Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 9 Months Ended | ||
Sep. 30, 2017 | Oct. 25, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | METLIFE INC | ||
Entity Central Index Key | 1,099,219 | ||
Document Type | 10-Q | ||
Document Period End Date | Sep. 30, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q3 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 43.8 | ||
Entity Common Stock, Shares Outstanding | 1,052,299,271 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments: | ||
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $286,684 and $271,701, respectively) | $ 308,894 | $ 289,563 |
Equity securities available-for-sale, at estimated fair value (cost: $2,386 and $2,464, respectively) | 2,776 | 2,894 |
Fair value option securities, at estimated fair value (includes $7 and $8, respectively, relating to variable interest entities) | 16,538 | 13,923 |
Mortgage loans (net of valuation allowances of $316 and $304, respectively; includes $564 and $566, respectively, under the fair value option) | 68,057 | 65,167 |
Policy loans | 9,585 | 9,511 |
Real estate and real estate joint ventures (includes $61 and $59, respectively, of real estate held-for-sale) | 9,486 | 8,891 |
Other limited partnership interests (includes $0 and $14, respectively, relating to variable interest entities) | 5,501 | 5,136 |
Short-term Investments | 7,217 | 6,523 |
Other invested assets (includes $133 and $31, respectively, relating to variable interest entities) | 17,652 | 19,303 |
Total investments | 445,706 | 420,911 |
Cash and cash equivalents, principally at estimated fair value (includes $9 and $1, respectively, relating to variable interest entities) | 13,023 | 12,651 |
Accrued investment income | 3,692 | 3,308 |
Premiums, reinsurance and other receivables (includes $3 and $2, respectively, relating to variable interest entities) | 18,588 | 15,445 |
Deferred policy acquisition costs and value of business acquired | 18,399 | 17,590 |
Current income tax recoverable | 3 | 20 |
Goodwill | 9,556 | 9,220 |
Assets of disposed subsidiary | 0 | 216,983 |
Other assets (includes $3 and $3, respectively, relating to variable interest entities) | 8,149 | 7,058 |
Separate account assets | 203,399 | 195,578 |
Total assets | 720,515 | 898,764 |
Liabilities | ||
Future policy benefits | 176,005 | 166,701 |
Policyholder account balances | 182,513 | 173,168 |
Other policy-related balances | 15,026 | 13,030 |
Policyholder dividends payable | 730 | 696 |
Policyholder dividend obligation | 2,201 | 1,931 |
Payables for collateral under securities loaned and other transactions | 27,132 | 25,873 |
Short-term debt | 214 | 242 |
Long-term debt (includes $6 and $12, respectively, relating to variable interest entities) | 16,688 | 16,441 |
Collateral financing arrangements | 1,220 | 1,274 |
Junior subordinated debt securities | 3,144 | 3,169 |
Disposal Group, Including Discontinued Operation, Liabilities | 0 | 202,707 |
Deferred income tax liability | 8,554 | 6,774 |
Other liabilities | 26,745 | 23,700 |
Separate account liabilities | 203,399 | 195,578 |
Total liabilities | 663,571 | 831,284 |
Contingencies, Commitments and Guarantees (Note 14) | ||
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value $0.01 per share; $2,100 aggregate liquidation preference | 0 | 0 |
Common stock, par value $0.01 per share; 3,000,000,000 shares authorized; 1,167,535,225 and 1,164,029,985 shares issued, respectively; 1,054,286,620 and 1,095,519,005 shares outstanding, respectively | 12 | 12 |
Additional paid-in capital | 31,066 | 30,944 |
Retained earnings | 24,410 | 34,480 |
Treasury stock, at cost; 113,248,605 and 68,510,980 shares, respectively | (5,779) | (3,474) |
Accumulated other comprehensive income (loss) | 7,005 | 5,347 |
Total MetLife, Inc.’s stockholders’ equity | 56,714 | 67,309 |
Noncontrolling interests | 230 | 171 |
Total equity | 56,944 | 67,480 |
Total liabilities and equity | $ 720,515 | $ 898,764 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Amortized cost of fixed maturity securities available-for-sale | $ 286,684 | $ 271,701 |
Cost of equity securities available-for-sale | 2,386 | 2,464 |
Fair value option and trading securities relating to variable interest entities | 16,538 | 13,923 |
Mortgage loans valuation allowances | 316 | 304 |
Mortgage Loans on Real Estate | 68,057 | 65,167 |
Real estate held-for-sale | 61 | 59 |
Other limited partnership interests relating to variable interest entities | 5,501 | 5,136 |
Other invested assets relating to variable interest entities | 17,652 | 19,303 |
Cash and cash equivalents relating to variable interest entities | 13,023 | 12,651 |
Premiums, reinsurance and other receivables relating to variable interest entities | 18,588 | 15,445 |
Other assets relating to variable interest entities | 8,149 | 7,058 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | $ 16,688 | $ 16,441 |
MetLife, Inc.’s stockholders’ equity: | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | 2,100 | 2,100 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, shares issued | 1,167,535,225 | 1,164,029,985 |
Common stock, shares outstanding | 1,054,286,620 | 1,095,519,005 |
Treasury stock, shares | 113,248,605 | 68,510,980 |
Residential mortgage loans — FVO | ||
Assets | ||
Mortgage Loans on Real Estate | $ 564 | $ 566 |
Variable interest entities | ||
Assets | ||
Fair value option and trading securities relating to variable interest entities | 7 | 8 |
Other limited partnership interests relating to variable interest entities | 0 | 14 |
Other invested assets relating to variable interest entities | 133 | 31 |
Cash and cash equivalents relating to variable interest entities | 9 | 1 |
Premiums, reinsurance and other receivables relating to variable interest entities | 3 | 2 |
Other assets relating to variable interest entities | 3 | 3 |
Liabilities | ||
Long-term debt, at estimated fair value, relating to variable interest entities | $ 6 | $ 12 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Premiums | $ 10,876 | $ 9,839 | $ 29,421 | $ 27,956 |
