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## Notes to the Consolidated Financial Statements — (Continued) 

## MetLife, Inc. 

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: 

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Deferred income tax represents the tax effect of the differences between the book and tax basis of assets and liabilities. Net deferred income tax assets and liabilities consisted of the following at: 

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The following table sets forth the domestic, state, and foreign net operating and capital loss carryforwards for tax purposes at December 31, 2012. 

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Tax credit carryforwards of $545 million at December 31, 2012 will expire beginning in 2017. 

For U.S. federal income tax purposes, the Company made an election under Section 338 of the Code (the “Section 338 Election”) relating to the acquisition of American Life. Pursuant to such election, the historical tax basis in the acquired assets and liabilities was adjusted to the fair market value as of the ALICO Acquisition Date resulting in a change to the related deferred income taxes. 

