Annuity Contracts Universal and Variable Life Contracts GMDB GMIB Secondary Guarantees Paid-Up Guarantees Total (In millions) Direct and Assumed Balance at January 1, 2010 ................................... $168 $ 402 $ 504 $174 $1,248 Acquisitions ................................................ 46 110 2,952 — 3,108 Incurred guaranteed benefits ................................... 149 111 536 24 820 Paid guaranteed benefits ...................................... (91) — (1) — (92) Balance at December 31, 2010 ................................ 272 623 3,991 198 5,084 Incurred guaranteed benefits ................................... 273 269 496 23 1,061 Paid guaranteed benefits ...................................... (113) (10) (24) — (147) Balance at December 31, 2011 ................................ 432 882 4,463 221 5,998 Incurred guaranteed benefits ................................... 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 Ceded Balance at January 1, 2010 ................................... $ 6 $ — $ 182 $122 $ 310 Acquisitions ................................................ 30 — — — 30 Incurred guaranteed benefits ................................... 18 (1) 412 17 446 Paid guaranteed benefits ...................................... (15) — — — (15) Balance at December 31, 2010 ................................ 39 (1) 594 139 771 Incurred guaranteed benefits ................................... 35 9 20 16 80 Paid guaranteed benefits ...................................... (20) — — — (20) Balance at December 31, 2011 ................................ 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 Net Balance at January 1, 2010 ................................... $162 $ 402 $ 322 $ 52 $ 938 Acquisitions ................................................ 16 110 2,952 — 3,078 Incurred guaranteed benefits ................................... 131 112 124 7 374 Paid guaranteed benefits ...................................... (76) — (1) — (77) Balance at December 31, 2010 ................................ 233 624 3,397 59 4,313 Incurred guaranteed benefits ................................... 238 260 476 7 981 Paid guaranteed benefits ...................................... (93) (10) (24) — (127) Balance at December 31, 2011 ................................ 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 December 31, 2012 2011 (In millions) Fund Groupings: Balanced ........................................................................................... $ 67,230 $ 52,823 Equity .............................................................................................. 64,209 57,750 Bond ............................................................................................... 11,188 9,838 Specialty ............................................................................................ 2,260 2,034 Money Market ........................................................................................ 1,291 1,521 Total ............................................................................................. $146,178 $123,966 Based on the type of guarantee, the Company defines net amount at risk (“NAR”) as listed below. These amounts include direct and assumed business, but exclude offsets from hedging or reinsurance, if any. Account balances of contracts with insurance guarantees were invested in separate account asset classes as follows at: MetLife, Inc. 105 MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued)