METLIFE INC | 2013 | FY |

The credit quality of agricultural mortgage loans held-for-investment, were as follows at:



	December 31,
	2013				2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Loan-to-value ratios:
Less than 65%	$	11,461	92.5	%	$	11,908	92.7	%
65% to 75%	729		5.9		590		4.6
76% to 80%	84		0.7		92		0.7
Greater than 80%	117		0.9		253		2.0
Total	$	12,391	100.0	%	$	12,843	100.0	%

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The credit quality of residential mortgage loans held-for-investment, were as follows at:



	December 31,
	2013				2012
	Recorded Investment		% of Total		Recorded Investment		% of Total
	(In millions)				(In millions)
Performance indicators:
Performing	$	2,693	97.1	%	$	929	97.0	%
Nonperforming	79		2.9		29		3.0
Total	$	2,772	100.0	%	$	958	100.0	%

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The credit quality of commercial mortgage loans held-for-investment, were as follows at:



	Recorded Investment										Estimated Fair Value		% of Total
	Debt Service Coverage Ratios						Total		% of Total
	> 1.20x		1.00x - 1.20x		< 1.00x		Total		% of Total
	(In millions)										(In millions)
December 31, 2013:
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		17.0		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	100.0	%	$	42,456	100.0	%
December 31, 2012:
Loan-to-value ratios:
Less than 65%	$	29,839	$	730	$	722	$	31,291	77.3	%	$	33,730	78.3	%
65% to 75%	5,057		672		153		5,882		14.6		6,129		14.2
76% to 80%	938		131		316		1,385		3.4		1,436		3.3
Greater than 80%	1,085		552		277		1,914		4.7		1,787		4.2
Total	$	36,919	$	2,085	$	1,468	$	40,472	100.0	%	$	43,082	100.0	%

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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,
	2013				2012
	Carrying Amount		Maximum Exposure to Loss (1)		Carrying Amount		Maximum Exposure to Loss (1)
	(In millions)
Fixed maturity securities AFS:
Structured securities (RMBS, CMBS and ABS) (2)	$	67,176	$	67,176	$	72,605	$	72,605
U.S. and foreign corporate	3,966		3,966		5,287		5,287
Other limited partnership interests	5,041		6,994		4,436		5,908
Other invested assets	1,509		1,897		1,117		1,431
FVO and trading securities	619		619		563		563
Mortgage loans	106		106		351		351
Real estate joint ventures	70		71		150		157
Equity securities AFS:
Non-redeemable preferred stock	35		35		32		32
Total	$	78,522	$	80,864	$	84,541	$	86,334

______________

(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 $257 million and $318 million at December 31, 2013 and 2012, respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee.


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

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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, 2013 and 2012. Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment.



	December 31,
	2013				2012
	Total Assets		Total Liabilities		Total Assets		Total Liabilities
	(In millions)
MRSC (collateral financing arrangement (primarily securities)) (1)	$	3,440	$	—	$	3,439	$	—
Operating joint venture (2)	2,095		1,777		—		—
CSEs (assets (primarily loans) and liabilities (primarily debt)) (3)	1,630		1,457		2,730		2,545
Investments:
Real estate joint ventures (4)	1,181		443		11		14
Other invested assets	82		7		85		—
FVO and trading securities	69		—		71		—
Other limited partnership interests	61		—		356		8
Total	$	8,558	$	3,684	$	6,692	$	2,567

______________


(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. The assets and liabilities of the operating joint venture were consolidated in earlier periods; however, as a result of the quarterly reassessment in the first quarter of 2013, it was determined to be a consolidated VIE.

(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 $154 million and $168 million at estimated fair value at December 31, 2013 and 2012, respectively. The long-term debt bears interest primarily at fixed rates ranging from 2.25% to 5.57%, payable primarily on a monthly basis. Interest expense related to these obligations, included in other expenses, was $122 million, $163 million and $324 million for the years ended December 31, 2013, 2012 and 2011 respectively.

(4)

The Company consolidated an open ended core real estate fund formed in the fourth quarter of 2013, which represented the majority of the balances at December 31, 2013. 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. Interest expense related to these obligations, included in other expenses, was less than $1 million for the year ended December 31, 2013.