Universal life and investment-type product policy fees | 1,428 | 1,341 | 4,152 | 4,127 |
Net investment income | 4,295 | 4,609 | 12,909 | 12,527 |
Other revenues | 301 | 356 | 935 | 1,309 |
Net investment gains (losses): | ||||
Other-than-temporary impairments on fixed maturity securities | (6) | (4) | (8) | (74) |
Other-than-temporary impairments on fixed maturity securities transferred to other comprehensive income (loss) | 1 | (5) | 1 | (9) |
Other net investment gains (losses) | (601) | 240 | (432) | 681 |
Total net investment gains (losses) | (606) | 231 | (439) | 598 |
Net derivative gains (losses) | (190) | (543) | (663) | 1,438 |
Total revenues | 16,104 | 15,833 | 46,315 | 47,955 |
Expenses | ||||
Policyholder benefits and claims | 10,645 | 9,612 | 28,923 | 27,394 |
Interest credited to policyholder account balances | 1,338 | 1,544 | 4,081 | 3,819 |
Policyholder dividends | 302 | 302 | 925 | 924 |
Other expenses | 3,318 | 3,216 | 9,904 | 10,296 |
Total expenses | 15,603 | 14,674 | 43,833 | 42,433 |
Income (loss) from continuing operations before provision for income tax | 501 | 1,159 | 2,482 | 5,522 |
Provision for income tax expense (benefit) | (392) | 135 | (148) | 1,253 |
Income from continuing operations, net of income tax | 893 | 1,024 | 2,630 | 4,269 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (968) | (451) | (989) | (1,379) |
Net income (loss) | (75) | 573 | 1,641 | 2,890 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | (4) | 12 | 2 |
Net income (loss) attributable to MetLife, Inc. | (81) | 577 | 1,629 | 2,888 |
Less: Preferred stock dividends | 6 | 6 | 58 | 58 |
Net income (loss) available to MetLife, Inc.’s common shareholders | (87) | 571 | 1,571 | 2,830 |
Comprehensive income (loss) | (182) | (463) | 4,623 | 11,809 |
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of income tax | 10 | (3) | 16 | 97 |
Comprehensive income (loss) attributable to MetLife, Inc. | $ (192) | $ (460) | $ 4,607 | $ 11,712 |
Income (loss) from continuing operations, net of income tax, available to MetLife, Inc's common shareholders per common share: [Abstract] | ||||
Basic | $ 0.83 | $ 0.93 | $ 2.38 | $ 3.82 |
Diluted | 0.82 | 0.92 | 2.36 | 3.80 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | ||||
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | (0.08) | 0.52 | 1.46 | 2.57 |
Basic | (0.08) | 0.51 | 1.45 | 2.55 |
Diluted | $ 0.400 | $ 0.400 | $ 1.200 | $ 1.175 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock at Cost | Accumulated Other Comprehensive Income (Loss) | Total MetLife, Inc.’s Stockholders’ Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2015 | $ 68,419 | $ 0 | $ 12 | $ 30,749 | $ 35,519 | $ (3,102) | $ 4,771 | $ 67,949 | $ 470 |
Treasury stock acquired in connection with share repurchases | (70) | (70) | (70) | ||||||
Stock-based compensation | 48 | 48 | 48 | ||||||
Dividends on preferred stock | (58) | (58) | (58) | ||||||
Dividends on common stock | (1,295) | (1,295) | (1,295) | ||||||
Change in equity of noncontrolling interests | (387) | 0 | (387) | ||||||
Net income (loss) | 2,890 | 2,888 | 2,888 | 2 | |||||
Other comprehensive income (loss), net of income tax | 8,919 | 8,824 | 8,824 | 95 | |||||
Ending Balance at Sep. 30, 2016 | 78,466 | 0 | 12 | 30,797 | 37,054 | (3,172) | 13,595 | 78,286 | 180 |
Beginning Balance at Dec. 31, 2016 | 67,480 | 0 | 12 | 30,944 | 34,480 | (3,474) | 5,347 | 67,309 | 171 |
Treasury stock acquired in connection with share repurchases | (2,305) | (2,305) | (2,305) | ||||||
Stock-based compensation | 122 | 122 | 122 | ||||||
Dividends on preferred stock | (58) | (58) | (58) | ||||||
Dividends on common stock | (1,295) | (1,295) | (1,295) | ||||||
Stockholders' Equity Note, Spinoff Transaction | (11,666) | (10,346) | (1,320) | (11,666) | |||||
Change in equity of noncontrolling interests | 43 | 0 | 43 | ||||||
Net income (loss) | 1,641 | 1,629 | 1,629 | 12 | |||||
Other comprehensive income (loss), net of income tax | 2,982 | 2,978 | 2,978 | 4 | |||||
Ending Balance at Sep. 30, 2017 | $ 56,944 | $ 0 | $ 12 | $ 31,066 | $ 24,410 | $ (5,779) | $ 7,005 | $ 56,714 | $ 230 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Cash Flows [Abstract] | ||
Net cash provided by (used in) operating activities | $ 10,233 | $ 9,131 |
Cash flows from investing activities | ||
Sales, maturities and repayments of fixed maturity securities | 66,544 | 101,614 |
Sales, maturities and repayments of equity securities | 904 | 1,019 |
Sales, maturities and repayments of mortgage loans | 6,721 | 10,518 |
Sales, maturities and repayments of real estate and real estate joint ventures | 689 | 323 |
Sales, maturities and repayments of other limited partnership interests | 882 | 1,025 |
Purchases of fixed maturity securities | (76,010) | (108,418) |
Purchases of equity securities | (705) | (802) |
Purchases of mortgage loans | (9,988) | (14,686) |
Purchases of real estate and real estate joint ventures | (1,078) | (958) |
Purchases of other limited partnership interests | (1,064) | (806) |
Cash received in connection with freestanding derivatives | 4,890 | 3,258 |
Cash paid in connection with freestanding derivatives | (7,404) | (4,317) |
Cash disposed due to distribution of Brighthouse | (663) | 0 |
Sales of businesses, net of cash and cash equivalents disposed of $0 and $135, respectively | 0 | 156 |
Purchases of businesses | (211) | 0 |
Purchases of investments in operating joint ventures | 0 | (39) |
Net change in policy loans | (16) | 201 |
Net change in short-term investments | (209) | (2,232) |
Net change in other invested assets | (184) | (58) |
Other, net | (256) | (384) |
Net cash provided by (used in) investing activities | (17,158) | (14,586) |
Cash flows from financing activities | ||
Policyholder account balances: Deposits | 67,565 | 65,225 |
Policyholder account balances: Withdrawals | (62,233) | (61,145) |
Net change in payables for collateral under securities loaned and other transactions | 2,316 | 7,227 |
