UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 11-K

 

(Mark One)

þ		ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

o		TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-15787

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

New England Life Insurance Company Agents’ Deferred Compensation Plan and Trust

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

 

 

New England Life Insurance Company
Agents’ Deferred Compensation Plan and Trust

Table of Contents

		Page
Report of Independent Registered Public Accounting Firm			1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009			2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010			3
Notes to Financial Statements			4
Supplemental Schedule:
Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held at End of Year) as of December 31, 2010			15
Signatures			16
Exhibit Index			17
EX-23.1

Note: Supplemental schedules not listed are omitted due to the absence of conditions under which they are required.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustee and Participants of
New England Life Insurance Company Agents’ Deferred Compensation Plan and Trust

We have audited the accompanying statements of net assets available for benefits of New England Life Insurance Company Agents’ Deferred Compensation Plan and Trust (the “Plan”) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2010 is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This schedule is the responsibility of the Plan’s management. Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2010 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ DELOITTE & TOUCHE LLP

Certified Public Accountants
Tampa, Florida

June 27, 2011

New England Life Insurance Company
Agents’ Deferred Compensation Plan and Trust

Statements of Net Assets Available for Benefits

		As of December 31,
		2010				2009
Assets:
Participant-directed investments—at estimated fair value (see Note 3)		$	138,181,056			$	130,476,700
Notes receivable from participants			3,519,346				3,337,089
Adjustment from estimated fair value to contract value for fully benefit-responsive stable value fund			770,022				457,657
Net assets available for benefits		$	142,470,424			$	134,271,446

See accompanying notes to financial statements.

New England Life Insurance Company
Agents’ Deferred Compensation Plan and Trust

Statement of Changes in Net Assets Available for Benefits

		Year Ended
		December 31,
		2010
Additions to net assets attributed to:
Contributions:
Employer		$	4,848,660
Rollover			54,656
Total contributions			4,903,316
Net appreciation in estimated fair value of investments (see Note 4)			7,473,849
Interest income on notes receivable from participants			155,580
Interest and dividends			5,388,833
Total additions			17,921,578
Deductions from net assets attributed to:
Benefit payments to participants			9,706,126
Other expenses			16,474
Total deductions			9,722,600
Net increase in net assets			8,198,978
Net assets available for benefits:
Beginning of year			134,271,446
End of year		$	142,470,424

See accompanying notes to financial statements.

New England Life Insurance Company
Agents’ Deferred Compensation Plan and Trust

Notes to Financial Statements

1. Description of the Plan

     The following description of New England Life Insurance Company Agents’ Deferred Compensation Plan and Trust, as amended (the “Plan”) is provided for general information purposes only. Participants (as defined below) should refer to the Plan document for a more complete description of the Plan.

General Information

     The Plan is a noncontributory profit sharing defined contribution plan available to certain insurance agents of New England Life Insurance Company (the “Company”), a wholly-owned subsidiary of Metropolitan Life Insurance Company (“MetLife”). Such agents are eligible to participate in the Plan on the first day of the month following the completion of two years of service (see “— Participation”). The Plan is designed to comply with the requirements of the Employee Retirement Income Security Act of 1974, as amended. The administrator of the Plan (the “Plan Administrator”) is an officer of the Company. Recordkeeping services are performed for the Plan by an unaffiliated third party.

     The Plan provides three categories of investment options — Target Retirement Funds, Individual Core Investment Funds and a Self-Directed Brokerage Account (“SDB”). The Target Retirement Funds, the Individual Core Investment Funds (with the exception of the MetLife Company Stock Fund (as defined below), the NEF Stable Value Fund and the CGM Capital Growth Account) and the SDB are held in trust by Orchard Trust Company, LLC, as trustee.

     Following are the fund choices within the Target Retirement Funds and Individual Core Investment Funds categories:

Target Retirement Funds		Individual Core Investment Funds
Vanguard Target Retirement Income Fund		NEF Stable Value Fund
Vanguard Target Retirement 2010 Fund		Vanguard Total Bond Market Index—Inst Fund
Vanguard Target Retirement 2015 Fund		Goldman Sachs Large Cap Value Fund
Vanguard Target Retirement 2020 Fund		Vanguard Institutional Index Fund
Vanguard Target Retirement 2025 Fund		T. Rowe Price Blue Chip Growth Fund
Vanguard Target Retirement 2030 Fund		CGM Capital Growth Account *
Vanguard Target Retirement 2035 Fund		Natixis CGM Advisor Targeted Equity A
Vanguard Target Retirement 2040 Fund		Vanguard Mid Capitalization Index Ins Fund
Vanguard Target Retirement 2045 Fund		Vanguard Small Cap Index Fund
Vanguard Target Retirement 2050 Fund		Loomis Sayles Small Cap Growth Instl Fund
		Artio International Equity II-I Fund MetLife Company Stock Fund

     The Target Retirement Funds and the Individual Core Investment Funds together constitute the core investment options of the Plan (“Core Funds”). To supplement the Core Funds, the Plan offers to all participants the ability to transfer funds out of the Core Funds into a SDB. The SDB works like a personal brokerage account by providing participants with direct access to a wide variety of mutual funds that are available to the public through many well-known mutual fund families.

     Participants may allocate contributions to each fund, including a fund holding primarily shares of common stock of MetLife, Inc. (the “MetLife Company Stock Fund”). The MetLife Company Stock Fund is held in the New England Life Insurance Company Defined Contribution Plans Master Trust (the “New England Master Trust”) (see Note 5) by The Bank of New York Mellon Corporation (“BNY Mellon”), as trustee.

     A frozen fund (the “RGA Frozen Fund”) was established primarily to hold shares of the Class B common stock of Reinsurance Group of America, Incorporated (“RGA”) issued in connection with the exchange offer of shares of MetLife, Inc. common stock held in the MetLife Company Stock Fund (a “frozen” fund is one into which participants may neither direct contributions nor

transfer balances from other funds). RGA subsequently reclassified its shares of common stock, including Class B, into a single class. The RGA Frozen Fund is also held in the New England Master Trust (see Note 5) by BNY Mellon, as trustee.

Participation

     Full-time insurance agents of the Company (as defined in and with such exceptions as set forth in the Plan document) are eligible to participate in the Plan.

Participant Accounts

     The recordkeeper maintains individual account balances for each agent who participates in the Plan (each such agent, a “participant”). Each participant’s account is credited with employer contributions, as discussed below, charged with withdrawals, and allocated investment earnings or losses as provided by the Plan document.

Contributions

     Each year, the Company contributes to the Plan an amount equal to 11.667% of eligible commissions, as defined in the Plan document, on behalf of each participant. Such contributions are subject to certain United States Internal Revenue Code (“IRC”) limitations.

Withdrawals and Distributions

     A participant may request withdrawals from the Plan under the conditions set forth in the Plan document. Distributions from the Plan are generally made upon a participant’s or beneficiary’s request in connection with his or her retirement, death, or total disability (as defined in the Plan document). The participant or beneficiary may elect to receive either a lump sum, installment payments or an annuity actuarially equivalent in value to the participant’s account as of the relevant date of distribution. For those participants who request that an annuity contract be purchased with their benefits under the Plan, the Plan purchases an individual annuity contract from MetLife. Upon the purchase of such an annuity, the benefits thereunder become fully guaranteed by MetLife. Accordingly, the Plan’s financial statements exclude assets which pertain to such annuity contracts. Upon termination other than retirement, death, or total disability, participants may receive benefits in the form of a lump sum or installment payments.

Vesting

     Participants’ account balances are 100% vested and nonforfeitable at all times.

Notes Receivable from Participants

     A participant may borrow from his or her account up to a maximum of $50,000 (reduced by the highest outstanding balance of loans in their defined contribution plan account(s) during the one-year period ending the day before the date a loan is to be made) or 50% of the participant’s account balance (reduced by outstanding loans on the date of the loan), whichever is less. Such loans are secured by the balance in the participant’s account and bear interest at rates that are 1% over the prime rate published in The Wall Street Journal on the last business day of the quarter before the loan is originated. The principal of and interest on the loans are paid ratably through monthly deductions from the bank account specified by the participant. Loan repayments are made to the Core Funds in accordance with the participant’s contribution investment allocation at the time of repayment.

