||||||||||
Foreign | 779 | 422 | 846 | |||||||||||||
Subtotal | 732 | 509 | 823 | |||||||||||||
Deferred: | ||||||||||||||||
Federal | 1,597 | (250 | ) | (244 | ) | |||||||||||
State and local | (1 | ) | (11 | ) | (1 | ) | ||||||||||
Foreign | 137 | 413 | (450 | ) | ||||||||||||
Subtotal | 1,733 | 152 | (695 | ) | ||||||||||||
Provision for income tax expense (benefit) | $ | 2,465 | $ | 661 | $ | 128 | ||||||||||
Income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations | The Company’s income (loss) from continuing operations before income tax expense (benefit) from domestic and foreign operations were as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Income (loss) from continuing operations: | ||||||||||||||||
Domestic | $ | 6,043 | $ | 1,186 | $ | (1,496 | ) | |||||||||
Foreign | 2,761 | 2,866 | 2,938 | |||||||||||||
Total | $ | 8,804 | $ | 4,052 | $ | 1,442 | ||||||||||
Income tax for continuing operations effective rate reconciliation | The reconciliation of the income tax provision at the U.S. statutory rate to the provision for income tax as reported for continuing operations was as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Tax provision at U.S. statutory rate | $ | 3,081 | $ | 1,418 | $ | 505 | ||||||||||
Tax effect of: | ||||||||||||||||
Dividend received deduction | (204 | ) | (166 | ) | (162 | ) | ||||||||||
Tax-exempt income | (92 | ) | (96 | ) | (94 | ) | ||||||||||
Prior year tax | 21 | 75 | 23 | |||||||||||||
Low income housing tax credits | (209 | ) | (194 | ) | (150 | ) | ||||||||||
Other tax credits | (77 | ) | (54 | ) | (28 | ) | ||||||||||
Foreign tax rate differential (1),(2) | (118 | ) | (340 | ) | (45 | ) | ||||||||||
Change in valuation allowance | (3 | ) | 30 | 15 | ||||||||||||
Goodwill impairment | — | — | 408 | |||||||||||||
Deferred tax effects of branch conversions | — | 4 | (324 | ) | ||||||||||||
Other, net | 66 | (16 | ) | (20 | ) | |||||||||||
Provision for income tax expense (benefit) | $ | 2,465 | $ | 661 | $ | 128 | ||||||||||
______________ | ||||||||||||||||
-1 | For the year ended December 31, 2014, foreign tax rate differential includes a one-time tax charge of $54 million related to tax reform in Chile and $45 million related to the repatriation of earnings from Japan, partially offset by a one-time tax benefit of $13 million related to the change in repatriation assumption for foreign earnings of the United Arab Emirates (“UAE”). | |||||||||||||||
-2 | For the year ended December 31, 2013, foreign tax rate differential includes one-time tax benefits of $119 million related to the receipt of a Japan tax refund, $69 million related to the estimated reversal of Japan temporary differences, and $65 million related to the change in repatriation assumptions for foreign earnings of certain European operations. | |||||||||||||||
Components of deferred tax assets and liabilities | Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | ||||||||||||||||
Deferred income tax assets: | ||||||||||||||||
Policyholder liabilities and receivables | $ | 3,022 | $ | 2,988 | ||||||||||||
Net operating loss carryforwards | 1,293 | 1,808 | ||||||||||||||
Employee benefits | 1,068 | 737 | ||||||||||||||
Capital loss carryforwards | 26 | 32 | ||||||||||||||
Tax credit carryforwards | 1,733 | 1,653 | ||||||||||||||
Litigation-related and government mandated | 315 | 232 | ||||||||||||||
Other | 831 | 503 | ||||||||||||||
Total gross deferred income tax assets | 8,288 | 7,953 | ||||||||||||||
Less: Valuation allowance | 224 | 357 | ||||||||||||||
Total net deferred income tax assets | 8,064 | 7,596 | ||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||
Investments, including derivatives | 4,554 | 2,476 | ||||||||||||||
Intangibles | 1,877 | 1,997 | ||||||||||||||
Net unrealized investment gains | 7,971 | 4,510 | ||||||||||||||
DAC | 5,153 | 5,103 | ||||||||||||||
Other | 330 | 153 | ||||||||||||||
Total deferred income tax liabilities | 19,885 | 14,239 | ||||||||||||||
Net deferred income tax asset (liability) | $ | (11,821 | ) | $ | (6,643 | ) | ||||||||||
Summary of net operating loss carryforwards for tax purposes | The following table sets forth the domestic, state, and foreign net operating loss carryforwards and the domestic capital loss carryforwards for tax purposes at December 31, 2014. | |||||||||||||||
Net Operating Loss Carryforwards | Capital Loss Carryforwards | |||||||||||||||
Domestic | State | Foreign | Domestic | |||||||||||||
(In millions) | ||||||||||||||||
Expiration | ||||||||||||||||
2015-2019 | — | 32 | 202 | 42 | ||||||||||||
2020-2024 | 1 | 46 | 10 | — | ||||||||||||
2025-2029 | 488 | 54 | 19 | — | ||||||||||||
2030-2034 | 2,777 | 7 | — | — | ||||||||||||
Indefinite | — | — | 799 | — | ||||||||||||
$ | 3,266 | $ | 139 | $ | 1,030 | $ | 42 | |||||||||
Summary of Tax Credit Carryforwards | The following table sets forth the general business credit, foreign tax credit, and other credit carryforwards for tax purposes at December 31, 2014. | |||||||||||||||
Tax Credit Carryforwards | ||||||||||||||||
General Business Credits | Foreign Tax Credits | Other | ||||||||||||||
(In millions) | ||||||||||||||||
Expiration | ||||||||||||||||
2015-2019 | — | — | — | |||||||||||||
2020-2024 | — | 923 | — | |||||||||||||
2025-2029 | 4 | — | — | |||||||||||||
2030-2034 | 863 | — | — | |||||||||||||
Indefinite | — | — | 176 | |||||||||||||
$ | 867 | $ | 923 | $ | 176 | |||||||||||
Reconciliation of unrecognized tax benefits | Interest was as follows: | |||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Interest recognized in the consolidated statements of operations | $ | 26 | $ | 20 | $ | 2 | ||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
(In millions) | ||||||||||||||||
Interest included in other liabilities in the consolidated balance sheets | $ | 283 | $ | 257 | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(In millions) | ||||||||||||||||
Balance at January 1, | $ | 774 | $ | 708 | $ | 679 | ||||||||||
Additions for tax positions of prior years | 74 | 117 | 105 | |||||||||||||
Reductions for tax positions of prior years | (88 | ) | (37 | ) | (82 | ) | ||||||||||
Additions for tax positions of current year | 23 | 39 | 32 | |||||||||||||
Reductions for tax positions of current year | — | (1 | ) | (9 | ) | |||||||||||
Settlements with tax authorities | (4 | ) | (52 | ) | (15 | ) | ||||||||||
Lapses of statutes of limitations | — | — | (2 | ) | ||||||||||||
Balance at December 31, | $ | 779 | $ | 774 | $ | 708 | ||||||||||
Unrecognized tax benefits that, if recognized would impact the effective rate | $ | 690 | $ | 661 | $ | 566 | ||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
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: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions, except share and per share data) | ||||||||||||
Weighted Average Shares | ||||||||||||
Weighted average common stock outstanding for basic earnings per common share | 1,128,671,410 | 1,105,579,693 | 1,070,755,561 | |||||||||
Incremental common shares from assumed: | ||||||||||||
Stock purchase contracts underlying common equity units (1) | 2,928,570 | 1,164,018 | — | |||||||||
Exercise or issuance of stock-based awards | 10,863,468 | 9,458,999 | 6,084,078 | |||||||||
Weighted average common stock outstanding for diluted earnings per common share | 1,142,463,448 | 1,116,202,710 | 1,076,839,639 | |||||||||
Income (Loss) from Continuing Operations | ||||||||||||
Income (loss) from continuing operations, net of income tax | $ | 6,339 | $ | 3,391 | $ | 1,314 | ||||||
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests | 27 | 25 | 38 | |||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | |||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 6,190 | $ | 3,244 | $ | 1,154 | ||||||
Basic | $ | 5.48 | $ | 2.94 | $ | 1.08 | ||||||
Diluted | $ | 5.42 | $ | 2.91 | $ | 1.08 | ||||||
Income (Loss) from Discontinued Operations | ||||||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | 2 | $ | 48 | |||||
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 | ) | $ | 2 | $ | 48 | |||||
Basic | $ | — | $ | — | $ | 0.04 | ||||||
Diluted | $ | — | $ | — | $ | 0.04 | ||||||
Net Income (Loss) | ||||||||||||
Net income (loss) | $ | 6,336 | $ | 3,393 | $ | 1,362 | ||||||
Less: Net income (loss) attributable to noncontrolling interests | 27 | 25 | 38 | |||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | |||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 6,187 | $ | 3,246 | $ | 1,202 | ||||||
Basic | $ | 5.48 | $ | 2.94 | $ | 1.12 | ||||||
Diluted | $ | 5.42 | $ | 2.91 | $ | 1.12 | ||||||
______________ | ||||||||||||
-1 | See Note 15 for a description of the Company’s common equity units. For the year ended December 31, 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. |
Contingencies_Commitments_and_1
Contingencies, Commitments and Guarantees (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments - Leases | The Company, as lessee, has entered into various lease and sublease agreements for office space, information technology, aircrafts, automobiles, and other equipment. Future minimum gross rental payments relating to these lease arrangements are as follows: | |||||||||||
Amount | ||||||||||||
(In millions) | ||||||||||||
2015 | $ | 308 | ||||||||||
2016 | 247 | |||||||||||
2017 | 190 | |||||||||||
2018 | 165 | |||||||||||
2019 | 130 | |||||||||||
Thereafter | 731 | |||||||||||
Total | $ | 1,771 | ||||||||||
Asbestos Related Claims [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Schedule of Loss Contingencies by Contingency | The approximate total number of asbestos personal injury claims pending against MLIC as of the dates indicated, the approximate number of new claims during the years ended on those dates and the approximate total settlement payments made to resolve asbestos personal injury claims at or during those years are set forth in the following table: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
(In millions, except number of claims) | ||||||||||||
Asbestos personal injury claims at year end | 68,460 | 67,983 | 65,812 | |||||||||
Number of new claims during the year | 4,636 | 5,898 | 5,303 | |||||||||
Settlement payments during the year (1) | $ | 46 | $ | 37 | $ | 36.4 | ||||||
______________ | ||||||||||||
-1 | Settlement payments represent payments made by MLIC during the year in connection with settlements made in that year and in prior years. Amounts do not include MLIC’s attorneys’ fees and expenses and do not reflect amounts received from insurance carriers. | |||||||||||
Insurance-related Assessments [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Schedule of Loss Contingencies by Contingency | Assets and liabilities held for insolvency assessments were as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
(In millions) | ||||||||||||
Other Assets: | ||||||||||||
Premium tax offset for future undiscounted assessments | $ | 50 | $ | 60 | ||||||||
Premium tax offsets currently available for paid assessments | 84 | 69 | ||||||||||
Receivable for reimbursement of paid assessments (1) | — | 5 | ||||||||||
$ | 134 | $ | 134 | |||||||||
Other Liabilities: | ||||||||||||
Insolvency assessments | $ | 73 | $ | 93 | ||||||||
______________ | ||||||||||||
-1 | The Company holds a receivable from the seller of a prior acquisition in accordance with the purchase agreement. |
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Results of Operations (Unaudited) | The unaudited quarterly results of operations for 2014 and 2013 are summarized in the table below: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
(In millions, except per share data) | ||||||||||||||||
2014 | ||||||||||||||||
Total revenues | $ | 17,085 | $ | 18,266 | $ | 18,846 | $ | 19,119 | ||||||||
Total expenses | $ | 15,259 | $ | 16,316 | $ | 15,894 | $ | 17,043 | ||||||||
Income (loss) from continuing operations, net of income tax | $ | 1,342 | $ | 1,376 | $ | 2,094 | $ | 1,527 | ||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | — | $ | — | $ | — | |||||||
Net income (loss) | $ | 1,339 | $ | 1,376 | $ | 2,094 | $ | 1,527 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | $ | 11 | $ | 10 | $ | — | $ | 6 | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1,328 | $ | 1,366 | $ | 2,094 | $ | 1,521 | ||||||||
Less: Preferred stock dividends | $ | 30 | $ | 31 | $ | 30 | $ | 31 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1,298 | $ | 1,335 | $ | 2,064 | $ | 1,490 | ||||||||
Basic earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 1.15 | $ | 1.18 | $ | 1.83 | $ | 1.31 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1.18 | $ | 1.21 | $ | 1.86 | $ | 1.34 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1.15 | $ | 1.18 | $ | 1.83 | $ | 1.31 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 1.14 | $ | 1.17 | $ | 1.81 | $ | 1.3 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 1.16 | $ | 1.2 | $ | 1.84 | $ | 1.33 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 1.14 | $ | 1.17 | $ | 1.81 | $ | 1.3 | ||||||||
2013 | ||||||||||||||||
Total revenues | $ | 17,683 | $ | 15,721 | $ | 16,337 | $ | 18,458 | ||||||||
Total expenses | $ | 16,436 | $ | 15,160 | $ | 15,361 | $ | 17,190 | ||||||||
Income (loss) from continuing operations, net of income tax | $ | 995 | $ | 508 | $ | 973 | $ | 915 | ||||||||
Income (loss) from discontinued operations, net of income tax | $ | (3 | ) | $ | 2 | $ | 2 | $ | 1 | |||||||
Net income (loss) | $ | 992 | $ | 510 | $ | 975 | $ | 916 | ||||||||
Less: Net income (loss) attributable to noncontrolling interests | $ | 6 | $ | 8 | $ | 3 | $ | 8 | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 986 | $ | 502 | $ | 972 | $ | 908 | ||||||||
Less: Preferred stock dividends | $ | 30 | $ | 31 | $ | 30 | $ | 31 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 956 | $ | 471 | $ | 942 | $ | 877 | ||||||||
Basic earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.85 | $ | 0.78 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 0.9 | $ | 0.46 | $ | 0.88 | $ | 0.81 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.85 | $ | 0.78 | ||||||||
Diluted earnings per common share | ||||||||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.84 | $ | 0.77 | ||||||||
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $ | — | $ | — | $ | — | $ | — | ||||||||
Net income (loss) attributable to MetLife, Inc. | $ | 0.89 | $ | 0.45 | $ | 0.87 | $ | 0.8 | ||||||||
Net income (loss) available to MetLife, Inc.’s common shareholders | $ | 0.87 | $ | 0.43 | $ | 0.84 | $ | 0.77 | ||||||||
Business_Basis_of_Presentation3
Business, Basis of Presentation and Summary of Significant Accounting Policies Business, Basis of Presentation and Summary of Significant Accounting Policies (Reclassification) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Gains (Losses) On Investments And Sales Of Businesses, Net [Member] | ||
Prior Period Reclassification Adjustment | ($4,166) | ($2,865) |
Other, Net [Member] | ||
Prior Period Reclassification Adjustment | -956 | -322 |
Gains (Losses) On Derivatives, Net [Member] | ||
Prior Period Reclassification Adjustment | $5,122 | $3,187 |
Business_Basis_of_Presentation4
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of segments | 6 | ||
Property, Plant and Equipment [Abstract] | |||
Cost basis of property, equipment and leasehold improvements | $2,000,000,000 | $2,000,000,000 | |
Accumulated depreciation and amortization of property, equipment and leasehold improvements | 1,000,000,000 | 1,000,000,000 | |
Depreciation and amortization expense | 182,000,000 | 183,000,000 | 208,000,000 |
Cost basis of computer software | 1,900,000,000 | 1,700,000,000 | |
Accumulated amortization of computer software | 1,300,000,000 | 1,100,000,000 | |
Amortization expense related to computer software | 212,000,000 | 216,000,000 | 221,000,000 |
Accounting Standards Update 2011-06 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of the new accounting pronouncement | 57,000,000 | ||
Accounting Standards Update 2013-11 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Adoption of the new accounting pronouncement | $277,000,000 | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 4 years | ||
Minimum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 20 years | ||
Minimum | Other Capitalized Property Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Minimum | VODA and VOCRA [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 10 years | ||
Maximum | |||
Real Estate Held-for-investment And Accumulated Depreciation [Line Items] | |||
Real Estate Held-for-investment And Accumulated Depreciation Life Used For Depreciation | 55 years | ||
Maximum | Other Capitalized Property Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Maximum | Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Maximum | VODA and VOCRA [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 40 years |
Segment_Information_Earnings_D
Segment Information (Earnings) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||||||||||
Premiums | $39,067 | $37,674 | $37,975 | ||||||||
Universal life and investment-type product policy fees | 9,946 | 9,451 | 8,556 | ||||||||
Net investment income | 21,153 | 22,232 | 21,984 | ||||||||
Other revenues | 2,030 | 1,920 | 1,906 | ||||||||
Net investment gains (losses) | -197 | 161 | -352 | ||||||||
Net derivative gains (losses) | 1,317 | -3,239 | -1,919 | ||||||||
Total revenues | 19,119 | 18,846 | 18,266 | 17,085 | 18,458 | 16,337 | 15,721 | 17,683 | 73,316 | 68,199 | 68,150 |
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 40,478 | 39,366 | 39,356 | ||||||||
Interest credited to policyholder account balances | 6,943 | 8,179 | 7,729 | ||||||||
Goodwill impairment | 0 | 0 | 1,868 | ||||||||
Capitalization of DAC | -4,183 | -4,786 | -5,289 | ||||||||
Amortization of DAC and VOBA | 4,132 | 3,550 | 4,199 | ||||||||
Amortization of negative VOBA | -442 | -579 | -622 | ||||||||
Interest expense on debt | 1,216 | 1,282 | 1,356 | ||||||||
Other expenses | 16,368 | 17,135 | 18,111 | ||||||||
Total expenses | 17,043 | 15,894 | 16,316 | 15,259 | 17,190 | 15,361 | 15,160 | 16,436 | 64,512 | 64,147 | 66,708 |
Provision for income tax expense (benefit) | 2,465 | 661 | 128 | ||||||||
Income (loss) from continuing operations, net of income tax | 1,527 | 2,094 | 1,376 | 1,342 | 915 | 973 | 508 | 995 | 6,339 | 3,391 | 1,314 |
Retail | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 1,692 | ||||||||||
Amortization of DAC and VOBA | 1,610 | 850 | 1,603 | ||||||||
Group, Voluntary & Worksite Benefits | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 0 | ||||||||||
Amortization of DAC and VOBA | 149 | 140 | 133 | ||||||||
Corporate Benefit Funding | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 0 | ||||||||||
Amortization of DAC and VOBA | 19 | 23 | 22 | ||||||||
Latin America | |||||||||||
Expenses | |||||||||||
Amortization of DAC and VOBA | 321 | 310 | 228 | ||||||||
Asia | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 0 | ||||||||||
Amortization of DAC and VOBA | 1,394 | 1,527 | 1,567 | ||||||||
EMEA | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 0 | ||||||||||
Amortization of DAC and VOBA | 626 | 699 | 644 | ||||||||
Corporate & Other | |||||||||||
Expenses | |||||||||||
Goodwill impairment | 176 | ||||||||||
Amortization of DAC and VOBA | 13 | 1 | 2 | ||||||||
Operating Segments [Member] | |||||||||||
Revenues | |||||||||||
Premiums | 39,022 | 37,583 | 37,355 | ||||||||
Universal life and investment-type product policy fees | 9,541 | 9,085 | 8,212 | ||||||||
Net investment income | 20,484 | 20,394 | 20,287 | ||||||||
Other revenues | 2,033 | 1,954 | 1,756 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 71,080 | 69,016 | 67,610 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 39,478 | 37,746 | 37,105 | ||||||||
Interest credited to policyholder account balances | 5,661 | 6,015 | 6,242 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -4,182 | -4,786 | -5,284 | ||||||||
Amortization of DAC and VOBA | 4,027 | 4,083 | 4,177 | ||||||||
Amortization of negative VOBA | -396 | -524 | -555 | ||||||||
Interest expense on debt | 1,178 | 1,159 | 1,190 | ||||||||
Other expenses | 16,254 | 16,596 | 16,662 | ||||||||
Total expenses | 62,020 | 60,289 | 59,537 | ||||||||
Provision for income tax expense (benefit) | 2,378 | 2,344 | 2,302 | ||||||||
Operating earnings | 6,682 | 6,383 | 5,771 | ||||||||
Operating Segments [Member] | Americas | |||||||||||
Revenues | |||||||||||
Premiums | 28,994 | 27,369 | 26,585 | ||||||||
Universal life and investment-type product policy fees | 7,255 | 6,838 | 6,233 | ||||||||
Net investment income | 16,943 | 16,621 | 16,178 | ||||||||
Other revenues | 1,799 | 1,737 | 1,576 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 54,991 | 52,565 | 50,572 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 32,597 | 30,889 | 29,971 | ||||||||
Interest credited to policyholder account balances | 3,935 | 4,136 | 4,293 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -1,528 | -1,901 | -2,273 | ||||||||
Amortization of DAC and VOBA | 2,004 | 1,857 | 1,986 | ||||||||
Amortization of negative VOBA | -1 | -2 | -5 | ||||||||
Interest expense on debt | 11 | 10 | 8 | ||||||||
Other expenses | 9,455 | 9,580 | 9,555 | ||||||||
Total expenses | 46,473 | 44,569 | 43,535 | ||||||||
Provision for income tax expense (benefit) | 2,814 | 2,641 | 2,289 | ||||||||
Operating earnings | 5,704 | 5,355 | 4,748 | ||||||||
Operating Segments [Member] | Retail | |||||||||||
Revenues | |||||||||||
Premiums | 7,280 | 6,528 | 6,532 | ||||||||
Universal life and investment-type product policy fees | 5,074 | 4,912 | 4,561 | ||||||||
Net investment income | 7,953 | 7,898 | 7,670 | ||||||||
Other revenues | 1,059 | 1,018 | 879 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 21,366 | 20,356 | 19,642 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 9,851 | 9,028 | 9,010 | ||||||||
Interest credited to policyholder account balances | 2,245 | 2,331 | 2,375 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -969 | -1,309 | -1,753 | ||||||||
Amortization of DAC and VOBA | 1,515 | 1,384 | 1,607 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 1 | 0 | 0 | ||||||||
Other expenses | 4,695 | 5,084 | 5,369 | ||||||||
Total expenses | 17,338 | 16,518 | 16,608 | ||||||||
Provision for income tax expense (benefit) | 1,382 | 1,314 | 1,032 | ||||||||
Operating earnings | 2,646 | 2,524 | 2,002 | ||||||||
Operating Segments [Member] | Group, Voluntary & Worksite Benefits | |||||||||||
Revenues | |||||||||||
Premiums | 15,979 | 15,250 | 14,794 | ||||||||
Universal life and investment-type product policy fees | 716 | 688 | 662 | ||||||||
Net investment income | 1,844 | 1,856 | 1,768 | ||||||||
Other revenues | 420 | 418 | 422 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 18,959 | 18,212 | 17,646 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 14,897 | 14,227 | 13,691 | ||||||||
Interest credited to policyholder account balances | 156 | 155 | 167 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -143 | -141 | -138 | ||||||||
Amortization of DAC and VOBA | 149 | 140 | 133 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 1 | 1 | 1 | ||||||||
Other expenses | 2,570 | 2,380 | 2,351 | ||||||||
Total expenses | 17,630 | 16,762 | 16,205 | ||||||||
Provision for income tax expense (benefit) | 464 | 488 | 481 | ||||||||
Operating earnings | 865 | 962 | 960 | ||||||||
Operating Segments [Member] | Corporate Benefit Funding | |||||||||||
Revenues | |||||||||||
Premiums | 2,768 | 2,767 | 2,681 | ||||||||
Universal life and investment-type product policy fees | 226 | 247 | 225 | ||||||||
Net investment income | 5,799 | 5,621 | 5,542 | ||||||||
Other revenues | 286 | 278 | 259 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 9,079 | 8,913 | 8,707 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 5,106 | 5,180 | 5,039 | ||||||||
Interest credited to policyholder account balances | 1,140 | 1,233 | 1,358 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -31 | -27 | -29 | ||||||||
Amortization of DAC and VOBA | 19 | 23 | 22 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 9 | 9 | 8 | ||||||||
Other expenses | 513 | 504 | 460 | ||||||||
Total expenses | 6,756 | 6,922 | 6,858 | ||||||||
Provision for income tax expense (benefit) | 812 | 696 | 646 | ||||||||
Operating earnings | 1,511 | 1,295 | 1,203 | ||||||||
Operating Segments [Member] | Latin America | |||||||||||
Revenues | |||||||||||
Premiums | 2,967 | 2,824 | 2,578 | ||||||||
Universal life and investment-type product policy fees | 1,239 | 991 | 785 | ||||||||
Net investment income | 1,347 | 1,246 | 1,198 | ||||||||
Other revenues | 34 | 23 | 16 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 5,587 | 5,084 | 4,577 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 2,743 | 2,454 | 2,231 | ||||||||
Interest credited to policyholder account balances | 394 | 417 | 393 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -385 | -424 | -353 | ||||||||
Amortization of DAC and VOBA | 321 | 310 | 224 | ||||||||
Amortization of negative VOBA | -1 | -2 | -5 | ||||||||
Interest expense on debt | 0 | 0 | -1 | ||||||||
Other expenses | 1,677 | 1,612 | 1,375 | ||||||||
Total expenses | 4,749 | 4,367 | 3,864 | ||||||||
Provision for income tax expense (benefit) | 156 | 143 | 130 | ||||||||
Operating earnings | 682 | 574 | 583 | ||||||||
Operating Segments [Member] | Asia | |||||||||||
Revenues | |||||||||||
Premiums | 7,566 | 7,801 | 8,344 | ||||||||
Universal life and investment-type product policy fees | 1,693 | 1,722 | 1,491 | ||||||||
Net investment income | 2,856 | 2,915 | 2,895 | ||||||||
Other revenues | 106 | 92 | 26 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 12,221 | 12,530 | 12,756 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 5,724 | 5,755 | 5,819 | ||||||||
Interest credited to policyholder account balances | 1,544 | 1,690 | 1,784 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -1,914 | -2,143 | -2,288 | ||||||||
Amortization of DAC and VOBA | 1,397 | 1,542 | 1,563 | ||||||||
Amortization of negative VOBA | -364 | -427 | -456 | ||||||||
Interest expense on debt | 0 | 0 | 5 | ||||||||
Other expenses | 3,971 | 4,312 | 4,738 | ||||||||
Total expenses | 10,358 | 10,729 | 11,165 | ||||||||
Provision for income tax expense (benefit) | 575 | 557 | 554 | ||||||||
Operating earnings | 1,288 | 1,244 | 1,037 | ||||||||
Operating Segments [Member] | EMEA | |||||||||||
Revenues | |||||||||||
Premiums | 2,309 | 2,297 | 2,370 | ||||||||
Universal life and investment-type product policy fees | 466 | 386 | 333 | ||||||||
Net investment income | 508 | 498 | 535 | ||||||||
Other revenues | 60 | 97 | 121 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 3,343 | 3,278 | 3,359 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1,053 | 1,039 | 1,196 | ||||||||
Interest credited to policyholder account balances | 148 | 147 | 126 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -680 | -714 | -723 | ||||||||
Amortization of DAC and VOBA | 613 | 683 | 626 | ||||||||
Amortization of negative VOBA | -31 | -95 | -94 | ||||||||
Interest expense on debt | 0 | 1 | 1 | ||||||||
Other expenses | 1,810 | 1,810 | 1,810 | ||||||||
Total expenses | 2,913 | 2,871 | 2,942 | ||||||||
Provision for income tax expense (benefit) | 68 | 78 | 146 | ||||||||
Operating earnings | 362 | 329 | 271 | ||||||||
Operating Segments [Member] | Corporate & Other | |||||||||||
Revenues | |||||||||||
Premiums | 153 | 116 | 56 | ||||||||
Universal life and investment-type product policy fees | 127 | 139 | 155 | ||||||||
Net investment income | 177 | 360 | 679 | ||||||||
Other revenues | 68 | 28 | 33 | ||||||||
Net investment gains (losses) | 0 | 0 | 0 | ||||||||
Net derivative gains (losses) | 0 | 0 | 0 | ||||||||
Total revenues | 525 | 643 | 923 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 104 | 63 | 119 | ||||||||
Interest credited to policyholder account balances | 34 | 42 | 39 | ||||||||
Goodwill impairment | 0 | 0 | 0 | ||||||||
Capitalization of DAC | -60 | -28 | 0 | ||||||||
Amortization of DAC and VOBA | 13 | 1 | 2 | ||||||||
Amortization of negative VOBA | 0 | 0 | 0 | ||||||||
Interest expense on debt | 1,167 | 1,148 | 1,176 | ||||||||
Other expenses | 1,018 | 894 | 559 | ||||||||
Total expenses | 2,276 | 2,120 | 1,895 | ||||||||
Provision for income tax expense (benefit) | -1,079 | -932 | -687 | ||||||||
Operating earnings | -672 | -545 | -285 | ||||||||
Significant Reconciling Items [Member] | |||||||||||
Revenues | |||||||||||
Premiums | 45 | 91 | 620 | ||||||||
Universal life and investment-type product policy fees | 405 | 366 | 344 | ||||||||
Net investment income | 669 | 1,838 | 1,697 | ||||||||
Other revenues | -3 | -34 | 150 | ||||||||
Net investment gains (losses) | -197 | 161 | -352 | ||||||||
Net derivative gains (losses) | 1,317 | -3,239 | -1,919 | ||||||||
Total revenues | 2,236 | -817 | 540 | ||||||||
Expenses | |||||||||||
Policyholder benefits and claims and policyholder dividends | 1,000 | 1,620 | 2,251 | ||||||||
Interest credited to policyholder account balances | 1,282 | 2,164 | 1,487 | ||||||||
Goodwill impairment | 0 | 0 | 1,868 | ||||||||
Capitalization of DAC | -1 | 0 | -5 | ||||||||
Amortization of DAC and VOBA | 105 | -533 | 22 | ||||||||
Amortization of negative VOBA | -46 | -55 | -67 | ||||||||
Interest expense on debt | 38 | 123 | 166 | ||||||||
Other expenses | 114 | 539 | 1,449 | ||||||||
Total expenses | 2,492 | 3,858 | 7,171 | ||||||||
Provision for income tax expense (benefit) | $87 | ($1,683) | ($2,174) |
Segment_Information_Total_Asse
Segment Information (Total Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Total assets | $902,337 | $885,296 |
Separate account assets | 316,994 | 317,201 |
Separate account liabilities | 316,994 | 317,201 |
Retail | ||
Segment Reporting Information [Line Items] | ||
Total assets | 359,173 | 349,516 |
Separate account assets | 171,726 | 172,382 |
Separate account liabilities | 171,726 | 172,382 |
Group, Voluntary & Worksite Benefits | ||
Segment Reporting Information [Line Items] | ||
Total assets | 45,434 | 43,404 |
Separate account assets | 669 | 644 |
Separate account liabilities | 669 | 644 |
Corporate Benefit Funding | ||
Segment Reporting Information [Line Items] | ||
Total assets | 230,124 | 220,612 |
Separate account assets | 81,150 | 77,023 |
Separate account liabilities | 81,150 | 77,023 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Total assets | 71,419 | 69,874 |
Separate account assets | 50,301 | 49,660 |
Separate account liabilities | 50,301 | 49,660 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total assets | 116,915 | 119,717 |
Separate account assets | 9,078 | 8,996 |
Separate account liabilities | 9,078 | 8,996 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total assets | 27,698 | 33,382 |
Separate account assets | 4,070 | 8,496 |
Separate account liabilities | 4,070 | 8,496 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | 51,574 | 48,791 |
Separate account assets | 0 | 0 |
Separate account liabilities | $0 | $0 |
Segment_Information_Premiums_U
Segment Information (Premiums, Universal Life and Investment-Type Policy Fees and Other Revenues by Major Product Groups) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $51,043 | $49,045 | $48,437 |
Life insurance (1) | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 23,483 | 23,189 | 22,832 |
Accident & health insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 13,336 | 13,214 | 13,255 |
Annuities | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 9,984 | 8,987 | 8,891 |
Property and casualty insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 3,524 | 3,270 | 3,117 |
Non-insurance | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $716 | $385 | $342 |
Segment_Information_Premiums_U1
Segment Information (Premiums, Universal Life and Investment-Type Policy Fees and Other Revenues by US and Foreign Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $51,043 | $49,045 | $48,437 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 34,536 | 32,529 | 31,500 |
Japan | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | 6,917 | 7,373 | 7,833 |
Other Foreign [Member] | |||
Segment Reporting Information [Line Items] | |||
Total premiums, universal life and investment-type product policy fees and other revenues | $9,590 | $9,143 | $9,104 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | |||
Segment Reporting [Abstract] | |||
Number of segments | 6 | ||
Segment Reporting Information [Line Items] | |||
Total assets | $902,337 | 885,296 | |
Percent of total assets from Japan operations | 10.00% | ||
Japan | |||
Segment Reporting Information [Line Items] | |||
Total assets | 93,800 | 98,400 | |
Assets, Total [Member] | Geographic Concentration Risk [Member] | Japan | |||
Segment Reporting Information [Line Items] | |||
Percent of total assets from Japan operations | 10.00% | 11.00% | |
Corporate Benefit Funding | |||
Segment Reporting Information [Line Items] | |||
Total assets | 230,124 | 220,612 | |
Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Total assets | 51,574 | 48,791 | |
Divested Business [Member] | Corporate Benefit Funding | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | 12 | 21 | |
Prior Period Adjustment To Operating Earnings Tax Expense | 8 | 13 | |
Divested Business [Member] | Corporate & Other | |||
Segment Reporting Information [Line Items] | |||
Prior Period Reclassification Adjustment | 14 | 16 | |
Prior Period Adjustment To Operating Earnings Tax Expense | 7 | $8 |
Acquisitions_and_Dispositions_
Acquisitions and Dispositions (Acquisitions - Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | |
Business Acquisition [Line Items] | |||||
Acquisitions of VOBA | $0 | $947,000,000 | $55,000,000 | ||
Goodwill acquired | 1,141,000,000 | 1,000,000 | |||
Separate account assets | 316,994,000,000 | 317,201,000,000 | 317,201,000,000 | ||
Separate account liabilities | 316,994,000,000 | 317,201,000,000 | 317,201,000,000 | ||
Deferred income tax assets | 8,288,000,000 | 7,953,000,000 | 7,953,000,000 | ||
Deferred income tax liabilities | 19,885,000,000 | 14,239,000,000 | 14,239,000,000 | ||
Acquisition of Administradora de Fondos de Pensiones ProVida SA [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Name of Acquired Entity | Administradora de Fondos de Pensiones Provida S.A. (“ProVidaâ€) | ||||
Business Acquisition, Percentage of Voting Interests Acquired Directly From Seller | 64.32% | ||||
Business Acquisition, Percentage of Voting Interests Acquired Directly From Publicly Traded Shares | 27.06% | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 91.38% | ||||
Payments to Acquire Businesses, Gross | 1,900,000,000 | ||||
Fair value of assets assumed | 631,000,000 | ||||
Fair value of liabilities assumed | 159,000,000 | ||||
Acquisitions of VOBA | 941,000,000 | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Goodwill acquired | 1,100,000,000 | ||||
Fair value of future service liability | 589,000,000 | ||||
Total revenues from acquiree included in MetLife's total revenues | 100,000,000 | ||||
Income (loss) from continuing operations, net of income tax, from Acquisition included in MetLife's 2013 results | 42,000,000 | ||||
Separate account assets | 45,200,000,000 | ||||
Separate account liabilities | 45,200,000,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 451,000,000 | ||||
Deferred income tax assets | 118,000,000 | ||||
Deferred income tax liabilities | 224,000,000 | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 176,000,000 | ||||
Acquisition of Administradora de Fondos de Pensiones ProVida SA [Member] | Service Marks [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired trade name value | $179,000,000 | ||||
Acquisition of Administradora de Fondos de Pensiones ProVida SA [Member] | Encaje Investment Fund A [Member] | |||||
Business Acquisition [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 1.00% |
Acquisitions_and_Dispositions_1
Acquisitions and Dispositions (Dispositions - Narrative) (Details) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 11, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | MetLife Bank [Member] | MetLife Bank [Member] | MetLife Bank [Member] | MetLife Bank [Member] | MetLife Assurance Limited [Member] | MetLife Assurance Limited [Member] | MetLife Assurance Limited [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | ||||||||||||
USD ($) | ||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||
Net consideration | $702,000,000 | £ 418,000,000 | ||||||||||||||||
Gain (loss) on disposal | -163,000,000 | -21,000,000 | -115,000,000 | |||||||||||||||
Assets related to sale of business | 6,400,000,000 | |||||||||||||||||
Liabilities of business transferred to subsidiary under funding agreements that are included in policyholder account balances | 0 | 0 | 3,806,000,000 | 3,800,000,000 | ||||||||||||||
Non-investment portfolio gains (losses) | -110,000,000 | 22,000,000 | -151,000,000 | -633,000,000 | ||||||||||||||
Non-investment portfolio gains (losses), net of tax | -442,000,000 | |||||||||||||||||
Goodwill Disposition | 70,000,000 | 8,000,000 | 60,000,000 | |||||||||||||||
Goodwill Disposition, net of tax | 51,000,000 | |||||||||||||||||
Net investment gains (losses) | -197,000,000 | 161,000,000 | -352,000,000 | -77,000,000 | ||||||||||||||
Net income (loss) | 1,527,000,000 | 2,094,000,000 | 1,376,000,000 | 1,339,000,000 | 916,000,000 | 975,000,000 | 510,000,000 | 992,000,000 | 6,336,000,000 | 3,393,000,000 | 1,362,000,000 | -50,000,000 | ||||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $77,000,000 |
Insurance_Insurance_Liabilitie
Insurance (Insurance Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $413,302 | $416,041 |
Retail | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 136,812 | 134,915 |
Group, Voluntary & Worksite Benefits | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 30,328 | 29,521 |
Corporate Benefit Funding | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 115,440 | 112,591 |
Latin America | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 15,480 | 16,162 |
Asia | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 86,483 | 93,066 |
EMEA | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | 20,520 | 21,657 |
Corporate & Other | ||
Insurance Liabilities [Line Items] | ||
Insurance liabilities comprised of future policy benefits, policyholder account balances and other policy-related balances | $8,239 | $8,129 |
Insurance_Liabilities_for_Guar
Insurance (Liabilities for Guarantees) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | $7,500 | $7,233 | $5,998 |
Incurred guaranteed benefits | 1,005 | 385 | 1,396 |
Paid guaranteed benefits | -76 | -118 | -161 |
Balance at December 31, | 8,429 | 7,500 | 7,233 |
Ceded | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 1,163 | 991 | 831 |
Incurred guaranteed benefits | 158 | 184 | 180 |
Paid guaranteed benefits | -12 | -12 | -20 |
Balance at December 31, | 1,309 | 1,163 | 991 |
Net | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 6,337 | 6,242 | 5,167 |
Incurred guaranteed benefits | 847 | 201 | 1,216 |
Paid guaranteed benefits | -64 | -106 | -141 |
Balance at December 31, | 7,120 | 6,337 | 6,242 |
Variable Annuity Guarantees | Guaranteed Minimum Death Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 685 | 567 | 432 |
Incurred guaranteed benefits | 310 | 200 | 252 |
Paid guaranteed benefits | -59 | -82 | -117 |
Balance at December 31, | 936 | 685 | 567 |
Variable Annuity Guarantees | Guaranteed Minimum Income Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 1,851 | 1,635 | 882 |
Incurred guaranteed benefits | 262 | 229 | 771 |
Paid guaranteed benefits | 0 | -13 | -18 |
Balance at December 31, | 2,113 | 1,851 | 1,635 |
Variable Annuity Guarantees | Ceded | Guaranteed Minimum Death Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 41 | 56 | 54 |
Incurred guaranteed benefits | 9 | -5 | 22 |
Paid guaranteed benefits | -12 | -10 | -20 |
Balance at December 31, | 38 | 41 | 56 |
Variable Annuity Guarantees | Ceded | Guaranteed Minimum Income Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 7 | 9 | 8 |
Incurred guaranteed benefits | 0 | 0 | 1 |
Paid guaranteed benefits | 0 | -2 | 0 |
Balance at December 31, | 7 | 7 | 9 |
Variable Annuity Guarantees | Net | Guaranteed Minimum Death Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 644 | 511 | 378 |
