MetLife, Inc. Notes to the Consolidated Financial Statements — (Continued) Recurring Fair Value Measurements The assets and liabilities measured at estimated fair value on a recurring basis, including those items for which the Company has elected the FVO, were determined as described below. These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows: December 31, 2012 Fair Value Hierarchy Level 1 Level 2 Level 3 Total Estimated Fair Value (In millions) Assets: Fixed maturity securities: ............................................................. U.S. corporate .................................................................... $ — $106,693 $ 7,433 $114,126 Foreign corporate ................................................................. — 60,976 6,208 67,184 Foreign government ............................................................... — 55,522 1,814 57,336 U.S. Treasury and agency ........................................................... 27,441 20,455 71 47,967 RMBS .......................................................................... — 35,442 2,037 37,479 CMBS .......................................................................... — 17,982 1,147 19,129 ABS............................................................................ — 12,341 3,656 15,997 State and political subdivision ........................................................ — 14,994 54 15,048 Total fixed maturity securities ....................................................... 27,441 324,405 22,420 374,266 Equity securities: Common stock ................................................................... 932 1,040 190 2,162 Non-redeemable preferred stock ..................................................... — 310 419 729 Total equity securities ............................................................. 932 1,350 609 2,891 FVO and trading securities: Actively Traded Securities ........................................................... 7 646 6 659 FVO general account securities ...................................................... — 151 32 183 FVO contractholder-directed unit-linked investments ...................................... 9,103 5,425 937 15,465 FVO securities held by CSEs ........................................................ — 41 — 41 Total FVO and trading securities ..................................................... 9,110 6,263 975 16,348 Short-term investments (1) ........................................................... 9,426 6,295 429 16,150 Mortgage loans: Commercial mortgage loans held by CSEs .............................................. — 2,666 — 2,666 Mortgage loans held-for-sale (2), (3) ................................................... — — 49 49 Total mortgage loans ............................................................ — 2,666 49 2,715 Other invested assets: MSRs (3) ........................................................................ — — — — Other investments ................................................................. 303 123 — 426 Derivative assets: (4) Interest rate ..................................................................... 1 9,648 206 9,855 Foreign currency exchange rate ..................................................... 4 819 44 867 Credit ......................................................................... — 47 43 90 Equity market ................................................................... 14 2,478 473 2,965 Total derivative assets ............................................................ 19 12,992 766 13,777 Total other invested assets ...................................................... 322 13,115 766 14,203 Net embedded derivatives within asset host contracts (5) ................................... — 1 505 506 Separate account assets (6) .......................................................... 31,620 202,568 1,205 235,393 Total assets .................................................................... $78,851 $556,663 $26,958 $662,472 Liabilities: Derivative liabilities: (4) Interest rate ...................................................................... $ 38 $ 3,001 $ 29 $ 3,068 Foreign currency exchange rate ...................................................... — 1,521 7 1,528 Credit .......................................................................... — 39 — 39 Equity market ..................................................................... 132 424 345 901 Total derivative liabilities ........................................................... 170 4,985 381 5,536 Net embedded derivatives within liability host contracts (5) ................................... — 17 3,667 3,684 Long-term debt of CSEs ............................................................. — 2,483 44 2,527 Liability related to securitized reverse residential mortgage loans (3), (7) ......................... — — — — Trading liabilities (7) ................................................................. 163 — — 163 Total liabilities ................................................................... $ 333 $ 7,485 $ 4,092 $ 11,910 MetLife, Inc. 140