Plan Amendments

     For the years ended December 31, 2010 and 2009, the following material Plan amendments were adopted and became effective:

     Effective January 1, 2010 the Plan was amended so that participants may not direct more than 10% of future employer contributions in the MetLife Company Stock Fund.

     Effective January 1, 2009 the Plan was amended to allow participants to forego their 2009 required minimum distributions or allow participants to return any minimum distribution amounts received during 2009 to the Plan within a limited timeframe.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

     The financial statements of the Plan have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

     The preparation of financial statements in conformity with GAAP requires management of the Plan to adopt accounting policies and make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosures of contingent assets and liabilities. The most important of these estimates and assumptions relates to the fair value measurements. Actual results could differ from those estimates.

Risks and Uncertainties

     The Plan utilizes various investment vehicles, including insurance company general and separate accounts and mutual funds. Such investments, in general, are exposed to various risks, such as overall market volatility, interest rate risk, and credit risk. Volatility in interest rates, as well as the equity and credit markets, could materially affect the value of the Plan’s investments as reported in the accompanying financial statements.

Investment Valuation and Income Recognition

     The Plan’s investments are stated at estimated fair value. The NEF Stable Value Fund, which represents a fully benefit-responsive stable value fund in the general account of MetLife (see Note 7) is stated at estimated fair value and then adjusted to contract value as a single amount reflected separately in the statements of net assets available for benefits. The statement of changes in net assets available for benefits, as it relates to the NEF Stable Value Fund, is presented on a contract value basis.

     The Plan defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In many cases, the exit price and the transaction (or entry) price will be the same at initial recognition. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third party with the same credit standing. It requires that fair value be a market-based measurement in which the fair value is determined based on a hypothetical transaction at the measurement date, considered from the perspective of a market participant. When quoted prices are not used to determine fair value of an asset, the Plan considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Plan determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs. The Plan prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Plan categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique (see Note 6). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset’s or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are as follows:

	Level 1		Unadjusted quoted prices in active markets for identical assets or liabilities. The Plan defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.
	Level 2		Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities other than quoted prices in Level 1; quoted prices in markets that are not active; or other inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3		Unobservable inputs that are supported by little or no market activity and are significant to the estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

     The estimated fair values of the Plan’s interests in the Core Funds (excluding the CGM Capital Growth Account and the MetLife Company Stock Fund), which represent investments in publicly available mutual funds, are determined using the net asset value (“NAV”) published by the respective fund managers on the applicable reporting date.

     The estimated fair value of the CGM Capital Growth Account, a pooled separate account managed by MetLife, is determined by reference to the underlying assets of the pooled separate account. The underlying assets of the pooled separate account are principally comprised of shares of a publicly available mutual fund managed by The CGM Funds. The underlying assets of the pooled separate account reflects the accumulated contributions, dividends and realized and unrealized investment gains or losses apportioned to such contributions, less withdrawals, distributions, loans to participants, allocable expenses relating to the purchase, sale and maintenance of the assets, and an allocable part of investment-related expenses. The estimated fair value of the pooled separate account is expressed in the form of unit value. The unit value is calculated and provided daily by MetLife and represents the price at which participant-directed contributions and transfers are effected.

     The estimated fair value of the funds held in the SDB is determined by reference to the underlying shares of the publicly available mutual funds, other than the Core Funds, held within each participant’s respective account. Such estimated fair value is based on NAV published by the respective fund managers on the applicable reporting date.

     The NEF Stable Value Fund represents the Plan’s fully benefit-responsive stable value fund in the general account of MetLife (see Note 7). Estimated fair value of the NEF Stable Value Fund was calculated by discounting the contract value, which is payable in ten annual installments upon termination of the contract by the Plan, using the yield of the Moody’s Baa Industrial Bond Index on the appropriate valuation dates.