Incurred guaranteed benefits | 301 | 205 | 230 |
Paid guaranteed benefits | -47 | -72 | -97 |
Balance at December 31, | 898 | 644 | 511 |
Variable Annuity Guarantees | Net | Guaranteed Minimum Income Benefit [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 1,844 | 1,626 | 874 |
Incurred guaranteed benefits | 262 | 229 | 770 |
Paid guaranteed benefits | 0 | -11 | -18 |
Balance at December 31, | 2,106 | 1,844 | 1,626 |
Universal and Variable Life Contracts | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 4,698 | 4,785 | 4,463 |
Incurred guaranteed benefits | 411 | -64 | 348 |
Paid guaranteed benefits | -17 | -23 | -26 |
Balance at December 31, | 5,092 | 4,698 | 4,785 |
Universal and Variable Life Contracts | Secondary Guarantees | Foreign Currency Translation [Member] | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Incurred guaranteed benefits | -343 | -597 | -39 |
Universal and Variable Life Contracts | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 266 | 246 | 221 |
Incurred guaranteed benefits | 22 | 20 | 25 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 288 | 266 | 246 |
Universal and Variable Life Contracts | Ceded | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 928 | 753 | 614 |
Incurred guaranteed benefits | 134 | 175 | 139 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 1,062 | 928 | 753 |
Universal and Variable Life Contracts | Ceded | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 187 | 173 | 155 |
Incurred guaranteed benefits | 15 | 14 | 18 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | 202 | 187 | 173 |
Universal and Variable Life Contracts | Net | Secondary Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 3,770 | 4,032 | 3,849 |
Incurred guaranteed benefits | 277 | -239 | 209 |
Paid guaranteed benefits | -17 | -23 | -26 |
Balance at December 31, | 4,030 | 3,770 | 4,032 |
Universal and Variable Life Contracts | Net | Paid-Up Guarantees | |||
Movement In Guaranteed Benefit Liability Gross Rollforward | |||
Balance at January 1, | 79 | 73 | 66 |
Incurred guaranteed benefits | 7 | 6 | 7 |
Paid guaranteed benefits | 0 | 0 | 0 |
Balance at December 31, | $86 | $79 | $73 |
Insurance_Fund_Groupings_Detai
Insurance (Fund Groupings) (Details) (Variable Annuity and Variable Life [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | $171,849 | $166,753 |
Balanced | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 87,667 | 75,928 |
Equity | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 71,742 | 79,036 |
Bond | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | 11,416 | 10,632 |
Money Market | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Fund Groupings | $1,024 | $1,157 |
Insurance_Guarantees_Related_t
Insurance (Guarantees Related to Annuity Contracts) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Variable Annuity Guarantees | Guaranteed Death Benefits [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | $196,595 | $201,395 |
Separate account value in event of death | 163,566 | 164,500 |
Net amount at risk in event of death | 4,230 | 4,203 |
Average attained age of contractholders | 65 years | 63 years |
Variable Annuity Guarantees | Guaranteed Annuitization Benefits [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | 99,000 | 100,527 |
Separate account value at annuitization | 95,963 | 96,459 |
Net amount at risk at annuitization | 1,770 | 1,219 |
Average attained age of contractholders | 65 years | 63 years |
Two Tier and Other Annuities | Guaranteed Annuitization Benefits [Member] | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value | 1,040 | 880 |
Net amount at risk at annuitization | $340 | $234 |
Average attained age of contractholders | 50 years | 50 years |
Insurance_Guarantees_Related_t1
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) (Universal and Variable Life Contracts, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $16,875 | $16,048 |
Net amount at risk | 180,069 | 185,920 |
Average attained age of policyholders | 56 years | 55 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | 3,587 | 3,700 |
Net amount at risk | $20,344 | $21,737 |
Average attained age of policyholders | 61 years | 60 years |
Insurance_Obligations_Under_Fu
Insurance (Obligations Under Funding Agreements - FHLB Common Stock) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $661 | $700 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 55 | 64 |
Federal Home Loan Bank of Des Moines [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | 66 | 76 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank Stock | $35 | $30 |
Insurance_Obligations_Under_Fu1
Insurance (Obligations Under Funding Agreements - Liability and Collateral) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fixed and Floating Rate Funding Agreements by Type [Line Items] | ||
Outstanding funding agreements to certain SPEs | $33,900 | $31,200 |
Invested Assets Pledged As Collateral | 25,996 | 23,770 |
Funding agreements - Federal Agricultural Mortgage Corporation [Member] | ||
Fixed and Floating Rate Funding Agreements by Type [Line Items] | ||
Outstanding funding agreements to certain SPEs | 2,750 | 2,750 |
Invested Assets Pledged As Collateral | 3,162 | 3,159 |
Federal Home Loan Bank of New York [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 12,570 | 12,770 |
Collateral pledged relating to obligations under funding agreements | 15,255 | 14,287 |
Federal Home Loan Bank of Boston [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 575 | 450 |
Collateral pledged relating to obligations under funding agreements | 666 | 808 |
Federal Home Loan Bank of Des Moines [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 1,405 | 1,405 |
Collateral pledged relating to obligations under funding agreements | 1,688 | 1,596 |
Federal Home Loan Bank of Pittsburgh [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Federal Home Loan Bank amount of advances by branch for funding agreements | 435 | 375 |
Collateral pledged relating to obligations under funding agreements | $1,637 | $976 |
Insurance_Liabilities_for_Unpa
Insurance (Liabilities for Unpaid Claims and Claim Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Liabilities for Unpaid Claims and Claim Expenses | |||
Balance at January 1, | $10,630 | $10,436 | $10,117 |
Less: Reinsurance recoverables | 1,661 | 1,581 | 1,436 |
Net balance at January 1, | 8,969 | 8,855 | 8,681 |
Incurred related to: | |||
Current year | 9,358 | 8,660 | 8,399 |
Prior years | -70 | -86 | -69 |
Total incurred | 9,288 | 8,574 | 8,330 |
Paid related to: | |||
Current year | -6,714 | -6,083 | -5,689 |
Prior years | -2,383 | -2,377 | -2,467 |
Total paid | -9,097 | -8,460 | -8,156 |
Net balance at December 31, | 9,160 | 8,969 | 8,855 |
Add: Reinsurance recoverables | 1,876 | 1,661 | 1,581 |
Balance at December 31, | $11,036 | $10,630 | $10,436 |
Insurance_Insurance_Liabilitie1
Insurance (Insurance Liabilities Assumptions and Ratios - Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Liability for Future Policy Benefits and Policyholder Account Balances [Abstract] | |||
Participating business as a percentage of gross life insurance policies in-force | 5.00% | 5.00% | |
Participating business as a percentage of the gross life insurance premiums | 18.00% | 19.00% | 20.00% |
Domestic Business [Member] | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 1.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for non-medical health insurance | 4.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 3.00% | ||
Interest rate range credited to policyholder account balances | 1.00% | ||
Domestic Business [Member] | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 11.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for non-medical health insurance | 7.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 8.00% | ||
Interest rate range credited to policyholder account balances | 13.00% | ||
Domestic Business [Member] | Participating Life Insurance Policies [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, low end | 3.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, high end | 7.00% | ||
Domestic Business [Member] | Nonparticipating Life Insurance Policies [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, low end | 2.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, high end | 11.00% | ||
International Business [Member] | Minimum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 1.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 1.00% | ||
Interest rate range credited to policyholder account balances | 1.00% | ||
International Business [Member] | Maximum | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for individual and group traditional fixed annuities after annuitization | 12.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for disabled lives | 9.00% | ||
Interest rate range credited to policyholder account balances | 12.00% | ||
International Business [Member] | Participating Life Insurance Policies [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, low end | 1.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, high end | 11.00% | ||
International Business [Member] | Nonparticipating Life Insurance Policies [Member] | |||
Liability for Future Policy Benefit, by Product Segment [Line Items] | |||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, low end | 1.00% | ||
Interest rate assumptions for the aggregate future policy benefit liabilities for traditional life insurance policies, high end | 13.00% |
Insurance_Obligations_Under_Fu2
Insurance (Obligations Under Funding Agreements - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Insurance [Abstract] | |||
Funding agreements issued to certain SPEs | $48.90 | $37.70 | $35.10 |
Funding agreements repaid to certain SPEs | 45.6 | 36.8 | 31.1 |
Outstanding funding agreements to certain SPEs | $33.90 | $31.20 |
Insurance_Separate_Accounts_Na
Insurance (Separate Accounts - Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Insurance [Abstract] | |||
Pass-through separate accounts | $261,300,000,000 | $265,400,000,000 | |
Separate accounts with a guaranteed minimum return or account value | 55,700,000,000 | 51,800,000,000 | |
Gain (losses) on transfers of assets from the general account to the separate accounts | $0 | $0 | $0 |
Funding Agreements and Participating Close Out Contracts Included in Separate Accounts with a Guaranteed Minimum Return or Account Value [Member] | |||
Schedule Separate Accounts [Line Items] | |||
Average interest rate credited on separate accounts with a guaranteed minimum return or account value | 2.25% | 2.23% |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |||
Beginning Balance of DAC | $19,774 | $17,150 | $15,240 |
Beginning Balance of VOBA | 6,932 | 7,611 | 9,379 |
Capitalizations of DAC | 4,183 | 4,786 | 5,289 |
Acquisitions of VOBA | 0 | 947 | 55 |
Net investment gains (losses) of DAC and net derivative gains (losses) of DAC | -39 | 192 | -40 |
Net investment gains (losses) of VOBA and net derivative gains (losses) of VOBA | -1 | 3 | -1 |
Other expenses of DAC | -3,372 | -2,812 | -2,875 |
Other expenses of VOBA | -720 | -933 | -1,283 |
Total amortization of DAC | -3,411 | -2,620 | -2,915 |
Total amortization of VOBA | -721 | -930 | -1,284 |
Unrealized investment gains (losses) of DAC | -676 | 924 | -516 |
Unrealized investment gains (losses) of VOBA | -26 | 358 | -197 |
Effect of foreign currency translation and other of DAC | -886 | -466 | 52 |
Effect of foreign currency translation and other of VOBA | -727 | -1,054 | -342 |
Ending Balance of DAC | 18,984 | 19,774 | 17,150 |
Ending Balance of VOBA | 5,458 | 6,932 | 7,611 |
Balance at December 31, | $24,442 | $26,706 | $24,761 |
Deferred_Policy_Acquisition_Co3
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (DAC and VOBA by Segment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | $24,442 | $26,706 | $24,761 |
Retail | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 11,963 | 12,882 | 11,500 |
Group, Voluntary & Worksite Benefits | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 377 | 382 | 382 |
Corporate Benefit Funding | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 111 | 99 | 96 |
Latin America | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 1,991 | 2,201 | 1,231 |
Asia | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 8,217 | 9,077 | 9,554 |
EMEA | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | 1,709 | 2,039 | 1,998 |
Corporate & Other | |||
Deferred Policy Acquisition Costs and Present Value of Future Profits [Abstract] | |||
DAC and VOBA | $74 | $26 | $0 |
Deferred_Policy_Acquisition_Co4
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Deferred Sales Inducements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
DSI | |||
Balance at January 1, | $950 | $930 | $926 |
Capitalization | 56 | 58 | 81 |
Amortization | -130 | -36 | -77 |
Unrealized investment gains (losses) | -64 | 0 | 0 |
Effect of foreign currency translation | -2 | -2 | 0 |
Balance at December 31, | $810 | $950 | $930 |
Deferred_Policy_Acquisition_Co5
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (VODA and VOCRA) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Insurance [Abstract] | |||
Balance at January 1, | $975 | $1,108 | $1,264 |
Amortization | -82 | -84 | -150 |
Effect of foreign currency translation | -46 | -49 | -6 |
Balance at December 31, | 847 | 975 | 1,108 |
Accumulated amortization | $500 | $418 | $334 |
Deferred_Policy_Acquisition_Co6
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Negative VOBA) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite Lived Intangible Liabilities | |||
Balance at January 1, | $2,162 | $2,916 | $3,657 |
Acquisitions | 0 | 0 | 10 |
Amortization of negative VOBA | -442 | -579 | -622 |
Effect of foreign currency translation and other | -124 | -175 | -129 |
Balance at December 31, | 1,596 | 2,162 | 2,916 |
Accumulated amortization | $2,404 | $1,962 | $1,383 |
Deferred_Policy_Acquisition_Co7
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Estimated Future Amortization) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Estimated future amortization expense allocated to other expenses for VOBA [Abstract] | |
VOBA 2015 | $633 |
VOBA 2016 | 532 |
VOBA 2017 | 455 |
VOBA 2018 | 403 |
VOBA 2019 | 353 |
Value of Distribution Agreements and Customer Relationships Acquired [Abstract] | |
VODA and VOCRA 2015 | 75 |
VODA and VOCRA 2016 | 70 |
VODA and VOCRA 2017 | 67 |
VODA and VOCRA 2018 | 62 |
VODA and VOCRA 2019 | 58 |
Negative Value of Business Acquired [Abstract] | |
Negative VOBA 2015 | -342 |
Negative VOBA 2016 | -262 |
Negative VOBA 2017 | -146 |
Negative VOBA 2018 | -61 |
Negative VOBA 2019 | ($40) |
Deferred_Policy_Acquisition_Co8
Deferred Policy Acquisition Costs, Value of Business Acquired and Other Policy-Related Intangibles (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract] | |
VOCRA impairment | $77 |
VOCRA impairment, net of income tax | $50 |
Reinsurance_Effects_of_Reinsur
Reinsurance (Effects of Reinsurance on Earnings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Premiums: | |||
Direct premiums | $40,049 | $38,476 | $38,719 |
Reinsurance assumed | 1,472 | 1,472 | 1,488 |
Reinsurance ceded | -2,454 | -2,274 | -2,232 |
Net premiums | 39,067 | 37,674 | 37,975 |
Universal life and investment-type product policy fees: | |||
Direct universal life and investment-type product policy fees | 10,768 | 10,197 | 9,216 |
Reinsurance assumed | 126 | 139 | 155 |
Reinsurance ceded | -948 | -885 | -815 |
Net universal life and investment-type product policy fees | 9,946 | 9,451 | 8,556 |
Policyholder benefits and claims: | |||
Direct policyholder benefits and claims | 41,573 | 40,211 | 39,262 |
Reinsurance assumed | 962 | 1,047 | 1,167 |
Reinsurance ceded | -3,433 | -3,151 | -2,442 |
Net policyholder benefits and claims | 39,102 | 38,107 | 37,987 |
Other expenses: | |||
Direct other expenses | 17,334 | 16,712 | 17,848 |
Reinsurance assumed | 165 | 147 | 228 |
Reinsurance ceded | -408 | -257 | -321 |
Net other expenses | $17,091 | $16,602 | $17,755 |
Reinsurance_Effects_of_Reinsur1
Reinsurance (Effects of Reinsurance on Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Assets | |||
Premiums and Other Receivables, Net | $22,244 | $21,859 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 24,442 | 26,706 | 24,761 |
Total assets | 46,686 | 48,565 | |
Liabilities | |||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities) | 189,586 | 187,942 | |
Policyholder account balances | 209,294 | 212,885 | 225,821 |
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities) | 14,422 | 15,214 | |
Other Liabilities | 24,437 | 23,168 | |
Total liabilities | 437,739 | 439,209 | |
Direct | |||
Assets | |||
Premiums and Other Receivables, Net | 6,111 | 6,248 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 24,807 | 26,954 | |
Total assets | 30,918 | 33,202 | |
Liabilities | |||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities) | 187,562 | 185,908 | |
Policyholder account balances | 208,307 | 211,610 | |
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities) | 14,131 | 14,838 | |
Other Liabilities | 20,752 | 19,591 | |
Total liabilities | 430,752 | 431,947 | |
Assumed | |||
Assets | |||
Premiums and Other Receivables, Net | 491 | 593 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | 112 | 104 | |
Total assets | 603 | 697 | |
Liabilities | |||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities) | 2,024 | 2,034 | |
Policyholder account balances | 989 | 1,277 | |
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities) | 285 | 353 | |
Other Liabilities | 481 | 533 | |
Total liabilities | 3,779 | 4,197 | |
Ceded | |||
Assets | |||
Premiums and Other Receivables, Net | 15,642 | 15,018 | |
Deferred Policy Acquisition Costs and Value of Business Acquired | -477 | -352 | |
Total assets | 15,165 | 14,666 | |
Liabilities | |||
Future policy benefits (includes $579 and $516, respectively, relating to variable interest entities) | 0 | 0 | |
Policyholder account balances | -2 | -2 | |
Other policy-related balances (includes $198 and $123, respectively, relating to variable interest entities) | 6 | 23 | |
Other Liabilities | 3,204 | 3,044 | |
Total liabilities | $3,208 | $3,065 |
Reinsurance_Narrative_Details
Reinsurance (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reinsurance Disclosures [Abstract] | ||
Deposit assets in premiums, reinsurance, and other receivables or secondary guarantee risk for reinsurance | $2,300,000,000 | $2,300,000,000 |
Deposit liabilities in other liabilities for reinsurance | 35,000,000 | 37,000,000 |
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | 14,900,000,000 | 14,400,000,000 |
Mortality Risk [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 90.00% | |
Retention amount | 2,000,000 | |
Mortality Risk on Case by Case Basis [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Percentage of reinsured risk in excess of stated amount | 100.00% | |
Retention amount | 20,000,000 | |
Quota Share Reinsurance for Certain Disability Business [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsured risk percentage | 100.00% | |
Mortality Risk on Yearly Renewable Term Basis [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Retention amount | 5,000,000 | |
Modified Coinsurance of Closed Block [Member] | ||
Reinsurance Retention Policy [Line Items] | ||
Reinsured risk percentage | 59.25% | |
Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Reinsurance recoverables | 5,900,000,000 | 5,600,000,000 |
Five Largest Ceded Reinsurers [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | 10,800,000,000 | 10,600,000,000 |
Five largest reinsurers, reinsurance recoverables percentage | 73.00% | 74.00% |
Five Largest Ceded Reinsurers [Member] | Ceded Credit Risk, Unsecured [Member] | ||
Ceded Credit Risk [Line Items] | ||
Five largest reinsurers, reinsurance recoverables amount | $2,600,000,000 | $2,600,000,000 |
Closed_Block_Liabilities_and_A
Closed Block (Liabilities and Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Closed Block Liabilities | ||||
Future policy benefits | $41,667 | $42,076 | ||
Other policy-related balances | 265 | 298 | ||
Policyholder dividends payable | 461 | 456 | ||
Policyholder dividend obligation | 3,155 | 1,771 | 3,828 | 2,919 |
Current income tax payable | 1 | 18 | ||
Other liabilities | 646 | 582 | ||
Total closed block liabilities | 46,195 | 45,201 | ||
Assets Designated to the Closed Block | ||||
Fixed maturity securities available-for-sale, at estimated fair value | 29,199 | 28,374 | ||
Equity securities available-for-sale, at estimated fair value | 91 | 86 | ||
Mortgage loans | 6,076 | 6,155 | ||
Policy loans | 4,646 | 4,669 | ||
Real estate and real estate joint ventures | 666 | 492 | ||
Other invested assets | 1,065 | 814 | ||
Total investments | 41,743 | 40,590 | ||
Cash and cash equivalents | 227 | 238 | ||
Accrued investment income | 477 | 477 | ||
Premiums, reinsurance and other receivables | 67 | 98 | ||
Deferred income tax assets | 289 | 293 | ||
Total assets designated to the closed block | 42,803 | 41,696 | ||
Excess of closed block liabilities over assets designated to the closed block | 3,392 | 3,505 | ||
Amounts included in AOCI: | ||||
Unrealized investment gains (losses), net of income tax | 2,291 | 1,502 | ||
Unrealized gains (losses) on derivatives, net of income tax | 28 | -3 | ||
Allocated to policyholder dividend obligation, net of income tax | -2,051 | -1,151 | ||
Total amounts included in AOCI | 268 | 348 | ||
Maximum future earnings to be recognized from closed block assets and liabilities | $3,660 | $3,853 |
Closed_Block_Policyholder_Divi
Closed Block (Policyholder Dividend Obligation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Closed block policyholder dividend obligation | |||
Balance at January 1, | $1,771 | $3,828 | $2,919 |
Change in unrealized investment and derivative gains (losses) | 1,384 | -2,057 | 909 |
Balance at December 31, | $3,155 | $1,771 | $3,828 |
Closed_Block_Revenues_and_Expe
Closed Block (Revenues and Expenses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Premiums | $1,918 | $1,987 | $2,139 |
Net investment income | 2,093 | 2,130 | 2,188 |
Net investment gains (losses) | 7 | 25 | 61 |
Net derivative gains (losses) | 20 | -6 | -12 |
Total revenues | 4,038 | 4,136 | 4,376 |
Expenses | |||
Policyholder benefits and claims | 2,598 | 2,702 | 2,783 |
Policyholder dividends | 988 | 979 | 1,072 |
Other expenses | 155 | 165 | 179 |
Total expenses | 3,741 | 3,846 | 4,034 |
Revenues, net of expenses before provision for income tax expense (benefit) | 297 | 290 | 342 |
Provision for income tax expense (benefit) | 104 | 101 | 120 |
Revenues, net of expenses and provision for income tax expense (benefit) from continuing operations | 193 | 189 | 222 |
Revenues, net of expenses and provision for income tax expense (benefit) from discontinued operations | 0 | 0 | 10 |
Revenues, net of expenses and provision for income tax expense (benefit) | $193 | $189 | $232 |
Investments_Fixed_Maturity_and
Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | $334,780 | $333,599 | |
Cost or Amortized Cost | 3,076 | 3,012 | |
Gross Unrealized OTTI Loss | 112 | 218 | 361 |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 365,425 | 350,187 | |
Equity securities | 3,631 | 3,402 | |
Fixed Maturity Securities | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 334,780 | 333,599 | |
Gross Unrealized Gain | 32,634 | 21,180 | |
Gross Unrealized Temporary Loss | 1,877 | 4,374 | |
Gross Unrealized OTTI Loss | 112 | 218 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 365,425 | 350,187 | |
U.S. corporate | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 96,235 | 100,203 | |
Gross Unrealized Gain | 10,343 | 7,495 | |
Gross Unrealized Temporary Loss | 624 | 1,229 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 105,954 | 106,469 | |
Foreign corporate | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 57,695 | 59,778 | |
Gross Unrealized Gain | 4,651 | 3,939 | |
Gross Unrealized Temporary Loss | 664 | 565 | |
Gross Unrealized OTTI Loss | 7 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 61,675 | 63,152 | |
Foreign government | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 47,327 | 50,717 | |
Gross Unrealized Gain | 5,500 | 4,107 | |
Gross Unrealized Temporary Loss | 161 | 387 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 52,666 | 54,437 | |
RMBS | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 38,064 | 34,167 | |
Gross Unrealized Gain | 2,102 | 1,584 | |
Gross Unrealized Temporary Loss | 214 | 490 | |
Gross Unrealized OTTI Loss | 106 | 206 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 39,846 | 35,055 | |
U.S. Treasury and agency | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 54,654 | 43,928 | |
Gross Unrealized Gain | 6,892 | 2,251 | |
Gross Unrealized Temporary Loss | 30 | 1,056 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 61,516 | 45,123 | |
CMBS (1) | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 13,762 | 16,115 | |
Gross Unrealized Gain | 615 | 605 | |
Gross Unrealized Temporary Loss | 46 | 170 | |
Gross Unrealized OTTI Loss | -1 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 14,332 | 16,550 | |
ABS | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 14,121 | 15,458 | |
Gross Unrealized Gain | 240 | 296 | |
Gross Unrealized Temporary Loss | 112 | 171 | |
Gross Unrealized OTTI Loss | 0 | 12 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 14,249 | 15,571 | |
State and political subdivision | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 12,922 | 13,233 | |
Gross Unrealized Gain | 2,291 | 903 | |
Gross Unrealized Temporary Loss | 26 | 306 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | 15,187 | 13,830 | |
Equity securities | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 3,076 | 3,012 | |
Gross Unrealized Gain | 622 | 507 | |
Gross Unrealized Temporary Loss | 67 | 117 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 3,631 | 3,402 | |
Common stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 1,990 | 1,927 | |
Gross Unrealized Gain | 554 | 431 | |
Gross Unrealized Temporary Loss | 28 | 5 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | 2,516 | 2,353 | |
Non-redeemable preferred stock | |||
Available-for-sale Securities [Abstract] | |||
Cost or Amortized Cost | 1,086 | 1,085 | |
Gross Unrealized Gain | 68 | 76 | |
Gross Unrealized Temporary Loss | 39 | 112 | |
Gross Unrealized OTTI Loss | 0 | 0 | |
Equity securities | $1,115 | $1,049 |
Investments_Maturities_of_Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $13,023 | $15,828 |
Amortized Cost, Due after one year through five years | 74,303 | 70,467 |
Amortized Cost, Due after five years through ten years | 78,923 | 78,159 |
Amortized Cost, Due after ten years | 102,584 | 103,405 |
Amortized Cost, Subtotal | 334,780 | 333,599 |
Amortized Cost, RMBS, CMBS and ABS | 65,947 | 65,740 |
Estimated Fair Value, Due in one year or less | 13,259 | 16,030 |
Estimated Fair Value, Due after one year through five years | 77,704 | 74,229 |
Estimated Fair Value, Due after five years through ten years | 84,988 | 83,223 |
Estimated Fair Value, Due after ten years | 121,047 | 109,529 |
Available-for-sale Securities, Debt Maturities, Single Maturity Date, Amortized Cost Basis | 268,833 | 267,859 |
Estimated Fair Value, Subtotal | 296,998 | 283,011 |
Estimated fair value, Mortgage-backed and asset-backed securities | 68,427 | 67,176 |
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $334,780 and $333,599, respectively; includes $4,266 and $4,005, respectively, relating to variable interest entities) | $365,425 | $350,187 |
Investments_Continuous_Gross_U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
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 | 3,153 | 4,480 |
Total number of securities in an unrealized loss position equal to or greater than 12 months | 1,435 | 1,571 |
Fixed Maturity Securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | $40,798 | $64,516 |
Less than 12 Months Gross Unrealized Loss | 1,101 | 3,372 |
Equal to or Greater than 12 Months Estimated Fair Value | 13,881 | 12,592 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 888 | 1,220 |
U.S. corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 11,389 | 13,889 |
Less than 12 Months Gross Unrealized Loss | 331 | 808 |
Equal to or Greater than 12 Months Estimated Fair Value | 4,658 | 3,807 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 293 | 421 |
Foreign corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 9,410 | 9,019 |
Less than 12 Months Gross Unrealized Loss | 505 | 402 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,074 | 2,320 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 166 | 163 |
Foreign government | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 1,085 | 5,052 |
Less than 12 Months Gross Unrealized Loss | 80 | 336 |
Equal to or Greater than 12 Months Estimated Fair Value | 630 | 1,846 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 81 | 51 |
RMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 4,180 | 10,754 |
Less than 12 Months Gross Unrealized Loss | 92 | 363 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,534 | 2,302 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 228 | 333 |
U.S. Treasury and agency | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 8,927 | 15,225 |
Less than 12 Months Gross Unrealized Loss | 12 | 1,037 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,314 | 357 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 18 | 19 |
CMBS (1) | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 1,268 | 3,696 |
Less than 12 Months Gross Unrealized Loss | 23 | 142 |
Equal to or Greater than 12 Months Estimated Fair Value | 934 | 631 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 22 | 28 |
ABS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 4,456 | 3,772 |
Less than 12 Months Gross Unrealized Loss | 57 | 59 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,440 | 978 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 55 | 124 |
State and political subdivision | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 83 | 3,109 |
Less than 12 Months Gross Unrealized Loss | 1 | 225 |
Equal to or Greater than 12 Months Estimated Fair Value | 297 | 351 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 25 | 81 |
Equity securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 178 | 445 |
Less than 12 Months Gross Unrealized Loss | 30 | 69 |
Equal to or Greater than 12 Months Estimated Fair Value | 193 | 207 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 37 | 48 |
Common stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 111 | 81 |
Less than 12 Months Gross Unrealized Loss | 28 | 4 |
Equal to or Greater than 12 Months Estimated Fair Value | 1 | 16 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 0 | 1 |
Non-redeemable preferred stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 67 | 364 |
Less than 12 Months Gross Unrealized Loss | 2 | 65 |
Equal to or Greater than 12 Months Estimated Fair Value | 192 | 191 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $37 | $47 |
Investments_Mortgage_Loans_by_
Investments (Mortgage Loans by Portfolio Segment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Company-held mortgage loans held-for-investment, net | ||||
Commercial | $41,088 | $40,926 | ||
Percentage of loans receivable on commercial mortgage loans | 68.30% | 70.90% | ||
Agricultural | 12,378 | 12,391 | ||
Percentage of loans receivable on agricultural mortgage loans | 20.60% | 21.50% | ||
Residential | 6,369 | 2,772 | ||
Percentage of loans receivable on residential mortgage loans | 10.60% | 4.80% | ||
Subtotal | 59,835 | 56,089 | ||
Percentage of loans receivable on subtotal | 99.50% | 97.20% | ||
Valuation allowances | -305 | -322 | -347 | -481 |
Percentage of loans receivable on valuation allowances | 0.50% | 0.60% | ||
Subtotal mortgage loans held-for-investment, net | 59,530 | 55,767 | ||
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net | 99.00% | 96.60% | ||
Residential — FVO | 308 | 338 | ||
Percentage of residential mortgage loans - FVO | 0.50% | 0.60% | ||
Commercial mortgage loans held by CSEs — FVO | 280 | 1,598 | ||
Percentage of loans receivable on commercial mortgage loans held by consolidated securitization entities - fair value option | 0.50% | 2.80% | ||
Total mortgage loans held-for-investment, net | 60,118 | 57,703 | ||
Percentage of loans receivable on mortgage loans, at estimated fair value | 100.00% | 100.00% | ||
Mortgage loans held-for-sale | ||||
Mortgage loans held-for-sale | 0 | 3 | ||
Percentage of loans held for sale on held-for-sale, principally at estimated fair value | 0.00% | 0.00% | ||
Total mortgage loans, net | $60,118 | $57,706 | ||
Percentage of loans held for sale on total mortgage loans, net | 100.00% | 100.00% |
Investments_Mortgage_Loans_and
Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | $126 | $294 |
Recorded Investment | 123 | 288 |
Valuation Allowances | 26 | 66 |
Unpaid Principal Balance | 155 | 339 |
Recorded Investment | 150 | 334 |
Recorded Investment | 247 | 556 |
Evaluated collectively for credit losses | 59,562 | 55,467 |
Non-specifically identified credit losses | 279 | 256 |
Average Recorded Investment | 458 | 693 |
Commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 75 | 214 |
Recorded Investment | 75 | 210 |
Valuation Allowances | 24 | 58 |
Unpaid Principal Balance | 101 | 299 |
Recorded Investment | 100 | 296 |
Recorded Investment | 151 | 448 |
Evaluated collectively for credit losses | 40,913 | 40,420 |
Non-specifically identified credit losses | 200 | 200 |
Average Recorded Investment | 359 | 526 |
Agricultural | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 51 | 68 |
Recorded Investment | 48 | 66 |
Valuation Allowances | 2 | 7 |
Unpaid Principal Balance | 14 | 35 |
Recorded Investment | 13 | 34 |
Recorded Investment | 59 | 93 |
Evaluated collectively for credit losses | 12,317 | 12,291 |
Non-specifically identified credit losses | 37 | 37 |
Average Recorded Investment | 80 | 153 |
Residential | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 0 | 12 |
Recorded Investment | 0 | 12 |
Valuation Allowances | 0 | 1 |
Unpaid Principal Balance | 40 | 5 |
Recorded Investment | 37 | 4 |
Recorded Investment | 37 | 15 |
Evaluated collectively for credit losses | 6,332 | 2,756 |
Non-specifically identified credit losses | 42 | 19 |
Average Recorded Investment | $19 | $14 |
Investments_Valuation_Allowanc
Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | $322 | $347 | $481 |
Provision (release) | 12 | -13 | -86 |
Charge-offs, net of recoveries | -29 | -12 | -37 |
Transfers to held-for-sale | 0 | 0 | -11 |
Ending Balance | 305 | 322 | 347 |
Commercial | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 258 | 293 | 398 |
Provision (release) | -11 | -35 | -92 |
Charge-offs, net of recoveries | -23 | 0 | -13 |
Transfers to held-for-sale | 0 | 0 | 0 |
Ending Balance | 224 | 258 | 293 |
Agricultural | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 44 | 52 | 81 |
Provision (release) | -4 | 4 | 0 |
Charge-offs, net of recoveries | -1 | -12 | -24 |
Transfers to held-for-sale | 0 | 0 | -5 |
Ending Balance | 39 | 44 | 52 |
Residential | |||
Mortgage Loans on Real Estate [Line Items] | |||
Beginning Balance | 20 | 2 | 2 |
Provision (release) | 27 | 18 | 6 |
Charge-offs, net of recoveries | -5 | 0 | 0 |
Transfers to held-for-sale | 0 | 0 | -6 |
Ending Balance | $42 | $20 | $2 |
Investments_Credit_Quality_of_
Investments (Credit Quality of Commercial Mortgage Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $41,088 | $40,926 |
% of Total | 100.00% | 100.00% |
Estimated Fair Value | 43,179 | 42,456 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 36,139 | 32,007 |
% of Total | 88.00% | 78.20% |
Estimated Fair Value | 38,166 | 33,519 |
% of Total | 88.40% | 78.90% |
65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 3,798 | 6,947 |
% of Total | 9.20% | 17.00% |
Estimated Fair Value | 3,873 | 7,039 |
% of Total | 9.00% | 16.60% |
76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 145 | 906 |
% of Total | 0.40% | 2.20% |
Estimated Fair Value | 153 | 892 |
% of Total | 0.30% | 2.10% |
Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,006 | 1,066 |
% of Total | 2.40% | 2.60% |
Estimated Fair Value | 987 | 1,006 |
% of Total | 2.30% | 2.40% |
Greater than 1.20x [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 37,931 | 38,098 |
Greater than 1.20x [Member] | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 33,933 | 30,552 |
Greater than 1.20x [Member] | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 3,306 | 6,360 |
Greater than 1.20x [Member] | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 130 | 525 |
Greater than 1.20x [Member] | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 562 | 661 |
1.00x - 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,791 | 1,486 |
1.00x - 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,105 | 614 |
1.00x - 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 405 | 438 |
1.00x - 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 192 |
1.00x - 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 281 | 242 |
Less than 1.00x [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,366 | 1,342 |
Less than 1.00x [Member] | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,101 | 841 |
Less than 1.00x [Member] | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 87 | 149 |
Less than 1.00x [Member] | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 15 | 189 |
Less than 1.00x [Member] | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $163 | $163 |
Investments_Credit_Quality_of_1
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $12,378 | $12,391 |
% of Total | 100.00% | 100.00% |
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 6,369 | 2,772 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 11,743 | 11,461 |
% of Total | 94.90% | 92.50% |
65% to 75% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 533 | 729 |
% of Total | 4.30% | 5.90% |
76% to 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 17 | 84 |
% of Total | 0.10% | 0.70% |
Greater than 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 85 | 117 |
% of Total | 0.70% | 0.90% |
Performing | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | 6,196 | 2,693 |
% of Total | 97.30% | 97.10% |
Nonperforming | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $173 | $79 |
% of Total | 2.70% | 2.90% |
Investments_Past_Due_and_Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Past Due and Interest Accrual Status of Mortgage Loans | ||
Past Due | $184 | $135 |
Nonaccrual Status | 279 | 303 |
Commercial | ||
Past Due and Interest Accrual Status of Mortgage Loans | ||
Past Due | 10 | 12 |
Nonaccrual Status | 75 | 191 |
Agricultural | ||
Past Due and Interest Accrual Status of Mortgage Loans | ||
Past Due | 1 | 44 |
Nonaccrual Status | 41 | 47 |
Residential | ||
Past Due and Interest Accrual Status of Mortgage Loans | ||
Past Due | 173 | 79 |
Nonaccrual Status | $163 | $65 |
Investments_Investment_in_Leve
Investments (Investment in Leverage Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment in leveraged leases | ||
Rental receivables, net | $1,414 | $1,491 |
Estimated residual values | 1,148 | 1,325 |
Subtotal | 2,562 | 2,816 |
Unearned income | -777 | -870 |
Investment in leases, net of non-recourse debt | 1,785 | 1,946 |
Rental receivables, net | 1,750 | 1,806 |
Estimated residual values | 145 | 90 |
Subtotal | 1,895 | 1,896 |
Unearned income | -776 | -796 |
Investment in leases, net of non-recourse debt | $1,119 | $1,100 |
Investments_Components_on_Inco
Investments (Components on Income from Investment in Leverage Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income from Investment in leveraged leases | |||
Income from investment in leases | $66 | $82 | $57 |
Less: Income tax expense on leases | 23 | 29 | 20 |
Investment income after income tax | 43 | 53 | 37 |
Income from investment in leases | 72 | 75 | 67 |
Less: Income tax expense on leases | 25 | 26 | 23 |
Investment income after income tax | $47 | $49 | $44 |
Investments_Net_Unrealized_Inv
Investments (Net Unrealized Investment Gains Losses) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss | ||||