Long-term debt issued | 3,657 | 0 |
Long-term debt repaid | (60) | (1,273) |
Collateral financing arrangements repaid | (2,852) | (55) |
Distribution of Brighthouse | (2,793) | 0 |
Financing element on certain derivative instruments and other derivative related transactions, net | (109) | (336) |
Treasury stock acquired in connection with share repurchases | (2,305) | (70) |
Dividends on preferred stock | (58) | (58) |
Dividends on common stock | (1,295) | (1,295) |
Other, net | (144) | 60 |
Net cash provided by (used in) financing activities | 1,689 | 8,280 |
Effect of change in foreign currency exchange rates on cash and cash equivalents balances | 382 | 306 |
Change in cash and cash equivalents | (4,854) | 3,131 |
Cash and cash equivalents, beginning of period | 17,877 | 12,752 |
Cash and cash equivalents, end of period | 13,023 | 15,883 |
Cash and cash equivalents, of disposed subsidiary, beginning of period | 5,226 | 1,570 |
Cash and cash equivalents, of disposed subsidiary, end of period | 0 | 2,825 |
Cash and cash equivalents, from continuing operations, beginning of period | 12,651 | 11,182 |
Cash and cash equivalents, from continuing operations, end of period | 13,023 | 13,058 |
Supplemental disclosures of cash flow information: | ||
Net cash paid for Interest | 806 | 875 |
Net cash paid (received) for Income tax | 633 | 464 |
Non-cash transactions: | ||
Assets disposed, date of Separation | 225,502 | 0 |
Liabilities disposed, date of Separation | (210,999) | 0 |
Net Assets disposed, date of Separation | 14,503 | 0 |
Cash disposed, date of Separation | (3,456) | 0 |
Net non-cash disposed, date of Separation | 11,047 | 0 |
Fixed maturity securities received in connection with pension risk transfer transactions | 0 | 985 |
Reduction of fixed maturity securities in connection with a reinsurance transaction | 0 | 224 |
Deconsolidation of operating joint venture: | ||
Reduction of fixed maturity securities | 0 | 917 |
Reduction of noncontrolling interests | $ 0 | $ 373 |
Consolidated Statements of Cas7
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||
Cash disposed from sale of businesses | $ 0 | $ 135 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Business, Basis of Presentation and Summary of Significant Accounting Policies Business “MetLife” and the “Company” refer to MetLife, Inc., a Delaware corporation incorporated in 1999, its subsidiaries and affiliates. MetLife is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management. MetLife is organized into five segments: U.S.; Asia; Latin America; Europe, the Middle East and Africa (“EMEA”); and MetLife Holdings. On August 4, 2017, MetLife, Inc. completed the separation of Brighthouse Financial, Inc. and its subsidiaries (“Brighthouse”) through a distribution of 96,776,670 shares of Brighthouse Financial, Inc. common stock to the MetLife, Inc. common shareholders (the “Separation”). See Note 3 for additional information on the Separation. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. Consolidation The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations. Discontinued Operations The results of operations of a component of the Company that has either been disposed of or is classified as held-for-sale are reported in discontinued operations if certain criteria are met. A disposal of a component is reported as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financials. The results of Brighthouse are reflected in the Company’s interim condensed consolidated financial statements as discontinued operations. Prior period results have been revised to reflect discontinued operations. Intercompany transactions between the Company and Brighthouse prior to the Separation have been eliminated. Transactions between the Company and Brighthouse after the Separation are reflected in continuing operations for the Company. See Note 3 for information on discontinued operations and transactions with Brighthouse. Reclassifications Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform to the 2017 presentation as discussed throughout the Notes to the Interim Condensed Consolidated Financial Statements. The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2016 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 2016 (the “2016 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2016 Annual Report. Adoption of New Accounting Pronouncements Effective January 1, 2017, the Company early adopted guidance relating to business combinations. The new guidance clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard will result in fewer acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. The adoption did not have a material impact on the Company’s consolidated financial statements. Effective January 1, 2017, the Company retrospectively adopted guidance relating to consolidation. The new guidance does not change the characteristics of a primary beneficiary under current GAAP. It changes how a reporting entity evaluates whether it is the primary beneficiary of a VIE by changing how a reporting entity that is a single decisionmaker of a VIE handles indirect interests in the entity held through related parties that are under common control with the reporting entity. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Effective January 1, 2017, the Company adopted guidance related to stock-based compensation. The new guidance changes several aspects of the accounting for share-based payment and award transactions, including (i) income tax consequences when awards vest or are settled; (ii) classification as either equity or liability due to statutory tax withholding requirements; and (iii) classification on the statement of cash flows. In addition, the new guidance provides an accounting policy election to account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. The Company has elected to continue to account for forfeitures based on an estimate of expected forfeitures. In addition, the Company elected to apply the change in presentation in the statement of cash flows related to excess tax benefits prospectively and prior periods have not been adjusted. The change in presentation for cash paid to a taxing authority when directly withholding equivalent shares has been classified as a financing activity in the statement of cash flows. The change was applied retrospectively and thus the directly withheld share equivalent amount was reclassified from an operating activity to a financing activity in the consolidated statements of cash flows. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Other Effective January 3, 2017, the Chicago Mercantile Exchange (“CME”) amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. These amendments impacted the accounting treatment of the Company’s centrally cleared derivatives for which the CME serves as the central clearing party. As of the effective date, the application of the amended rulebook reduced gross derivative assets by $1.8 billion , gross derivative liabilities by $2.0 billion , accrued investment income by $101 million , accrued investment expense recorded within other liabilities by $14 million , collateral receivables recorded within premiums, reinsurance and other receivables of $991 million , and collateral payables recorded within payables for collateral under securities loaned and other transactions of $816 million . Future Adoption of New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued new guidance on hedging activities (Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities) . The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. Early adoption is permitted. The new guidance simplifies the application of hedge accounting in certain situations and amends the hedge accounting model to enable entities to better portray the economics of their risk management activities in the financial statements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In May 2017, the FASB issued new guidance on share-based payment awards (ASU 2017-09, Compensation - Stock Compensation (Topic 718) - Scope of Modification Accounting). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The new guidance should be applied prospectively to an award modified on or after the adoption date. Early adoption is permitted. The ASU includes guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In March 2017, the FASB issued new guidance on purchased callable debt securities (ASU 2017-08, Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities ). The new guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings. Early adoption is permitted. The ASU shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. However, the new guidance does not require an accounting change for securities held at a discount whose discount continues to be amortized to maturity. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In March 2017, the FASB issued new guidance on the presentation of net periodic pension cost and net periodic postretirement benefit cost (ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost) . The new guidance is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The guidance requires that an employer that offers to its employees defined benefit pension or other postretirement benefit plans report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In February 2017, the FASB issued new guidance on derecognition of nonfinancial assets (ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption was permitted for interim or annual reporting periods beginning after December 15, 2016. The guidance may be applied retrospectively for all periods presented or retrospectively with a cumulative-effect adjustment at the date of adoption. The new guidance clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term, “in-substance nonfinancial asset.” The ASU also adds guidance for partial sales of nonfinancial assets. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2017, the FASB issued new guidance on goodwill impairment (ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ). The new guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The new guidance simplifies the current two-step goodwill impairment test by eliminating Step 2 of the test. The new guidance requires a one-step impairment test in which an entity compares the fair value of a reporting unit with its carrying amount and recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In November 2016, the FASB issued new guidance on restricted cash (ASU 2016-18, Statement of Cash Flows (Topic 230): a consensus of the FASB Emerging Issues Task Force ). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied on a retrospective basis. Early adoption is permitted. The new guidance requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, the new guidance requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance does not provide a definition of restricted cash or restricted cash equivalents. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In October 2016, the FASB issued new guidance on tax accounting for intra-entity transfers of assets (ASU 2016 - 16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied on a modified retrospective basis. Early adoption is permitted in the first interim or annual reporting period. Current guidance prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. The new guidance requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Also, the guidance eliminates the exception for an intra-entity transfer of an asset other than inventory. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In August 2016, the FASB issued new guidance on cash flow statement presentation (ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ). The new guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years, and should be applied retrospectively to all periods presented. Early adoption is permitted in any interim or annual period. This ASU addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In June 2016, the FASB issued new guidance on measurement of credit losses on financial instruments (ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ) . The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. This ASU replaces the incurred loss impairment methodology with one that reflects expected credit losses. The measurement of expected credit losses should be based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance requires that an other-than-temporary impairment (“OTTI”) on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses. The guidance also requires enhanced disclosures. The Company has assessed the asset classes impacted by the new guidance and is currently assessing the accounting and reporting system changes that will be required to comply with the new guidance. The Company believes that the most significant impact upon adoption will be to its mortgage loan investments. The Company is continuing to evaluate the overall impact of the new guidance on its consolidated financial statements. In February 2016, the FASB issued new guidance on leasing transactions (ASU 2016-02, Leases - Topic 842 ). The new guidance is effective for the fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and requires a modified retrospective transition approach. Early adoption is permitted. The new guidance requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Leases would be classified as finance or operating leases and both types of leases will be recognized on the balance sheet. Lessor accounting will remain largely unchanged from current guidance except for certain targeted changes. The new guidance will also require new qualitative and quantitative disclosures. The Company’s implementation efforts are primarily focused on the review of its existing lease contracts, as well as identification of other contracts that may fall under the scope of the new guidance. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In January 2016, the FASB issued new guidance (ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ) on the recognition and measurement of financial instruments. The new guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the instrument-specific credit risk provision. The new guidance changes the current accounting guidance related to (i) the classification and measurement of certain equity investments, (ii) the presentation of changes in the fair value of financial liabilities measured under the fair value option (“FVO”) that are due to instrument-specific credit risk, and (iii) certain disclosures associated with the fair value of financial instruments. Additionally, there will no longer be a requirement to assess equity securities for impairment since such securities will be measured at fair value through net income. The Company has assessed the population of financial instruments that are subject to the new guidance and has determined that the most significant impact will be the requirement to report changes in fair value in net income each reporting period for all equity securities currently classified as available-for-sale (“AFS”) and to a lesser extent, other limited partnership interests and real estate joint ventures that are currently accounted for under the cost method. The estimated impact, using values as of September 30, 2017, related to the change in accounting for equity securities AFS, was $250 million of net unrealized investment gains, net of income tax, which would be reclassified from accumulated other comprehensive income (“AOCI”) to retained earnings. The estimated financial statement impact related to cost method other limited partnership interests and real estate joint ventures was not material. In May 2014, the FASB issued a comprehensive new revenue recognition standard (ASU 2014-09, Revenue from Contracts with Customers (Topic 606) ), effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company will apply this guidance retrospectively with a cumulative-effect adjustment as of January 1, 2018. The new guidance will supersede nearly all existing revenue recognition guidance under U.S. GAAP. However, it will not impact the accounting for insurance and investment contracts within the scope of Accounting Standards Codification Topic 944, Financial Services - Insurance , leases, financial instruments and certain guarantees. For those contracts that are impacted, the new guidance will require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled, in exchange for those goods or services. Given the scope of the new revenue recognition guidance, the Company does not expect the adoption to have a material impact on its consolidated revenues or statements of operations, with the Company’s implementation efforts primarily focused on other revenues on the consolidated statements of operations. Other revenues on the consolidated statements of operations represents less than 3% of consolidated total revenues for the nine months ended September 30, 2017. Based on implementation efforts completed to date, the Company has identified revenue streams within the scope of the guidance and is evaluating the related contracts, primarily consisting of prepaid legal plans and administrative-only contracts in the U.S. segment, advisory fees in the MetLife Holdings segment, and fee-based investment management services in Corporate & Other. While the Company has not yet identified any material changes in the recognition and measurement of other revenue, the Company’s assessment is ongoing, including the consideration of the new disclosure requirements. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 2. Segment Information Following the Separation and the elimination of the Brighthouse Financial segment, as described in Note 3 , MetLife is organized into five segments: U.S.; Asia; Latin America; EMEA; and MetLife Holdings. In addition, the Company reports certain of its results of operations in Corporate & Other. U.S. The U.S. segment offers a broad range of protection products and services aimed at serving the financial needs of customers throughout their lives. These products are sold to corporations and their respective employees, other institutions and their respective members, as well as individuals. The U.S. segment is organized into three businesses: Group Benefits, Retirement and Income Solutions and Property & Casualty. • The Group Benefits business offers insurance products and services which include life, dental, group short- and long-term disability, individual disability, accidental death and dismemberment, critical illness, vision and accident & health coverages, as well as prepaid legal plans. This business also sells administrative services-only arrangements to some employers. • The Retirement and Income Solutions business offers a broad range of annuity and investment products, including guaranteed interest contracts and other stable value products, institutional income annuities and separate account contracts for the investment management of defined benefit and defined contribution plan assets. This business also includes structured settlements and certain products to fund postretirement benefits and company-, bank- or trust-owned life insurance used to finance nonqualified benefit programs for executives. • The Property & Casualty business offers personal and commercial lines of property and casualty insurance, including private passenger automobile, homeowners’ and personal excess liability insurance. In addition, Property & Casualty offers small business owners property, liability and business interruption insurance. Asia The Asia segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include whole life, term life, variable life, universal life, accident & health insurance, fixed and variable annuities, credit insurance and endowment products. Latin America The Latin America segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident & health insurance, group medical, dental, credit insurance, endowment and retirement and savings products. EMEA The EMEA segment offers a broad range of products to both individuals and corporations, as well as other institutions and their respective employees, which include life insurance, accident & health insurance, credit insurance, annuities, endowment and retirement and savings products. MetLife Holdings The MetLife Holdings segment consists of operations relating to products and businesses no longer actively marketed by the Company in the United States. These products and businesses include variable, universal, term and whole life, as well as variable, fixed and index-linked annuities. The MetLife Holdings segment also includes the Company’s discontinued long-term care business and the assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. Corporate & Other Corporate & Other contains the excess capital, as well as certain charges and activities, not allocated to the segments, including external integration and disposition costs, internal resource costs for associates committed to acquisitions and dispositions, enterprise-wide strategic initiative restructuring charges and various start-up businesses (including expatriate benefits insurance and the investment management business through which the Company offers fee-based investment management services to institutional clients, as well as the direct to consumer portion of the U.S. Direct business). Corporate & Other also includes interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. In addition, Corporate & Other includes the elimination of intersegment amounts, which generally relate to affiliated reinsurance and intersegment loans, which bear interest rates commensurate with related borrowings. As a result of the Separation, Corporate & Other includes corporate overhead costs previously allocated to the former Brighthouse Financial segment. Financial Measures and Segment Accounting Policies Operating earnings is used by management to evaluate performance and allocate resources. Consistent with GAAP guidance for segment reporting, operating earnings is also the Company’s GAAP measure of segment performance and is reported below. Operating earnings should not be viewed as a substitute for income (loss) from continuing operations, net of income tax. The Company believes the presentation of operating earnings as the Company measures it for management purposes enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Operating earnings allows analysis of the Company’s performance relative to the Company’s business plan and facilitates comparisons to industry results. Operating earnings is defined as operating revenues less operating expenses, both net of income tax. The financial measures of operating revenues and operating expenses focus on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends, and revenues and costs related to non-core products and certain entities required to be consolidated under GAAP. Also, these measures exclude results of discontinued operations under GAAP and other businesses that have been or will be sold or exited by MetLife but do not meet the discontinued operations criteria under GAAP and are referred to as divested businesses. Divested businesses also includes the net impact of transactions with exited businesses that have been eliminated in consolidation under GAAP and costs relating to businesses that have been or will be sold or exited by MetLife that do not meet the criteria to be included in results of discontinued operations under GAAP. In addition, for the three months ended March 31, 2016 and the nine months ended September 30, 2016 , operating revenues and operating expenses exclude the financial impact of converting the Company’s Japan operations to calendar year-end reporting without retrospective application of this change to prior periods and is referred to as lag elimination. Operating revenues also excludes net investment gains (losses) and net derivative gains (losses). Operating expenses also excludes goodwill impairments. The