     The estimated fair value of the Plan’s interest in the New England Master Trust (see Note 5) is determined by reference to the underlying assets held in the trust. These underlying assets represent accumulated contributions, dividends and realized and unrealized investment gains or losses apportioned to such contributions, less withdrawals, distributions, loans to participants, allocable expenses relating to the purchase, sale and maintenance of the assets, and an allocable part of investment-related expenses. At December 31, 2010 and 2009, the Plan’s percentage interest in the net assets of the New England Master Trust was approximately 45% and 50%, respectively. The underlying assets of the New England Master Trust at December 31, 2010 and 2009 were principally comprised of the MetLife Company Stock Fund and the RGA Frozen Fund, each of which is a proprietary fund and is described more fully in Note 1. The estimated fair value of each of the MetLife Company Stock Fund and the RGA Frozen Fund is determined by the price of MetLife, Inc. and RGA common stock, respectively, each of which is traded on the New York Stock Exchange. Interest, dividends and administrative expenses relating to the New England Master Trust are allocated to each participating defined contribution plan based upon average daily balances invested by each plan.

Notes Receivable from Participants

     Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Defaulted loans are treated as deemed distributions based upon the terms of the plan document.

Contributions

     Contributions are recognized when due. Investment income is recorded as earned. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on an accrual basis. Dividends are recorded on the ex-dividend date.

Investment Management Fees and Operating Expenses

     Except for a limited amount of fees related to participant transactions, operating expenses of the Plan are paid by the Company. Investment management fees charged to the Plan are paid out of the assets of the Plan and are deducted from income earned on a daily basis and are not separately reflected. Consequently, investment management fees are reflected as a reduction of return on such investments.

Payment of Benefits

     Benefit payments to participants are recorded when paid.

Adoption of New Accounting Pronouncements

     Effective December 31, 2010, the Plan adopted retrospective guidance which requires that participant loans in defined contribution plans be classified as notes receivable from participants, which are segregated from Plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. The adoption of this guidance did not have a material impact on the Plan’s statements of net assets available for benefits or statement of changes in net assets available for benefits.

     Effective January 1, 2010, the Plan adopted new guidance that requires new disclosures about significant transfers into and/or out of Levels 1 and 2 of the fair value hierarchy and activity in Level 3. In addition, this guidance provides clarification of existing disclosure requirements about level of disaggregation and inputs and valuation techniques. The adoption of this guidance did not have an impact on the Plan’s statements of net assets available for benefits and statement of changes in net assets available for benefits.

     Effective December 31, 2009, the Plan adopted guidance to enhance the transparency surrounding the types of assets and associated risks in an employer’s defined contribution plans. This guidance requires an employer to disclose information about the valuation of Plan assets similar to that required under other fair value disclosure guidance. The Plan provided all of the material disclosures in its statements of net assets available for benefits and statement of changes in net assets available for benefits.

     Effective December 31, 2009, the Plan adopted guidance on: (i) measuring the fair value of investments in certain entities that calculate NAV per share; (ii) how investments within its scope would be classified in the fair value hierarchy; and (iii) enhanced disclosure requirements about the nature and risks of investments measured at fair value on a recurring or non-recurring basis. The adoption of this guidance did not have a material impact on the estimated fair value or disclosure of applicable investments and had no impact on the Plan’s statements of net assets available for benefits or statement of changes in net assets available for benefits.

     Effective April 1, 2009, the Plan adopted prospectively guidance which establishes general standards for accounting and disclosures of events that occur after the date of the statements of net assets available for benefits but before financial statements are issued or available to be issued. The Plan has provided all of the required disclosures in its statements of net assets available for benefits.

3. Investments

     The Plan’s investments were as follows as of December 31, 2010 and 2009:

		December 31,
		2010				2009
Target Retirement Funds:
Vanguard Target Retirement 2020 Fund		$	458,669			$	294,144
Vanguard Target Retirement 2035 Fund			398,799				256,616
Vanguard Target Retirement 2050 Fund			366,112				252,539
Vanguard Target Retirement 2025 Fund			336,329				87,149
Vanguard Target Retirement 2040 Fund			242,861				159,631
Vanguard Target Retirement 2010 Fund			201,854				31,673
Vanguard Target Retirement 2045 Fund			187,481				54,039
Vanguard Target Retirement 2030 Fund			183,116				55,248
Vanguard Target Retirement 2015 Fund			157,431				87,004
Vanguard Target Retirement Income Fund			75,679				56,878
Total Target Retirement Funds			2,608,331				1,334,921
Individual Core Investment Funds (excluding MetLife Company Stock Fund):
NEF Stable Value Fund			78,534,483	*			77,100,162	*
Natixis CGM Advisor Targeted Equity A			15,666,146	*			15,145,420	*
Goldman Sachs Large Cap Value Fund			7,381,833	*			7,346,458	*
Artio International Equity II — I Fund			6,841,267				6,693,153	*
Vanguard Mid Capitalization Index Ins Fund			6,668,885				5,421,886
Loomis Sayles Small Cap Growth Instl Fund			5,010,351				3,878,785
T. Rowe Price Blue Chip Growth Fund			4,251,747				3,458,189
Vanguard Institutional Index Fund			2,832,315				2,725,160
Vanguard Total Bond Market Index — Inst Fund			2,715,004				2,458,294
Vanguard Small Cap Index Fund			931,234				481,378
Total Individual Core Investment Funds			130,833,265				124,708,885
Plan’s interest in the New England Master Trust (see Note 5)			1,507,040				1,354,773
TD Ameritrade SDB Account			3,232,420				3,078,121
Total Investments		$	138,181,056			$	130,476,700

4. Net Appreciation in Estimated Fair Value of Investments

     The Plan’s net appreciation in estimated fair value of investments (including realized and unrealized gains and losses) was as follows for the year ended December 31, 2010:

		December 31,
		2010
Individual Core Investment Funds (excluding the NEF Stable Value Fund and the MetLife Company Stock Fund)		$	6,904,806
Target Retirement Funds			218,597
Plan’s interest in the New England Master Trust (see Note 5)			350,446
Net appreciation in estimated fair value of investments		$	7,473,849

5. Interest in Master Trust

     The New England Master Trust was established to hold certain investments of several Company-sponsored defined contribution plans, including the Plan. Each participating defined contribution plan has an undivided interest in the New England Master Trust. At December 31, 2010 and 2009, the Plan’s interest in the net assets of the New England Master Trust was approximately 45% and 50%, respectively.

     The New England Master Trust’s investments were as follows at December 31, 2010 and 2009:

		2010				2009
Investments:
MetLife Company Stock Fund		$	3,319,304			$	2,706,414
RGA Frozen Fund			17,871				17,066
Total investments			3,337,175				2,723,480
Receivable for securities sold			—				11,257
Interest receivable			—				1
Cash payable			—				(10,752	)
Total net assets available in the New England Master Trust		$	3,337,175			$	2,723,986
Plan’s interest in the New England Master Trust		$	1,507,040			$	1,354,773

     The New England Master Trust’s net appreciation in the estimated fair value of investments (including realized and unrealized gains and losses) was as follows for the year ended December 31, 2010:

		December 31,
		2010
Net appreciation in fair value of investments:
MetLife Company Stock Fund		$	741,743
RGA Frozen Fund			2,182
Net appreciation in estimated fair value of investments		$	743,925
Plan’s share of net appreciation in estimated fair value of investments		$	350,446

6. Fair Value Measurements

     Plan assets have been classified in their entirety within a level of the fair value hierarchy based on the lowest level of input that is significant to the estimated fair value measurement, as set forth below:

						Assets Held Outside the New England Master Trust
						Estimated Fair Value Measurements at
						December 31, 2010
						Quoted Prices in
						Active Markets								Significant
						for Identical				Significant Other				Unobservable
						Assets				Observable Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
Vanguard Target Retirement 2020 Fund		$	458,669			$	458,669			$	—			$	—
Vanguard Target Retirement 2035 Fund			398,799				398,799				—				—
Vanguard Target Retirement 2050 Fund			366,112				366,112				—				—
Vanguard Target Retirement 2025 Fund			336,329				336,329				—				—
Vanguard Target Retirement 2040 Fund			242,861				242,861				—				—
Vanguard Target Retirement 2010 Fund			201,854				201,854				—				—
Vanguard Target Retirement 2045 Fund			187,481				187,481				—				—
Vanguard Target Retirement 2030 Fund			183,116				183,116				—				—
Vanguard Target Retirement 2015 Fund			157,431				157,431				—				—
Vanguard Target Retirement Income Fund			75,679				75,679				—				—
NEF Stable Value Fund			78,534,483				—				78,534,483				—
Natixis CGM Advisor Targeted Equity A			15,666,146				15,666,146				—				—
Goldman Sachs Large Cap Value Fund			7,381,833				7,381,833				—				—
Artio International Equity II-I Fund			6,841,267				6,841,267				—				—
Vanguard Mid Capitalization Index Ins Fund			6,668,885				6,668,885				—				—
Loomis Sayles Small Cap Growth Instl Fund			5,010,351				5,010,351				—				—
T. Rowe Price Blue Chip Growth Fund			4,251,747				4,251,747				—				—
Vanguard Institutional Index Fund			2,832,315				2,832,315				—				—
Vanguard Total Bond Market Index—Inst Fund			2,715,004				2,715,004				—				—
Vanguard Small Cap Index Fund			931,234				931,234				—				—
TD Ameritrade SDB Account			3,232,420				—				3,232,420				—
Total Assets (excluding the Plan’s interest in the New England Master Trust)		$	136,674,016			$	54,907,113			$	81,766,903			$	—
						Assets Held Inside the New England Master Trust
						Estimated Fair Value Measurements at
						December 31, 2010
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
MetLife Company Stock Fund		$	3,319,304			$	—			$	3,319,304			$	—
RGA Frozen Fund			17,871				—				17,871				—
Total Investments in the New England Master Trust		$	3,337,175			$	—			$	3,337,175			$	—

						Assets Held Outside the New England Master Trust
						Estimated Fair Value Measurements at
						December 31, 2009
						Quoted Prices in
						Active Markets								Significant
						for Identical				Significant Other				Unobservable
						Assets				Observable Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
Vanguard Target Retirement 2010 Fund		$	31,673			$	31,673			$	—			$	—
Vanguard Target Retirement 2015 Fund			87,004				87,004				—				—
Vanguard Target Retirement 2020 Fund			294,144				294,144				—				—
Vanguard Target Retirement 2025 Fund			87,149				87,149				—				—
Vanguard Target Retirement 2030 Fund			55,248				55,248				—				—
Vanguard Target Retirement 2035 Fund			256,616				256,616				—				—
Vanguard Target Retirement 2040 Fund			159,631				159,631				—				—
Vanguard Target Retirement 2045 Fund			54,039				54,039				—				—
Vanguard Target Retirement 2050 Fund			252,539				252,539				—				—
Vanguard Target Retirement Income Fund			56,878				56,878				—				—
NEF Stable Value Fund			77,100,162				—				77,100,162				—
Natixis CGM Advisor Targeted Equity A			15,145,420				15,145,420				—				—
Goldman Sachs Large Cap Value Fund			7,346,458				7,346,458				—				—
Artio International Equity II-I Fund			6,693,153				6,693,153				—				—
Vanguard Mid Capitalization Index Ins Fund			5,421,886				5,421,886				—				—
Vanguard Total Bond Market Index—Inst Fund			2,458,294				2,458,294				—				—
Loomis Sayles Small Cap Growth Instl Fund			3,878,785				3,878,785				—				—
T. Rowe Price Blue Chip Growth Fund			3,458,189				3,458,189				—				—
Vanguard Institutional Index Fund			2,725,160				2,725,160				—				—
Vanguard Small Cap Index Fund			481,378				481,378				—				—
TD Ameritrade SDB Account			3,078,121				—				3,078,121				—
Total Assets (excluding the Plan’s interest in the New England Master Trust)		$	129,121,927			$	48,943,644			$	80,178,283			$	—
						Assets Held Inside the New England Master Trust
						Estimated Fair Value Measurements at
						December 31, 2009
						Quoted Prices in								Significant
						Active Markets for				Significant Other				Unobservable
						Identical Assets				Observable Inputs				Inputs
		Total				(Level 1)				(Level 2)				(Level 3)
MetLife Company Stock Fund		$	2,706,414			$	—			$	2,706,414			$	—
RGA Frozen Fund			17,066				—				17,066				—
Total Investments in the New England Master Trust		$	2,723,480			$	—			$	2,723,480			$	—

