The number of Trust Interests outstanding at December 31, 2016 and 2015 was 163,327,290 and 170,988,137, respectively. The decrease of 7,660,847 in the number of Trust Interests is primarily attributable to Trust Interests redeemed, Trust Interests withdrawn and Trust Interests escheated. Net assets of the Trust consist solely of Trust Shares which will increase or decrease depending upon, among other things, the movement of Trust Shares into or out of the Trust as directed by the Beneficiaries.
Net assets in the Trust increased $558 million, or 7%, to $8.8 billion at December 31, 2016 from $8.2 billion at December 31, 2015. This increase is primarily due to an increase in net unrealized investment gains on the Trust Shares, partially offset by (i) net activity under the MetLife, Inc. Purchase and Sale Program (the “Purchase and Sale Program”); (ii) the impact of withdrawals by Beneficiaries from the Trust; and (iii) the impact of escheatment of unclaimed cash and Trust Shares. Net unrealized investment gains, which represent the difference between the estimated fair value and the cost basis of the Trust Shares, increased $665 million from the prior year. A net reduction of 7,660,847 Trust Interests resulted from a net decrease of 5,316,774 Trust Interests in connection with redemptions and issuances under the Purchase and Sale Program, a decrease of 992,368 Trust Interests due to withdrawals by Beneficiaries from the Trust, and a decrease of 1,351,705 Trust Interests due to escheatment of Trust Shares. Net redemptions by Beneficiaries through the Purchase and Sale Program, withdrawals by Beneficiaries from the Trust and escheatment of unclaimed cash and Trust Shares, resulted in decreases in net assets for the year ended December 31, 2016 of $73 million, $14 million and $19 million, respectively. Net investment income of $264 million, which consisted of Common Stock dividends received from MetLife, Inc., and net realized investment gains of $167 million recognized on the sale of Trust Shares sold in the Purchase and Sale Program, were fully allocated to Beneficiaries.
Net assets in the Trust decreased $1.6 billion, or 16%, to $8.2 billion at December 31, 2015 from $9.8 billion at December 31, 2014. This decrease is primarily due to a decrease in net unrealized investment gains on the Trust Shares, as well as (i) net activity under the Purchase and Sale Program; (ii) the impact of withdrawals by Beneficiaries from the Trust; and (iii) the impact of escheatment of unclaimed cash and Trust Shares. Net unrealized investment gains, which represent the difference between the estimated fair value and the cost basis of the Trust Shares, decreased $1.4 billion from the prior year. A net reduction of 9,493,116 Trust Interests resulted from a net decrease of 5,853,999 Trust Interests in connection with redemptions and issuances under the Purchase and Sale Program, a decrease of 1,295,708 Trust Interests due to withdrawals by Beneficiaries from the Trust, and a decrease of 2,343,409 Trust Interests due to escheatment of Trust Shares. Net redemptions by Beneficiaries through the Purchase and Sale Program, withdrawals by Beneficiaries from the Trust and escheatment of unclaimed cash and Trust Shares, resulted in decreases in net assets for the year ended December 31, 2015 of $81 million, $18 million and $33 million, respectively. Net investment income of $259 million, which consisted of Common Stock dividends received from MetLife, Inc., and net realized investment gains of $223 million recognized on the sale of Trust Shares sold in the Purchase and Sale Program, were fully allocated to Beneficiaries.
Pursuant to the Trust Agreement, the Trust is eligible to be terminated at MetLife, Inc.’s discretion, as the Trust Shares constitute less than 25% of the number of issued and outstanding shares of Common Stock at December 31, 2016. See “- Common Stock Issuances.” MetLife, Inc. has advised the Trustee that it currently has no intention of voluntarily terminating the Trust.
Beneficiaries may instruct the program agent for the Purchase and Sale Program to withdraw their allocated shares from the Trust for sale through the Purchase and Sale Program. Trust Interests of 5,409,612, 5,950,881 and 7,064,546 were redeemed for this purpose, which generated net realized investment gains of $167,262 thousand, $222,943 thousand and $274,104 thousand for the years ended December 31, 2016, 2015 and 2014, respectively. Beneficiaries allocated less than 1,000 shares of Common Stock under the Plan are also entitled to purchase in the Purchase and Sale Program additional shares to bring their Trust Interests up to 1,000 shares, subject to a minimum of $250 per purchase (or such lesser amount that would cause the Beneficiary to hold the 1,000 maximum number of Trust Interests). Trust Interests of 92,838, 96,882 and 73,014 for the years ended December 31, 2016, 2015 and 2014, respectively, were issued for this purpose. The number of Trust Interests allocated to Beneficiaries will be adjusted for any shares of Common Stock purchased or sold in the Purchase and Sale Program such that the Trust Interests held by a Beneficiary will always equal the number of shares of Common Stock allocated to the Beneficiary.
On January 6, 2017, the MetLife, Inc.’s Board of Directors declared a first quarter 2017 Common Stock dividend of $0.40 per share payable on March 13, 2017 to shareholders of record as of February 6, 2017. The aggregate dividend payment to Beneficiaries was $65 million.