following additional adjustments are made to revenues, in the line items indicated, in calculating operating revenues: • Universal life and investment-type product policy fees excludes the amortization of unearned revenue related to net investment gains (losses) and net derivative gains (losses) and certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”); and • Net investment income: (i) includes earned income on derivatives and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment,(ii) excludes post-tax operating earnings adjustments relating to insurance joint ventures accounted for under the equity method, (iii) excludes certain amounts related to contractholder-directed unit-linked investments and (iv) excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other revenues are adjusted for settlements of foreign currency earnings hedges. The following additional adjustments are made to expenses, in the line items indicated, in calculating operating expenses: • Policyholder benefits and claims and policyholder dividends excludes: (i) changes in the policyholder dividend obligation related to net investment gains (losses) and net derivative gains (losses), (ii) inflation-indexed benefit adjustments associated with contracts backed by inflation-indexed investments and amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and other pass through adjustments, (iii) benefits and hedging costs related to GMIBs (“GMIB Costs”) and (iv) market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); • Interest credited to policyholder account balances includes adjustments for earned income on derivatives and amortization of premium on derivatives that are hedges of policyholder account balances but do not qualify for hedge accounting treatment and excludes amounts related to net investment income earned on contractholder-directed unit-linked investments; • Amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) excludes amounts related to: (i) net investment gains (losses) and net derivative gains (losses), (ii) GMIB Fees and GMIB Costs and (iii) Market Value Adjustments; • Amortization of negative VOBA excludes amounts related to Market Value Adjustments; • Interest expense on debt excludes certain amounts related to securitization entities that are VIEs consolidated under GAAP; and • Other expenses excludes costs related to: (i) noncontrolling interests, (ii) implementation of new insurance regulatory requirements and (iii) acquisition, integration and other costs. Operating earnings also excludes the recognition of certain contingent assets and liabilities that could not be recognized at acquisition or adjusted for during the measurement period under GAAP business combination accounting guidance. The tax impact of the adjustments mentioned above are calculated net of the U.S. or foreign statutory tax rate, which could differ from the Company’s effective tax rate. Additionally, the provision for income tax (expense) benefit also includes the impact related to the timing of certain tax credits, as well as certain tax reforms. Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the three months and nine months ended September 30, 2017 and 2016 . The segment accounting policies are the same as those used to prepare the Company’s consolidated financial statements, except for operating earnings adjustments as defined above. In addition, segment accounting policies include the method of capital allocation described below. Economic capital is an internally developed risk capital model, the purpose of which is to measure the risk in the business and to provide a basis upon which capital is deployed. The economic capital model accounts for the unique and specific nature of the risks inherent in the Company’s business. The Company’s economic capital model, coupled with considerations of local capital requirements, aligns segment allocated equity with emerging standards and consistent risk principles. The model applies statistics-based risk evaluation principles to the material risks to which the Company is exposed. These consistent risk principles include calibrating required economic capital shock factors to a specific confidence level and time horizon while applying an industry standard method for the inclusion of diversification benefits among risk types. The Company’s management is responsible for the ongoing production and enhancement of the economic capital model and reviews its approach periodically to ensure that it remains consistent with emerging industry practice standards. Segment net investment income is credited or charged based on the level of allocated equity; however, changes in allocated equity do not impact the Company’s consolidated net investment income, income (loss) from continuing operations, net of income tax or operating earnings. Net investment income is based upon the actual results of each segment’s specifically identifiable investment portfolios adjusted for allocated equity. Other costs are allocated to each of the segments based upon: (i) a review of the nature of such costs; (ii) time studies analyzing the amount of employee compensation costs incurred by each segment; and (iii) cost estimates included in the Company’s product pricing. Operating Results Three Months Ended September 30, 2017 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 6,987 $ 1,696 $ 701 $ 527 $ 989 $ 13 $ 10,913 $ (37 ) $ 10,876 Universal life and investment-type product policy fees 247 458 229 109 349 — 1,392 36 1,428 Net investment income 1,602 762 299 77 1,390 26 4,156 139 4,295 Other revenues 197 11 7 (2 ) 37 65 315 (14 ) 301 Net investment gains (losses) — — — — — — — (606 ) (606 ) Net derivative gains (losses) — — — — — — — (190 ) (190 ) Total revenues 9,033 2,927 1,236 711 2,765 104 16,776 (672 ) 16,104 Expenses Policyholder benefits and claims and policyholder dividends 6,904 1,223 640 282 1,661 7 10,717 230 10,947 Interest credited to policyholder account balances 376 349 99 26 255 — 1,105 233 1,338 