Fixed maturity securities | $30,367 | $16,672 | $33,641 | |
Fixed maturity securities with noncredit OTTI losses in AOCI | -112 | -218 | -361 | |
Total fixed maturity securities | 30,255 | 16,454 | 33,280 | |
Equity securities | 608 | 390 | 97 | |
Derivatives | 1,761 | 375 | 1,274 | |
Other | 149 | -73 | -30 | |
Subtotal | 32,773 | 17,146 | 34,621 | |
Future policy benefits | -2,886 | -898 | -6,049 | |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | -4 | 6 | 19 | |
DAC, VOBA and DSI | -1,946 | -1,190 | -2,485 | |
Policyholder dividend obligation | -3,155 | -1,771 | -3,828 | |
Subtotal | -7,991 | -3,853 | -12,343 | |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | 42 | 73 | 119 | |
Deferred income tax benefit (expense) | -8,556 | -4,956 | -7,973 | |
Net unrealized investment gains (losses) | 16,268 | 8,410 | 14,424 | |
Net unrealized investment gains (losses) attributable to noncontrolling interests | -33 | 4 | -5 | |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $16,235 | $8,414 | $14,419 | $8,674 |
Investments_Changes_in_Fixed_M
Investments (Changes in Fixed Maturity Securities with Noncredit OTTI Losses) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Changes in fixed maturity securities with noncredit OTTI losses in accumulated other comprehensive income (loss) | ||
Balance at January 1, | ($218) | ($361) |
Noncredit OTTI losses recognized | 17 | 60 |
Securities sold with previous noncredit OTTI loss | 53 | 149 |
Subsequent changes in estimated fair value | 36 | -66 |
Balance at December 31, | ($112) | ($218) |
Investments_Changes_in_Net_Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |||
Balance at January 1, | $8,414 | $14,419 | $8,674 |
Fixed maturity securities on which noncredit OTTI losses have been recognized | 106 | 143 | 363 |
Unrealized investment gains (losses) during the year | 15,521 | -17,618 | 12,467 |
Unrealized investment gains (losses) relating to: | |||
Future policy benefits | -1,988 | 5,151 | -2,053 |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | -10 | -13 | -28 |
DAC, VOBA and DSI | -756 | 1,295 | -685 |
Policyholder dividend obligation | -1,384 | 2,057 | -909 |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | -31 | -46 | -117 |
Deferred income tax benefit (expense) | -3,600 | 3,017 | -3,279 |
Net unrealized investment gains (losses) | 16,272 | 8,405 | 14,433 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | -37 | 9 | -14 |
Balance at December 31, | 16,235 | 8,414 | 14,419 |
Change in net unrealized investment gains (losses) | 7,858 | -6,014 | 5,759 |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | -37 | 9 | -14 |
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $7,821 | ($6,005) | $5,745 |
Investments_Securities_Lending
Investments (Securities Lending) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Securities Financing Transaction [Line Items] | ||
Total cash collateral liability | $30,826 | $28,319 |
Security collateral on deposit from counterparties | 83 | 0 |
Reinvestment portfolio — estimated fair value | 31,314 | 28,481 |
Securities Financing Transaction, Cost [Member] | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 26,989 | 27,094 |
Securities Financing Transaction, Fair Value [Member] | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | $30,269 | $27,595 |
Investments_Invested_Assets_on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) (1) | $9,437 | $2,153 |
Invested assets held in trust (collateral financing arrangements and reinsurance agreements) | 10,069 | 11,004 |
Invested assets pledged as collateral | 25,996 | 23,770 |
Total invested assets on deposit, held in trust and pledged as collateral | $45,502 | $36,927 |
Investments_PCI_Investments_by
Investments (PCI Investments by Invested Asset Class) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Loans | ||
Purchased credit impaired investments, by invested asset class, held: | ||
Outstanding principal and interest balance | $239 | $291 |
Carrying value | 132 | 138 |
Fixed Maturity Securities | ||
Purchased credit impaired investments, by invested asset class, held: | ||
Outstanding principal and interest balance | 5,287 | 5,319 |
Carrying value | $4,170 | $4,109 |
Investments_PCI_Investments_Ac
Investments (PCI Investments Acquired) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Mortgage Loans | ||
Purchased credit impaired investments as of their respective acquisition dates | ||
Contractually required payments (including interest) | $0 | $0 |
Cash flows expected to be collected | 0 | 0 |
Fair value of investments acquired | 0 | 0 |
Fixed Maturity Securities | ||
Purchased credit impaired investments as of their respective acquisition dates | ||
Contractually required payments (including interest) | 947 | 1,872 |
Cash flows expected to be collected | 745 | 1,446 |
Fair value of investments acquired | $503 | $978 |
Investments_Activity_For_Accre
Investments (Activity For Accretable Yield on PCI Investments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans | ||
Accretable yield on purchased distressed assets acquired | ||
Accretable yield, January 1, | $74 | $184 |
Accretion recognized in earnings | -22 | -87 |
Disposals | 0 | 0 |
Reclassification (to) from nonaccretable difference | -4 | -23 |
Accretable yield, December 31, | 48 | 74 |
Fixed Maturity Securities | ||
Accretable yield on purchased distressed assets acquired | ||
Accretable yield, January 1, | 2,746 | 2,665 |
Accretion recognized in earnings | -244 | -260 |
Disposals | -60 | -152 |
Reclassification (to) from nonaccretable difference | -541 | 25 |
Accretable yield, December 31, | 2,143 | 2,746 |
Investments purchased | Mortgage Loans | ||
Accretable yield on purchased distressed assets acquired | ||
Investments purchased | 0 | 0 |
Investments purchased | Fixed Maturity Securities | ||
Accretable yield on purchased distressed assets acquired | ||
Investments purchased | $242 | $468 |
Investments_Consolidated_Varia
Investments (Consolidated Variable Interest Entities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Total Assets | $6,323 | $8,558 |
Total Liabilities | 2,169 | 3,684 |
MRSC (collateral financing arrangement (primarily securities)) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 3,471 | 3,440 |
Total Liabilities | 0 | 0 |
Operating joint venture | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 2,405 | 2,095 |
Total Liabilities | 1,999 | 1,777 |
CSEs (assets (primarily loans) and liabilities (primarily debt)) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 297 | 1,630 |
Total Liabilities | 155 | 1,457 |
Real estate joint ventures | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 9 | 1,181 |
Total Liabilities | 15 | 443 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 59 | 82 |
Total Liabilities | 0 | 7 |
FVO and trading securities | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 45 | 69 |
Total Liabilities | 0 | 0 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 37 | 61 |
Total Liabilities | $0 | $0 |
Investments_Unconsolidated_Var
Investments (Unconsolidated Variable Interest Entities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | $80,983 | $78,522 |
Total Liabilities | 83,490 | 80,864 |
Real estate joint ventures | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 100 | 70 |
Total Liabilities | 125 | 71 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 6,250 | 5,041 |
Total Liabilities | 8,402 | 6,994 |
FVO and trading securities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 565 | 619 |
Total Liabilities | 565 | 619 |
Mortgage Loans | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 51 | 106 |
Total Liabilities | 51 | 106 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 1,720 | 1,509 |
Total Liabilities | 2,050 | 1,897 |
Structured securities (RMBS, CMBS, and ABS) | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 68,427 | 67,176 |
Total Liabilities | 68,427 | 67,176 |
U.S. and foreign corporate | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 3,829 | 3,966 |
Total Liabilities | 3,829 | 3,966 |
Non-redeemable preferred stock | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount | 41 | 35 |
Total Liabilities | $41 | $35 |
Investments_Net_Investment_Inc
Investments (Net Investment Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Investment Income [Line Items] | |||
Less: Investment expenses | $1,178 | $1,198 | $1,090 |
Subtotal | 21,153 | 22,232 | 21,984 |
Securities Investment [Member] | |||
Net Investment Income [Line Items] | |||
Subtotal | 21,015 | 21,123 | 21,248 |
Subtotal | 19,837 | 19,925 | 20,158 |
Fixed maturity securities | |||
Net Investment Income [Line Items] | |||
Subtotal | 14,868 | 15,071 | 15,218 |
Equity securities | |||
Net Investment Income [Line Items] | |||
Subtotal | 133 | 127 | 133 |
FVO and trading securities — Actively Traded and FVO general account securities (1) | |||
Net Investment Income [Line Items] | |||
Subtotal | 103 | 65 | 88 |
Changes in estimated fair value included in net investment income | -3 | 18 | 51 |
Mortgage Loans | |||
Net Investment Income [Line Items] | |||
Subtotal | 2,928 | 3,020 | 3,191 |
Policy loans | |||
Net Investment Income [Line Items] | |||
Subtotal | 629 | 620 | 626 |
Real estate and real estate joint ventures | |||
Net Investment Income [Line Items] | |||
Subtotal | 951 | 909 | 834 |
Other limited partnership interests | |||
Net Investment Income [Line Items] | |||
Subtotal | 1,033 | 955 | 845 |
Cash, cash equivalents and short-term investments | |||
Net Investment Income [Line Items] | |||
Subtotal | 168 | 181 | 163 |
Operating joint ventures | |||
Net Investment Income [Line Items] | |||
Subtotal | 10 | 10 | 19 |
Other | |||
Net Investment Income [Line Items] | |||
Subtotal | 192 | 165 | 131 |
Consolidated Securitization Entities And Fair Value Option Contractholder-Directed Unit-Linked [Member] | |||
Net Investment Income [Line Items] | |||
Subtotal | 1,316 | 2,307 | 1,826 |
FVO contractholder-directed unit-linked investments | |||
Net Investment Income [Line Items] | |||
Subtotal | 1,266 | 2,172 | 1,473 |
Changes in estimated fair value included in net investment income | 645 | 1,579 | 1,170 |
Securitized reverse residential mortgage loans | |||
Net Investment Income [Line Items] | |||
Subtotal | 0 | 0 | 177 |
Commercial mortgage loans | Consolidated Securitization Entities | |||
Net Investment Income [Line Items] | |||
Subtotal | 49 | 132 | 172 |
Securities | Consolidated Securitization Entities | |||
Net Investment Income [Line Items] | |||
Subtotal | $1 | $3 | $4 |
Investments_Components_of_Net_
Investments (Components of Net Investment Gains Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Marketable Securities, Gain (Loss) [Abstract] | |||
Fixed maturity securities — net gains (losses) on sales and disposals | $598 | $561 | $253 |
Equity securities — net gains (losses) on sales and disposals | 101 | 31 | 38 |
Other net investment gains (losses): | |||
FVO and trading securities — FVO general account securities | 9 | 15 | 17 |
Mortgage Loans | -36 | 22 | 57 |
Real estate and real estate joint ventures | 222 | -19 | -36 |
Other limited partnership interests | -78 | -48 | -36 |
Other investment portfolio gains (losses) | -110 | 22 | -151 |
Subtotal - investment portfolio gains (losses) | 610 | 392 | -209 |
FVO CSEs - changes in estimated fair value subsequent to consolidation: | |||
Commercial mortgage loans | -13 | -52 | 7 |
Securities | 0 | 2 | 0 |
Long-term debt — related to commercial mortgage loans | 19 | 85 | 25 |
Long-term debt — related to securities | -1 | -2 | -7 |
Non-investment portfolio gains (losses) | -812 | -264 | -168 |
Subtotal FVO CSEs and non-investment portfolio gains (losses) | -807 | -231 | -143 |
Total net investment gains (losses) | -197 | 161 | -352 |
Fixed Maturity Securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -60 | -166 | -317 |
Net investment gains (losses) | 538 | 395 | -64 |
Consumer | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -7 | -11 | -19 |
Transportation | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -2 | -3 | -17 |
Utility | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | -48 | -61 |
Finance | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | -10 | -32 |
Communications | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | -2 | -19 |
Technology | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | 0 | -6 |
Industrial | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | 0 | -5 |
Corporate fixed maturity securities [Member] | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -9 | -74 | -159 |
RMBS | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -31 | -80 | -97 |
CMBS (1) | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -13 | -12 | -51 |
ABS | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -7 | 0 | -9 |
State and political subdivision | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | 0 | 0 | -1 |
Equity securities | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -36 | -26 | -34 |
Net investment gains (losses) | 65 | 5 | 4 |
Non-redeemable preferred stock | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | -23 | -20 | 0 |
Common stock | |||
Marketable Securities, Gain (Loss) [Abstract] | |||
Total OTTI losses recognized in earnings | ($13) | ($6) | ($34) |
Investments_Sales_or_Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed Maturity Securities | |||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | |||
Proceeds | $82,075 | $76,070 | $59,219 |
Gross investment gains | 1,165 | 1,326 | 944 |
Gross investment losses | -567 | -765 | -691 |
Total OTTI losses recognized in earnings | -60 | -166 | -317 |
Net investment gains (losses) | 538 | 395 | -64 |
Equity securities | |||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | |||
Proceeds | 544 | 746 | 1,648 |
Gross investment gains | 112 | 56 | 73 |
Gross investment losses | -11 | -25 | -35 |
Total OTTI losses recognized in earnings | -36 | -26 | -34 |
Net investment gains (losses) | $65 | $5 | $4 |
Investments_Credit_Loss_Rollfo
Investments (Credit Loss Rollforward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance at January 1, | $378 | $392 |
Additions: | ||
Initial impairments — credit loss OTTI recognized on securities not previously impaired | 2 | 6 |
Additional impairments — credit loss OTTI recognized on securities previously impaired | 25 | 69 |
Reductions: | ||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | -40 | -87 |
Securities impaired to net present value of expected future cash flows | -7 | 0 |
Increases in cash flows — accretion of previous credit loss OTTI | -1 | -2 |
Balance at December 31, | $357 | $378 |
Investments_Fixed_Maturity_and1
Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | $112 | $218 | $361 |
Available-for-sale Securities, Debt Securities | 365,425 | 350,187 | |
CMBS (1) | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | -1 | 0 | |
Available-for-sale Securities, Debt Securities | 14,332 | 16,550 | |
Gross Unrealized Gain | 615 | 605 | |
Foreign corporate | |||
Summary of Certain Fixed Maturity Securities | |||
Gross Unrealized OTTI Loss | 7 | 0 | |
Available-for-sale Securities, Debt Securities | 61,675 | 63,152 | |
Gross Unrealized Gain | 4,651 | 3,939 | |
Fixed Maturity Securities | |||
Summary of Certain Fixed Maturity Securities | |||
Available-for-sale Securities, Debt Securities | 64 | 74 | |
Gross Unrealized Gain | $28 | $23 |
Investments_Evaluation_of_Avai
Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
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% | |
Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in Gross Unrealized Temporary Loss | $2,600 | |
Gross Unrealized Temporary Loss | 2,000 | 4,600 |
Gross Unrealized Temporary Loss | 888 | 1,220 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in Gross Unrealized Temporary Loss | -50 | |
Gross Unrealized Temporary Loss | 67 | 117 |
Gross Unrealized Temporary Loss | 37 | 48 |
Non-redeemable preferred stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Temporary Loss | 37 | 47 |
20% or more [Member] | Six months or greater [Member] | Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Temporary Loss | 143 | |
Number of Securities | 51 | |
20% or more [Member] | Six months or greater [Member] | Fixed Maturity Securities | Investment Grade [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Temporary Loss | 61 | |
Number of Securities | 25 | |
Percentage of gross unrealized loss | 43.00% | |
20% or more [Member] | Six months or greater [Member] | Fixed Maturity Securities | Below Investment Grade [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Unrealized Temporary Loss | 82 | |
Number of Securities | 26 | |
Percentage of gross unrealized loss | 57.00% | |
20% or more [Member] | Twelve months or greater [Member] | Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | 6 | |
Gross Unrealized Temporary Loss | $27 | |
20% or more [Member] | Twelve months or greater [Member] | Non-redeemable preferred stock | Aaa/Aa/A | Financial Services Industry [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Percentage of gross unrealized loss | 22.00% |
Investments_Mortgage_Loans_Nar
Investments (Mortgage Loans - Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Financing Receivable, Significant Purchases | $4,700,000,000 | $2,200,000,000 | |
Average Recorded Investment | 458,000,000 | 693,000,000 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | |
Agricultural | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Average Recorded Investment | 204,000,000 | ||
Estimated fair value of mortgage loans held-for-investment | 12,800,000,000 | 12,700,000,000 | |
Residential | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Average Recorded Investment | 13,000,000 | ||
Estimated fair value of mortgage loans held-for-investment | 6,600,000,000 | 2,800,000,000 | |
Commercial mortgage loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Average Recorded Investment | $464,000,000 |
Investments_Leverage_Leases_Na
Investments (Leverage Leases - Narrative) (Details) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans and Leases Receivable, Other Information | The payment periods for leveraged leases generally range from one to 15 years but in certain circumstances can be over 30 years, while the payment periods for direct financing leases range from one to 30 years. | |
Percentage of rental receivables performing | 100.00% | 100.00% |
Leveraged Leases [Abstract] | ||
Deferred income tax liability related to leveraged leases | $1.50 | $1.60 |
Performing Financing Receivable [Member] | Minimum | ||
Percentage of rental receivables performing | 99.00% | 99.00% |
Investments_Cash_Equivalents_N
Investments (Cash Equivalents - Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Billions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $4.50 | $3.80 |
Investments_Concentrations_of_
Investments (Concentrations of Credit Risk - Narrative) (Details) (USD $) | 12 Months Ended | |
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
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% | |
Foreign government | Japan | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Government and agency fixed maturity securities | 20.3 | $21.70 |
Fixed maturity and equity securities [Member] | Japan | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Government and agency fixed maturity securities | 25.5 | $26.90 |
Investments_Invested_Assets_on1
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral - Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Invested assets on deposit | $9,437 | $2,153 |
MetLife Insurance Company of Connecticut | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Invested assets on deposit | $6,300 |
Investments_Collectively_Signi
Investments (Collectively Significant Equity Method Investments - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Billions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | |||
Carrying Value of investments accounted for under the equity method | $14.30 | ||
Unfunded commitments for investments accounted for under the equity method | 4.1 | ||
Total assets for investments accounted for under the equity method | 385.7 | 303.4 | |
Total liabilities for investments accounted for under the equity method | 39.5 | 29.7 | |
Net Income (loss) for investments accounted for under the equity method | $34.90 | $26.30 | $17.90 |
Aggregate Net income Exceeded Stated Percentage Of The Pre Tax Income (Loss) From Continuing Operations | 10.00% | 10.00% |
Investments_Consolidated_Varia1
Investments (Consolidated Variable Interest Entities - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 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 | $212 | $257 | |
Financial or other support to investees designated as VIEs | 0 | 0 | 0 |
CSEs (assets (primarily loans) and liabilities (primarily debt)) | |||
Variable Interest Entity [Line Items] | |||
Variable interest, maximum exposure to loss in consolidated securitization entities | 123 | 154 | |
Long-term debt held by consolidated securitization entities, percentage range minimum | 2.25% | 2.25% | 2.25% |
Long-term debt held by consolidated securitization entities, percentage range maximum | 5.57% | 5.57% | 5.57% |
Interest expense on long-term debt held by consolidated securitization entities | 38 | 122 | 163 |
Real estate joint ventures | |||
Variable Interest Entity [Line Items] | |||
Variable interest, maximum exposure to loss in consolidated securitization entities | $178 | ||
Long-term debt held by consolidated securitization entities, percentage range minimum | 1.39% | ||
Long-term debt held by consolidated securitization entities, percentage range maximum | 4.45% |
Investments_Net_Investment_Gai
Investments (Net Investment Gains Losses - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other investment portfolio gains (losses) | $110 | ($22) | $151 |
Gains (losses) from foreign currency transactions | -183 | 171 | -112 |
Fixed maturity securities | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
OTTI losses | 60 | 166 | 317 |
Fixed maturity securities | Other [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
OTTI losses | 0 | 19 | 94 |
MetLife Assurance Limited [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other investment portfolio gains (losses) | $633 |
Derivatives_Primary_Risks_Deta
Derivatives (Primary Risks) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | $415,598 | $404,895 |
Estimated Fair Value Assets | 13,452 | 8,595 |
Estimated Fair Value Liabilities | 7,022 | 6,521 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 42,713 | 38,634 |
Estimated Fair Value Assets | 3,993 | 2,425 |
Estimated Fair Value Liabilities | 1,353 | 1,145 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 11,087 | 12,067 |
Estimated Fair Value Assets | 2,129 | 1,534 |
Estimated Fair Value Liabilities | 412 | 290 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 6,044 | 6,419 |
Estimated Fair Value Assets | 2,064 | 1,282 |
Estimated Fair Value Liabilities | 21 | 78 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,708 | 2,713 |
Estimated Fair Value Assets | 65 | 252 |
Estimated Fair Value Liabilities | 100 | 135 |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,335 | 2,935 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 291 | 77 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 21,110 | 16,023 |
Estimated Fair Value Assets | 1,154 | 491 |
Estimated Fair Value Liabilities | 930 | 808 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,560 | 3,121 |
Estimated Fair Value Assets | 528 | 83 |
Estimated Fair Value Liabilities | 0 | 141 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 225 | 450 |
Estimated Fair Value Assets | 63 | 7 |
Estimated Fair Value Liabilities | 0 | 7 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 18,325 | 12,452 |
Estimated Fair Value Assets | 563 | 401 |
Estimated Fair Value Liabilities | 930 | 660 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 10,516 | 10,544 |
Estimated Fair Value Assets | 710 | 400 |
Estimated Fair Value Liabilities | 11 | 47 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,097 | 3,182 |
Estimated Fair Value Assets | 295 | 82 |
Estimated Fair Value Liabilities | 11 | 47 |
Derivatives Designated as Hedging Instruments [Member] | Foreign Operations Hedges [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 6,419 | 7,362 |
Estimated Fair Value Assets | 415 | 318 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 372,885 | 366,261 |
Estimated Fair Value Assets | 9,459 | 6,170 |
Estimated Fair Value Liabilities | 5,669 | 5,376 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 93,266 | 107,354 |
Estimated Fair Value Assets | 4,570 | 3,330 |
Estimated Fair Value Liabilities | 2,051 | 1,767 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 55,645 | 63,064 |
Estimated Fair Value Assets | 440 | 451 |
Estimated Fair Value Liabilities | 199 | 346 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 49,128 | 39,460 |
Estimated Fair Value Assets | 145 | 177 |
Estimated Fair Value Liabilities | 1 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,707 | 6,011 |
Estimated Fair Value Assets | 4 | 9 |
Estimated Fair Value Liabilities | 9 | 9 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 48,078 | 40,978 |
Estimated Fair Value Assets | 1,241 | 255 |
Estimated Fair Value Liabilities | 75 | 243 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,298 | 4,409 |
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 | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 11,041 | 9,307 |
Estimated Fair Value Assets | 447 | 133 |
Estimated Fair Value Liabilities | 385 | 684 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 13,206 | 11,311 |
Estimated Fair Value Assets | 127 | 69 |
Estimated Fair Value Liabilities | 791 | 359 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 522 | 1,316 |
Estimated Fair Value Assets | 2 | 1 |
Estimated Fair Value Liabilities | 0 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 8,324 | 2,265 |
Estimated Fair Value Assets | 585 | 53 |
Estimated Fair Value Liabilities | 340 | 48 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,830 | 3,725 |
Estimated Fair Value Assets | 8 | 7 |
Estimated Fair Value Liabilities | 34 | 51 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 10,527 | 9,055 |
Estimated Fair Value Assets | 181 | 166 |
Estimated Fair Value Liabilities | 6 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 6,073 | 5,157 |
Estimated Fair Value Assets | 65 | 1 |
Estimated Fair Value Liabilities | 2 | 43 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 39,345 | 37,411 |
Estimated Fair Value Assets | 1,426 | 1,344 |
Estimated Fair Value Liabilities | 1,036 | 1,068 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 24,598 | 21,636 |
Estimated Fair Value Assets | 196 | 174 |
Estimated Fair Value Liabilities | 639 | 577 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Total rate of return swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 3,297 | 3,802 |
Estimated Fair Value Assets | 22 | 0 |
Estimated Fair Value Liabilities | $101 | $179 |
Derivatives_Net_Derivative_Gai
Derivatives (Net Derivative Gains Losses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Net Derivatives Gains (Losses) | |||
Derivatives and hedging gains (losses) | $1,638 | ($8,343) | ($3,158) |
Embedded derivatives | -321 | 5,104 | 1,239 |
Total net derivative gains (losses) | $1,317 | ($3,239) | ($1,919) |
Derivatives_Earned_Income_On_D
Derivatives (Earned Income On Derivatives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | $1,120 | $309 | $667 |
Derivatives Designated as Hedging Instruments [Member] | Net investment income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 158 | 135 | 111 |
Derivatives Designated as Hedging Instruments [Member] | Interest credited to policyholder account balances | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 101 | 150 | 164 |
Derivatives Designated as Hedging Instruments [Member] | Other expenses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | -3 | -6 | -5 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net investment income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | -4 | -6 | -6 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 0 | 0 | 47 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | 828 | 328 | 476 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total earned income | $40 | ($292) | ($120) |
Derivatives_Gains_Losses_Recog
Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $57 | ($981) | ($135) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 576 | -8,728 | -3,660 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 1,545 | -3,458 | -296 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -344 | -1,716 | -660 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -12 | -21 | -298 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 21 | 130 | 150 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net derivative gains (losses) | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -634 | -3,663 | -2,556 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -18 | -38 | -23 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | -14 | -14 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 1 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Net Investment Income | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -18 | -25 | -9 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -246 | -754 | -419 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 42 | -27 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Policyholder benefits and claims | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | -288 | -727 | -419 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 28 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | Interest rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 28 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | Foreign currency exchange rate derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | Credit derivatives — purchased | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | Credit derivatives — written | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments [Member] | Other revenues | Equity derivatives | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | $0 | $0 | $0 |
Derivatives_Fair_Value_Hedges_
Derivatives (Fair Value Hedges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | $57 | ($981) | ($135) |
Net Derivative Gains (Losses) Recognized for Hedged Items | -79 | 992 | 127 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | -22 | 11 | -8 |
Interest rate swaps | Fixed Maturity Securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 5 | 42 | -4 |
Net Derivative Gains (Losses) Recognized for Hedged Items | -1 | -43 | 0 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 4 | -1 | -4 |
Interest rate swaps | Policyholder account balances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 681 | -830 | -82 |
Net Derivative Gains (Losses) Recognized for Hedged Items | -667 | 835 | 96 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 14 | 5 | 14 |
Foreign currency swaps | Foreign-denominated fixed maturity securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | 13 | 13 | -1 |
Net Derivative Gains (Losses) Recognized for Hedged Items | -11 | -12 | 1 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 2 | 1 | 0 |
Foreign currency swaps | Foreign-denominated policyholder account balances [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | -283 | -97 | 3 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 270 | 110 | -20 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | -13 | 13 | -17 |
Foreign currency forwards | Foreign-denominated fixed maturity securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Derivative Gains (Losses) Recognized for Derivatives | -359 | -109 | -51 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 330 | 102 | 50 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | ($29) | ($7) | ($1) |
Derivatives_Cash_Flow_Hedges_D
Derivatives (Cash Flow Hedges) (Details) (Cash Flow Hedges [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $669 | ($863) | ($215) |
Interest rate swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 722 | -635 | -34 |
Foreign currency swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | -139 | -165 | -164 |
Interest rate forwards | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 86 | -59 | -17 |
Credit forwards | |||
Derivatives in cash flow hedging relationships | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 0 | -4 | 0 |
Net derivative gains (losses) | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | -733 | 27 | 25 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 4 | 1 | -4 |
Net derivative gains (losses) | Interest rate swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 42 | 20 | 1 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 3 | -3 | 2 |
Net derivative gains (losses) | Foreign currency swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | -768 | -3 | 23 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 1 | 3 | -6 |
Net derivative gains (losses) | Interest rate forwards | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | -7 | 10 | 1 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 1 | 0 |
Net derivative gains (losses) | Credit forwards | |||
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 | 0 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 |
Net Investment Income | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 12 | 9 | 2 |
Net Investment Income | Interest rate swaps | |||
Derivatives in cash flow hedging relationships | |||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 9 | 8 | 4 |
Net Investment Income | Foreign currency swaps | |||
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 | -3 | -5 |
Net Investment Income | Interest rate forwards | |||
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 | 3 | 2 |
Net Investment Income | Credit forwards | |||
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 | 1 |
Other expenses | |||
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 | 0 | -3 |
Other expenses | Interest rate swaps | |||
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 | -3 |
Other expenses | Foreign currency swaps | |||
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 | 1 |
Other expenses | Interest rate forwards | |||
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 | -1 |
Other expenses | Credit forwards | |||
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 | $0 |
Derivatives_Hedges_of_Net_Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) (Foreign Operations Hedges [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $629 | $331 | ($14) |
Foreign currency forwards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 407 | 69 | -50 |
Currency options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $222 | $262 | $36 |
Derivatives_Credit_Derivatives
Derivatives (Credit Derivatives) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $175 | $165 |
Maximum Amount of Future Payments under Credit Default Swaps | 10,527 | 9,055 |
Weighted Average Years to Maturity | 3 years 11 months | 3 years 4 months 24 days |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 20 | 36 |
Maximum Amount of Future Payments under Credit Default Swaps | 2,377 | 3,284 |
Weighted Average Years to Maturity | 2 years 7 months | 1 year 7 months 6 days |
Aaa/Aa/A | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 10 | 10 |
Maximum Amount of Future Payments under Credit Default Swaps | 677 | 545 |
Weighted Average Years to Maturity | 2 years 5 months | 2 years 7 months 6 days |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 10 | 26 |
Maximum Amount of Future Payments under Credit Default Swaps | 1,700 | 2,739 |
Weighted Average Years to Maturity | 2 years 7 months | 1 year 6 months 0 days |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 117 | 97 |
Maximum Amount of Future Payments under Credit Default Swaps | 7,365 | 5,391 |
Weighted Average Years to Maturity | 4 years 3 months | 4 years 4 months 0 days |
Baa | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 23 | 24 |
Maximum Amount of Future Payments under Credit Default Swaps | 1,591 | 1,320 |
Weighted Average Years to Maturity | 2 years 9 months | 3 years 1 month 0 days |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 94 | 73 |
Maximum Amount of Future Payments under Credit Default Swaps | 5,774 | 4,071 |
Weighted Average Years to Maturity | 4 years 8 months | 4 years 8 months 12 days |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | -1 | 0 |
Maximum Amount of Future Payments under Credit Default Swaps | 160 | 5 |
Weighted Average Years to Maturity | 2 years 5 months | 3 years 9 months 0 days |
Ba | Single name credit default swaps (corporate) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 0 | 0 |
Maximum Amount of Future Payments under Credit Default Swaps | 60 | 5 |
Weighted Average Years to Maturity | 3 years | 3 years 9 months 0 days |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | -1 | 0 |
Maximum Amount of Future Payments under Credit Default Swaps | 100 | 0 |
Weighted Average Years to Maturity | 2 years | 0 years |
B [Member] | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 39 | 32 |
Maximum Amount of Future Payments under Credit Default Swaps | 625 | 375 |
Weighted Average Years to Maturity | 4 years 11 months | 4 years 10 months 24 days |
B [Member] | Single name credit default swaps (corporate) | ||
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 | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | 39 | 32 |
Maximum Amount of Future Payments under Credit Default Swaps | $625 | $375 |
Weighted Average Years to Maturity | 4 years 11 months | 4 years 10 months 24 days |
Derivatives_Estimated_Fair_Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $13,707 | $8,850 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 7,082 | 6,549 |
Amounts offset in the consolidated balance sheet, Assets | 0 | 0 |
Amounts offset in the consolidated balance sheet, Liabilities | 0 | 0 |
Estimated fair value of derivative assets presented in the consolidated balance sheets | 13,707 | 8,850 |
Estimated fair value of derivative liabilities presented in the consolidated balance sheets | 7,082 | 6,549 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 324 | 139 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 102 | 269 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 12,256 | 8,537 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 6,017 | 6,367 |
Gross estimated fair value of derivative assets | -4,082 | -4,631 |
Gross estimated fair value of derivative liabilities | -4,082 | -4,631 |
Cash collateral on derivative assets | -4,153 | -1,679 |
Cash collateral on derivative liabilities | -133 | -3 |
Securities collateral on derivative assets | -3,768 | -2,105 |
Securities collateral on derivative liabilities | -1,700 | -1,464 |
Exchange Traded [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 71 | 11 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 11 | 53 |
Gross estimated fair value of derivative assets | -5 | -5 |
Gross estimated fair value of derivative liabilities | -5 | -5 |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | -4 | -44 |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | -2 | -4 |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | 1,380 | 302 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 1,054 | 129 |
Gross estimated fair value of derivative assets | -989 | -122 |
Gross estimated fair value of derivative liabilities | -989 | -122 |
Cash collateral on derivative assets | -386 | -169 |
Cash collateral on derivative liabilities | -62 | -7 |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | ($3) | $0 |
Derivatives_Credit_Risk_on_Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Credit Derivatives [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset Excluding Accruals | $13,707 | $8,850 |
Derivative Liability, Fair Value, Gross Liability Excluding Accruals | 7,082 | 6,549 |
Estimated Fair Value of Derivatives in Net Liability Position | 1,916 | 1,694 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 5 | 27 |
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 | 7 | 34 |
Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 1,815 | 1,530 |
Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 133 | 3 |
Derivatives subject to credit-contingent provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | 1,832 | 1,674 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 5 | 27 |
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 | 7 | 34 |
Derivatives subject to credit-contingent provisions | Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 1,750 | 1,530 |
Derivatives subject to credit-contingent provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 131 | 0 |
Derivatives not subject to credit-contingent provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in Net Liability Position | 84 | 20 |
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 | Fixed Maturity Securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | 65 | 0 |
Derivatives not subject to credit-contingent provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided | $2 | $3 |
Derivatives_Embedded_Derivativ
Derivatives (Embedded Derivatives) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within asset host contracts | $160 | $140 |
Net embedded derivatives within liability host contracts | -46 | -969 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within asset host contracts | 324 | 247 |
Direct guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within liability host contracts | -1,126 | -2,296 |
Funds withheld on assumed reinsurance | Other invested assets | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within asset host contracts | 53 | 38 |
Assumed guaranteed minimum benefits | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within liability host contracts | 973 | 1,262 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within liability host contracts | 83 | 60 |
Other | Policyholder account balances [Member] | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within liability host contracts | 24 | 5 |
Options embedded in debt or equity securities [Member] | Investments | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Net embedded derivatives within asset host contracts | ($217) | ($145) |
Derivatives_Changes_in_Estimat
Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gains (losses) | ($321) | $5,104 | $1,239 |
Net Derivative Gain (Loss) [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gains (losses) | -321 | 5,104 | 1,239 |
Policyholder benefits and claims | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net derivatives gains (losses) | $87 | ($139) | $75 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | $13,452 | $8,595 | |
Estimated Fair Value Liabilities | 7,022 | 6,521 | |
Maximum Amount of Future Payments under Credit Default Swaps | 10,527 | 9,055 | |
Estimated Fair Value of Credit Default Swaps | 175 | 165 | |
Excess securities collateral received on derivatives | 87 | 104 | |
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | -197 | 161 | -352 |
Embedded derivatives | -321 | 5,104 | 1,239 |
Derivative Instrument Detail [Abstract] | |||
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | -15 | -1 | 1 |
Hedging exposure to variability in future cash flows for specific length of time | 6 years | 7 years | |
Accumulated Other Comprehensive Income Loss | 1,800 | 375 | |
Deferred net gains (losses) expected to be reclassified to earnings | -4 | ||
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 | no | ||
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | 940 | 233 | |
Potential future recoveries available to offset maximum amount of future payments under credit default swaps | 75 | 90 | |
Excess securities collateral provided on derivatives | 192 | 236 | |
Change in fair value of derivatives excluded from the assessment of hedge effectiveness | 3 | -2 | -4 |
Nonperformance Risk [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Embedded derivatives | 13 | -952 | -1,700 |
Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | MetLife Assurance Limited [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net investment gains (losses) | -77 | ||
Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 4,153 | 1,679 | |
Excess securities collateral received on derivatives | 395 | 238 | |
Excess securities collateral provided on derivatives | 117 | 66 | |
Exchange Traded [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Excess securities collateral received on derivatives | 199 | 141 | |
Excess securities collateral provided on derivatives | 245 | 81 | |
Hedge Funds [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Maximum Amount of Future Payments under Credit Default Swaps | 15 | 10 | |
Estimated Fair Value of Credit Default Swaps | 1 | 0 | |
Accrued Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value Assets | 255 | ||
Estimated Fair Value Liabilities | 60 | 28 | |
Off-Balance Sheet [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Excess securities collateral received on derivatives | 36 | ||
Off-Balance Sheet [Member] | Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | $263 | $0 |
Fair_Value_Recurring_Fair_Valu
Fair Value (Recurring Fair Value Measurements) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $365,425 | $350,187 |
Available-for-sale Securities, Equity Securities | 3,631 | 3,402 |
Actively Traded Securities | 704 | 662 |
Fair Value Option And Trading Securities | 16,689 | 17,423 |
Short-term investments | 8,621 | 13,955 |
Mortgage loans at estimated fair value | 60,118 | 57,706 |
Derivative assets | 13,452 | 8,595 |
Net embedded derivatives within asset host contracts | 160 | 140 |
Separate account assets | 316,994 | 317,201 |
Liabilities [Abstract] | ||
Derivative liabilities | 7,022 | 6,521 |
Net embedded derivatives within liability host contracts | -46 | -969 |
Long-term debt, at estimated fair value, relating to variable interest entities | 16,286 | 18,653 |
Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 308 | 338 |
Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 280 | 1,598 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 151 | 1,455 |
Recurring [Member] | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 365,425 | 350,187 |
Available-for-sale Securities, Equity Securities | 3,631 | 3,402 |
Actively Traded Securities | 654 | 662 |
Fair Value Option And Trading Securities | 16,689 | 17,423 |
Short-term investments | 7,663 | 13,112 |
Mortgage loans at estimated fair value | 588 | 1,936 |
Other investments | 264 | 259 |
Derivative assets | 13,452 | 8,595 |
Total other invested assets | 13,716 | 8,854 |
Net embedded derivatives within asset host contracts | 377 | 285 |
Separate account assets | 316,994 | 317,201 |
Total assets | 725,083 | 712,400 |
Liabilities [Abstract] | ||
Derivative liabilities | 7,022 | 6,521 |
Net embedded derivatives within liability host contracts | -46 | -969 |
Trading liabilities | 239 | 262 |
Total liabilities | 7,366 | 7,269 |
Recurring [Member] | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 9,055 | 5,594 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,356 | 2,591 |
Recurring [Member] | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,499 | 1,309 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,848 | 2,011 |
Recurring [Member] | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 189 | 173 |
Liabilities [Abstract] | ||
Derivative liabilities | 40 | 52 |
Recurring [Member] | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 1,709 | 1,519 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,778 | 1,867 |
Recurring [Member] | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 704 | 627 |
Recurring [Member] | FVO contractholder-directed unit-linked investments | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 15,316 | 16,111 |
Recurring [Member] | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 308 | 338 |
Recurring [Member] | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 15 | 23 |
Mortgage loans at estimated fair value | 280 | 1,598 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 151 | 1,455 |
Recurring [Member] | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 105,954 | 106,469 |
Recurring [Member] | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 61,675 | 63,152 |
Recurring [Member] | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 52,666 | 54,437 |
Recurring [Member] | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 61,516 | 45,123 |
Recurring [Member] | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 39,846 | 35,055 |
Recurring [Member] | CMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 14,332 | 16,550 |
Recurring [Member] | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 14,249 | 15,571 |
Recurring [Member] | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 15,187 | 13,830 |
Recurring [Member] | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 2,516 | 2,353 |
Recurring [Member] | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 1,115 | 1,049 |
Recurring [Member] | Level 1 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 36,879 | 25,061 |
Available-for-sale Securities, Equity Securities | 1,558 | 1,186 |
Actively Traded Securities | 22 | 2 |
Fair Value Option And Trading Securities | 11,638 | 11,222 |
Short-term investments | 2,104 | 5,915 |
Mortgage loans at estimated fair value | 0 | 0 |
Other investments | 203 | 188 |
Derivative assets | 71 | 12 |
Total other invested assets | 274 | 200 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 83,533 | 89,960 |
Total assets | 135,986 | 133,544 |
Liabilities [Abstract] | ||
Derivative liabilities | 11 | 53 |
Net embedded derivatives within liability host contracts | 0 | 0 |
Trading liabilities | 215 | 260 |
Total liabilities | 226 | 313 |
Recurring [Member] | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 4 | 10 |
Liabilities [Abstract] | ||
Derivative liabilities | 9 | 9 |
Recurring [Member] | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2 | 1 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 1 |
Recurring [Member] | Level 1 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 65 | 1 |
Liabilities [Abstract] | ||
Derivative liabilities | 2 | 43 |
Recurring [Member] | Level 1 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 552 | 518 |
Recurring [Member] | Level 1 | FVO contractholder-directed unit-linked investments | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 11,064 | 10,702 |
Recurring [Member] | Level 1 | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 0 | 0 |
Recurring [Member] | Level 1 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 0 | 0 |
Mortgage loans at estimated fair value | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 0 | 0 |
Recurring [Member] | Level 1 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 36,879 | 25,061 |
Recurring [Member] | Level 1 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | CMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring [Member] | Level 1 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 1,558 | 1,186 |
Recurring [Member] | Level 1 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 0 | 0 |
Recurring [Member] | Level 2 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 306,411 | 300,828 |
Available-for-sale Securities, Equity Securities | 1,728 | 1,644 |
Actively Traded Securities | 627 | 648 |
Fair Value Option And Trading Securities | 4,484 | 5,557 |
Short-term investments | 5,223 | 6,943 |
Mortgage loans at estimated fair value | 280 | 1,598 |
Other investments | 61 | 71 |
Derivative assets | 12,922 | 8,214 |
Total other invested assets | 12,983 | 8,285 |
Net embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 231,539 | 225,776 |
Total assets | 562,648 | 550,631 |
Liabilities [Abstract] | ||
Derivative liabilities | 6,252 | 5,813 |
Net embedded derivatives within liability host contracts | 7 | 4 |
Trading liabilities | 24 | 2 |
Total liabilities | 6,421 | 7,246 |
Recurring [Member] | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 8,988 | 5,557 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,347 | 2,568 |
Recurring [Member] | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,472 | 1,280 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,755 | 1,971 |
Recurring [Member] | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 175 | 144 |
Liabilities [Abstract] | ||
Derivative liabilities | 38 | 52 |
Recurring [Member] | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 1,287 | 1,233 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,112 | 1,222 |
Recurring [Member] | Level 2 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 57 | 80 |
Recurring [Member] | Level 2 | FVO contractholder-directed unit-linked investments | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 3,797 | 4,806 |
Recurring [Member] | Level 2 | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 0 | 0 |
Recurring [Member] | Level 2 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 3 | 23 |
Mortgage loans at estimated fair value | 280 | 1,598 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 138 | 1,427 |
Recurring [Member] | Level 2 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 99,012 | 99,321 |
Recurring [Member] | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 55,185 | 56,448 |
Recurring [Member] | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 51,355 | 52,202 |
Recurring [Member] | Level 2 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 24,637 | 20,000 |
Recurring [Member] | Level 2 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 35,463 | 32,098 |
Recurring [Member] | Level 2 | CMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 13,567 | 15,578 |
Recurring [Member] | Level 2 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,005 | 11,361 |
Recurring [Member] | Level 2 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 15,187 | 13,820 |
Recurring [Member] | Level 2 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 863 | 990 |
Recurring [Member] | Level 2 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 865 | 654 |
Recurring [Member] | Level 3 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 22,135 | 24,298 |
Available-for-sale Securities, Equity Securities | 345 | 572 |
Actively Traded Securities | 5 | 12 |
Fair Value Option And Trading Securities | 567 | 644 |
Short-term investments | 336 | 254 |
Mortgage loans at estimated fair value | 308 | 338 |
Other investments | 0 | 0 |
Derivative assets | 459 | 369 |
Total other invested assets | 459 | 369 |
Net embedded derivatives within asset host contracts | 377 | 285 |
Separate account assets | 1,922 | 1,465 |
Total assets | 26,449 | 28,225 |
Liabilities [Abstract] | ||
Derivative liabilities | 759 | 655 |
Net embedded derivatives within liability host contracts | -53 | -973 |
Trading liabilities | 0 | 0 |
Total liabilities | 719 | -290 |
Recurring [Member] | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 63 | 27 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 14 |
Recurring [Member] | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 25 | 28 |
Liabilities [Abstract] | ||
Derivative liabilities | 93 | 39 |
Recurring [Member] | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 14 | 29 |
Liabilities [Abstract] | ||
Derivative liabilities | 2 | 0 |
Recurring [Member] | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 357 | 285 |
Liabilities [Abstract] | ||
Derivative liabilities | 664 | 602 |
Recurring [Member] | Level 3 | FVO general account securities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 95 | 29 |
Recurring [Member] | Level 3 | FVO contractholder-directed unit-linked investments | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 455 | 603 |
Recurring [Member] | Level 3 | Residential Mortgage Loans - FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 308 | 338 |
Recurring [Member] | Level 3 | Consolidated Securitization Entities | ||
Assets [Abstract] | ||
Fair Value Option And Trading Securities | 12 | 0 |
Mortgage loans at estimated fair value | 0 | 0 |
Liabilities [Abstract] | ||
Long-term debt, at estimated fair value, relating to variable interest entities | 13 | 28 |
Recurring [Member] | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,942 | 7,148 |
Recurring [Member] | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,490 | 6,704 |
Recurring [Member] | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 1,311 | 2,235 |
Recurring [Member] | Level 3 | U.S. Treasury and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 62 |
Recurring [Member] | Level 3 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 4,383 | 2,957 |
Recurring [Member] | Level 3 | CMBS (1) | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 765 | 972 |
Recurring [Member] | Level 3 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 2,244 | 4,210 |
Recurring [Member] | Level 3 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 10 |
Recurring [Member] | Level 3 | Common stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | 95 | 177 |
Recurring [Member] | Level 3 | Non-redeemable preferred stock | ||
Assets [Abstract] | ||
Available-for-sale Securities, Equity Securities | $250 | $395 |
Fair_Value_Quantitative_Inform
Fair Value (Quantitative Information) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Interest rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 2.78% | 2.48% |
Interest rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 2.97% | 4.50% |
Foreign currency exchange rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 0.62% | 0.97% |
Correlation | 40.00% | 38.00% |
Foreign currency exchange rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 24.30% | 7.67% |
Correlation | 55.00% | 47.00% |
Credit contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 0.98% | 0.98% |
Credit contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 1.00% | 1.01% |
Equity market contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 70.00% | 60.00% |
Volatility | 15.00% | 13.00% |
Equity market contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Correlation | 70.00% | 60.00% |
Volatility | 27.00% | 28.00% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Durations 1 - 10 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate, Low End | 0.50% | 0.50% |
Lapse Rate, High End | 100.00% | 100.00% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Durations 11 - 20 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate, Low End | 2.00% | 2.00% |
Lapse Rate, High End | 100.00% | 100.00% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Durations 21 - 116 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate, Low End | 2.00% | 2.00% |
Lapse Rate, High End | 100.00% | 100.00% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Ages 0 - 40 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate, Low End | 0.00% | 0.00% |
Mortality Rate, High End | 0.28% | 0.14% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate, Low End | 0.04% | 0.04% |
Mortality Rate, High End | 0.88% | 0.88% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate, Low End | 0.26% | 0.26% |
Mortality Rate, High End | 100.00% | 100.00% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 20.00% | 20.00% |
Withdrawal rates | 0.00% | 0.00% |
Long-term equity volatilities | 7.30% | 9.14% |
Nonperformance risk spread | -0.35% | -1.08% |
Embedded derivatives direct and assumed guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 50.00% | 50.00% |
Withdrawal rates | 20.00% | 40.00% |
Long-term equity volatilities | 33.00% | 40.00% |
Nonperformance risk spread | 0.81% | 0.83% |
U.S. corporate and foreign corporate securities | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | -0.40% | -0.10% |
Offered quotes | 31 | 33 |
Quoted prices | 0 | 0 |
U.S. corporate and foreign corporate securities | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | 2.40% | 2.40% |
Offered quotes | 126 | 145 |
Quoted prices | 750 | 277 |
U.S. corporate and foreign corporate securities | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Delta spread adjustments | 0.46% | 0.46% |
Offered quotes | 99 | 95 |
Quoted prices | 151 | 119 |
Foreign government | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 92 | 64 |
Foreign government | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 189 | 156 |
Foreign government | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 106 | 100 |
RMBS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 1 | 69 |
Quoted prices | 22 | 10 |
RMBS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 118 | 101 |
Quoted prices | 120 | 109 |
RMBS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 93 | 93 |
Quoted prices | 97 | 98 |
ABS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 56 | 56 |
Quoted prices | 15 | 0 |
ABS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 106 | 106 |
Quoted prices | 110 | 110 |
ABS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Offered quotes | 102 | 98 |
Quoted prices | 100 | 101 |
Fair_Value_Unobservable_Input_
Fair Value (Unobservable Input Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Securitization Entities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | $0 | $0 | $0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | -1 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 13 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 12 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | -28 | -44 | -116 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 16 | 18 | 79 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | -13 | -28 | -44 |
Consolidated Securitization Entities | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Consolidated Securitization Entities | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -1 | -2 | -7 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -1 | 0 | -7 |
Consolidated Securitization Entities | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Consolidated Securitization Entities | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Consolidated Securitization Entities | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 0 | 0 | -1,175 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 1,149 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 23 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 2 |
Balance at December 31, | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | Net investment income | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | Net investment gains (losses) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | Net derivative gains (losses) | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | Other revenues | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 1 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Liability Related To Securitized Reverse Residential Mortgage Loans | Policyholder benefits and claims | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO general account securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 29 | 32 | 23 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | -9 | -30 | -9 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 69 | 15 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 95 | 29 | 32 |
FVO general account securities | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 6 | 6 | 18 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 6 | 5 | 14 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 6 | 5 | 14 |
FVO general account securities | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 6 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO general account securities | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO general account securities | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO general account securities | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO contractholder-directed unit-linked investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 603 | 937 | 1,386 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 297 | 340 | 604 |
Sales | -467 | -608 | -1,040 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 65 | 235 | 0 |
Transfers out of Level 3 | -45 | -293 | -38 |
Balance at December 31, | 455 | 603 | 937 |
FVO contractholder-directed unit-linked investments | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 2 | -8 | 25 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -13 | -1 | 25 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -13 | -1 | 25 |
FVO contractholder-directed unit-linked investments | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO contractholder-directed unit-linked investments | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO contractholder-directed unit-linked investments | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
FVO contractholder-directed unit-linked investments | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Residential Mortgage Loans - FVO | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 338 | 0 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 124 | 339 | 0 |
Sales | -120 | -2 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -54 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 308 | 338 | 0 |
Residential Mortgage Loans - FVO | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 20 | 1 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 20 | 1 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 20 | 1 | 0 |
Residential Mortgage Loans - FVO | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Residential Mortgage Loans - FVO | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Residential Mortgage Loans - FVO | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Residential Mortgage Loans - FVO | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Loans Held- for-sale | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 0 | 49 | 1,414 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 1 |
Sales | 0 | -45 | -1,348 |
Issuances | 0 | 0 | 7 |
Settlements | 0 | -4 | -43 |
Transfers into Level 3 | 0 | 0 | 56 |
Transfers out of Level 3 | 0 | 0 | -3 |
Balance at December 31, | 0 | 0 | 49 |
Mortgage Loans Held- for-sale | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Loans Held- for-sale | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Loans Held- for-sale | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Loans Held- for-sale | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | -35 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | -29 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | -29 |
Mortgage Loans Held- for-sale | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Interest rate contracts | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | 13 | 177 | 300 |
Other Comprehensive Income (Loss) | 95 | -102 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -59 | -31 | -71 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | -15 | 0 |
Balance at December 31, | 63 | 13 | 177 |
Interest rate contracts | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Interest rate contracts | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Interest rate contracts | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | -8 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 14 | -16 | 15 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | -8 | 0 |
Interest rate contracts | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | -67 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Interest rate contracts | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign currency exchange rate contracts | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | -11 | 37 | 44 |
Other Comprehensive Income (Loss) | 3 | -1 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 16 | 2 | -17 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | -68 | -11 | 37 |
Foreign currency exchange rate contracts | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign currency exchange rate contracts | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign currency exchange rate contracts | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -59 | -46 | -12 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | -76 | -49 | 10 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -59 | -46 | -12 |
Foreign currency exchange rate contracts | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign currency exchange rate contracts | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Credit contracts | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | 29 | 43 | 1 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | -4 | -1 | -3 |
Settlements | 0 | -1 | -3 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 12 | 29 | 43 |
Credit contracts | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Credit contracts | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Credit contracts | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -1 | -10 | 47 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | -13 | -12 | 48 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -1 | -10 | 47 |
Credit contracts | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Credit contracts | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Equity market contracts | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | -317 | 128 | 889 |
Other Comprehensive Income (Loss) | 3 | 0 | -3 |
Purchases | 7 | 14 | 19 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | -44 |
Settlements | 8 | 1 | -156 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | -307 | -317 | 128 |
Equity market contracts | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Equity market contracts | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Equity market contracts | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -11 | -463 | -593 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | -12 | -479 | -606 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -11 | -463 | -593 |
Equity market contracts | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Equity market contracts | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 4 | 19 | 29 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 4 | 19 | 29 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 4 | 19 | 29 |
Net Embedded Derivatives | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Balance at January 1, | 1,258 | -3,162 | -4,203 |
Other Comprehensive Income (Loss) | 191 | 300 | 259 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | -846 | -782 | -598 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 430 | 1,258 | -3,162 |
Net Embedded Derivatives | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Net Embedded Derivatives | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Net Embedded Derivatives | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -260 | 5,022 | 1,275 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | -260 | 5,041 | 1,305 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -260 | 5,022 | 1,275 |
Net Embedded Derivatives | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Net Embedded Derivatives | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 87 | -135 | 78 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Net Income (Loss) | 87 | -139 | 75 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 87 | -135 | 78 |
U.S. corporate | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 7,148 | 7,433 | 6,784 |
Other Comprehensive Income (Loss) | 358 | -94 | 328 |
Purchases | 1,490 | 1,555 | 1,718 |
Sales | -1,083 | -1,178 | -1,207 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 260 | 1,092 | 661 |
Transfers out of Level 3 | -1,235 | -1,639 | -869 |
Balance at December 31, | 6,942 | 7,148 | 7,433 |
U.S. corporate | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 10 | 10 | 14 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 7 | 8 | 12 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 7 | 8 | 12 |
U.S. corporate | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -6 | -31 | 4 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -7 | -39 | -4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -7 | -39 | -4 |
U.S. corporate | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. corporate | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. corporate | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign corporate | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 6,704 | 6,208 | 4,370 |
Other Comprehensive Income (Loss) | -5 | -75 | 294 |
Purchases | 1,438 | 1,972 | 2,654 |
Sales | -725 | -999 | -855 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 266 | 310 | 186 |
Transfers out of Level 3 | -1,197 | -688 | -383 |
Balance at December 31, | 6,490 | 6,704 | 6,208 |
Foreign corporate | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 17 | 9 | 20 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 15 | 8 | 19 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 15 | 8 | 19 |
Foreign corporate | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -8 | -33 | -78 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -2 | -3 | -30 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -2 | -3 | -30 |
Foreign corporate | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign corporate | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign corporate | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign government | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 2,235 | 1,814 | 2,322 |
Other Comprehensive Income (Loss) | -110 | -84 | 45 |
Purchases | 363 | 734 | 431 |
Sales | -273 | -128 | -673 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 253 | 81 | 28 |
Transfers out of Level 3 | -1,218 | -199 | -350 |
Balance at December 31, | 1,311 | 2,235 | 1,814 |
Foreign government | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 111 | 9 | 14 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 12 | 9 | 16 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 12 | 9 | 16 |
Foreign government | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -50 | 8 | -3 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign government | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign government | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Foreign government | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. Treasury and agency | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 62 | 71 | 31 |
Other Comprehensive Income (Loss) | 0 | -3 | 0 |
Purchases | 0 | 0 | 48 |
Sales | 0 | -6 | -8 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | -62 | 0 | 0 |
Balance at December 31, | 0 | 62 | 71 |
U.S. Treasury and agency | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. Treasury and agency | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. Treasury and agency | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. Treasury and agency | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
U.S. Treasury and agency | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
RMBS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 2,957 | 2,037 | 1,602 |
Other Comprehensive Income (Loss) | 81 | 155 | 275 |
Purchases | 1,884 | 1,155 | 952 |
Sales | -612 | -399 | -704 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 46 | 56 | 161 |
Transfers out of Level 3 | -29 | -75 | -269 |
Balance at December 31, | 4,383 | 2,957 | 2,037 |
RMBS | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 48 | 31 | 27 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 48 | 36 | 27 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 48 | 36 | 27 |
RMBS | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 8 | -3 | -7 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -1 | -3 | -4 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -1 | -3 | -4 |
RMBS | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
RMBS | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
RMBS | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
CMBS (1) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 972 | 1,147 | 753 |
Other Comprehensive Income (Loss) | -46 | -45 | -4 |
Purchases | 269 | 546 | 682 |
Sales | -236 | -450 | -397 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 58 | 114 | 177 |
Transfers out of Level 3 | -242 | -331 | -30 |
Balance at December 31, | 765 | 972 | 1,147 |
CMBS (1) | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 2 | 5 | 8 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 2 | 3 | 2 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 2 | 3 | 2 |
CMBS (1) | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -12 | -14 | -42 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -12 | -12 | -1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -12 | -12 | -1 |
CMBS (1) | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
CMBS (1) | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
CMBS (1) | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
ABS | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 4,210 | 3,656 | 1,850 |
Other Comprehensive Income (Loss) | 34 | -70 | -2 |
Purchases | 1,551 | 1,870 | 2,007 |
Sales | -1,168 | -814 | -177 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 45 | 33 | 6 |
Transfers out of Level 3 | -2,396 | -478 | -48 |
Balance at December 31, | 2,244 | 4,210 | 3,656 |
ABS | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 6 | 8 | 18 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 2 | 1 | 18 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 2 | 1 | 18 |
ABS | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -38 | 5 | 2 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
ABS | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
ABS | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
ABS | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
State and political subdivision | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 10 | 54 | 53 |
Other Comprehensive Income (Loss) | 0 | -1 | 3 |
Purchases | 0 | 0 | 5 |
Sales | 0 | -7 | -7 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | -10 | -36 | 0 |
Balance at December 31, | 0 | 10 | 54 |
State and political subdivision | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
State and political subdivision | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
State and political subdivision | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
State and political subdivision | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
State and political subdivision | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Common stock | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 177 | 190 | 281 |
Other Comprehensive Income (Loss) | -83 | 0 | 13 |
Purchases | 30 | 9 | 99 |
Sales | -43 | -45 | -140 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 1 | 1 | 3 |
Transfers out of Level 3 | 0 | -4 | -65 |
Balance at December 31, | 95 | 177 | 190 |
Common stock | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Common stock | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 13 | 26 | -1 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -2 | -3 | -11 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -2 | -3 | -11 |
Common stock | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Common stock | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Common stock | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Non-redeemable preferred stock | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 395 | 419 | 438 |
Other Comprehensive Income (Loss) | 3 | 100 | 40 |
Purchases | 0 | 21 | 5 |
Sales | -58 | -113 | -66 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 6 | 0 | 0 |
Transfers out of Level 3 | -100 | 0 | 0 |
Balance at December 31, | 250 | 395 | 419 |
Non-redeemable preferred stock | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Non-redeemable preferred stock | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 4 | -32 | 2 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -3 | -20 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | -3 | -20 | 0 |
Non-redeemable preferred stock | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Non-redeemable preferred stock | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Non-redeemable preferred stock | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Actively traded securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 12 | 6 | 0 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 5 | 9 | 6 |
Sales | -7 | 0 | 0 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | -5 | -3 | 0 |
Balance at December 31, | 5 | 12 | 6 |