7. Fully Benefit-Responsive Stable Value Fund with MetLife

     The NEF Stable Value Fund represents a fully benefit-responsive stable value fund in the general account of MetLife through which participants may direct contributions made on their behalf into the general account of MetLife. The Plan’s assets invested in the NEF Stable Value Fund are included in the Plan’s financial statements at estimated fair value and then adjusted to contract value as a single amount reflected separately in the statements of net assets available for benefits. Contract value represents accumulated contributions directed to the investment, plus interest credited, less participant withdrawals and expenses. Participants may direct the withdrawal for benefit payments or loans or transfer all or a portion of their investment to other investments offered under the Plan at contract value. The crediting interest rate is established annually by MetLife in a manner consistent with its practices for determining such rates, but which may not be less than zero percent. Both the crediting interest rate for participants and average yield for the NEF Stable Value Fund were 5.75% and 6.25% for the years ended December 31, 2010 and 2009, respectively.

     The Plan’s investment in the NEF Stable Value Fund had a contract value of $79,304,505 and $77,557,819 at December 31, 2010 and 2009, respectively. The estimated fair value of these investments was $78,534,483 and $77,100,162 at December 31, 2010 and 2009, respectively. The estimated fair value is presented for measurement and disclosure purposes. Upon termination of the underlying contract by the Plan, proceeds will be paid for the benefit of the participants at the contract value, determined on the date of termination, in ten equal annual installments plus additional interest credited.

     While the Plan may elect to do so at any time, it does not currently intend to terminate the contract underlying this investment. There are no reserves against the reported contract value for credit risk of the Company, as the issuer of the contract that constitutes this fully benefit-responsive stable value fund.

8. Related-Party Transactions

     The Plan invests in the NEF Stable Value Fund which is a fully benefit-responsive stable value fund in the general account of MetLife. The estimated fair value of these investments was $78,534,483 and $77,100,162 at December 31, 2010 and 2009, respectively. Total investment income from the NEF Stable Value Fund was $4,403,871 for the year ended December 31, 2010.

     At December 31, 2010, the New England Master Trust held approximately 74,500 shares of common stock of MetLife, Inc. in the MetLife Company Stock Fund invested through the New England Master Trust with a cost basis of approximately $2,700,000, of which approximately 45% was allocable to the Plan. At December 31, 2009, the New England Master Trust held approximately 76,500 shares of common stock of MetLife, Inc. in the MetLife Company Stock Fund invested through the New England Master Trust with a cost basis of approximately $2,200,000, of which approximately 50% was allocable to the Plan. During the year ended December 31, 2010, the New England Master Trust recorded dividend income on MetLife Inc. common stock of approximately $54,000, of which approximately 45% was allocable to the Plan.

     During 2009, the CGM Capital Growth Account was managed by MetLife. The CGM Capital Growth Account was removed as an investment option, effective January 1, 2010. The balance of this pooled separate account investment was $0 at December 31, 2009. In 2009, the balance in the CGM Capital Growth Account was transferred to the Natixis CGM Advisor Targeted Equity A fund. Total net appreciation, including realized and unrealized gains and losses, for the CGM Capital Growth Account was $3,561,166 for the year ended December 31, 2009. Effective December 31, 2009, Plan assets invested in the CGM Capital Growth Account of $15,145,420, which were not directed by participants to other Plan investments, were transferred to the Natixis CGM Advisor Targeted Equity A fund. As discussed in Note 2, investment management fees charged to the Plan for the CGM Capital Growth Account by MetLife are deducted from income earned on a daily basis and reflected as a reduction of return on such investment. Based on a weighted-average rate of 0.88% charged for the fund, such investment management fees included as a reduction of investment income totaled approximately $117,665 for the year ended December 31, 2009. The Company is the sponsor of the Plan and, therefore, transactions between the Plan and MetLife qualify as party-in-interest transactions.

9. Termination of the Plan

     While the Company intends that the Plan be permanent, it has the right to amend or discontinue it. In the event of such termination, each participant would be fully vested in matching contributions made to the Plan, and generally has a right to receive a distribution of his or her interest, in accordance with the provisions of the Plan.

10. Federal Income Tax Status

     The United States Internal Revenue Service has determined and informed the Company by a letter dated April 13, 2009, that the Plan was designed in accordance with the applicable requirements of the IRC. The Plan has been amended since receiving such determination letter. The Plan Administrator believes that the Plan is designed and currently being operated in material compliance with the applicable requirements of the IRC and the Plan document, and continues to be tax exempt under the IRC. Therefore, no provision for income taxes has been included in the Plan’s financial statements for the year ended December 31, 2010.

11. Reconciliation of Financial Statements to Form 5500

     The following is a reconciliation of net assets available for benefits per the financial statements to net assets per Form 5500, Schedule H, Part I, as of December 31, 2010 and 2009:

		2010				2009
Net assets available for benefits per the financial statements		$	142,470,424			$	134,271,446
Certain deemed distributions of participant loans			(153,911	)			—
Net assets per Form 5500, Schedule H, Part I, Line 1l		$	142,316,513			$	134,271,446

     The following is a reconciliation of the increase in net assets per the financial statements to net income per Form 5500, Schedule H, Part II, for the year ended December 31, 2010:

		2010
Increase in net assets per the financial statements		$	8,198,978
Current deemed distributions of participant loans			(153,911	)
Net increase per Form 5500, Schedule H, Part II, Line 2k		$	8,045,067

******

New England Life Insurance Company
Agents’ Deferred Compensation Plan and Trust

Form 5500, Schedule H, Part IV, Line 4i, Schedule of Assets (Held at End of Year)
as of December 31, 2010

				(c) Description of Investment, Including
		(b) Identity of Issuer, Borrower,		Maturity Date, Rate of Interest, Collateral,				(e) Current
(a)		Lessor, or Similar Party		Par, or Maturity Value		(d) Cost***		Value
				Target Retirement Funds:
				Vanguard Target Retirement 2020 Fund		***		$	458,669
				Vanguard Target Retirement 2035 Fund		***			398,799
				Vanguard Target Retirement 2050 Fund		***			366,112
				Vanguard Target Retirement 2025 Fund		***			336,329
				Vanguard Target Retirement 2040 Fund		***			242,861
				Vanguard Target Retirement 2010 Fund		***			201,854
				Vanguard Target Retirement 2045 Fund		***			187,481
				Vanguard Target Retirement 2030 Fund		***			183,116
				Vanguard Target Retirement 2015 Fund		***			157,431
				Vanguard Target Retirement Income Fund		***			75,679
				Total Target Retirement Funds					2,608,331
				Individual Core Investment Funds (excluding the MetLife Company Stock Fund):
*		Metropolitan Life Insurance Company		NEF Stable Value Fund **		***			78,534,483
				Natixis CGM Advisor Targeted Equity A		***			15,666,146
				Goldman Sachs Large Cap Value Fund		***			7,381,833
				Artio International Equity II-I Fund		***			6,841,267
				Vanguard Mid Capitalization Index Ins Fund		***			6,668,885
				Loomis Sayles Small Cap Growth Instl Fund		***			5,010,351
				T. Rowe Price Blue Chip Growth Fund		***			4,251,747
				Vanguard Institutional Index Fund		***			2,832,315
				Vanguard Total Bond Market Index—Inst Fund		***			2,715,004
				Vanguard Small Cap Index Fund		***			931,234
				Total Individual Core Investment Funds					130,833,265
*		New England Life Insurance Company		Plan’s interest in the New England Master Trust (the MetLife Company Stock Fund and the RGA Frozen Fund)		***			1,507,040
*		Various participants		Participant loans (maturing through 2020 with interest rates from 4.0% to 9.5%)		***			3,519,346
				TD Ameritrade SDB Account		***			3,232,420
				Participant-directed investments **				$	141,700,402

Signatures

     The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: June 28, 2011

Exhibit Index

Exhibit
Number		Exhibit Name
23.1		Consent of Independent Registered Public Accounting Firm