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## Primary Risks Managed by Derivatives and Non-Derivative Hedging Instruments 

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

## MetLife, Inc. 

The following table presents the gross notional amount, estimated fair value and primary underlying risk exposure of the Company’s derivatives, excluding embedded derivatives, held at: 

<img src='content_image/267790.jpg'>

The estimated fair value of all derivatives in an asset position is reported within other invested assets in the consolidated balance sheets and the estimated fair value of all derivatives in a liability position is reported within other liabilities in the consolidated balance sheets. 

## Net Derivative Gains (Losses) 

The components of net derivative gains (losses) were as follows: 

<img src='content_image/267791.jpg'>

(1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and non-qualifying hedging relationships, which are not presented elsewhere in this note. 