Actively traded securities | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Actively traded securities | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Actively traded securities | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Actively traded securities | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Actively traded securities | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Short-term Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 254 | 429 | 590 |
Other Comprehensive Income (Loss) | 0 | 17 | -26 |
Purchases | 335 | 256 | 425 |
Sales | -236 | -427 | -559 |
Issuances | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 5 |
Transfers out of Level 3 | -18 | -1 | -8 |
Balance at December 31, | 336 | 254 | 429 |
Short-term Investments | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 3 | 3 | 2 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 2 | 1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 1 | 2 | 1 |
Short-term Investments | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | -2 | -23 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Short-term Investments | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Short-term Investments | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Short-term Investments | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Separate account assets | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 1,465 | 1,205 | 1,325 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 657 | 294 | 244 |
Sales | -459 | -319 | -443 |
Issuances | 81 | 72 | 2 |
Settlements | -28 | 0 | -1 |
Transfers into Level 3 | 147 | 240 | 24 |
Transfers out of Level 3 | -44 | -62 | -45 |
Balance at December 31, | 1,922 | 1,465 | 1,205 |
Separate account assets | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Separate account assets | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 103 | 35 | 99 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Separate account assets | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Separate account assets | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Separate account assets | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Servicing Rights | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at January 1, | 0 | 0 | 666 |
Other Comprehensive Income (Loss) | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Sales | 0 | 0 | -485 |
Issuances | 0 | 0 | 43 |
Settlements | 0 | 0 | -141 |
Transfers into Level 3 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 |
Balance at December 31, | 0 | 0 | 0 |
Mortgage Servicing Rights | Net investment income | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Servicing Rights | Net investment gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Servicing Rights | Net derivative gains (losses) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Servicing Rights | Other revenues | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | -83 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Mortgage Servicing Rights | Policyholder benefits and claims | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Net Income (Loss) | 0 | 0 | 0 |
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | |||
Changes in Unrealized Gains (Losses) Included in Net Income (Loss) | $0 | $0 | $0 |
Fair_Value_Fair_Value_Option_f
Fair Value (Fair Value Option for Certain Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Carrying value at estimated fair value | $60,118 | $57,706 |
Carrying value at estimated fair value | 16,286 | 18,653 |
Consolidated Securitization Entities | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 223 | 1,528 |
Difference between estimated fair value and unpaid principal balance | 57 | 70 |
Carrying value at estimated fair value | 280 | 1,598 |
Loans in non-accrual status | 0 | 0 |
Contractual principal balance | 159 | 1,445 |
Difference between estimated fair value and contractual principal balance | -8 | 10 |
Carrying value at estimated fair value | 151 | 1,455 |
Residential Mortgage Loans - FVO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 436 | 508 |
Difference between estimated fair value and unpaid principal balance | -128 | -170 |
Carrying value at estimated fair value | 308 | 338 |
Loans in non-accrual status | $125 | $0 |
Fair_Value_Nonrecurring_Fair_V
Fair Value (Nonrecurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Level 3 | Goodwill [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | $0 | $0 | $0 |
Level 3 | Customer Relationships [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 0 | 0 | 32 |
Level 3 | Held-for-investment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 97 | 211 | 428 |
Level 3 | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 0 | 3 | 319 |
Level 3 | Other limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value After Measurement | 147 | 77 | 54 |
Nonrecurring [Member] | Goodwill [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | 0 | 0 | -1,868 |
Nonrecurring [Member] | Customer Relationships [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | 0 | 0 | -77 |
Nonrecurring [Member] | Held-for-investment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | 2 | 20 | -11 |
Nonrecurring [Member] | Held-for-sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | 0 | 0 | -31 |
Nonrecurring [Member] | Other limited partnership interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gains (Losses) | ($76) | ($46) | ($33) |
Fair_Value_Financial_Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Policy loans | $11,618 | $11,764 |
Liabilities | ||
Collateral financing arrangements | 4,196 | 4,196 |
Junior subordinated debt securities | 3,193 | 3,193 |
Separate account liabilities | 316,994 | 317,201 |
Estimated Fair Value [Member] | ||
Assets | ||
Mortgage loans | 62,554 | 57,924 |
Policy loans | 13,934 | 13,206 |
Real estate joint ventures | 139 | 169 |
Other limited partnership interests | 906 | 1,109 |
Other invested assets | 562 | 844 |
Premiums, reinsurance and other receivables | 3,157 | 3,110 |
Other assets | 243 | 352 |
Liabilities | ||
PABs | 139,359 | 144,631 |
Long-term debt | 18,357 | 18,564 |
Collateral financing arrangements | 3,961 | 3,984 |
Junior subordinated debt securities | 4,173 | 3,789 |
Other liabilities | 2,546 | 2,240 |
Separate account liabilities | 116,665 | 117,562 |
Estimated Fair Value [Member] | Level 1 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 172 | 322 |
Premiums, reinsurance and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
PABs | 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 |
Estimated Fair Value [Member] | Level 2 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 1,647 | 1,694 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 70 | 163 |
Premiums, reinsurance and other receivables | 713 | 728 |
Other assets | 175 | 210 |
Liabilities | ||
PABs | 0 | 0 |
Long-term debt | 18,357 | 18,564 |
Collateral financing arrangements | 0 | 0 |
Junior subordinated debt securities | 4,173 | 3,789 |
Other liabilities | 1,223 | 948 |
Separate account liabilities | 116,665 | 117,562 |
Estimated Fair Value [Member] | Level 3 | ||
Assets | ||
Mortgage loans | 62,554 | 57,924 |
Policy loans | 12,287 | 11,512 |
Real estate joint ventures | 139 | 169 |
Other limited partnership interests | 906 | 1,109 |
Other invested assets | 320 | 359 |
Premiums, reinsurance and other receivables | 2,444 | 2,382 |
Other assets | 68 | 142 |
Liabilities | ||
PABs | 139,359 | 144,631 |
Long-term debt | 0 | 0 |
Collateral financing arrangements | 3,961 | 3,984 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 1,323 | 1,292 |
Separate account liabilities | 0 | 0 |
Carrying Value | ||
Assets | ||
Mortgage loans | 59,530 | 55,770 |
Policy loans | 11,618 | 11,764 |
Real estate joint ventures | 67 | 102 |
Other limited partnership interests | 704 | 950 |
Other invested assets | 562 | 844 |
Premiums, reinsurance and other receivables | 3,070 | 3,116 |
Other assets | 251 | 324 |
Liabilities | ||
PABs | 134,219 | 139,735 |
Long-term debt | 16,128 | 17,170 |
Collateral financing arrangements | 4,196 | 4,196 |
Junior subordinated debt securities | 3,193 | 3,193 |
Other liabilities | 2,544 | 2,239 |
Separate account liabilities | $116,665 | $117,562 |
Fair_Value_Recurring_Fair_Valu1
Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | $3,631 | $3,402 |
Net Embedded Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Equity Securities | ($217) | ($145) |
Fair_Value_Transfers_Between_L
Fair Value (Transfers Between Levels) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair Value Assets And Liabilities Transferred Between Levels 1 And Levels 2 | $160 | $101 |
Fair_Value_Nonrecurring_Fair_V1
Fair Value (Nonrecurring Fair Value Measurements) (Narrative) (Details) (Private Equity And Debt Funds [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 2 years |
Maximum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 10 years |
Goodwill_Goodwill_Details
Goodwill (Goodwill) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill Rollforward and by Segment | ||||
Goodwill | $12,410 | $11,886 | $12,000 | |
Accumulated impairment | -1,868 | -1,933 | ||
Goodwill total | 10,542 | 9,953 | 11,935 | |
Acquisitions (4) | 1,141 | 1 | ||
Dispositions (6) | -70 | -8 | ||
Impairments | 0 | 0 | 1,868 | |
Effect of foreign currency translation and other | -600 | -544 | -115 | |
Goodwill | 11,740 | 12,410 | 11,886 | |
Accumulated impairment | -1,868 | -1,868 | -1,933 | |
Goodwill total | 9,872 | 10,542 | 9,953 | |
MetLife Bank [Member] | ||||
Goodwill Rollforward and by Segment | ||||
Accumulated impairment | -65 | |||
Reduction of goodwill | -65 | |||
Reduction of accumulated impairment | 65 | |||
Accumulated impairment | -65 | |||
Retail | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 3,125 | 3,125 | 3,125 | |
Accumulated impairment | -1,692 | -1,692 | 0 | |
Goodwill total | 1,433 | 1,433 | 3,125 | |
Acquisitions (4) | 0 | 0 | ||
Dispositions (6) | 0 | 0 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 1,692 | |||
Effect of foreign currency translation and other | 0 | 0 | 0 | |
Goodwill | 3,125 | 3,125 | 3,125 | |
Accumulated impairment | -1,692 | -1,692 | -1,692 | |
Goodwill total | 1,433 | 1,433 | 1,433 | |
Group, Voluntary & Worksite Benefits | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 138 | 138 | 138 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 138 | 138 | 138 | |
Acquisitions (4) | 0 | 0 | ||
Dispositions (6) | 0 | 0 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 0 | |||
Effect of foreign currency translation and other | 0 | 0 | 0 | |
Goodwill | 138 | 138 | 138 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 138 | 138 | 138 | |
Corporate Benefit Funding | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 900 | 900 | 900 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 900 | 900 | 900 | |
Acquisitions (4) | 0 | 0 | ||
Dispositions (6) | -60 | 0 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 0 | |||
Effect of foreign currency translation and other | 0 | 0 | 0 | |
Goodwill | 840 | 900 | 900 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 840 | 900 | 900 | |
Latin America | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 1,588 | 527 | 501 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 1,588 | 527 | 501 | |
Acquisitions (4) | 1,140 | 0 | ||
Dispositions (6) | 0 | 0 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 0 | |||
Effect of foreign currency translation and other | -203 | -79 | 26 | |
Goodwill | 1,385 | 1,588 | 527 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 1,385 | 1,588 | 527 | |
Asia | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 4,898 | 5,387 | 5,533 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 4,898 | 5,387 | 5,533 | |
Acquisitions (4) | 0 | 0 | ||
Dispositions (6) | -3 | 0 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 0 | |||
Effect of foreign currency translation and other | -280 | -489 | -146 | |
Goodwill | 4,615 | 4,898 | 5,387 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 4,615 | 4,898 | 5,387 | |
EMEA | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 1,356 | 1,339 | 1,333 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 1,356 | 1,339 | 1,333 | |
Acquisitions (4) | 1 | 1 | ||
Dispositions (6) | -7 | -8 | ||
Reduction of goodwill | 0 | |||
Reduction of accumulated impairment | 0 | |||
Impairments | 0 | |||
Effect of foreign currency translation and other | -117 | 24 | 5 | |
Goodwill | 1,232 | 1,356 | 1,339 | |
Accumulated impairment | 0 | 0 | 0 | |
Goodwill total | 1,232 | 1,356 | 1,339 | |
Corporate & Other | ||||
Goodwill Rollforward and by Segment | ||||
Goodwill | 405 | 470 | 470 | |
Accumulated impairment | -176 | -241 | -65 | |
Goodwill total | 229 | 229 | 405 | |
Acquisitions (4) | 0 | 0 | ||
Dispositions (6) | 0 | 0 | ||
Reduction of goodwill | -65 | |||
Reduction of accumulated impairment | 65 | |||
Impairments | 176 | |||
Effect of foreign currency translation and other | 0 | 0 | 0 | |
Goodwill | 405 | 405 | 470 | |
Accumulated impairment | -176 | -176 | -241 | |
Goodwill total | $229 | $229 | $229 |
Goodwill_Narrative_Details
Goodwill (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ||||
Acquisitions (4) | $1,141,000,000 | $1,000,000 | ||
Goodwill | 9,872,000,000 | 10,542,000,000 | 9,953,000,000 | 11,935,000,000 |
Impairments | 0 | 0 | 1,868,000,000 | |
Goodwill Disposition | 70,000,000 | 8,000,000 | ||
MetLife Assurance Limited [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill Disposition | 60,000,000 | |||
Parent Company [Member] | ||||
Goodwill [Line Items] | ||||
Impairments | 0 | 0 | 1,384,000,000 | |
Japan | ||||
Goodwill [Line Items] | ||||
Goodwill | 4,400,000,000 | 4,700,000,000 | 5,200,000,000 | |
Retail | ||||
Goodwill [Line Items] | ||||
Acquisitions (4) | 0 | 0 | ||
Goodwill | 1,433,000,000 | 1,433,000,000 | 1,433,000,000 | 3,125,000,000 |
Impairments | 1,692,000,000 | |||
Goodwill impairment testing attributed to reportable segments | 34,000,000 | |||
Reduction of accumulated impairment | 0 | |||
Goodwill Disposition | 0 | 0 | ||
Group, Voluntary & Worksite Benefits | ||||
Goodwill [Line Items] | ||||
Acquisitions (4) | 0 | 0 | ||
Goodwill | 138,000,000 | 138,000,000 | 138,000,000 | 138,000,000 |
Impairments | 0 | |||
Goodwill impairment testing attributed to reportable segments | 9,000,000 | |||
Reduction of accumulated impairment | 0 | |||
Goodwill Disposition | 0 | 0 | ||
Corporate Benefit Funding | ||||
Goodwill [Line Items] | ||||
Acquisitions (4) | 0 | 0 | ||
Goodwill | 840,000,000 | 900,000,000 | 900,000,000 | 900,000,000 |
Impairments | 0 | |||
Goodwill impairment testing attributed to reportable segments | 186,000,000 | |||
Reduction of accumulated impairment | 0 | |||
Goodwill Disposition | 60,000,000 | 0 | ||
Corporate Benefit Funding | MetLife Assurance Limited [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill Disposition | 60,000,000 | |||
Corporate & Other | ||||
Goodwill [Line Items] | ||||
Acquisitions (4) | 0 | 0 | ||
Goodwill | 229,000,000 | 229,000,000 | 229,000,000 | 405,000,000 |
Impairments | 176,000,000 | |||
Reduction of accumulated impairment | 65,000,000 | |||
Goodwill Disposition | 0 | 0 | ||
Retail Segment, Annuities Reporting Unit [Member] | ||||
Goodwill [Line Items] | ||||
Impairments | 1,868,000,000 | |||
Goodwill impairment, net of income tax | 1,600,000,000 | |||
MetLife Bank [Member] | ||||
Goodwill [Line Items] | ||||
Reduction of accumulated impairment | $65,000,000 |
Longterm_and_Shortterm_Debt_Lo
Long-term and Short-term Debt (Long-term and Short-term Outstanding) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $7 | $28 |
Long-term debt | 16,135 | 17,198 |
Short-term debt | 100 | 175 |
Total | 16,235 | 17,373 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 1.76% | |
Interest Rate Range Maximum | 7.72% | |
Weighted Average Interest Rate | 5.23% | |
Debt Instrument, Maturity Date Range, Start | 15-Jun-15 | |
Debt Instrument, Maturity Date Range, End | 15-Dec-44 | |
Long-term Debt | 15,317 | 15,938 |
Surplus notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 7.63% | |
Interest Rate Range Maximum | 7.88% | |
Weighted Average Interest Rate | 7.83% | |
Debt Instrument, Maturity Date Range, Start | 1-Nov-15 | |
Debt Instrument, Maturity Date Range, End | 1-Nov-25 | |
Long-term Debt | 701 | 701 |
Other notes | ||
Debt Instrument [Line Items] | ||
Interest Rate Range Minimum | 1.34% | |
Interest Rate Range Maximum | 8.00% | |
Weighted Average Interest Rate | 4.41% | |
Debt Instrument, Maturity Date Range, Start | 12-Sep-15 | |
Debt Instrument, Maturity Date Range, End | 30-Nov-30 | |
Long-term Debt | $110 | $531 |
Longterm_and_Shortterm_Debt_Sh
Long-term and Short-term Debt (Short-term with Maturities of Year or Less) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure [Abstract] | ||
Commercial paper | $100 | $175 |
Average daily balance | $109 | $103 |
Average days outstanding | 69 days | 55 days |
Longterm_and_Shortterm_Debt_Cr
Long-term and Short-term Debt (Credit Facilities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Collateral financing arrangements | $4,196 | $4,196 |
General Credit Facility Two [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | |
General Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Expiration | 30-May-19 | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | |
Letters of Credit Issued | 684 | |
Collateral financing arrangements | 0 | |
Unused Commitments | 3,316 | |
Fees associated with credit facilities | $6 |
Longterm_and_Shortterm_Debt_Co
Long-term and Short-term Debt (Committed Facilities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Collateral financing arrangements | $4,196 | $4,196 |
Committed Credit Facility Total [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 12,231 | |
Letters of Credit Issued | 6,566 | |
Collateral financing arrangements | 2,797 | |
Unused Commitments | 2,868 | |
Committed Credit Facility Two [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. and Missouri Reinsurance, Inc. | |
Expiration | 30-Jun-16 | |
Line of Credit Facility, Maximum Borrowing Capacity | 490 | |
Letters of Credit Issued | 490 | |
Collateral financing arrangements | 0 | |
Unused Commitments | 0 | |
Committed Credit Facility Three [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | 28-Dec-24 | |
Line of Credit Facility, Maximum Borrowing Capacity | 575 | |
Letters of Credit Issued | 350 | |
Collateral financing arrangements | 0 | |
Unused Commitments | 225 | |
Committed Credit Facility Four [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife, Inc. | |
Expiration | 20-Jun-18 | |
Line of Credit Facility, Maximum Borrowing Capacity | 520 | |
Letters of Credit Issued | 470 | |
Collateral financing arrangements | 0 | |
Unused Commitments | 50 | |
Committed Credit Facility Five [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of South Carolina and MetLife, Inc. | |
Expiration | 30-Jun-37 | |
Line of Credit Facility, Maximum Borrowing Capacity | 3,500 | |
Letters of Credit Issued | 0 | |
Collateral financing arrangements | 2,797 | |
Unused Commitments | 703 | |
Committed Credit Facility Six [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | 31-Dec-37 | |
Line of Credit Facility, Maximum Borrowing Capacity | 2,896 | |
Letters of Credit Issued | 2,049 | |
Collateral financing arrangements | 0 | |
Unused Commitments | 847 | |
Committed Credit Facility Seven [Member] | ||
Debt Instrument [Line Items] | ||
Borrowers | MetLife Reinsurance Company of Vermont and MetLife, Inc. | |
Expiration | 20-Sep-38 | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,250 | |
Letters of Credit Issued | 3,207 | |
Collateral financing arrangements | 0 | |
Unused Commitments | $1,043 |
Longterm_and_Shortterm_Debt_Na
Long-term and Short-term Debt (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Mar. 31, 2016 | Dec. 31, 2024 | Jun. 30, 2018 | Dec. 31, 2037 | Sep. 30, 2038 | Sep. 11, 2013 | |
Debt Disclosure [Abstract] | |||||||||||
Short-term Debt, Weighted Average Interest Rate | 0.10% | 0.12% | 0.17% | ||||||||
Total interest expense | $874,000,000 | $854,000,000 | $871,000,000 | ||||||||
Debt Instrument [Line Items] | |||||||||||
Effective date of acquisition | 1-Nov-10 | ||||||||||
Early Repayment of Senior Debt | 200,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year One | 1,200,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Two | 1,300,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Three | 1,000,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Four | 1,000,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Five | 1,000,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,600,000,000 | ||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Collateral financing arrangements | 4,196,000,000 | 4,196,000,000 | |||||||||
Liabilities of business transferred to subsidiary under funding agreements that are included in policyholder account balances | 0 | 0 | 3,806,000,000 | ||||||||
Line of Credit Facility [Abstract] | |||||||||||
Federal Home Loan Bank, Liability for Debt Advances | 0 | 0 | |||||||||
Federal Home Loan Bank Repayments, Long Term Debt | 374,000,000 | ||||||||||
Certain Businesses of MetLife Bank [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Liabilities of business transferred to subsidiary under funding agreements that are included in policyholder account balances | 3,800,000,000 | ||||||||||
General Credit Facility Three [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | ||||||||||
Fees associated with credit facilities | 12,000,000 | ||||||||||
General Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Fees associated with credit facilities | 24,000,000 | 30,000,000 | |||||||||
Committed Credit Facility [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 12,200,000,000 | ||||||||||
Fees associated with credit facilities | 95,000,000 | 103,000,000 | 96,000,000 | ||||||||
Committed Credit Facility Two [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 490,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 0 | ||||||||||
Line of Credit Facility, Expiration Date | 30-Jun-16 | ||||||||||
General Credit Facility One [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | ||||||||||
General Credit Facility Two [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | ||||||||||
General Credit Facility Three [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 3,316,000,000 | ||||||||||
Line of Credit Facility, Expiration Date | 30-May-19 | ||||||||||
Fees associated with credit facilities | 6,000,000 | ||||||||||
Committed Credit Facility Three [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 575,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 225,000,000 | ||||||||||
Line of Credit Facility, Expiration Date | 28-Dec-24 | ||||||||||
Committed Credit Facility Four [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 520,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 50,000,000 | ||||||||||
Line of Credit Facility, Expiration Date | 20-Jun-18 | ||||||||||
Committed Credit Facility Six [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,896,000,000 | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | 2,200,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 847,000,000 | ||||||||||
Line of Credit Facility, Expiration Date | 31-Dec-37 | ||||||||||
Committed Credit Facility Seven [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,250,000,000 | ||||||||||
Collateral financing arrangements | 0 | ||||||||||
Unused Commitments | 1,043,000,000 | ||||||||||
Line of Credit Facility, Expiration Date | 20-Sep-38 | ||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Two [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | ||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Three [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 515,000,000 | ||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Four [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | ||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Six [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000,000,000 | ||||||||||
Scenario, Forecast [Member] | Committed Credit Facility Seven [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,100,000,000 | ||||||||||
Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, at estimated fair value, relating to variable interest entities | 15,317,000,000 | 15,938,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | ||||||||||
Debt Instrument, Average Interest Rate | 5.23% | ||||||||||
Consolidated Securitization Entities [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, at estimated fair value, relating to variable interest entities | 151,000,000 | 1,500,000,000 | |||||||||
Debt Remarketing Series D [Member] | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | 4.37% | |||||||||
Debt Instrument, Maturity Date | 15-Sep-23 | 15-Sep-23 | |||||||||
Senior Debt Series E Tranche 1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | ||||||||||
Debt Instrument, Maturity Date | 15-Dec-17 | ||||||||||
Senior Debt Series E Tranche 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.72% | ||||||||||
Debt Instrument, Maturity Date | 15-Dec-44 | ||||||||||
Senior Debt $750M Maturing August 2042 [Member] | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 1,000,000,000 | 1,000,000,000 | 750,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | 4.88% | 4.13% | ||||||||
Debt Instrument, Maturity Date | 10-Apr-24 | 30-Nov-43 | 13-Aug-42 | ||||||||
Debt Issuance Costs Incurred and Capitalized | 5,000,000 | 10,000,000 | 7,000,000 | ||||||||
American Life Insurance Company (''American Life'') and Delaware American Life Insurance (''DelAm'') [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 3,000,000,000 | ||||||||||
Debt Instrument, Fair Value | 3,000,000,000 | ||||||||||
American Life Insurance Company (''American Life'') and Delaware American Life Insurance (''DelAm'') [Member] | Senior Debt Series C Tranche 1 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.76% | ||||||||||
Debt Instrument, Maturity Date | 15-Dec-17 | ||||||||||
American Life Insurance Company (''American Life'') and Delaware American Life Insurance (''DelAm'') [Member] | Senior Debt Series C Tranche 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | ||||||||||
Debt Instrument, Maturity Date | 15-Dec-22 | ||||||||||
Redemption Of Debt [Member] | Senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Maturity Date | 21-Nov-33 | ||||||||||
Parent Company [Member] | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Total interest expense | 1,151,000,000 | 1,122,000,000 | 985,000,000 | ||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, at estimated fair value, relating to variable interest entities | 18,917,000,000 | 19,538,000,000 | |||||||||
Long Term Debt Aggregate Maturities, Year One | 1,300,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Two | 1,700,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Three | 1,000,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Four | 1,000,000,000 | ||||||||||
Long Term Debt Aggregate Maturities, Year Five | 1,800,000,000 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 12,100,000,000 | ||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Collateral financing arrangements | $2,797,000,000 | $2,797,000,000 |
Collateral_Financing_Arrangeme2
Collateral Financing Arrangements Collateral Financing Arrangements (Associated with Closed Block) (Details) (Secured Debt [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Secured Debt Mrc [Member] | ||
Debt Instrument [Line Items] | ||
Other Receivables | $182 | $182 |
Pledged Assets Separately Reported, Securities Pledged for Other Debt Obligations, at Fair Value | 53 | 23 |
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 1,214 | 1,662 |
Met Life Reinsurance Company Of Charleston [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Principal Outstanding | $1,399 | $1,399 |
Collateral_Financing_Arrangeme3
Collateral Financing Arrangements Collateral Financing Arrangements (Associated with Secondary Guarantees) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Drawings upon the Collateral Financing Arrangement | $4,196 | $4,196 |
Secured Debt [Member] | Secured Debt Mrsc [Member] | ||
Debt Instrument [Line Items] | ||
Drawings upon the Collateral Financing Arrangement | 2,797 | 2,797 |
Invested Assets On Deposit Held In Trust And Pledged As Collateral | $3,471 | $3,440 |
Collateral_Financing_Arrangeme4
Collateral Financing Arrangements (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 |
Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Increase (Decrease) in Other Receivables | ($59) | |||
Partial repurchase | 451 | |||
Parent Company [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Interest expense | 1,151 | 1,122 | 985 | |
MRC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Term in Years | 35 years | |||
MRC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 1,214 | 1,662 | ||
Partial repurchase | 451 | |||
Debt Instrument, Face Amount | 2,500 | |||
Debt Instrument, Interest Rate Terms | 3-month LIBOR plus 0.55% | |||
Debt Instrument, Basis Spread on Variable Rate | 0.55% | |||
Invested assets pledged as collateral | 53 | 23 | ||
Interest expense | 19 | 20 | 26 | |
MRC [Member] | Parent Company [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Interest Rate Terms | 3-month LIBOR plus 1.12% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.12% | |||
MRSC [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Term in Years | 30 years | |||
MRSC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 3,471 | 3,440 | ||
Statutory Reserve Support | 3,500 | |||
Cash Collateral Paid | 0 | 0 | 0 | |
Cash Collateral Paid, Cumulative Net | 680 | |||
Invested assets pledged as collateral | 0 | 0 | ||
Interest expense | 27 | 28 | 33 | |
MRSC [Member] | Parent Company [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Debt Instrument, Interest Rate Terms | 3-month LIBOR plus 0.70 | |||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | |||
Cumulative Repayment [Member] | MRC [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Partial repurchase | 1,100 | |||
Transfer Assets Held In Trust [Member] | Secured Debt [Member] | ||||
Collateral Financing Arrangements (Textuals) [Abstract] | ||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | $467 | $0 | $0 |
Junior_Subordinated_Debt_Secur2
Junior Subordinated Debt Securities (Junior Subordinated Debt Securities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $3,193 | $3,193 |
MetLife Inc $500M Maturing 2069 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | 8-Jul-09 | |
Face Value | 500 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2039-08 | |
Debt Instrument, Description of Variable Rate Basis | LIBORÂ + 7.548% | |
Debt Instrument, Basis Spread on Variable Rate | 7.55% | |
Final Maturity | 1-Aug-69 | |
Debt Instrument, Principal Outstanding | 500 | 500 |
MetLife Capital Trust X $750M Maturing 2068 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | 8-Apr-08 | |
Face Value | 750 | |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2038-04 | |
Debt Instrument, Description of Variable Rate Basis | LIBORÂ + 5.540% | |
Debt Instrument, Basis Spread on Variable Rate | 5.54% | |
Final Maturity | 8-Apr-68 | |
Debt Instrument, Principal Outstanding | 750 | 750 |
MetLife Capital Trust IV $700M Maturing 2067 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | 15-Dec-07 | |
Face Value | 700 | |
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2037-12 | |
Debt Instrument, Description of Variable Rate Basis | LIBORÂ + 3.960% | |
Debt Instrument, Basis Spread on Variable Rate | 3.96% | |
Final Maturity | 15-Dec-67 | |
Debt Instrument, Principal Outstanding | 695 | 695 |
MetLife Inc $1,250M Maturing 2066 [Member] | ||
Debt Instrument [Line Items] | ||
Issue Date | 19-Dec-06 | |
Face Value | 1,250 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | |
Debt Conversion, Converted Instrument, Expiration or Due Date, Month and Year | 2036-12 | |
Debt Instrument, Description of Variable Rate Basis | LIBORÂ + 2.205% | |
Debt Instrument, Basis Spread on Variable Rate | 2.21% | |
Final Maturity | 15-Dec-66 | |
Debt Instrument, Principal Outstanding | $1,248 | $1,248 |
Junior_Subordinated_Debt_Secur3
Junior Subordinated Debt Securities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | |||
Interest Expense, Junior Subordinated Debentures | $258 | $258 | $258 |
Senior Note MLINC $1B maturing in June 2035 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | ||
Debt Instrument, Maturity Date | 30-Jun-35 | ||
Junior Subordinated Debt Instrument One [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.75% | ||
Debt Instrument, Maturity Date | 1-Aug-69 | ||
Junior Subordinated Debt Instrument Four [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.40% | ||
Debt Instrument, Maturity Date | 15-Dec-66 | ||
Junior Subordinated Debt Instrument Three [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.88% | ||
Debt Instrument, Maturity Date | 15-Dec-67 | ||
Junior Subordinated Debt Instrument Two [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.25% | ||
Debt Instrument, Maturity Date | 8-Apr-68 |
Common_Equity_Units_Common_Equ
Common Equity Units (Common Equity Units) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Oct. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2012 | Dec. 31, 2011 | Oct. 07, 2014 | Sep. 11, 2013 | Oct. 10, 2012 | Oct. 04, 2012 | |
Temporary Equity Disclosure [Abstract] | ||||||||||||
Effective date of acquisition | 1-Nov-10 | |||||||||||
Equity Units, Shares Transferred | 40,000,000 | |||||||||||
Equity Units Stated Interest Percentage | 5.00% | |||||||||||
Equity Units, Aggregate Purchase Price per Unit | $75 | |||||||||||
Common Stock, Par, Common Equity Units | $0.01 | $0.01 | $0.01 | |||||||||
Equity Units, Purchase Price Per Contract Settlement | $25 | |||||||||||
Equity Units, Beneficial Interest Stated Percentage | 2.50% | |||||||||||
Weighted Average Share Price, Trading Day Periods | 20 days | |||||||||||
Stock Purchase Contracts, Value at Issuance | 247,000,000 | |||||||||||
Stock Purchase Contracts, Payments Made | 21,000,000 | 48,000,000 | 84,000,000 | |||||||||
Stock Purchase Contracts, Average Stated Interest Rate | 3.02% | |||||||||||
Issuance of stock purchase contracts related to common equity units | -69,000,000 | |||||||||||
Class of Stock [Line Items] | ||||||||||||
Value of securities issued for business acquisition | 3,000,000,000 | |||||||||||
Proceeds from issuance of common stock | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||
Common stock, shares issued | 1,153,998,144 | 1,125,224,024 | ||||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from issuance of common stock | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||
Common stock, shares issued | 22,907,960 | 22,907,960 | 22,679,955 | 28,231,956 | ||||||||
Debt Remarketing Series E Tranche One [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.90% | |||||||||||
Debt Instrument, Maturity Date | 15-Dec-17 | |||||||||||
Debt Remarketing Series E Tranche Two [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.72% | |||||||||||
Debt Instrument, Maturity Date | 15-Dec-44 | |||||||||||
Senior notes | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | |||||||||||
Senior notes | Debt Remarketing Series D [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | 4.37% | ||||||||||
Debt Instrument, Maturity Date | 15-Sep-23 | 15-Sep-23 | ||||||||||
Senior notes | Debt Remarketing Series C Tranche 1 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.76% | |||||||||||
Debt Instrument, Maturity Date | 15-Dec-17 | |||||||||||
Senior notes | Debt Remarketing Series C Tranche 2 [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.05% | |||||||||||
Debt Instrument, Maturity Date | 15-Dec-22 | |||||||||||
Senior notes | Debt Remarketing Series C [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from remarketing | 0 | 0 | 0 | |||||||||
Estimated Fair Value [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Value of securities issued for business acquisition | 3,200,000,000 | |||||||||||
Alico Transaction [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Debt Security, Principle Amount | $1,000,000,000 |
Equity_Preferred_Stock_Details
Equity (Preferred Stock) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred Stock [Member] | |||||||||||||||
Preferred Stock | |||||||||||||||
Declaration Date | 17-Nov-14 | 15-Aug-14 | 15-May-14 | 5-Mar-14 | 15-Nov-13 | 15-Aug-13 | 15-May-13 | 5-Mar-13 | 15-Nov-12 | 15-Aug-12 | 15-May-12 | 5-Mar-12 | |||
Record Date | 30-Nov-14 | 31-Aug-14 | 31-May-14 | 28-Feb-14 | 30-Nov-13 | 31-Aug-13 | 31-May-13 | 28-Feb-13 | 30-Nov-12 | 31-Aug-12 | 31-May-12 | 29-Feb-12 | |||
Series A Preferred Stock [Member] | |||||||||||||||
Preferred Stock | |||||||||||||||
Preferred stock, dividend rate | $0.25 | $0.26 | $0.26 | $0.25 | $0.25 | $0.26 | $0.26 | $0.25 | $0.25 | $0.26 | $0.26 | $0.25 | |||
Preferred stock, dividends | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $26 | $26 | $26 |
Series B Preferred Stock [Member] | |||||||||||||||
Preferred Stock | |||||||||||||||
Preferred stock, dividend rate | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | $0.41 | |||
Preferred stock, dividends | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $24 | $96 | $96 | $96 |
Equity_Common_Stock_Details
Equity (Common Stock) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Dividends Payable [Line Items] | |||||||||||
Dividend Per Share | $1.33 | $1.01 | $0.74 | ||||||||
Dividend Aggregate | $1,499 | $1,119 | $811 | ||||||||
Common stock | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Declaration Date | 28-Oct-14 | 7-Jul-14 | 22-Apr-14 | 6-Jan-14 | 22-Oct-13 | 25-Jun-13 | 23-Apr-13 | 4-Jan-13 | 23-Oct-12 | ||
Record Date | 7-Nov-14 | 8-Aug-14 | 9-May-14 | 6-Feb-14 | 8-Nov-13 | 9-Aug-13 | 9-May-13 | 6-Feb-13 | 9-Nov-12 | ||
Dividend Per Share | $0.35 | $0.35 | $0.35 | $0.28 | $0.28 | $0.28 | $0.28 | $0.19 | $0.74 | ||
Dividend Aggregate | $398 | $395 | $395 | $311 | $311 | $303 | $302 | $203 | $1,499 | $1,119 | $811 |
Equity_Compensation_Expense_Re
Equity (Compensation Expense Related to Stock-Based Compensation - Related to Phantom Stock-Based Awards) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $192 | $175 | $168 |
Income tax benefit | 67 | 61 | 59 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 29 | 39 | 61 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 111 | 91 | 80 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $52 | $45 | $27 |
Equity_Unrecognized_Compensati
Equity (Unrecognized Compensation Expense Related to Stock-Based Compensation) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $12 |
Weighted Average Period | 1 year 6 months 13 days |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | 47 |
Weighted Average Period | 1 year 7 months |
Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expense | $56 |
Weighted Average Period | 1 year 8 months 13 days |
Equity_Summary_of_Activity_Rel
Equity (Summary of Activity Related to Stock Options) (Details) (Stock Options, USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options | |||
Shares Under Option | |||
Shares Under Option Outstanding at January 1, | 29,751,376 | ||
Granted Shares Under Option | 824,323 | ||
Exercised Shares Under Option | -4,197,329 | ||
Expired Shares Under Option | -136,031 | ||
Forfeited Shares Under Option | -163,412 | ||
Shares Under Option Outstanding at December 31, | 26,078,927 | 29,751,376 | |
Vested and expected to vest at December 31, | 25,973,890 | ||
Shares Under Option Exercisable at December 31, | 22,564,811 | ||
Weighted Average Exercise Price | |||
Weighted Average Exercise Price Outstanding at January 1, | $42.56 | ||
Granted Weighted Average Exercise Price | $50.53 | $35.96 | $37.91 |
Exercised Weighted Average Exercise Price | $37.12 | ||
Expired Weighted Average Exercise Price | $57.22 | ||
Forfeited Weighted Average Exercise Price | $40.25 | ||
Weighted Average Exercise Price Outstanding at December 31, | $43.63 | $42.56 | |
Weighted Average Exercise Price Aggregate number of stock options expected to vest at December 31, | $43.65 | ||
Weighted Average Exercise Price Exercisable at December 31, | $44.15 | ||
Weighted Average Remaining Contractual Term | |||
