See accompanying notes to the consolidated financial statements. 77 MetLife, Inc. Consolidated Balance Sheets December 31, 2012 and 2011 (In millions, except share and per share data) 2012 2011 Assets Investments: Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $340,870 and $329,811, respectively; includes $3,378 and $3,225, respectively, relating to variable interest entities) .............................................................. $ 374,266 $ 350,271 Equity securities available-for-sale, at estimated fair value (cost: $2,838 and $3,208, respectively) ................................... 2,891 3,023 Fair value option and trading securities, at estimated fair value (includes $659 and $473, respectively, of actively traded securities; and $112 and $280, respectively, relating to variable interest entities) ................................................................ 16,348 18,268 Mortgage loans: Held-for-investment, principally at amortized cost (net of valuation allowances of $347 and $481, respectively; includes $2,715 and $3,187, respectively, at estimated fair value, relating to variable interest entities) ..................................................... 56,592 56,915 Held-for-sale, principally at estimated fair value (includes $49 and $10,716, respectively, under the fair value option) ................... 414 15,178 Mortgage loans, net ............................................................................................. 57,006 72,093 Policy loans ...................................................................................................... 11,884 11,892 Real estate and real estate joint ventures (includes $10 and $15, respectively, relating to variable interest entities) ....................... 9,918 8,563 Other limited partnership interests (includes $274 and $259, respectively, relating to variable interest entities) .......................... 6,688 6,378 Short-term investments, principally at estimated fair value .................................................................. 16,906 17,310 Other invested assets, principally at estimated fair value (includes $81 and $98, respectively, relating to variable interest entities) ........... 21,145 23,581 Total investments ............................................................................................ 517,052 511,379 Cash and cash equivalents, principally at estimated fair value (includes $99 and $176, respectively, relating to variable interest entities) ....... 15,738 10,461 Accrued investment income (includes $13 and $16, respectively, relating to variable interest entities) .................................. 4,374 4,344 Premiums, reinsurance and other receivables (includes $5 and $12, respectively, relating to variable interest entities) ..................... 21,634 22,481 Deferred policy acquisition costs and value of business acquired .............................................................. 24,761 24,619 Goodwill ......................................................................................................... 9,953 11,935 Other assets (includes $5 and $5, respectively, relating to variable interest entities) ................................................ 7,876 7,984 Separate account assets ............................................................................................. 235,393 203,023 Total assets ................................................................................................. $ 836,781 $ 796,226 Liabilities and Equity Liabilities Future policy benefits ................................................................................................ $ 192,351 $ 184,275 Policyholder account balances ........................................................................................ 225,821 217,700 Other policy-related balances ......................................................................................... 15,463 15,599 Policyholder dividends payable ........................................................................................ 728 774 Policyholder dividend obligation ........................................................................................ 3,828 2,919 Payables for collateral under securities loaned and other transactions .......................................................... 33,687 33,716 Bank deposits ..................................................................................................... 6,416 10,507 Short-term debt .................................................................................................... 100 686 Long-term debt (includes $2,527 and $3,068, respectively, at estimated fair value, relating to variable interest entities) .................... 19,062 23,692 Collateral financing arrangements ...................................................................................... 4,196 4,647 Junior subordinated debt securities ..................................................................................... 3,192 3,192 Current income tax payable ........................................................................................... 401 193 Deferred income tax liability ........................................................................................... 8,693 6,395 Other liabilities (includes $40 and $60, respectively, relating to variable interest entities; and $0 and $7,626, respectively, under the fair value option) ......................................................................................................... 22,492 30,914 Separate account liabilities ........................................................................................... 235,393 203,023 Total liabilities ................................................................................................ 771,823 738,232 Contingencies, Commitments and Guarantees (Note 21) Redeemable noncontrolling interests in partially-owned consolidated subsidiaries ................................... 121 105 Equity MetLife, Inc.’s stockholders’ equity: ....................................................................... Preferred stock, par value $0.01 per share; 200,000,000 shares authorized: 84,000,000 shares issued and outstanding; $2,100 aggregate liquidation preference ............................................................... 1 1 Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,094,880,623 and 1,061,150,915 shares issued at December 31, 2012 and 2011, respectively; 1,091,686,736 and 1,057,957,028 shares outstanding at December 31, 2012 and 2011, respectively ............................................................ 11 11 Additional paid-in capital .............................................................................. 28,011 26,782 Retained earnings ................................................................................... 25,205 24,814 Treasury stock, at cost; 3,193,887 shares at December 31, 2012 and 2011 ..................................... (172) (172) Accumulated other comprehensive income (loss) .......................................................... 11,397 6,083 Total MetLife, Inc.’s stockholders’ equity .............................................................. 64,453 57,519 Noncontrolling interests ................................................................................ 384 370 Total equity .................................................................................... 64,837 57,889 Total liabilities and equity .......................................................................... $836,781 $796,226 MetLife, Inc.