Weighted Average Remaining Contractual Term Outstanding at January 1, | 4 years 7 months 31 days | 5 years 2 months 9 days | |
Weighted Average Remaining Contractual Term Aggregate number of stock options expected to vest at December 31, | 4 years 5 months 62 days | ||
Weighted Average Remaining Contractual Term Exercisable at December 31, | 4 years 1 month 31 days | ||
Aggregate Intrinsic Value | |||
Aggregate Intrinsic Value Outstanding at January 1, | $379 | ||
Aggregate Intrinsic Value Outstanding at December 31, | 312 | 379 | |
Aggregate Intrinsic Value Aggregate number of stock options expected to vest at December 31, | 311 | ||
Aggregate Intrinsic Value Exercisable at December 31, | $264 |
Equity_Weighted_Average_Assump
Equity (Weighted Average Assumptions Used to Determine Fair Value of Stock Options) (Details) (Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options | |||
Equity - Stock-based Compensation Plans [Line Items] | |||
Dividend yield | 2.18% | 2.13% | 1.95% |
Risk-free rate of return, Minimum | 0.12% | 0.16% | 0.21% |
Risk-free rate of return, Maximum | 5.07% | 3.89% | 4.17% |
Expected volatility | 33.26% | 32.98% | 35.59% |
Exercise multiple | 1.45 | 1.51 | 1.58 |
Post-vesting termination rate | 2.93% | 3.16% | 3.14% |
Contractual term (years) | 10 years | 10 years | 10 years |
Expected life (years) | 6 years | 7 years | 7 years |
Weighted average exercise price of stock options granted | $50.53 | $35.96 | $37.91 |
Weighted average fair value of stock options granted | $13.84 | $9.88 | $11.33 |
Equity_Summary_of_Stock_Option
Equity (Summary of Stock Option Exercise Activity) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract] | |||
Total intrinsic value of stock options exercised | $67 | $79 | $29 |
Cash received from exercise of stock options | 156 | 202 | 109 |
Income tax benefit realized from stock options exercised | $24 | $28 | $10 |
Equity_Performance_Share_and_R
Equity (Performance Share and Restricted Stock Unit) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 5,074,140 |
Granted Shares | 1,183,207 |
Forfeited Shares | -194,263 |
Paid | -1,551,570 |
Shares Outstanding at December 31, | 4,511,514 |
Vested and expected to vest at December 31, | 4,477,097 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $42.86 |
Granted Weighted Average Grant Date Fair Value | $50.58 |
Forfeited Weighted Average Grant Date Fair Value | $45.19 |
Payable Weighted Average Grant Date Fair Value | $42.79 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $44.85 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $44.54 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 3,328,516 |
Granted Shares | 1,432,389 |
Forfeited Shares | 7,795 |
Paid | -1,264,470 |
Shares Outstanding at December 31, | 3,504,230 |
Vested and expected to vest at December 31, | 3,153,807 |
Summary of Weighted Average Grant Date Fair Value | |
Weighted Average Grant Date Fair Value Outstanding January 1, | $33.35 |
Granted Weighted Average Grant Date Fair Value | $46.20 |
Forfeited Weighted Average Grant Date Fair Value | $35.13 |
Payable Weighted Average Grant Date Fair Value | $36.68 |
Weighted Average Grant Date Fair Value Outstanding December 31, | $38.48 |
Weighted Average Grant Date Fair Value Share expected to vest at December 31, | $38.49 |
Equity_Liability_Award_Activit
Equity (Liability Award Activity) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Stock Options | |
Summary of performance share activity | |
Exercised Shares Under Option | -4,197,329 |
Vesting period | 3 years |
Stock Options | Phantom Share Units [Member] | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 1,221,626 |
Granted Shares | 40,181 |
Exercised Shares Under Option | -123,293 |
Forfeited Shares | -31,518 |
Paid | 0 |
Shares Outstanding at December 31, | 1,106,996 |
Vested and expected to vest at December 31, | 996,296 |
Stock Options | Phantom Share Units [Member] | Minimum | |
Summary of performance share activity | |
Vesting period | 1 year |
Stock Options | Phantom Share Units [Member] | Maximum | |
Summary of performance share activity | |
Vesting period | 3 years |
Performance Shares | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 5,074,140 |
Granted Shares | 1,183,207 |
Forfeited Shares | -194,263 |
Paid | -1,551,570 |
Shares Outstanding at December 31, | 4,511,514 |
Vested and expected to vest at December 31, | 4,477,097 |
Vesting period | 3 years |
Performance Shares | Phantom Share Units [Member] | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 531,888 |
Granted Shares | 209,646 |
Exercised Shares Under Option | 0 |
Forfeited Shares | -20,517 |
Paid | -127,094 |
Shares Outstanding at December 31, | 593,923 |
Vested and expected to vest at December 31, | 534,531 |
Restricted Stock Units | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 3,328,516 |
Granted Shares | 1,432,389 |
Forfeited Shares | 7,795 |
Paid | -1,264,470 |
Shares Outstanding at December 31, | 3,504,230 |
Vested and expected to vest at December 31, | 3,153,807 |
Vesting period | 3 years |
Restricted Stock Units | Phantom Share Units [Member] | |
Summary of performance share activity | |
Shares Outstanding at January 1, | 979,522 |
Granted Shares | 307,873 |
Exercised Shares Under Option | 0 |
Forfeited Shares | -83,537 |
Paid | -403,818 |
Shares Outstanding at December 31, | 800,040 |
Vested and expected to vest at December 31, | 720,036 |
Vesting period | 3 years |
Equity_Statutory_Long_Term_Car
Equity (Statutory Long Term Care Reserves) (Details) (Metropolitan Life Insurance Company, New York Licensing Inquiry [Member], USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 |
Statutory Accounting Practices [Line Items] | ||||
2013 Strengthening | $300 | |||
2014 Strengthening | 100 | 200 | ||
2015 Strengthening | 100 | 100 | ||
2016 Strengthening | 100 | |||
Combined Strengthening | 300 | 300 | ||
Scenario, Forecast [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Combined Strengthening | $100 | $200 |
Equity_Statutory_Net_Income_Lo
Equity (Statutory Net Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | $1,487 | $369 | $1,320 |
Statutory capital and surplus | 12,008 | 12,428 | |
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | -36 | 631 | 317 |
Statutory capital and surplus | 3,362 | 2,711 | |
MetLife Insurance Company USA (1) | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 1,543 | 3,358 | 848 |
Statutory capital and surplus | 6,042 | 3,566 | |
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 291 | 282 | 235 |
Statutory capital and surplus | 2,388 | 2,225 | |
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Statutory net income (loss) | 51 | 52 | 61 |
Statutory capital and surplus | $767 | $735 |
Equity_Dividend_Restrictions_D
Equity (Dividend Restrictions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 |
Metropolitan Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | $1,428 | ||
Total amount of dividend pre-approved by regulatory agency | 821 | ||
Metropolitan Life Insurance Company | Scenario, Forecast [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 1,200 | ||
American Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 0 | 0 | |
American Life Insurance Company | Scenario, Forecast [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 0 | ||
MetLife Insurance Company Of Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 1,000 | ||
MetLife Insurance Company USA | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 155 | 1,000 | |
MetLife Insurance Company USA | Scenario, Forecast [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 3,056 | ||
Metropolitan Property and Casualty Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 200 | 100 | |
Metropolitan Property and Casualty Insurance Company | Scenario, Forecast [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 239 | ||
Metropolitan Tower Life Insurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 77 | ||
Paid | 73 | ||
Total amount of dividend pre-approved by regulatory agency | 109 | ||
Metropolitan Tower Life Insurance Company | Scenario, Forecast [Member] | |||
Statutory Accounting Practices [Line Items] | |||
Permitted w/o Approval | 102 | ||
MetLife Investors Insurance Company (4) | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 129 | ||
MetLife Investors Group | |||
Statutory Accounting Practices [Line Items] | |||
Paid | 1,400 | ||
Exeter Reassurance Company | |||
Statutory Accounting Practices [Line Items] | |||
Paid | $155 |
Equity_Components_of_Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | $5,104 | $11,397 | $6,083 |
OCI before reclassifications | 9,224 | -9,283 | 7,929 |
Deferred income tax benefit (expense) | -3,487 | 2,551 | -2,766 |
OCI before reclassifications, net of income tax | 10,841 | 4,665 | 11,246 |
Amounts reclassified from AOCI | 163 | 661 | 236 |
Deferred income tax benefit (expense) | -121 | -222 | -85 |
Amounts reclassified from AOCI, net of income tax | 42 | 439 | 151 |
Balance end of period | 10,649 | 5,104 | 11,397 |
Unrealized Investment Gains (Losses), Net of Related Offsets [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 8,183 | 13,588 | 7,689 |
OCI before reclassifications | 11,197 | -8,487 | 9,321 |
Deferred income tax benefit (expense) | -3,419 | 2,807 | -3,457 |
OCI before reclassifications, net of income tax | 15,961 | 7,908 | 13,553 |
Amounts reclassified from AOCI | -811 | 411 | 58 |
Deferred income tax benefit (expense) | 249 | -136 | -23 |
Amounts reclassified from AOCI, net of income tax | -562 | 275 | 35 |
Balance end of period | 15,159 | 8,183 | 13,588 |
Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | 231 | 831 | 985 |
OCI before reclassifications | 669 | -937 | -262 |
Deferred income tax benefit (expense) | -261 | 312 | 92 |
OCI before reclassifications, net of income tax | 639 | 206 | 815 |
Amounts reclassified from AOCI | 717 | 36 | 24 |
Deferred income tax benefit (expense) | -280 | -11 | -8 |
Amounts reclassified from AOCI, net of income tax | 437 | 25 | 16 |
Balance end of period | 1,076 | 231 | 831 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | -1,659 | -533 | -648 |
OCI before reclassifications | -1,492 | -937 | -134 |
Deferred income tax benefit (expense) | -208 | -189 | 249 |
OCI before reclassifications, net of income tax | -3,359 | -1,659 | -533 |
Amounts reclassified from AOCI | 77 | 0 | 0 |
Deferred income tax benefit (expense) | -27 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 50 | 0 | 0 |
Balance end of period | -3,303 | -1,659 | -533 |
Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance beginning of period | -1,651 | -2,489 | -1,943 |
OCI before reclassifications | -1,150 | 1,078 | -996 |
Deferred income tax benefit (expense) | 401 | -379 | 350 |
OCI before reclassifications, net of income tax | -2,400 | -1,790 | -2,589 |
Amounts reclassified from AOCI | 180 | 214 | 154 |
Deferred income tax benefit (expense) | -63 | -75 | -54 |
Amounts reclassified from AOCI, net of income tax | 117 | 139 | 100 |
Balance end of period | -2,283 | -1,651 | -2,489 |
MetLife Assurance Limited [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | -314 | ||
Deferred income tax benefit (expense) | 80 | ||
Amounts reclassified from AOCI, net of income tax | -234 | ||
MetLife Assurance Limited [Member] | Unrealized Investment Gains (Losses), Net of Related Offsets [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | -320 | ||
Deferred income tax benefit (expense) | 80 | ||
Amounts reclassified from AOCI, net of income tax | -240 | ||
MetLife Assurance Limited [Member] | Unrealized Gains (Losses) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | 0 | ||
MetLife Assurance Limited [Member] | Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 6 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | 6 | ||
MetLife Assurance Limited [Member] | Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amounts reclassified from AOCI | 0 | ||
Deferred income tax benefit (expense) | 0 | ||
Amounts reclassified from AOCI, net of income tax | $0 |
Equity_Reclassifications_Out_o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | ($197) | $161 | ($352) | ||||||||
Net derivative gains (losses) | 1,317 | -3,239 | -1,919 | ||||||||
Net investment income | 21,153 | 22,232 | 21,984 | ||||||||
Other expenses | -17,091 | -16,602 | -17,755 | ||||||||
Income (loss) from continuing operations before provision for income tax | 8,804 | 4,052 | 1,442 | ||||||||
Provision for income tax expense (benefit) | -2,465 | -661 | -128 | ||||||||
Net income (loss) | 1,527 | 2,094 | 1,376 | 1,339 | 916 | 975 | 510 | 992 | 6,336 | 3,393 | 1,362 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | -42 | 439 | 151 | ||||||||
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] | |||||||||||
Net investment gains (losses) | 603 | 344 | -5 | ||||||||
Net derivative gains (losses) | 141 | -26 | -10 | ||||||||
Net investment income | 67 | 93 | 73 | ||||||||
Income (loss) from continuing operations before provision for income tax | 811 | 411 | 58 | ||||||||
Provision for income tax expense (benefit) | -249 | -136 | -23 | ||||||||
Net income (loss) | 562 | 275 | 35 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income (loss) from continuing operations before provision for income tax | -717 | 36 | 24 | ||||||||
Provision for income tax expense (benefit) | 280 | -11 | -8 | ||||||||
Net income (loss) | -437 | 25 | 16 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives | Interest rate swaps | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net derivative gains (losses) | 42 | 20 | 1 | ||||||||
Net investment income | 9 | 8 | 4 | ||||||||
Other expenses | 0 | 0 | -3 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives | Interest rate forwards | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net derivative gains (losses) | -7 | 10 | 1 | ||||||||
Net investment income | 4 | 3 | 2 | ||||||||
Other expenses | 2 | -1 | -1 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net derivative gains (losses) | -768 | -3 | 23 | ||||||||
Net investment income | -2 | -3 | -5 | ||||||||
Other expenses | 2 | 1 | 1 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivatives | Credit forwards | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment income | 1 | 1 | 1 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income (Loss) Foreign Currency Translation Adjustments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net investment gains (losses) | -77 | 0 | 0 | ||||||||
Provision for income tax expense (benefit) | 27 | 0 | 0 | ||||||||
Net income (loss) | -50 | 0 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Defined Benefit Plans Adjustment | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Amortization of net actuarial gains (losses) | -180 | 283 | 252 | ||||||||
Amortization of prior service (costs) credit | 0 | -69 | -98 | ||||||||
Income (loss) from continuing operations before provision for income tax | -180 | 214 | 154 | ||||||||
Provision for income tax expense (benefit) | 63 | -75 | -54 | ||||||||
Net income (loss) | ($117) | $139 | $100 |
Equity_Preferred_Stock_Narrati
Equity (Preferred Stock - Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, shares outstanding | 84,000,000 | 84,000,000 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, aggregate liquidation preference | $2,100 | $2,100 |
Preferred stock redemption price per share | $25 | |
Series A Preferred Stock [Member] | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, shares outstanding | 24,000,000 | |
Preferred Stock, Dividend Payment Rate, Variable | (i)Â 1.00% above three-month LIBOR on the related LIBOR determination date; or (ii)Â 4.00%. | |
Preferred stock, par value | $0.01 | |
Preferred stock, aggregate liquidation preference | $25 | |
Series B Preferred Stock [Member] | ||
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, shares outstanding | 60,000,000 | |
Preferred stock dividends fixed rate | 6.50% | |
Preferred stock, par value | $0.01 | |
Preferred stock, aggregate liquidation preference | $25 |
Equity_Common_Stock_Narrative_
Equity (Common Stock - Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Sep. 30, 2013 | Oct. 31, 2012 | Oct. 07, 2014 | Sep. 11, 2013 | Oct. 10, 2012 | |
Business Acquisition [Line Items] | |||||||||
Common Stock, Shares, Issued | 1,153,998,144 | 1,125,224,024 | |||||||
Proceeds from issuance of common stock | $1,000,000,000 | $1,000,000,000 | $1,000,000,000 | ||||||
Cost of shares issued | 267,000,000 | 305,000,000 | 229,000,000 | ||||||
Class of Stock Disclosures [Abstract] | |||||||||
Stock Repurchase Program, Authorized Amount | 1,000,000,000 | ||||||||
Repurchase amount outstanding | 1,300,000,000 | ||||||||
Repurchase Shares | 18,876,363 | 0 | 0 | ||||||
Treasury Stock, Value, Acquired, Cost Method | 1,000,000,000 | ||||||||
Common Class A [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Common Stock, Shares, Issued | 22,907,960 | 22,907,960 | 22,679,955 | 28,231,956 | |||||
Proceeds from issuance of common stock | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||
October 2012 Common Stock Issuance [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Proceeds from issuance of common stock | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||
Common Shares Issued For Stock Options [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Common stock, shares issued | 5,866,160 | 7,663,446 | 5,497,752 | ||||||
Cost of shares issued | $220,000,000 | $250,000,000 | $171,000,000 | ||||||
Treasury Shares Issued For Stock Options [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Issued Treasury Stock | 0 | 0 | 0 |
Equity_StockBased_Compensation
Equity (Stock-Based Compensation Plans - Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | |
2005 Stock and Incentive Compensation Plan [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 68,000,000 | |||
Shares available for grant | 18,023,959 | |||
Stock Options | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Award Expiration Date | 10 years | 10 years | 10 years | |
Closing share price | $54.09 | $53.92 | ||
Stock Options | Phantom Share Units [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Awards granted | 40,181 | |||
Paid | 0 | |||
Stock Options | Phantom Share Units [Member] | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 1 year | |||
Stock Options | Phantom Share Units [Member] | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
2005 Non-Management Director Stock Compensation Plan [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Aggregate number of shares authorized for issuance | 2,000,000 | |||
Shares available for grant | 1,642,208 | |||
Performance Shares | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Awards granted | 1,183,207 | |||
Paid | -1,551,570 | |||
Performance Factor | 0.8 | |||
Performance Shares | Scenario, Forecast [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Paid | -1,756,783 | |||
Performance Shares | Minimum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Performance Factor | 0 | |||
Future Performance Factor | 0 | |||
Performance Shares | Maximum | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Performance Factor | 2 | |||
Future Performance Factor | 1.75 | |||
Performance Shares | Phantom Share Units [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Awards granted | 209,646 | |||
Paid | -127,094 | |||
Restricted Stock Units | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Awards granted | 1,432,389 | |||
Paid | -1,264,470 | |||
Restricted Stock Units | Phantom Share Units [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 3 years | |||
Awards granted | 307,873 | |||
Paid | -403,818 | |||
Other Restricted Stock Units [Member] | ||||
Equity - Stock-based Compensation Plans [Line Items] | ||||
Vesting period | 5 years |
Equity_Statutory_Equity_Income
Equity (Statutory Equity & Income and Dividend Restrictions - Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 14, 2014 | |
American Life Insurance Company | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | $3,362,000,000 | $2,711,000,000 | ||
Statutory Accounting Practices, Prescribed Practice, Amount | 2,800,000,000 | 20,000,000 | ||
Statutory net income (loss) | -36,000,000 | 631,000,000 | 317,000,000 | |
Paid | 0 | 0 | ||
MetLife Reinsurance Company of Vermont [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Accounting Practices, Prescribed Practice, Amount | 6,000,000,000 | 5,500,000,000 | ||
MetLife's Domestic Captive Life Reinsurance Subsidiaries [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 5,200,000,000 | 4,300,000,000 | ||
Statutory net income (loss) | -320,000,000 | -612,000,000 | -154,000,000 | |
Principal U.S. Insurance Subsidiaries, Excluding American Life [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Combined RBC ratio of the principal U.S. insurance subsidiaries, excluding American Life | in excess of 400% | in excess of 400% | ||
Certain Foreign Insurance Subsidiaries [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 4,100,000,000 | |||
Statutory net income (loss) | 593,000,000 | |||
MetLife Insurance Company USA | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 6,042,000,000 | 3,566,000,000 | ||
Statutory Accounting Practices, Prescribed Practice, Amount | 4,400,000,000 | |||
Statutory net income (loss) | 1,543,000,000 | 3,358,000,000 | 848,000,000 | |
Paid | 155,000,000 | 1,000,000,000 | ||
MetLife Reinsurance Company of Delaware [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Accounting Practices, Prescribed Practice, Amount | 75,000,000 | 0 | ||
Metropolitan Life Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 12,008,000,000 | 12,428,000,000 | ||
Statutory net income (loss) | 1,487,000,000 | 369,000,000 | 1,320,000,000 | |
In-kind dividend | 113,000,000 | |||
Paid | 1,428,000,000 | |||
Exeter Reassurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Paid | 155,000,000 | |||
MetLife Insurance Company Of Connecticut | ||||
Statutory Accounting Practices [Line Items] | ||||
Paid | 1,000,000,000 | |||
Subsidiary cost of redemption and retirement of Common Stock | 4,595,317 | |||
Subsidiary redemption and retirement of Common Stock | 1,400,000,000 | |||
MetLife Investors Group [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Paid | 1,400,000,000 | |||
Metropolitan Tower Life Insurance Company [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus | 767,000,000 | 735,000,000 | ||
Statutory net income (loss) | 51,000,000 | 52,000,000 | 61,000,000 | |
In-kind dividend | 32,000,000 | |||
Paid | 73,000,000 | |||
Permitted w/o Approval | 77,000,000 | |||
Other Foreign Operations, Excluding Japan [Member] | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory capital and surplus required | 2,200,000,000 | |||
Statutory capital and surplus | $7,000,000,000 | |||
Japan | ||||
Statutory Accounting Practices [Line Items] | ||||
Adjusted capital | in excess of four times the 200% solvency margin ratio | in excess of four times the 200% solvency margin ratio |
Other_Expenses_Other_Expenses_
Other Expenses (Other Expenses) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Compensation | $4,894 | $5,108 | $5,562 |
Pension, postretirement and postemployment benefit costs | 473 | 488 | 428 |
Commissions | 5,153 | 5,428 | 5,909 |
Volume-related costs | 859 | 842 | 599 |
Capitalization of DAC | -4,183 | -4,786 | -5,289 |
Amortization of DAC and VOBA | 4,132 | 3,550 | 4,199 |
Amortization of negative VOBA | -442 | -579 | -622 |
Interest expense on debt | 1,216 | 1,282 | 1,356 |
Premium taxes, licenses and fees | 801 | 658 | 677 |
Professional services | 1,457 | 1,454 | 1,664 |
Rent and related expenses, net of sublease income | 361 | 376 | 422 |
Other | 2,370 | 2,781 | 2,850 |
Total other expenses | $17,091 | $16,602 | $17,755 |
Other_Expenses_Restructuring_C
Other Expenses (Restructuring Charges) (Details) (Other expenses, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Charges | |||
Balance at January 1, | $46 | $23 | $0 |
Restructuring charges | 91 | 115 | 159 |
Cash payments | -100 | -92 | -136 |
Balance at December 31, | 37 | 46 | 23 |
Total restructuring charges incurred since inception of initiative | 365 | 274 | 159 |
Severance | |||
Restructuring Charges | |||
Balance at January 1, | 40 | 23 | 0 |
Restructuring charges | 83 | 99 | 141 |
Cash payments | -92 | -82 | -118 |
Balance at December 31, | 31 | 40 | 23 |
Total restructuring charges incurred since inception of initiative | 323 | 240 | 141 |
Lease and Asset Impairment | |||
Restructuring Charges | |||
Balance at January 1, | 6 | 0 | 0 |
Restructuring charges | 8 | 16 | 18 |
Cash payments | -8 | -10 | -18 |
Balance at December 31, | 6 | 6 | 0 |
Total restructuring charges incurred since inception of initiative | $42 | $34 | $18 |
Other_Expenses_Other_Expenses_1
Other Expenses Other Expenses (ALICO Restructuring Charges - Narrative) (Details) (American Life Insurance Company (''American Life'') and Delaware American Life Insurance (''DelAm'') [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |||
Business acquisition integration related expenses | $138 | $305 | |
Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Business acquisition integration related expenses | $1 |
Employee_Benefit_Plans_Obligat
Employee Benefit Plans (Obligations and Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits U.S. Plans [Member] | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | $8,591 | $9,480 | |
Service costs | 200 | 236 | 224 |
Interest costs | 437 | 389 | 406 |
Plan participants’ contributions | 0 | 0 | |
Net actuarial (gains) losses | 1,551 | -1,050 | |
Acquisition, divestitures, settlements and curtailments | -13 | 0 | |
Change in benefits | -4 | 0 | |
Benefits paid | -500 | -464 | |
Effect of foreign currency translation | 0 | 0 | |
Benefit obligations at December 31, | 10,262 | 8,591 | 9,480 |
Change in plan assets | |||
Fair value of plan assets at January 1, | 7,776 | 7,879 | |
Actual return on plan assets | 1,084 | -22 | |
Acquisition, divestitures and settlements | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 390 | 383 | |
Benefits paid | -500 | -464 | |
Effect of foreign currency translation | 0 | 0 | |
Fair value of plan assets at December 31, | 8,750 | 7,776 | 7,879 |
Over (under) funded status at December 31, | -1,512 | -815 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 0 | 223 | |
Other liabilities | -1,512 | -1,038 | |
Net amount recognized | -1,512 | -815 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 3,034 | 2,274 | |
Prior service costs (credit) | -2 | 18 | |
Accumulated other comprehensive (income) loss, before income tax | 3,032 | 2,292 | |
Accumulated benefit obligation | 9,729 | 8,104 | |
Pension Benefits Non-U.S. Plans [Member] | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 744 | 823 | |
Service costs | 62 | 67 | 75 |
Interest costs | 19 | 14 | 17 |
Plan participants’ contributions | 0 | 0 | |
Net actuarial (gains) losses | 56 | 34 | |
Acquisition, divestitures, settlements and curtailments | -5 | -19 | |
Change in benefits | 0 | 0 | |
Benefits paid | -36 | -41 | |
Effect of foreign currency translation | -101 | -134 | |
Benefit obligations at December 31, | 739 | 744 | 823 |
Change in plan assets | |||
Fair value of plan assets at January 1, | 248 | 224 | |
Actual return on plan assets | 24 | 34 | |
Acquisition, divestitures and settlements | -10 | -19 | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 60 | 83 | |
Benefits paid | -36 | -41 | |
Effect of foreign currency translation | -33 | -33 | |
Fair value of plan assets at December 31, | 253 | 248 | 224 |
Over (under) funded status at December 31, | -486 | -496 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 7 | 7 | |
Other liabilities | -493 | -503 | |
Net amount recognized | -486 | -496 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 59 | 28 | |
Prior service costs (credit) | 1 | 2 | |
Accumulated other comprehensive (income) loss, before income tax | 60 | 30 | |
Accumulated benefit obligation | 626 | 636 | |
Other Postretirement Benefits U.S. Plans [Member] | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 1,834 | 2,375 | |
Service costs | 14 | 20 | 21 |
Interest costs | 92 | 92 | 103 |
Plan participants’ contributions | 30 | 30 | |
Net actuarial (gains) losses | 264 | -551 | |
Acquisition, divestitures, settlements and curtailments | -6 | 0 | |
Change in benefits | -9 | 0 | |
Benefits paid | -109 | -132 | |
Effect of foreign currency translation | 0 | 0 | |
Benefit obligations at December 31, | 2,110 | 1,834 | 2,375 |
Change in plan assets | |||
Fair value of plan assets at January 1, | 1,352 | 1,320 | |
Actual return on plan assets | 112 | 58 | |
Acquisition, divestitures and settlements | 0 | 0 | |
Plan participants’ contributions | 30 | 30 | |
Employer contributions | 41 | 76 | |
Benefits paid | -109 | -132 | |
Effect of foreign currency translation | 0 | 0 | |
Fair value of plan assets at December 31, | 1,426 | 1,352 | 1,320 |
Over (under) funded status at December 31, | -684 | -482 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 0 | 0 | |
Other liabilities | -684 | -482 | |
Net amount recognized | -684 | -482 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 422 | 211 | |
Prior service costs (credit) | -11 | 1 | |
Accumulated other comprehensive (income) loss, before income tax | 411 | 212 | |
Other Postretirement Benefits Non-U.S. Plans [Member] | |||
Change in benefit obligations: | |||
Benefit obligations at January 1, | 41 | 43 | |
Service costs | 2 | 2 | 1 |
Interest costs | 2 | 2 | 2 |
Plan participants’ contributions | 0 | 0 | |
Net actuarial (gains) losses | 0 | -1 | |
Acquisition, divestitures, settlements and curtailments | 1 | -3 | |
Change in benefits | 0 | 0 | |
Benefits paid | -7 | -2 | |
Effect of foreign currency translation | -4 | 0 | |
Benefit obligations at December 31, | 35 | 41 | 43 |
Change in plan assets | |||
Fair value of plan assets at January 1, | 14 | 15 | |
Actual return on plan assets | 0 | -1 | |
Acquisition, divestitures and settlements | 0 | -3 | |
Plan participants’ contributions | 0 | 0 | |
Employer contributions | 3 | 5 | |
Benefits paid | -7 | -2 | |
Effect of foreign currency translation | 0 | 0 | |
Fair value of plan assets at December 31, | 10 | 14 | 15 |
Over (under) funded status at December 31, | -25 | -27 | |
Amounts recognized in the consolidated balance sheets | |||
Other assets | 1 | 0 | |
Other liabilities | -26 | -27 | |
Net amount recognized | -25 | -27 | |
Accumulated other comprehensive (income) loss: | |||
Net actuarial (gains) losses | 3 | 2 | |
Prior service costs (credit) | 1 | 1 | |
Accumulated other comprehensive (income) loss, before income tax | $4 | $3 |
Employee_Benefit_Plans_Accumul
Employee Benefit Plans (Accumulated Benefit Obligations in Excess of Fair Value) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits U.S. Plans [Member] | ||
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | $1,981 | $1,037 |
Accumulated benefit obligations | 1,789 | 927 |
Fair value of plan assets | 676 | 0 |
Pension Benefits Non-U.S. Plans [Member] | ||
Accumulated benefit obligation [Abstract] | ||
Projected benefit obligations | 634 | 644 |
Accumulated benefit obligations | 573 | 579 |
Fair value of plan assets | $177 | $167 |
Employee_Benefit_Plans_Project
Employee Benefit Plans (Projected Benefit Obligation in Excess of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits U.S. Plans [Member] | ||
Defined Benefit Plan Pension Plans With Projected Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligations | $10,241 | $1,170 |
Fair value of plan assets | 8,719 | 133 |
Pension Benefits Non-U.S. Plans [Member] | ||
Defined Benefit Plan Pension Plans With Projected Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligations | 703 | 701 |
Fair value of plan assets | 212 | 199 |
Other Postretirement Benefits U.S. Plans [Member] | ||
Defined Benefit Plan Pension Plans With Projected Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligations | 2,110 | 1,834 |
Fair value of plan assets | 1,426 | 1,352 |
Other Postretirement Benefits Non-U.S. Plans [Member] | ||
Defined Benefit Plan Pension Plans With Projected Benefit Obligations In Excess Of Plan Assets [Abstract] | ||
Projected benefit obligations | 35 | 41 |
Fair value of plan assets | $10 | $14 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans (Net Periodic Benefit Costs and Other Changes Recognized in OCI) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Total recognized in OCI | $970 | ($1,292) | $842 |
Pension Benefits U.S. Plans [Member] | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 200 | 236 | 224 |
Interest costs | 437 | 389 | 406 |
Settlement and curtailment costs | 14 | 0 | 0 |
Expected return on plan assets | -475 | -483 | -484 |
Amortization of net actuarial (gains) losses | 169 | 228 | 195 |
Amortization of prior service costs (credit) | 1 | 6 | 6 |
Total net periodic benefit costs (credit) | 346 | 376 | 347 |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net actuarial (gains) losses | 929 | -545 | 744 |
Prior service costs (credit) | -19 | 0 | 0 |
Amortization of net actuarial (gains) losses | -169 | -228 | -195 |
Amortization of prior service (costs) credit | -1 | -6 | -6 |
Total recognized in OCI | 740 | -779 | 543 |
Total recognized in net periodic benefit costs and OCI | 1,086 | -403 | 890 |
Pension Benefits Non-U.S. Plans [Member] | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 62 | 67 | 75 |
Interest costs | 19 | 14 | 17 |
Settlement and curtailment costs | 5 | -2 | 0 |
Expected return on plan assets | -7 | -6 | -6 |
Amortization of net actuarial (gains) losses | 0 | 0 | 0 |
Amortization of prior service costs (credit) | 0 | 0 | 0 |
Total net periodic benefit costs (credit) | 79 | 73 | 86 |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net actuarial (gains) losses | 31 | 1 | 18 |
Prior service costs (credit) | -1 | 0 | -1 |
Amortization of net actuarial (gains) losses | 0 | 0 | 0 |
Amortization of prior service (costs) credit | 0 | 0 | 0 |
Total recognized in OCI | 30 | 1 | 17 |
Total recognized in net periodic benefit costs and OCI | 109 | 74 | 103 |
Other Postretirement Benefits U.S. Plans [Member] | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 14 | 20 | 21 |
Interest costs | 92 | 92 | 103 |
Settlement and curtailment costs | 2 | 0 | 0 |
Expected return on plan assets | -75 | -75 | -77 |
Amortization of net actuarial (gains) losses | 11 | 55 | 57 |
Amortization of prior service costs (credit) | -1 | -75 | -104 |
Total net periodic benefit costs (credit) | 43 | 17 | 0 |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net actuarial (gains) losses | 222 | -533 | 234 |
Prior service costs (credit) | -13 | 0 | 0 |
Amortization of net actuarial (gains) losses | -11 | -55 | -57 |
Amortization of prior service (costs) credit | 1 | 75 | 104 |
Total recognized in OCI | 199 | -513 | 281 |
Total recognized in net periodic benefit costs and OCI | 242 | -496 | 281 |
Other Postretirement Benefits Non-U.S. Plans [Member] | |||
Net periodic benefit costs [Abstract] | |||
Service costs | 2 | 2 | 1 |
Interest costs | 2 | 2 | 2 |
Settlement and curtailment costs | 2 | 1 | 1 |
Expected return on plan assets | -1 | -1 | -1 |
Amortization of net actuarial (gains) losses | 0 | 0 | 0 |
Amortization of prior service costs (credit) | 0 | 0 | 0 |
Total net periodic benefit costs (credit) | 5 | 4 | 3 |
Net Periodic Benefit Cost Amortized From Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Net actuarial (gains) losses | 1 | 1 | 2 |
Prior service costs (credit) | 0 | 0 | -1 |
Amortization of net actuarial (gains) losses | 0 | -2 | 0 |
Amortization of prior service (costs) credit | 0 | 0 | 0 |
Total recognized in OCI | 1 | -1 | 1 |
Total recognized in net periodic benefit costs and OCI | $6 | $3 | $4 |
Employee_Benefit_Plans_Assumpt
Employee Benefit Plans (Assumptions in Determining Benefit Obligations) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits U.S. Plans [Member] | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 4.10% | 5.15% |
Pension Benefits U.S. Plans [Member] | Minimum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 2.25% | 3.50% |
Pension Benefits U.S. Plans [Member] | Maximum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 8.50% | 7.50% |
Pension Benefits Non-U.S. Plans [Member] | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 1.68% | 1.94% |
Pension Benefits Non-U.S. Plans [Member] | Minimum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 2.00% | 2.00% |
Pension Benefits Non-U.S. Plans [Member] | Maximum | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Rate of compensation increase | 5.50% | 5.50% |
Other Postretirement Benefits U.S. Plans [Member] | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 4.10% | 5.15% |
Other Postretirement Benefits Non-U.S. Plans [Member] | ||
Assumptions used in determining benefit obligations [Abstract] | ||
Weighted average discount rate | 5.84% | 6.47% |
Employee_Benefit_Plans_Assumpt1
Employee Benefit Plans (Assumptions in Determining Net Periodic Benefit Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits U.S. Plans [Member] | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 5.15% | 4.20% | 4.95% |
Weighted average expected rate of return on plan assets | 6.25% | 6.25% | 7.00% |
Pension Benefits U.S. Plans [Member] | Minimum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Pension Benefits U.S. Plans [Member] | Maximum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 7.50% | 7.50% | 7.50% |
Pension Benefits Non-U.S. Plans [Member] | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 2.06% | 1.98% | 2.35% |
Weighted average expected rate of return on plan assets | 3.24% | 2.07% | 3.35% |
Pension Benefits Non-U.S. Plans [Member] | Minimum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 2.00% | 1.50% | 2.00% |
Pension Benefits Non-U.S. Plans [Member] | Maximum | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Rate of compensation increase | 5.50% | 5.50% | 4.00% |
Other Postretirement Benefits U.S. Plans [Member] | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 5.15% | 4.20% | 4.95% |
Weighted average expected rate of return on plan assets | 5.70% | 5.76% | 6.26% |
Other Postretirement Benefits Non-U.S. Plans [Member] | |||
Assumptions used in determining net periodic benefit costs [Abstract] | |||
Weighted average discount rate | 6.38% | 5.01% | 5.78% |
Weighted average expected rate of return on plan assets | 7.25% | 7.25% | 6.54% |
Employee_Benefit_Plans_Assumed
Employee Benefit Plans (Assumed Healthcare Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Assumed healthcare costs trend rates | ||
Healthcare costs trend rate | 6.40% | 6.40% |
Factors, Pre-Medicare | ||
Assumed healthcare costs trend rates | ||
Year that rate reaches ultimate trend rate - Pre-Medicare | 2094 | 2094 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.40% | 4.40% |
Factors, Post-Medicare | ||
Assumed healthcare costs trend rates | ||
Year that rate reaches ultimate trend rate - Pre-Medicare | 2089 | 2094 |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.70% | 4.60% |
Employee_Benefit_Plans_One_Per
Employee Benefit Plans (One Percent Change in Assumed Healthcare Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Postretirement Benefits U.S. Plans [Member] | |
One-percentage point change in assumed healthcare cost trend rates [Abstract] | |
Effect on total of service and interest costs components, one percent increase | $14 |
Effect on total of service and interest costs components, one percent decrease | -11 |
Effect of accumulated postretirement benefit obligations, one percent increase | 302 |
Effect of accumulated postretirement benefit obligations, one percent decrease | -245 |
Other Postretirement Benefits Non-U.S. Plans [Member] | |
One-percentage point change in assumed healthcare cost trend rates [Abstract] | |
Effect on total of service and interest costs components, one percent increase | 0 |
Effect on total of service and interest costs components, one percent decrease | 0 |
Effect of accumulated postretirement benefit obligations, one percent increase | 1 |
Effect of accumulated postretirement benefit obligations, one percent decrease | ($1) |
Employee_Benefit_Plans_Actual_
Employee Benefit Plans (Actual & Target Allocation of Fair Value by Asset Class) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Benefits U.S. Plans [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Pension Benefits U.S. Plans [Member] | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 75.00% | |
Actual | 69.00% | 64.00% |
Pension Benefits U.S. Plans [Member] | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 12.00% | |
Actual | 15.00% | 23.00% |
Pension Benefits U.S. Plans [Member] | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 13.00% | |
Actual | 16.00% | 13.00% |
Pension Benefits Non-U.S. Plans [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Pension Benefits Non-U.S. Plans [Member] | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 74.00% | |
Actual | 61.00% | 50.00% |
Pension Benefits Non-U.S. Plans [Member] | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 19.00% | |
Actual | 23.00% | 33.00% |
Pension Benefits Non-U.S. Plans [Member] | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 7.00% | |
Actual | 16.00% | 17.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Medical | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Medical | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 70.00% | |
Actual | 71.00% | 67.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Medical | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 30.00% | |
Actual | 27.00% | 32.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Medical | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 2.00% | 1.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Life Insurance [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Life Insurance [Member] | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Life Insurance [Member] | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Other Postretirement Benefits U.S. Plans [Member] | Postretirement Life Insurance [Member] | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 100.00% | |
Actual | 100.00% | 100.00% |
Other Postretirement Benefits Non-U.S. Plans [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Actual | 100.00% | 100.00% |
Other Postretirement Benefits Non-U.S. Plans [Member] | Fixed Maturity Securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 100.00% | |
Actual | 100.00% | 100.00% |
Other Postretirement Benefits Non-U.S. Plans [Member] | Equity securities | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Other Postretirement Benefits Non-U.S. Plans [Member] | Alternative Securities [Member] | ||
Actual weighted average asset allocation by major asset class for the Invested Plans [Abstract] | ||
Target | 0.00% | |
Actual | 0.00% | 0.00% |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans (Estimated Fair Value on a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Pension Benefits U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $8,750 | $7,776 | $7,879 | |
Pension Benefits U.S. Plans [Member] | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 6,001 | 4,971 | ||
Pension Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,718 | 2,132 | ||
Pension Benefits U.S. Plans [Member] | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 254 | 292 | ||
Pension Benefits U.S. Plans [Member] | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 735 | 729 | ||
Pension Benefits U.S. Plans [Member] | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,828 | 1,090 | ||
Pension Benefits U.S. Plans [Member] | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 270 | 219 | ||
Pension Benefits U.S. Plans [Member] | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 196 | 509 | ||
Pension Benefits U.S. Plans [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,345 | 1,763 | ||
Pension Benefits U.S. Plans [Member] | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 951 | 1,303 | ||
Pension Benefits U.S. Plans [Member] | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 394 | 460 | ||
Pension Benefits U.S. Plans [Member] | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 767 | 600 | ||
Pension Benefits U.S. Plans [Member] | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 462 | 362 | ||
Pension Benefits U.S. Plans [Member] | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 85 | 13 | ||
Pension Benefits U.S. Plans [Member] | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 90 | 67 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,179 | 2,588 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,605 | 924 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,605 | 924 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,345 | 1,593 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 951 | 1,133 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 394 | 460 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 189 | 53 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 29 | 1 | ||
Pension Benefits U.S. Plans [Member] | Level 1 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11 | 17 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,651 | 4,316 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,291 | 3,958 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,638 | 2,073 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 254 | 292 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 718 | 718 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 223 | 166 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 270 | 219 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 188 | 490 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 22 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 22 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 24 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 273 | 309 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 56 | 12 | ||
Pension Benefits U.S. Plans [Member] | Level 2 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7 | 15 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 920 | 872 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 105 | 89 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 80 | 59 | 19 | 32 |
Pension Benefits U.S. Plans [Member] | Level 3 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 17 | 11 | 8 | 5 |
Pension Benefits U.S. Plans [Member] | Level 3 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 8 | 19 | 7 | 2 |
Pension Benefits U.S. Plans [Member] | Level 3 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 148 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 148 | 137 | 206 |
Pension Benefits U.S. Plans [Member] | Level 3 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 743 | 600 | 447 | 531 |
Pension Benefits U.S. Plans [Member] | Level 3 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits U.S. Plans [Member] | Level 3 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 72 | 35 | 1 | 4 |
Pension Benefits Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 253 | 248 | 224 | |
Pension Benefits Non-U.S. Plans [Member] | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 156 | 123 | ||
Pension Benefits Non-U.S. Plans [Member] | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 66 | 27 | ||
Pension Benefits Non-U.S. Plans [Member] | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 90 | 96 | ||
Pension Benefits Non-U.S. Plans [Member] | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 57 | 83 | ||
Pension Benefits Non-U.S. Plans [Member] | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 34 | 32 | ||
Pension Benefits Non-U.S. Plans [Member] | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 6 | ||
Pension Benefits Non-U.S. Plans [Member] | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 2 | ||
Pension Benefits Non-U.S. Plans [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2 | 2 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 34 | 32 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 34 | 32 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 1 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 216 | 212 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 156 | 123 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 66 | 27 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 90 | 96 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 57 | 83 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 6 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 2 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 4 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 2 | 13 | 13 |
Pension Benefits Non-U.S. Plans [Member] | Level 3 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2 | 2 | 7 | 8 |
Other Postretirement Benefits U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,426 | 1,352 | 1,320 | |
Other Postretirement Benefits U.S. Plans [Member] | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 710 | 608 | ||
Other Postretirement Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 289 | 248 | ||
Other Postretirement Benefits U.S. Plans [Member] | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35 | 33 | ||
Other Postretirement Benefits U.S. Plans [Member] | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 68 | 63 | ||
Other Postretirement Benefits U.S. Plans [Member] | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 181 | 140 | ||
Other Postretirement Benefits U.S. Plans [Member] | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74 | 70 | ||
Other Postretirement Benefits U.S. Plans [Member] | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 63 | 54 | ||
Other Postretirement Benefits U.S. Plans [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 268 | 298 | ||
Other Postretirement Benefits U.S. Plans [Member] | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 188 | 196 | ||
Other Postretirement Benefits U.S. Plans [Member] | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 80 | 102 | ||
Other Postretirement Benefits U.S. Plans [Member] | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 447 | 439 | ||
Other Postretirement Benefits U.S. Plans [Member] | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 4 | ||
Other Postretirement Benefits U.S. Plans [Member] | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 3 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 493 | 569 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 211 | 267 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 42 | 77 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 169 | 135 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 55 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 268 | 298 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 188 | 196 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 80 | 102 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 14 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 4 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 1 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 930 | 782 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 496 | 340 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 244 | 170 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 35 | 33 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 68 | 63 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12 | 5 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 74 | 15 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 63 | 54 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 433 | 439 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 2 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 3 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 1 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 1 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 1 | 4 | 4 |
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | U.S. government bonds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Federal agencies securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Municipals securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 1 | 1 |
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 3 | 5 |
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Common stock - domestic | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Money market securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits U.S. Plans [Member] | Level 3 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | 0 | 1 |
Other Postretirement Benefits Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | 15 | |
Other Postretirement Benefits Non-U.S. Plans [Member] | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 1 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 10 | 14 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 2 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Fixed Maturity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Corporate fixed maturity securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Foreign government | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Common stock - foreign | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Other investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Short-term Investments | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Derivative assets | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Other Postretirement Benefits Non-U.S. Plans [Member] | Level 3 | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $0 | $0 |
Employee_Benefit_Plans_Signifi
Employee Benefit Plans (Significant Unobservable Inputs) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | $7,776 | $7,879 | |
Purchases, sales, issuances and settlements, net | 0 | 0 | |
Fair value of plan assets at December 31, | 8,750 | 7,776 | |
Pension Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 2,718 | 2,132 | |
Pension Benefits U.S. Plans [Member] | Municipals securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 270 | 219 | |
Pension Benefits U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 735 | 729 | |
Pension Benefits U.S. Plans [Member] | Other securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 196 | 509 | |
Pension Benefits U.S. Plans [Member] | Common stock - domestic | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 951 | 1,303 | |
Pension Benefits U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 767 | 600 | |
Pension Benefits U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 90 | 67 | |
Other Postretirement Benefits U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 1,352 | 1,320 | |
Purchases, sales, issuances and settlements, net | 0 | 0 | |
Fair value of plan assets at December 31, | 1,426 | 1,352 | |
Other Postretirement Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 289 | 248 | |
Other Postretirement Benefits U.S. Plans [Member] | Municipals securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 74 | 70 | |
Other Postretirement Benefits U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 68 | 63 | |
Other Postretirement Benefits U.S. Plans [Member] | Other securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 63 | 54 | |
Other Postretirement Benefits U.S. Plans [Member] | Common stock - domestic | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 188 | 196 | |
Other Postretirement Benefits U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Other Postretirement Benefits U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 1 | 3 | |
Pension Benefits Non-U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 248 | 224 | |
Purchases, sales, issuances and settlements, net | -10 | -19 | |
Fair value of plan assets at December 31, | 253 | 248 | |
Pension Benefits Non-U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 66 | 27 | |
Pension Benefits Non-U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 90 | 96 | |
Pension Benefits Non-U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 34 | 32 | |
Pension Benefits Non-U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 1 | 2 | |
Pension Benefits Non-U.S. Plans [Member] | Real Estate [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 2 | 2 | |
Level 3 | Pension Benefits U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 920 | 872 | |
Level 3 | Pension Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 59 | 19 | 32 |
Realized gains (losses) | 3 | 0 | 0 |
Unrealized gains (losses) | 0 | -2 | -1 |
Purchases, sales, issuances and settlements, net | 11 | 19 | -12 |
Transfers into and/or out of Level 3 | 7 | 23 | 0 |
Fair value of plan assets at December 31, | 80 | 59 | 19 |
Level 3 | Pension Benefits U.S. Plans [Member] | Municipals securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Pension Benefits U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 11 | 8 | 5 |
Realized gains (losses) | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | 1 | 8 |
Purchases, sales, issuances and settlements, net | 6 | -3 | -5 |
Transfers into and/or out of Level 3 | 0 | 5 | 0 |
Fair value of plan assets at December 31, | 17 | 11 | 8 |
Level 3 | Pension Benefits U.S. Plans [Member] | Other securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 19 | 7 | 2 |
Realized gains (losses) | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | -2 | 11 | 5 |
Transfers into and/or out of Level 3 | -9 | 1 | 0 |
Fair value of plan assets at December 31, | 8 | 19 | 7 |
Level 3 | Pension Benefits U.S. Plans [Member] | Common stock - domestic | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 148 | 137 | 206 |
Realized gains (losses) | 0 | -1 | -27 |
Unrealized gains (losses) | 0 | 9 | 10 |
Purchases, sales, issuances and settlements, net | 0 | 3 | -52 |
Transfers into and/or out of Level 3 | -148 | 0 | 0 |
Fair value of plan assets at December 31, | 0 | 148 | 137 |
Level 3 | Pension Benefits U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 600 | 447 | 531 |
Realized gains (losses) | -13 | 0 | 55 |
Unrealized gains (losses) | 112 | 59 | -36 |
Purchases, sales, issuances and settlements, net | -104 | -62 | -103 |
Transfers into and/or out of Level 3 | 148 | 156 | 0 |
Fair value of plan assets at December 31, | 743 | 600 | 447 |
Level 3 | Pension Benefits U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 35 | 1 | 4 |
Realized gains (losses) | -16 | -3 | 6 |
Unrealized gains (losses) | 19 | -18 | -7 |
Purchases, sales, issuances and settlements, net | 34 | 55 | -2 |
Transfers into and/or out of Level 3 | 0 | 0 | 0 |
Fair value of plan assets at December 31, | 72 | 35 | 1 |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 3 | 1 | |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 1 | 4 | 4 |
Realized gains (losses) | 0 | 0 | 0 |
Unrealized gains (losses) | 1 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 1 | -3 | 0 |
Transfers into and/or out of Level 3 | 0 | 0 | 0 |
Fair value of plan assets at December 31, | 3 | 1 | 4 |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Municipals securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 0 | 1 | 1 |
Realized gains (losses) | 0 | 0 | 0 |
Unrealized gains (losses) | 0 | 0 | 0 |
Purchases, sales, issuances and settlements, net | 0 | -1 | 0 |
Transfers into and/or out of Level 3 | 0 | 0 | 0 |
Fair value of plan assets at December 31, | 0 | 0 | 1 |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Other securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 0 | 3 | 5 |
Realized gains (losses) | 0 | -3 | -2 |
Unrealized gains (losses) | 0 | 4 | 2 |
Purchases, sales, issuances and settlements, net | 0 | -4 | -2 |
Transfers into and/or out of Level 3 | 0 | 0 | 0 |
Fair value of plan assets at December 31, | 0 | 0 | 3 |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Common stock - domestic | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Other Postretirement Benefits U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 0 | 0 | 1 |
Realized gains (losses) | 0 | 0 | 2 |
Unrealized gains (losses) | 0 | 0 | -2 |
Purchases, sales, issuances and settlements, net | 0 | 0 | -1 |
Transfers into and/or out of Level 3 | 0 | 0 | 0 |
Fair value of plan assets at December 31, | 0 | 0 | 0 |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 3 | 4 | |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | Corporate fixed maturity securities [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | Foreign government | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | Other investments | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at December 31, | 0 | 0 | |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | Derivative assets | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 2 | 13 | 13 |
Realized gains (losses) | 0 | -2 | -1 |
Unrealized gains (losses) | -1 | 3 | 1 |
Purchases, sales, issuances and settlements, net | 0 | -12 | 0 |
Fair value of plan assets at December 31, | 1 | 2 | 13 |
Level 3 | Pension Benefits Non-U.S. Plans [Member] | Real Estate [Member] | |||
Rollforward fair value measurement using significant unobservable inputs (level 3) [Roll Forward] | |||
Fair value of plan assets at January 1, | 2 | 7 | 8 |
Realized gains (losses) | 0 | -1 | -1 |
Unrealized gains (losses) | 0 | 1 | 0 |
Purchases, sales, issuances and settlements, net | 0 | -5 | 0 |
Fair value of plan assets at December 31, | $2 | $2 | $7 |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans (Expected Gross Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits U.S. Plans [Member] | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2015 | $490 |
2016 | 507 |
2017 | 531 |
2018 | 544 |
2019 | 565 |
2020-2024 | 3,134 |
Pension Benefits Non-U.S. Plans [Member] | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2015 | 32 |
2016 | 36 |
2017 | 37 |
2018 | 40 |
2019 | 48 |
2020-2024 | 255 |
Other Postretirement Benefits U.S. Plans [Member] | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2015 | 81 |
2016 | 81 |
2017 | 84 |
2018 | 87 |
2019 | 92 |
2020-2024 | 519 |
Other Postretirement Benefits Non-U.S. Plans [Member] | |
Defined benefit plan estimated future benefit payments [Abstract] | |
2015 | 4 |
2016 | 3 |
2017 | 3 |
2018 | 3 |
2019 | 3 |
2020-2024 | $14 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of benefits calculated with the traditional formula | 89.00% | |||
Total revenue from annuity and life insurance contracts recognized | $50 | $49 | $54 | |
Total investment income (loss) from annuity and life insurance contracts | 1,200 | 20 | 867 | |
Defined Contribution Plan, Cost Recognized | 77 | 93 | 96 | |
Pension Benefits U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 10,262 | 8,591 | 9,480 | |
Estimated net actuarial losses amortized into net periodic benefit cost over the next year | 200 | |||
Estimated prior service cost amortized into net periodic benefit cost over the next year | -1 | |||
Weighted average expected return on plan assets | 6.25% | 6.25% | 7.00% | |
Pension Benefits U.S. Plans [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 6.24% | |||
Pension Benefits Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 739 | 744 | 823 | |
Weighted average expected return on plan assets | 3.24% | 2.07% | 3.35% | |
Pension Benefits Non-U.S. Plans [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 2.73% | |||
Other Postretirement Benefits U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 2,110 | 1,834 | 2,375 | |
Estimated net actuarial losses amortized into net periodic benefit cost over the next year | 31 | |||
Estimated prior service cost amortized into net periodic benefit cost over the next year | -4 | |||
Weighted average expected return on plan assets | 5.70% | 5.76% | 6.26% | |
Expected future discretionary contributions | 50 | |||
Other Postretirement Benefits U.S. Plans [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 5.65% | |||
Other Postretirement Benefits Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 35 | 41 | 43 | |
Weighted average expected return on plan assets | 7.25% | 7.25% | 6.54% | |
Other Postretirement Benefits Non-U.S. Plans [Member] | Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average expected return on plan assets | 6.75% | |||
United States Pension Plan of US Entity, Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected future discretionary contributions | 300 | |||
United States Pension Plan of US Entity, Non Qualified [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Aggregate projected benefit obligations | 1,300 | 1,000 | ||
Expected future discretionary contributions | $70 |
Income_Tax_Provision_for_Incom
Income Tax (Provision for Income Tax from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | ($56) | $85 | ($29) |
State and local | 9 | 2 | 6 |
Foreign | 779 | 422 | 846 |
Subtotal | 732 | 509 | 823 |
Deferred: | |||
Federal | 1,597 | -250 | -244 |
State and local | -1 | -11 | -1 |
Foreign | 137 | 413 | -450 |
Subtotal | 1,733 | 152 | -695 |
Current and Deferred: | |||
Provision for income tax expense (benefit) | $2,465 | $661 | $128 |
Income_Tax_Income_Loss_from_Co
Income Tax (Income Loss from Continuing Operations Before Income Tax Expense from Domestic and Foreign Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income from continuing operations: | |||
Domestic | $6,043 | $1,186 | ($1,496) |
Foreign | 2,761 | 2,866 | 2,938 |
Income (loss) from continuing operations before provision for income tax | $8,804 | $4,052 | $1,442 |
Income_Tax_Reconciliation_of_I
Income Tax (Reconciliation of Income Tax Provision between US Statutory Rate and As Reported for Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income tax expense benefit continuing operations income tax reconciliation | |||
Tax provision at U.S. statutory rate | $3,081 | $1,418 | $505 |
Tax effect of: | |||
Dividend received deduction | -204 | -166 | -162 |
Tax-exempt income | -92 | -96 | -94 |
Prior year tax | 21 | 75 | 23 |
Low income housing tax credits | -209 | -194 | -150 |
Other tax credits | -77 | -54 | -28 |
Foreign tax rate differential | -118 | -340 | -45 |
Goodwill impairment | 0 | 0 | 408 |
Deferred tax effects of branch conversions | 0 | 4 | -324 |
Change in valuation allowance | -3 | 30 | 15 |
Other, net | 66 | -16 | -20 |
Provision for income tax expense (benefit) | $2,465 | $661 | $128 |
Income_Tax_Net_Deferred_Income
Income Tax (Net Deferred Income Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred income tax assets: | ||
Policyholder liabilities and receivables | $3,022 | $2,988 |
Net operating loss carryforwards | 1,293 | 1,808 |
Employee benefits | 1,068 | 737 |
Capital loss carryforwards | 26 | 32 |
Tax credit carryforwards | 1,733 | 1,653 |
Litigation-related and government mandated | 315 | 232 |
Other | 831 | 503 |
Total gross deferred income tax assets | 8,288 | 7,953 |
Less: Valuation allowance | 224 | 357 |
Total net deferred income tax assets | 8,064 | 7,596 |
Deferred income tax liabilities: | ||
Investments, including derivatives | 4,554 | 2,476 |
Intangibles | 1,877 | 1,997 |
Net unrealized investment gains | 7,971 | 4,510 |
DAC | 5,153 | 5,103 |
Other | 330 | 153 |
Total deferred income tax liabilities | 19,885 | 14,239 |
Deferred tax assets and liabilities [Abstract] | ||
Net deferred income tax asset (liability) | ($11,821) | ($6,643) |
Income_Tax_Net_Operating_and_C
Income Tax (Net Operating and Capital Loss Carryforwards for Tax Purposes) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | $1,733 | $1,653 |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 1,030 | |
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 923 | |
Foreign Tax Authority [Member] | 2015-2019 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 202 | |
Foreign Tax Authority [Member] | 2020-2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 10 | |
Foreign Tax Authority [Member] | 2025-2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 19 | |
Foreign Tax Authority [Member] | 2030-2034 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 0 | |
Foreign Tax Authority [Member] | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 799 | |
Domestic Country [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 3,266 | |
Domestic Country [Member] | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 42 | |
Domestic Country [Member] | 2015-2019 | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 42 | |
Domestic Country [Member] | 2020-2024 | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 0 | |
Domestic Country [Member] | 2025-2029 | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 0 | |
Domestic Country [Member] | 2030-2034 | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 0 | |
Domestic Country [Member] | Indefinite | Capital Loss Carryforwards | ||
Capital Loss Carryforwards [Line Items] | ||
Capital loss carryforwards | 0 | |
Domestic Country [Member] | 2015-2019 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 0 | |
Domestic Country [Member] | 2020-2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 1 | |
Domestic Country [Member] | 2025-2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 488 | |
Domestic Country [Member] | 2030-2034 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 2,777 | |
Domestic Country [Member] | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 0 | |
State Country [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 139 | |
State Country [Member] | 2015-2019 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 32 | |
State Country [Member] | 2020-2024 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 46 | |
State Country [Member] | 2025-2029 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 54 | |
State Country [Member] | 2030-2034 | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | 7 | |
State Country [Member] | Indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Net Operating Loss Carryforwards | $0 |
Income_Tax_Tax_Credit_Carryfor
Income Tax (Tax Credit Carryforwards) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | $1,733 | $1,653 |
Foreign Tax Authority [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 923 | |
Foreign Tax Authority [Member] | 2015-2019 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority [Member] | 2020-2024 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 923 | |
Foreign Tax Authority [Member] | 2025-2029 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority [Member] | 2030-2034 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Foreign Tax Authority [Member] | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
General business credit member | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 867 | |
General business credit member | 2015-2019 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
General business credit member | 2020-2024 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
General business credit member | 2025-2029 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 4 | |
General business credit member | 2030-2034 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 863 | |
General business credit member | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit member | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 176 | |
Other tax credit member | 2015-2019 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit member | 2020-2024 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit member | 2025-2029 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit member | 2030-2034 | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | 0 | |
Other tax credit member | Indefinite | ||
Tax Credit Carryforward [Line Items] | ||
Tax credit carryforwards | $176 |
Income_Tax_Reconciliation_of_U
Income Tax (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits | |||
Balance at January 1, | $774 | $708 | $679 |
Additions for tax positions of prior years | 74 | 117 | 105 |
Reductions for tax positions of prior years | -88 | -37 | -82 |
Additions for tax positions of current year | 23 | 39 | 32 |
Reductions for tax positions of current year | 0 | -1 | -9 |
Settlements with tax authorities | -4 | -52 | -15 |
Lapses of statutes of limitations | 0 | 0 | -2 |
Balance at December 31, | 779 | 774 | 708 |
Unrecognized tax benefits that, if recognized would impact the effective rate | $690 | $661 | $566 |
Income_Tax_Interest_Accrued_Re
Income Tax (Interest Accrued Related to Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Interest recognized in the consolidated statements of operations | $26 | $20 | $2 |
Interest included in other liabilities in the consolidated balance sheets | $283 | $257 |
Income_Tax_Narrative_Details
Income Tax (Narrative) (Details) | 12 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Indemnification Agreement [Member] | JAPAN | JAPAN | CHILE | UNITED ARAB EMIRATES | American Life [Member] | American Life [Member] | Maximum | Certain State and Foreign Net Operating Loss Carryforwards [Member] | Foreign Currency Movement [Member] | Balance Sheet Reclassification With Other Deferred Tax Assets [Member] | Deferred Income Tax Asset for Policyholder Liabilities and Receivables [Member] | Deferred Income Tax Liability for Investments, Including Derivatives [Member] | Deferred Income Tax Liability for Net Unrealized Investment Gains [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | JAPAN | JAPAN | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
USD ($) | JPY (¥) | ||||||||||||||||
Valuation allowance, change during year | $3,000,000 | $33,000,000 | $97,000,000 | ||||||||||||||
Amounts excluded from the provision for deferred taxes on cumulative earnings of certain non-U.S. affiliates and associated companies | 4,200,000,000 | ||||||||||||||||
Federal statutory tax rate | 35.00% | ||||||||||||||||
Income tax benefit related to the separate account dividends received deduction | 234,000,000 | 164,000,000 | |||||||||||||||
True-up of the prior year tax return included in current year benefit related to the separate account dividends received deduction | 38,000,000 | 6,000,000 | |||||||||||||||
Prior Period Reclassification Adjustment | 2,000,000,000 | 2,500,000,000 | 373,000,000 | ||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||
Repatriation assumptions for foreign earnings | -65,000,000 | 45,000,000 | -13,000,000 | ||||||||||||||
Foreign tax rate differential | -118,000,000 | -340,000,000 | -45,000,000 | -69,000,000 | 54,000,000 | ||||||||||||
American Life income tax exam refund | 176,000,000 | 16,000,000,000 | |||||||||||||||
Net charge related to indemnification provisions of Stock Purchase Agreement | 16,000,000 | ||||||||||||||||
Other expenses | 17,091,000,000 | 16,602,000,000 | 17,755,000,000 | 154,000,000 | |||||||||||||
Other net investment gains (losses) | -137,000,000 | 327,000,000 | -35,000,000 | 19,000,000 | |||||||||||||
Provision for income tax expense (benefit) | $2,465,000,000 | $661,000,000 | $128,000,000 | ($119,000,000) |
Earnings_Per_Common_Share_Earn
Earnings Per Common Share (Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted Average Shares | |||||||||||
Weighted average common stock outstanding for basic earnings per common share | 1,128,671,410 | 1,105,579,693 | 1,070,755,561 | ||||||||
Incremental common shares from assumed: | |||||||||||
Stock purchase contracts underlying common equity units | 2,928,570 | 1,164,018 | 0 | ||||||||
Exercise or issuance of stock-based awards | 10,863,468 | 9,458,999 | 6,084,078 | ||||||||
Weighted average common stock outstanding for diluted earnings per common share | 1,142,463,448 | 1,116,202,710 | 1,076,839,639 | ||||||||
Income (Loss) from Continuing Operations | |||||||||||
Income (loss) from continuing operations, net of income tax | $1,527 | $2,094 | $1,376 | $1,342 | $915 | $973 | $508 | $995 | $6,339 | $3,391 | $1,314 |
Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests | 27 | 25 | 38 | ||||||||
Less: Preferred stock dividends | 31 | 30 | 31 | 30 | 31 | 30 | 31 | 30 | 122 | 122 | 122 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | 6,190 | 3,244 | 1,154 | ||||||||
Basic | $1.31 | $1.83 | $1.18 | $1.15 | $0.78 | $0.85 | $0.43 | $0.87 | $5.48 | $2.94 | $1.08 |
Diluted | $1.30 | $1.81 | $1.17 | $1.14 | $0.77 | $0.84 | $0.43 | $0.87 | $5.42 | $2.91 | $1.08 |
Income (Loss) from Discontinued Operations | |||||||||||
Income (loss) from discontinued operations, net of income tax | 0 | 0 | 0 | -3 | 1 | 2 | 2 | -3 | -3 | 2 | 48 |
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders | -3 | 2 | 48 | ||||||||
Basic | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 |
Diluted | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 |
Net Income (Loss) | |||||||||||
Net income (loss) | 1,527 | 2,094 | 1,376 | 1,339 | 916 | 975 | 510 | 992 | 6,336 | 3,393 | 1,362 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | 0 | 10 | 11 | 8 | 3 | 8 | 6 | 27 | 25 | 38 |
Less: Preferred stock dividends | 31 | 30 | 31 | 30 | 31 | 30 | 31 | 30 | 122 | 122 | 122 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $1,490 | $2,064 | $1,335 | $1,298 | $877 | $942 | $471 | $956 | $6,187 | $3,246 | $1,202 |
Basic | $1.31 | $1.83 | $1.18 | $1.15 | $0.78 | $0.85 | $0.43 | $0.87 | $5.48 | $2.94 | $1.12 |
Diluted | $1.30 | $1.81 | $1.17 | $1.14 | $0.77 | $0.84 | $0.43 | $0.87 | $5.42 | $2.91 | $1.12 |
Contingencies_Commitments_and_2
Contingencies, Commitments and Guarantees (Asbestos Claims) (Details) (Asbestos Related Claims [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Claims | Claims | Claims | |
Asbestos Related Claims [Member] | |||
Loss Contingencies [Line Items] | |||
Asbestos personal injury claims at year end | 68,460 | 67,983 | 65,812 |
Number of new claims during the year | 4,636 | 5,898 | 5,303 |
Settlement payments during the year | $46 | $37 | $36.40 |
Asbestos-related claims liability, ending balance | $690 |
Contingencies_Commitments_and_3
Contingencies, Commitments and Guarantees (Insolvency Assessments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ||
Premiums and Other Receivables, Net | $22,244 | $21,859 |
Other Assets: | ||
Premium tax offset for future undiscounted assessments | 50 | 60 |
Premium tax offsets currently available for paid assessments | 84 | 69 |
Other Liabilities: | ||
Insolvency assessments | 73 | 93 |
Insurance-related Assessments [Member] | ||
Loss Contingencies [Line Items] | ||
Premiums and Other Receivables, Net | 0 | 5 |
Total assets held for insolvency assessments | $134 | $134 |
Contingencies_Commitments_and_4
Contingencies, Commitments and Guarantees (Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Gross rental payments 2015 | $308 | ||
Gross rental payments 2016 | 247 | ||
Gross rental payments 2017 | 190 | ||
Gross rental payments 2018 | 165 | ||
Gross rental payments 2019 | 130 | ||
Gross rental payments, thereafter | 731 | ||
Gross rental payments, total | 1,771 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 112 | ||
Operating Leases, Rent Expense, Net | $347 | $372 | $380 |
Contingencies_Commitments_and_5
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Claims | ||
MetLife Home Loans LLC | Subsequent Event [Member] | ||
Loss Contingencies | ||
Litigation Settlement, Amount | ($123,500,000) | |
Minimum | ||
Loss Contingencies | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 0 | |
Maximum | ||
Loss Contingencies | ||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 390,000,000 | |
Superfund Site Settlement Agreements [Member] | ||
Loss Contingencies | ||
Number of regulatory matters and other claims | 2 | |
Maximum estimate of aggregate costs to resolve matter | 1,000,000 | |
Maximum estimate of costs for environmental testing | 100,000 | |
Superfund Site Settlement Agreements [Member] | Minimum | ||
Loss Contingencies | ||
Damages Sought | 1,000,000 | |
C-Mart, Inc. V. Metropolitan Life Insurance Company, Et Al [Member] | Maximum | ||
Loss Contingencies | ||
Loss Contingency, Estimate of Possible Loss | 23,000,000 | |
Derivative Actions And Demands [Member] | ||
Loss Contingencies | ||
Number of plaintiffs | 2 | |
New York Licensing Inquiry [Member] | Department of Financial Services [Member] | ||
Loss Contingencies | ||
Litigation Settlement, Amount | -50,000,000 | |
New York Licensing Inquiry [Member] | New York County, District Attorney [Member] | ||
Loss Contingencies | ||
Litigation Settlement, Amount | ($10,000,000) |
Contingencies_Commitments_and_6
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Contingencies, Commitments and Guarantees (Textuals) [Abstract] | ||
Minimum indemnities and guarantees contractual limitation | less than $1 million | |
Maximum indemnities and guarantees contractual limitation | $800,000,000 | |
Liabilities for indemnities, guarantees and commitments | 4,000,000 | 5,000,000 |
Cumulative maximum indemnities and guarantees contractual limitation | 1,500,000,000 | |
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 5,300,000,000 | 5,300,000,000 |
Mortgage Loan Commitments [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $4,000,000,000 | $3,400,000,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Quarterly Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Results of Operations (Unaudited) | |||||||||||
Total revenues | $19,119 | $18,846 | $18,266 | $17,085 | $18,458 | $16,337 | $15,721 | $17,683 | $73,316 | $68,199 | $68,150 |
Total expenses | 17,043 | 15,894 | 16,316 | 15,259 | 17,190 | 15,361 | 15,160 | 16,436 | 64,512 | 64,147 | 66,708 |
Income (loss) from continuing operations, net of income tax | 1,527 | 2,094 | 1,376 | 1,342 | 915 | 973 | 508 | 995 | 6,339 | 3,391 | 1,314 |
Income (loss) from discontinued operations, net of income tax | 0 | 0 | 0 | -3 | 1 | 2 | 2 | -3 | -3 | 2 | 48 |
Net income (loss) | 1,527 | 2,094 | 1,376 | 1,339 | 916 | 975 | 510 | 992 | 6,336 | 3,393 | 1,362 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | 0 | 10 | 11 | 8 | 3 | 8 | 6 | 27 | 25 | 38 |
Net income (loss) attributable to MetLife, Inc. | 1,521 | 2,094 | 1,366 | 1,328 | 908 | 972 | 502 | 986 | 6,309 | 3,368 | 1,324 |
Less: Preferred stock dividends | 31 | 30 | 31 | 30 | 31 | 30 | 31 | 30 | 122 | 122 | 122 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $1,490 | $2,064 | $1,335 | $1,298 | $877 | $942 | $471 | $956 | $6,187 | $3,246 | $1,202 |
Basic earnings per common share | |||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $1.31 | $1.83 | $1.18 | $1.15 | $0.78 | $0.85 | $0.43 | $0.87 | $5.48 | $2.94 | $1.08 |
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 |
Net income (loss) attributable to MetLife, Inc. | $1.34 | $1.86 | $1.21 | $1.18 | $0.81 | $0.88 | $0.46 | $0.90 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | $1.31 | $1.83 | $1.18 | $1.15 | $0.78 | $0.85 | $0.43 | $0.87 | $5.48 | $2.94 | $1.12 |
Diluted earnings per common share | |||||||||||
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders | $1.30 | $1.81 | $1.17 | $1.14 | $0.77 | $0.84 | $0.43 | $0.87 | $5.42 | $2.91 | $1.08 |
Income (loss) from discontinued operations, net of income tax, attributable to MetLife, Inc. | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.04 |
Net income (loss) attributable to MetLife, Inc. | $1.33 | $1.84 | $1.20 | $1.16 | $0.80 | $0.87 | $0.45 | $0.89 | |||
Net income (loss) available to MetLife, Inc.’s common shareholders | $1.30 | $1.81 | $1.17 | $1.14 | $0.77 | $0.84 | $0.43 | $0.87 | $5.42 | $2.91 | $1.12 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Common Stock Repurchases) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 |
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 18,876,363 | 0 | 0 | |
Treasury Stock, Value, Acquired, Cost Method | $1,000 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Treasury Stock, Shares, Acquired | 15,081,322 | |||
Treasury Stock, Value, Acquired, Cost Method | $739 |
Subsequent_Events_Dividends_Na
Subsequent Events (Dividends - Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 |
Series A Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividends | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $7 | $6 | $26 | $26 | $26 | |
Series B Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividends | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 96 | 96 | 96 | |
Subsequent Event [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Estimated aggregate dividend payment | 394 | |||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series A Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | $0.25 | |||||||||||||||
Preferred stock, dividends | 6 | |||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Preferred stock, dividend rate | $0.41 | |||||||||||||||
Preferred stock, dividends | $24 | |||||||||||||||
Subsequent Event [Member] | Dividends Declared [Member] | Common stock | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Approved annual dividend, amount per share | $0.35 |
Consolidated_Summary_of_Invest1
Consolidated Summary of Investments - Other Than Investments in Related Parties (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | $473,461 |
Estimated Fair Value | 505,995 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 334,780 |
Estimated Fair Value | 365,425 |
Amount at Which Shown on Balance Sheet | 365,425 |
Foreign government | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 47,327 |
Estimated Fair Value | 52,666 |
Amount at Which Shown on Balance Sheet | 52,666 |
U.S. Treasury and agency | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 54,654 |
Estimated Fair Value | 61,516 |
Amount at Which Shown on Balance Sheet | 61,516 |
Public utilities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 26,229 |
Estimated Fair Value | 29,640 |
Amount at Which Shown on Balance Sheet | 29,640 |
State and political subdivision | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 12,922 |
Estimated Fair Value | 15,187 |
Amount at Which Shown on Balance Sheet | 15,187 |
All other corporate bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 126,128 |
Estimated Fair Value | 136,247 |
Amount at Which Shown on Balance Sheet | 136,247 |
Total bonds | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 267,260 |
Estimated Fair Value | 295,256 |
Amount at Which Shown on Balance Sheet | 295,256 |
Mortgage-backed and asset-backed securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 65,947 |
Estimated Fair Value | 68,427 |
Amount at Which Shown on Balance Sheet | 68,427 |
Redeemable preferred stock | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,573 |
Estimated Fair Value | 1,742 |
Amount at Which Shown on Balance Sheet | 1,742 |
Fair value option and trading securities | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 15,355 |
Estimated Fair Value | 16,689 |
Amount at Which Shown on Balance Sheet | 16,689 |
Equity Securities, Investment Summary [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 3,076 |
Estimated Fair Value | 3,631 |
Amount at Which Shown on Balance Sheet | 3,631 |
Industrial, miscellaneous and all other | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,805 |
Estimated Fair Value | 2,276 |
Amount at Which Shown on Balance Sheet | 2,276 |
Banks, trust and insurance companies | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 185 |
Estimated Fair Value | 240 |
Amount at Which Shown on Balance Sheet | 240 |
Non-redeemable preferred stock | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 1,086 |
Estimated Fair Value | 1,115 |
Amount at Which Shown on Balance Sheet | 1,115 |
Held-for-investment | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 60,118 |
Estimated Fair Value | 60,118 |
Policy loans | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 11,618 |
Estimated Fair Value | 11,618 |
Real estate and real estate joint ventures | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 10,205 |
Estimated Fair Value | 10,205 |
Real estate acquired in satisfaction of debt | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 320 |
Estimated Fair Value | 320 |
Other limited partnership interests | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 8,085 |
Estimated Fair Value | 8,085 |
Short-term investments | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 8,621 |
Estimated Fair Value | 8,621 |
Other invested assets | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or Amortized Cost | 21,283 |
Estimated Fair Value | $21,283 |
Condensed_Financial_Informatio1
Condensed Financial Information (Parent Company) (Condensed Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Investments: | ||||
Available-for-sale Securities, Debt Securities | $365,425 | $350,187 | ||
Short-term investments | 8,621 | 13,955 | ||
Other Investments | 21,283 | 16,229 | ||
Total investments | 505,995 | 488,779 | ||
Cash and Cash Equivalents, at Carrying Value | 10,808 | 7,585 | ||
Accrued Investment Income Receivable | 4,120 | 4,255 | ||
Other Assets | 7,862 | 8,369 | ||
Total assets | 902,337 | 885,296 | ||
Liabilities | ||||
Payables for collateral under securities loaned and other transactions | 35,326 | 30,411 | ||
Collateral financing arrangements | 4,196 | 4,196 | ||
Junior subordinated debt securities | 3,193 | 3,193 | ||
Other Liabilities | 24,437 | 23,168 | ||
Total liabilities | 829,678 | 822,313 | ||
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; 1,153,998,144 and 1,125,224,024 shares issued, respectively; 1,131,927,894 and 1,122,030,137 shares outstanding, respectively | 12 | 11 | ||
Additional paid-in capital | 30,543 | 29,277 | ||
Retained earnings | 32,020 | 27,332 | ||
Treasury stock, at cost; 22,070,250 and 3,193,887 shares, respectively | -1,172 | -172 | ||
Accumulated other comprehensive income (loss) | 10,649 | 5,104 | 11,397 | 6,083 |
Total stockholders’ equity | 72,053 | 61,553 | ||
Total liabilities and stockholders’ equity | 902,337 | 885,296 | ||
Parent Company [Member] | ||||
Investments: | ||||
Available-for-sale Securities, Debt Securities | 5,088 | 4,531 | ||
Short-term investments | 378 | 560 | ||
Other Investments | 1,336 | 557 | ||
Total investments | 6,802 | 5,648 | ||
Cash and Cash Equivalents, at Carrying Value | 443 | 648 | 188 | 309 |
Accrued Investment Income Receivable | 46 | 40 | ||
Investment in subsidiaries | 88,152 | 76,871 | ||
Loans to subsidiaries | 1,709 | 2,333 | ||
Other Assets | 1,406 | 1,677 | ||
Total assets | 98,558 | 87,217 | ||
Liabilities | ||||
Payables for collateral under securities loaned and other transactions | 349 | 85 | ||
Long-term debt — unaffiliated | 15,317 | 15,938 | ||
Long-term debt — affiliated | 3,600 | 3,600 | ||
Collateral financing arrangements | 2,797 | 2,797 | ||
Junior subordinated debt securities | 1,748 | 1,748 | ||
Payables to subsidiaries | 459 | 13 | ||
Other Liabilities | 2,235 | 1,483 | ||
Total liabilities | 26,505 | 25,664 | ||
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; 1,153,998,144 and 1,125,224,024 shares issued, respectively; 1,131,927,894 and 1,122,030,137 shares outstanding, respectively | 12 | 11 | ||
Additional paid-in capital | 30,543 | 29,277 | ||
Retained earnings | 32,020 | 27,332 | ||
Treasury stock, at cost; 22,070,250 and 3,193,887 shares, respectively | -1,172 | -172 | ||
Accumulated other comprehensive income (loss) | 10,649 | 5,104 | ||
Total stockholders’ equity | 72,053 | 61,553 | ||
Total liabilities and stockholders’ equity | $98,558 | $87,217 |
Condensed_Financial_Informatio2
Condensed Financial Information (Parent Company) (Condensed Balance Sheet - Parenthetical) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 |
In Millions, except Share data, unless otherwise specified | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Amortized cost of fixed maturity securities available-for-sale | $334,780 | $333,599 | |
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 | $0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 | |
Common stock, shares issued | 1,153,998,144 | 1,125,224,024 | |
Common stock, shares outstanding | 1,131,927,894 | 1,122,030,137 | |
Treasury stock, shares | 22,070,250 | 3,193,887 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Amortized cost of fixed maturity securities available-for-sale | $5,037 | $4,497 | |
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 | 1,153,998,144 | 1,125,224,024 | |
Common stock, shares outstanding | 1,131,927,894 | 1,122,030,137 | |
Treasury stock, shares | 22,070,250 | 3,193,887 |
Condensed_Financial_Informatio3
Condensed Financial Information (Parent Company) (Condensed Statements of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net investment income | $21,153 | $22,232 | $21,984 | ||||||||
Other revenues | 2,030 | 1,920 | 1,906 | ||||||||
Net investment gains (losses) | -197 | 161 | -352 | ||||||||
Net derivative gains (losses) | 1,317 | -3,239 | -1,919 | ||||||||
Total revenues | 19,119 | 18,846 | 18,266 | 17,085 | 18,458 | 16,337 | 15,721 | 17,683 | 73,316 | 68,199 | 68,150 |
Expenses | |||||||||||
Goodwill impairment | 0 | 0 | 1,868 | ||||||||
Other expenses | 17,091 | 16,602 | 17,755 | ||||||||
Total expenses | 17,043 | 15,894 | 16,316 | 15,259 | 17,190 | 15,361 | 15,160 | 16,436 | 64,512 | 64,147 | 66,708 |
Income (loss) before provision for income tax | 8,804 | 4,052 | 1,442 | ||||||||
Provision for income tax expense (benefit) | 2,465 | 661 | 128 | ||||||||
Net income (loss) | 1,521 | 2,094 | 1,366 | 1,328 | 908 | 972 | 502 | 986 | 6,309 | 3,368 | 1,324 |
Less: Preferred stock dividends | 31 | 30 | 31 | 30 | 31 | 30 | 31 | 30 | 122 | 122 | 122 |
Net income (loss) available to common shareholders | 1,490 | 2,064 | 1,335 | 1,298 | 877 | 942 | 471 | 956 | 6,187 | 3,246 | 1,202 |
Comprehensive income (loss) | 11,854 | -2,925 | 6,638 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in earnings of subsidiaries | 6,907 | 4,163 | 3,444 | ||||||||
Net investment income | 371 | 304 | 94 | ||||||||
Other revenues | 128 | 155 | 159 | ||||||||
Net investment gains (losses) | -287 | -80 | 29 | ||||||||
Net derivative gains (losses) | 165 | -99 | -259 | ||||||||
Total revenues | 7,284 | 4,443 | 3,467 | ||||||||
Expenses | |||||||||||
Interest expense | 1,151 | 1,122 | 985 | ||||||||
Goodwill impairment | 0 | 0 | 1,384 | ||||||||
Other expenses | 197 | 373 | 167 | ||||||||
Total expenses | 1,348 | 1,495 | 2,536 | ||||||||
Income (loss) before provision for income tax | 5,936 | 2,948 | 931 | ||||||||
Provision for income tax expense (benefit) | -373 | -420 | -393 | ||||||||
Net income (loss) | 6,309 | 3,368 | 1,324 | ||||||||
Less: Preferred stock dividends | 122 | 122 | 122 | ||||||||
Net income (loss) available to common shareholders | 6,187 | 3,246 | 1,202 | ||||||||
Comprehensive income (loss) | $11,854 | ($2,925) | $6,638 |
Condensed_Financial_Informatio4
Condensed Financial Information (Parent Company) (Condensed Statements of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income (loss) | $6,309 | $3,368 | $1,324 |
Goodwill impairment | 0 | 0 | 1,868 |
Other, net | 101 | 121 | 201 |
Net cash provided by (used in) operating activities | 16,376 | 16,131 | 17,160 |
Cash flows from investing activities | |||
Sales of fixed maturity securities | 118,526 | 117,523 | 103,823 |
Purchases of fixed maturity securities | -130,197 | -117,826 | -115,793 |
Sales of equity securities | 490 | 725 | 1,140 |
Cash received in connection with freestanding derivatives | 1,760 | 1,567 | 1,933 |
Cash paid in connection with freestanding derivatives | -4,003 | -6,710 | -3,258 |
Net change in short-term investments | 5,167 | 2,955 | 593 |
Other, net | -341 | -86 | -158 |
Net cash provided by (used in) investing activities | -15,055 | -15,165 | -11,929 |
Cash flows from financing activities | |||
Net change in payables for collateral under securities loaned and other transactions | 5,031 | -3,276 | -29 |
Long-term debt issued | 1,000 | 1,372 | 750 |
Long-term debt repaid | -2,862 | -1,746 | -1,702 |
Cash received (paid) in connection with collateral financing arrangements | 0 | 0 | -44 |
Common stock issued, net of issuance costs | 1,000 | 1,000 | 1,000 |
Treasury stock acquired in connection with share repurchases | -1,000 | 0 | 0 |
Dividends on preferred stock | -122 | -122 | -122 |
Dividends on common stock | -1,499 | -1,119 | -811 |
Other, net | -700 | -192 | 609 |
Net cash provided by (used in) financing activities | 2,256 | -8,907 | 35 |
Change in cash and cash equivalents | 3,223 | -8,153 | 5,277 |
Cash and cash equivalents, from continuing operations, beginning of year | 7,585 | ||
Cash and cash equivalents, from continuing operations, end of year | 10,808 | 7,585 | |
Supplemental disclosures of cash flow information: | |||
Net cash paid (received) for Interest | 1,213 | 1,270 | 1,335 |
Net cash paid (received) for Income tax | 748 | 677 | 554 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income (loss) | 6,309 | 3,368 | 1,324 |
Earnings of subsidiaries | -6,907 | -4,163 | -3,444 |
Dividends from subsidiaries | 2,388 | 2,734 | 3,177 |
Goodwill impairment | 0 | 0 | 1,384 |
Other, net | 825 | -74 | 177 |
Net cash provided by (used in) operating activities | 2,615 | 1,865 | 2,618 |
Cash flows from investing activities | |||
Sales of fixed maturity securities | 6,611 | 5,108 | 5,645 |
Purchases of fixed maturity securities | -7,181 | -4,795 | -6,200 |
Sales of equity securities | 0 | 13 | 2 |
Cash received in connection with freestanding derivatives | 438 | 424 | 197 |
Cash paid in connection with freestanding derivatives | -281 | -465 | -203 |
Sales of businesses | 7 | 17 | 0 |
Expense paid on behalf of subsidiaries | -54 | -85 | -80 |
Receipts on loans to subsidiaries | 832 | 645 | 175 |
Issuances of loans to subsidiaries | -370 | -1,942 | -175 |
Redemption of preferred stock of subsidiary | 0 | 300 | 0 |
Returns of capital from subsidiaries | 0 | 267 | 9 |
Capital contributions to subsidiaries | -1,262 | -748 | -1,223 |
Net change in short-term investments | 182 | -265 | 372 |
Other, net | 101 | -49 | -48 |
Net cash provided by (used in) investing activities | -977 | -1,575 | -1,529 |
Cash flows from financing activities | |||
Net change in payables for collateral under securities loaned and other transactions | 264 | 85 | -1,180 |
Long-term debt issued | 1,000 | 994 | 750 |
Long-term debt repaid | -1,550 | -750 | -797 |
Cash received (paid) in connection with collateral financing arrangements | 0 | 0 | -44 |
Common stock issued, net of issuance costs | 1,000 | 1,000 | 1,000 |
Treasury stock acquired in connection with share repurchases | 1,000 | 0 | 0 |
Dividends on preferred stock | -122 | -122 | -122 |
Dividends on common stock | -1,499 | -1,119 | -811 |
Other, net | 64 | 82 | -6 |
Net cash provided by (used in) financing activities | -1,843 | 170 | -1,210 |
Change in cash and cash equivalents | -205 | 460 | -121 |
Cash and cash equivalents, from continuing operations, beginning of year | 648 | 188 | 309 |
Cash and cash equivalents, from continuing operations, end of year | 443 | 648 | 188 |
Supplemental disclosures of cash flow information: | |||
Net cash paid (received) for Interest | 1,138 | 1,100 | 937 |
Net cash paid (received) for Income tax | -862 | 69 | 24 |
Non-cash transactions: | |||
Dividends from subsidiaries | 81 | 32 | 203 |
Returns of capital from subsidiaries | 6,308 | 0 | 356 |
Capital contributions to subsidiaries | 6,388 | 121 | 559 |
Payables to subsidiaries for future capital contributions | 445 | 0 | 0 |
Assumption of long-term debt from subsidiary | 0 | 0 | 2,000 |
Investment in preferred stock of subsidiary | 0 | 0 | 2,000 |
Issuance of long-term debt to subsidiary | 0 | 350 | 750 |
Issuance of loan to subsidiary | 0 | 350 | 750 |
Allocation of interest expense to subsidiary | 27 | 28 | 33 |
Allocation of interest income to subsidiary | 65 | 68 | 76 |
Amounts received from subsidiaries, net | Parent Company [Member] | |||
Supplemental disclosures of cash flow information: | |||
Net cash paid (received) for Income tax | -1,247 | 69 | 24 |
Income tax paid by MetLife, Inc., net | Parent Company [Member] | |||
Supplemental disclosures of cash flow information: | |||
Net cash paid (received) for Income tax | $385 | $0 | $0 |
Condensed_Financial_Informatio5
Condensed Financial Information (Parent Company) (Long-term Debt Outstanding) (Details) (Parent Company [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Long-term Debt [Abstract] | ||
Senior notes | $15,317 | $15,938 |
Notes Payable, Related Parties | 3,600 | 3,600 |
Long-term Debt | 18,917 | 19,538 |
Senior Notes, Unaffiliated [Member] | ||
Long-term Debt [Abstract] | ||
Interest Rate Range Minimum | 1.76% | |
Interest Rate Range Maximum | 7.72% | |
Weighted Average Interest Rate | 5.23% | |
Debt Instrument, Maturity Date Range, Start | 15-Jun-15 | |
Debt Instrument, Maturity Date Range, End | 15-Dec-44 | |
Senior notes | 15,317 | 15,938 |
Senior Notes, Affiliated [Member] | ||
Long-term Debt [Abstract] | ||
Interest Rate Range Minimum | 3.54% | |
Interest Rate Range Maximum | 7.44% | |
Weighted Average Interest Rate | 5.16% | |
Debt Instrument, Maturity Date Range, Start | 30-Sep-16 | |
Debt Instrument, Maturity Date Range, End | 31-Dec-33 | |
Senior notes | 500 | |
Notes Payable, Related Parties | 3,100 | 3,100 |
Other Affiliated Debt [Member] | ||
Long-term Debt [Abstract] | ||
Interest Rate Range Minimum | 0.93% | |
Interest Rate Range Maximum | 0.95% | |
Weighted Average Interest Rate | 0.94% | |
Debt Instrument, Maturity Date Range, Start | 30-Dec-15 | |
Debt Instrument, Maturity Date Range, End | 31-Mar-16 | |
Notes Payable, Related Parties | $500 | $500 |
Condensed_Financial_Informatio6
Condensed Financial Information (Parent Company) (Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense [Abstract] | |||
Total interest expense | $874 | $854 | $871 |
Parent Company [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 1,151 | 1,122 | 985 |
Parent Company [Member] | Long-term Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 809 | 790 | 779 |
Parent Company [Member] | Long-term Debt [Member] | Affiliated Entity [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 173 | 163 | 28 |
Parent Company [Member] | Secured Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 35 | 35 | 42 |
Parent Company [Member] | Junior Subordinated Debt [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | 134 | 134 | 134 |
Parent Company [Member] | Stock Purchase Contracts [Member] | |||
Interest Expense [Abstract] | |||
Total interest expense | $0 | $0 | $2 |
Condensed_Financial_Informatio7
Condensed Financial Information (Parent Company) (Investment in Subsidiaries - Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||
Preferred Stock, Value, Issued | $1 | $1 | |
Common Stock, Value, Issued | 12 | 11 | |
Series B Non-Cumulative Perpetual Preferred Shares [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investments in subsidiaries, annual rate | 6.50% | ||
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 88,152 | 76,871 | |
Preferred Stock, Value, Issued | 1 | 1 | |
Common Stock, Value, Issued | 12 | 11 | |
Returns of capital from subsidiaries | 6,308 | 0 | 356 |
Capital contributions to subsidiaries | 6,388 | 121 | 559 |
Parent Company [Member] | Project Flag [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Returns of capital from subsidiaries | 5,700 | ||
Capital contributions to subsidiaries | 5,700 | ||
Parent Company [Member] | Investments in Majority-owned Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 2,000 | ||
Parent Company [Member] | Investments in Majority-owned Subsidiaries [Member] | Series A Non-Cumulative Perpetual Preferred Shares [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investments in subsidiaries, shares | 75,000 | ||
Investments in subsidiaries, annual rate | 7.69% | ||
Parent Company [Member] | Investments in Majority-owned Subsidiaries [Member] | Series B Non-Cumulative Perpetual Preferred Shares [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investments in subsidiaries, shares | 125,000 | ||
Investments in subsidiaries, annual rate | 7.75% | ||
Metlife Reinsurance Company of Vermont [Member] | Parent Company [Member] | Investments in Majority-owned Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 350 | ||
MetLife Reinsurance Company of Delaware [Member] | Parent Company [Member] | Investments in Majority-owned Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | $95 |
Condensed_Financial_Informatio8
Condensed Financial Information (Parent Company) (Loans to Subsidiaries - Narrative) (Details) (Parent Company [Member], USD $) | 12 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | $1,709 | $2,333 | ||
Senior notes | 15,317 | 15,938 | ||
Loans to Subsidiaries, Repayment Amount | 832 | 645 | 175 | |
Interest Income [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to Subsidiaries, Interest Income | 155 | 103 | 1 | |
American Life Loan One [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | 100 | |||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 3.17% | |||
Loans to subsidiaries, maturity date | 30-Jun-20 | |||
American Life Loan Two [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | 120 | |||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 0.875% | |||
Advances To Affiliate Repayment | 120 | |||
American Life Loan Three [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | 150 | |||
Debt Instrument, Interest Rate Terms | six-month LIBOR plus 0.875% | |||
Advances To Affiliate Repayment | 150 | |||
MetLife Reinsurance Company of Delaware Surplus Note [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | 350 | 750 | ||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 6.00% | 5.13% | ||
Loans to subsidiaries, maturity date | 1-Dec-33 | 30-Sep-32 | ||
MetLife Ireland Treasury Limited loan from MetLife, Inc. | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Loans to subsidiaries and affiliates | 1,500 | |||
Advances To Affiliate Instrument Interest Rate Effective Percentage | 8.50% | |||
Loans to subsidiaries, maturity date | 1-Jul-23 | |||
Loans to Subsidiaries, Repayment Amount | 493 | 245 | 69 | |
Loans and Leases Receivable, Related Parties | 509 | |||
Senior Notes Affiliated [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Senior notes | 500 | |||
Senior Note Issued To Metlife Reinsurance Company Of Delaware [Member] | Senior Notes Affiliated [Member] | ||||
Notes to Condensed Financial Information of Parent Company (Textuals) [Abstract] | ||||
Senior notes | $350 | $750 |
Condensed_Financial_Informatio9
Condensed Financial Information (Parent Company) (Long-term Debt - Narrative) (Details) (Parent Company [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | $15,317 | $15,938 | |
Investment in subsidiaries | 88,152 | 76,871 | |
Advances to Affiliate | 1,709 | 2,333 | |
Metlife Reinsurance Company of Delaware Surplus Note [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Advances to Affiliate | 750 | 350 | |
Investments in Majority-owned Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 2,000 | ||
Investments in Majority-owned Subsidiaries [Member] | $750 Million Preferred Stock of Exeter [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 750 | ||
Investments in Majority-owned Subsidiaries [Member] | $1.25 Billion Preferred Stock of Exeter [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investment in subsidiaries | 1,250 | ||
Senior Notes, Affiliated [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 500 | ||
Debt Instrument, Maturity Date | 30-Jun-19 | ||
Senior Notes, Affiliated [Member] | $750 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 750 | ||
Senior Notes, Affiliated [Member] | $750 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | $250 Million Senior Note Metropolitan Life Insurance Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Maturities of Senior Debt | 250 | ||
Senior Notes, Affiliated [Member] | $750 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | $500 Million Senior Note Metropolitan Life Insurance Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Debt Instrument, Maturity Date | 30-Jun-14 | ||
Repayments of Senior Debt | 500 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.54% | ||
Senior Notes, Affiliated [Member] | $250 Million Senior Note Issued to Metropolitan Life Insurance Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 250 | ||
Debt Instrument, Maturity Date | 1-Oct-19 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.57% | ||
Senior Notes, Affiliated [Member] | $1.25 Billion Senior Note Issued to Affiliates [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 1,250 | ||
Senior Notes, Affiliated [Member] | $1.25 Billion Senior Note Issued to Affiliates [Member] | $250 Million Senior Note Affiliated [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 250 | ||
Debt Instrument, Maturity Date | 30-Sep-16 | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.44% | ||
Senior Notes, Affiliated [Member] | $1.25 Billion Senior Note Issued to Affiliates [Member] | $500 Million Senior Note Affiliated [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 500 | ||
Debt Instrument, Maturity Date | 15-Jul-21 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.64% | ||
Senior Notes, Affiliated [Member] | $1.25 Billion Senior Note Issued to Affiliates [Member] | $500 Million Senior Note Affiliated [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | 500 | ||
Debt Instrument, Maturity Date | 16-Dec-21 | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.86% | ||
Senior Notes, Affiliated [Member] | $750 Million Senior Note issued to MetLife Reinsurance Company of Delaware [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Senior notes | $750 | $350 | |
Debt Instrument, Maturity Date | 30-Sep-32 | 31-Dec-33 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.21% | 5.10% |
Recovered_Sheet2
Condensed Financial Information (Parent Company) (Support Agreements - Narrative) (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2011 | Oct. 31, 2013 | Oct. 29, 2013 | Feb. 11, 2013 | Jan. 09, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||
Derivative Assets, Fair Value, Net | $13,707,000,000 | $8,850,000,000 | |||||||
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 7,082,000,000 | 6,549,000,000 | |||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 102,000,000 | 269,000,000 | |||||||
Mitsui Sumitomo MetLife Insurance Co Ltd (MSI MetLife) [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Interest in Mitsui Sumitomo MetLife Insurance Co., LTD. (MSI MetLife) | 50.00% | ||||||||
Parent Company [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Capital contributions to subsidiaries | 1,262,000,000 | 748,000,000 | 1,223,000,000 | ||||||
Parent Company [Member] | Support Agreement Exeter Obligations [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Amount guaranteed under support agreement | 1,000,000,000 | ||||||||
Parent Company [Member] | Support Agreement MetLife Reinsurance Company of Vermont [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | equal to or greater than 200% of authorized control level risk-based capital | ||||||||
Parent Company [Member] | Support Agreement MetLife Reinsurance Company of Charleston [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | equal to or greater than 200% of the company action level risk-based capital | ||||||||
Parent Company [Member] | Support Agreement MetLife Reinsurance Company of South Carolina [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | equal to or greater than 100% of authorized control level risk-based capital | ||||||||
Minimum capital and surplus | 250,000 | ||||||||
Parent Company [Member] | Support Agreement MetLife Investors Insurance Company and First MetLife Investors Insurance Company [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | equal to or greater than 150% of the company action level risk-based capital | ||||||||
Minimum capital and surplus | 10,000,000 | ||||||||
Parent Company [Member] | Support Agreement - Guarantees of Subsidiary Derivative Obligations [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Derivative Assets, Fair Value, Net | 499,000,000 | 568,000,000 | |||||||
Estimated fair value of collateral provided to counterparties by the subsidiaries | 96,000,000 | 651,000,000 | |||||||
Unsecured derivative liability positions guaranteed by MetLife, Inc. | 102,000,000 | 734,000,000 | |||||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 6,000,000 | 83,000,000 | |||||||
Parent Company [Member] | Support Agreement MetLIfe Bank [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Capital contributions to subsidiaries | 21,000,000 | 34,000,000 | |||||||
Parent Company [Member] | Support Agreement - Exeter, MICC and MLI-USA [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Line of Credit Facility, Interest Rate Description | 0.0247 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||||||||
Parent Company [Member] | Support Agreement MRD [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | equal to or greater than 200% of the company action level risk-based capital | ||||||||
Metlife Bank Liquidity Agreement [Member] | Parent Company [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Line of Credit Facility, Amount Outstanding | 0 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $100,000,000 | $500,000,000 | |||||||
Scenario, Forecast [Member] | Parent Company [Member] | Support Agreement MRD [Member] | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Guaranteed adjusted capital levels | increase such capital maintenance threshold to 300% |
Recovered_Sheet3
Condensed Financial Information (Parent Company) (Subsequent Events - Narrative) (Details) (Parent Company [Member], USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Capital contributions to subsidiaries | ($1,262) | ($748) | ($1,223) | |
Subsequent Event [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Capital contributions to subsidiaries | ($445) |
Consolidated_Supplementary_Ins1
Consolidated Supplementary Insurance Information (Balance Sheet Items) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | $24,442 | $26,706 | $24,761 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 207,163 | 204,927 | 211,642 |
Policyholder account balances | 209,294 | 212,885 | 225,821 |
Policyholder Dividends Payable | 684 | 675 | 728 |
Unearned Premiums | 4,272 | 4,403 | 3,931 |
Unearned Revenue | 2,704 | 2,865 | 2,678 |
Retail | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 11,963 | 12,882 | 11,500 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 77,648 | 73,953 | 74,887 |
Policyholder account balances | 62,319 | 62,733 | 67,023 |
Policyholder Dividends Payable | 615 | 601 | 610 |
Unearned Premiums | 923 | 918 | 873 |
Unearned Revenue | 774 | 860 | 911 |
Group, Voluntary & Worksite Benefits | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 377 | 382 | 382 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 22,023 | 20,946 | 21,078 |
Policyholder account balances | 8,305 | 8,575 | 8,918 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 1,023 | 886 | 852 |
Unearned Revenue | 0 | 0 | 0 |
Corporate Benefit Funding | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 111 | 99 | 96 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 50,935 | 50,548 | 53,542 |
Policyholder account balances | 64,505 | 62,043 | 63,523 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 0 | 0 | 0 |
Unearned Revenue | 42 | 32 | 39 |
Latin America | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1,991 | 2,201 | 1,231 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 9,055 | 8,985 | 8,856 |
Policyholder account balances | 6,425 | 7,177 | 7,199 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 551 | 499 | 428 |
Unearned Revenue | 651 | 678 | 627 |
Asia | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 8,217 | 9,077 | 9,554 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 33,711 | 35,863 | 39,061 |
Policyholder account balances | 52,772 | 57,203 | 64,003 |
Policyholder Dividends Payable | 61 | 65 | 65 |
Unearned Premiums | 1,711 | 1,895 | 1,554 |
Unearned Revenue | 924 | 1,035 | 831 |
EMEA | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 1,709 | 2,039 | 1,998 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 6,514 | 7,704 | 7,521 |
Policyholder account balances | 14,006 | 13,953 | 12,679 |
Policyholder Dividends Payable | 8 | 9 | 53 |
Unearned Premiums | 54 | 196 | 215 |
Unearned Revenue | 313 | 260 | 270 |
Corporate & Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
DAC and VOBA | 74 | 26 | 0 |
Future Policy Benefits, Other Policy-Related Balances and Policyholder Dividend Obligation | 7,277 | 6,928 | 6,697 |
Policyholder account balances | 962 | 1,201 | 2,476 |
Policyholder Dividends Payable | 0 | 0 | 0 |
Unearned Premiums | 10 | 9 | 9 |
Unearned Revenue | $0 | $0 | $0 |
Consolidated_Supplementary_Ins2
Consolidated Supplementary Insurance Information (Income Statement Items) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | $49,013 | $47,125 | $46,531 |
Net Investment Income (1) | 21,153 | 22,232 | 21,984 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 46,045 | 46,286 | 45,716 |
Amortization of DAC and VOBA Charged to Other Expenses | 4,132 | 3,550 | 4,199 |
Other Operating Expenses (2) | 14,335 | 14,311 | 14,925 |
Retail | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 12,731 | 11,783 | 11,411 |
Net Investment Income (1) | 7,496 | 7,427 | 7,275 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 11,329 | 11,460 | 11,247 |
Amortization of DAC and VOBA Charged to Other Expenses | 1,610 | 850 | 1,603 |
Other Operating Expenses (2) | 4,990 | 5,006 | 4,941 |
Group, Voluntary & Worksite Benefits | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 16,695 | 15,938 | 15,456 |
Net Investment Income (1) | 1,677 | 1,684 | 1,628 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 15,053 | 14,381 | 13,858 |
Amortization of DAC and VOBA Charged to Other Expenses | 149 | 140 | 133 |
Other Operating Expenses (2) | 2,428 | 2,241 | 2,215 |
Corporate Benefit Funding | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,996 | 3,106 | 3,462 |
Net Investment Income (1) | 5,813 | 5,826 | 5,789 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 6,357 | 6,604 | 7,105 |
Amortization of DAC and VOBA Charged to Other Expenses | 19 | 23 | 22 |
Other Operating Expenses (2) | 509 | 505 | 457 |
Latin America | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 4,209 | 3,820 | 3,438 |
Net Investment Income (1) | 1,385 | 1,326 | 1,354 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 3,439 | 2,793 | 3,014 |
Amortization of DAC and VOBA Charged to Other Expenses | 321 | 310 | 228 |
Other Operating Expenses (2) | 1,273 | 1,182 | 1,047 |
Asia | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 9,270 | 9,525 | 9,835 |
Net Investment Income (1) | 3,249 | 4,335 | 3,421 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 7,748 | 9,200 | 8,246 |
Amortization of DAC and VOBA Charged to Other Expenses | 1,394 | 1,527 | 1,567 |
Other Operating Expenses (2) | 1,720 | 1,825 | 1,933 |
EMEA | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 2,832 | 2,698 | 2,718 |
Net Investment Income (1) | 1,318 | 1,164 | 1,348 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 1,978 | 1,743 | 2,088 |
Amortization of DAC and VOBA Charged to Other Expenses | 626 | 699 | 644 |
Other Operating Expenses (2) | 1,140 | 1,035 | 1,060 |
Corporate & Other | |||
Supplementary Insurance Information, by Segment [Line Items] | |||
Premiums and Universal Life and Investment-Type Product Policy Fees | 280 | 255 | 211 |
Net Investment Income (1) | 215 | 470 | 1,169 |
Policyholder Benefits and Claims and Interest Credited to Policyholder Account Balances | 141 | 105 | 158 |
Amortization of DAC and VOBA Charged to Other Expenses | 13 | 1 | 2 |
Other Operating Expenses (2) | $2,275 | $2,517 | $3,272 |
Consolidated_Reinsurance_Conso
Consolidated Reinsurance (Consolidated Reinsurance) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||
Direct Premiums, Life Insurance in Force | $4,572,115 | $4,517,797 | $4,432,178 |
Ceded Premiums, Life Insurance in Force | 719,154 | 763,754 | 761,993 |
Assumed Premiums, Life Insurance in Force | 649,032 | 607,591 | 594,062 |
Premiums, Net, Life Insurance in Force | 4,501,993 | 4,361,634 | 4,264,247 |
Life Insurance in Force Premiums, Percentage Assumed to Net | 14.40% | 13.90% | 13.90% |
Consolidated Reinsurance | |||
Gross Amount | 40,049 | 38,476 | 38,719 |
Ceded | 2,454 | 2,274 | 2,232 |
Assumed | 1,472 | 1,472 | 1,488 |
Net premiums | 39,067 | 37,674 | 37,975 |
% Amount Assumed to Net | 3.80% | 3.90% | 3.90% |
Life insurance (1) | |||
Consolidated Reinsurance | |||
Gross Amount | 23,575 | 22,206 | 22,006 |
Ceded | 2,034 | 1,862 | 1,550 |
Assumed | 1,224 | 1,269 | 1,268 |
Net premiums | 22,765 | 21,613 | 21,724 |
% Amount Assumed to Net | 5.40% | 5.90% | 5.80% |
Accident & health insurance | |||
Consolidated Reinsurance | |||
Gross Amount | 13,015 | 12,957 | 13,567 |
Ceded | 340 | 333 | 605 |
Assumed | 239 | 196 | 211 |
Net premiums | 12,914 | 12,820 | 13,173 |
% Amount Assumed to Net | 1.90% | 1.50% | 1.60% |
Property and casualty insurance | |||
Consolidated Reinsurance | |||
Gross Amount | 3,459 | 3,313 | 3,146 |
Ceded | 80 | 79 | 77 |
Assumed | 9 | 7 | 9 |
Net premiums | $3,388 | $3,241 | $3,078 |
% Amount Assumed to Net | 0.30% | 0.20% | 0.30% |