Capitalization of DAC (126 ) (420 ) (94 ) (109 ) (14 ) (2 ) (765 ) 4 (761 ) Amortization of DAC and VOBA 118 424 — 78 (70 ) 3 553 73 626 Amortization of negative VOBA — (24 ) (1 ) (5 ) — — (30 ) (2 ) (32 ) Interest expense on debt 2 — 1 — 2 279 284 — 284 Other expenses 933 905 377 347 322 237 3,121 80 3,201 Total expenses 8,207 2,457 1,022 619 2,156 524 14,985 618 15,603 Provision for income tax expense (benefit) 280 156 51 21 199 (90 ) 617 (1,009 ) (392 ) Operating earnings $ 546 $ 314 $ 163 $ 71 $ 410 $ (330 ) 1,174 Adjustments to: Total revenues (672 ) Total expenses (618 ) Provision for income tax (expense) benefit 1,009 Income (loss) from continuing operations, net of income tax $ 893 $ 893 Operating Results Three Months Ended September 30, 2016 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 5,936 $ 1,822 $ 653 $ 500 $ 1,093 $ 41 $ 10,045 $ (206 ) $ 9,839 Universal life and investment-type product policy fees 245 394 227 104 357 — 1,327 14 1,341 Net investment income 1,590 707 311 81 1,537 53 4,279 330 4,609 Other revenues 192 12 11 17 105 22 359 (3 ) 356 Net investment gains (losses) — — — — — — — 231 231 Net derivative gains (losses) — — — — — — — (543 ) (543 ) Total revenues 7,963 2,935 1,202 702 3,092 116 16,010 (177 ) 15,833 Expenses Policyholder benefits and claims and policyholder dividends 5,894 1,363 681 257 1,853 31 10,079 (165 ) 9,914 Interest credited to policyholder account balances 322 331 85 28 261 (1 ) 1,026 518 1,544 Capitalization of DAC (124 ) (440 ) (83 ) (103 ) (44 ) 1 (793 ) 23 (770 ) Amortization of DAC and VOBA 117 331 (2 ) 106 219 1 772 (112 ) 660 Amortization of negative VOBA — (46 ) (1 ) (3 ) — — (50 ) (5 ) (55 ) Interest expense on debt 2 — 1 — 15 275 293 (13 ) 280 Other expenses 912 930 335 332 401 85 2,995 106 3,101 Total expenses 7,123 2,469 1,016 617 2,705 392 14,322 352 14,674 Provision for income tax expense (benefit) 288 142 53 11 121 (288 ) 327 (192 ) 135 Operating earnings $ 552 $ 324 $ 133 $ 74 $ 266 $ 12 1,361 Adjustments to: Total revenues (177 ) Total expenses (352 ) Provision for income tax (expense) benefit 192 Income (loss) from continuing operations, net of income tax $ 1,024 $ 1,024 Operating Results Nine Months Ended September 30, 2017 U.S. Asia Latin EMEA MetLife Holdings Corporate & Other Total Adjustments Total (In millions) Revenues Premiums $ 18,049 $ 5,063 $ 1,993 $ 1,534 $ 3,070 $ 59 $ 29,768 $ (347 ) $ 29,421 Universal life and investment-type product policy fees 763 1,199 764 296 1,056 — 4,078 74 4,152 Net investment income 4,789 2,193 891 229 4,232 107 12,441 468 12,909 Other revenues 600 32 24 43 170 185 1,054 (119 ) 935 Net investment gains (losses) — — — — — — — (439 ) (439 ) Net derivative gains (losses) — — — — — — — (663 ) (663 ) Total revenues 24,201 8,487 3,672 2,102 8,528 351 47,341 (1,026 ) 46,315 Expenses Policyholder benefits and claims and policyholder dividends 18,017 3,785 1,869 821 5,117 33 29,642 206 29,848 Interest credited to policyholder account balances 1,086 1,003 275 75 767 1 3,207 874 4,081 Capitalization of DAC (342 ) (1,268 ) (264 ) (301 ) (71 ) (6 ) (2,252 ) 34 (2,218 ) Amortization of DAC and VOBA 346 1,005 146 260 143 5 1,905 40 1,945 Amortization of negative VOBA — (91 ) (1 ) (13 ) — — (105 ) (8 ) (113 ) Interest expense on debt 8 — 4 — 22 833 867 (16 ) 851 Other expenses 2,756 2,675 1,060 995 1,032 649 9,167 272 9,439 Total expenses 21,871 7,109 3,089 1,837 7,010 1,515 42,431 1,402 43,833 Provision for income tax expense (benefit) 782 459 123 47 488 (642 ) 1,257 (1,405 ) (148 ) Operating earnings $ 1,548 $ 919 $ 460 $ 218 $ 1,030 $ (522 ) 3,653 Adjustments to: Total revenues (1,026 ) Total expenses (1,402 ) Provision for income tax (expense) benefit 1,405 Income (loss) from continuing operations, net of income tax $ 2,630 $ 2,630 Operating Results Nine Months Ended September 30, 2016 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total (In millions) Revenues Premiums $ 16,127 $ 5,161 $ 1,885 $ 1,519 $ 3,312 $ 50 $ 28,054 $ (98 ) $ 27,956 Universal life and investment-type product policy fees 743 1,114 764 294 1,073 2 3,990 137 4,127 Net investment income 4,615 2,003 809 244 4,489 141 12,301 226 12,527 Other revenues 589 45 26 56 512 70 1,298 11 1,309 Net investment gains (losses) — — — — — — — 598 598 Net derivative gains (losses) — — — — — — — 1,438 1,438 Total revenues 22,074 8,323 3,484 2,113 9,386 263 45,643 2,312 47,955 Expenses Policyholder benefits and claims and policyholder dividends 16,210 3,923 1,814 801 5,603 23 28,374 (56 ) 28,318 Interest credited to policyholder account balances 967 974 249 87 780 5 3,062 757 3,819 Capitalization of DAC (356 ) (1,251 ) (236 ) (310 ) (240 ) (7 ) (2,400 ) (22 ) (2,422 ) Amortization of DAC and VOBA 353 921 127 311 636 7 2,355 (303 ) 2,052 Amortization of negative VOBA — (167 ) (1 ) (10 ) — — (178 ) (43 ) (221 ) Interest expense on debt 7 — 1 — 43 862 913 (38 ) 875 Other expenses 2,772 2,658 968 1,001 1,861 401 9,661 351 10,012 Total expenses 19,953 7,058 2,922 1,880 8,683 1,291 41,787 646 42,433 Provision for income tax expense (benefit) 720 377 141 32 203 (658 ) 815 438 1,253 Operating earnings $ 1,401 $ 888 $ 421 $ 201 $ 500 $ (370 ) 3,041 Adjustments to: Total revenues 2,312 Total expenses (646 ) Provision for income tax (expense) benefit (438 ) Income (loss) from continuing operations, net of income tax $ 4,269 $ 4,269 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: September 30, 2017 December 31, 2016 (In millions) U.S. $ 258,651 $ 253,683 Asia 134,070 120,656 Latin America 77,617 67,233 EMEA 30,244 25,596 MetLife Holdings 185,054 184,276 Corporate & Other (1) 34,879 247,320 Total $ 720,515 $ 898,764 __________________ (1) Includes assets of disposed subsidiary of $216,983 million at December 31, 2016. |
Separation
Separation | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operation, Additional Disclosures [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. Separation Separation of Brighthouse In January 2016, MetLife, Inc. announced its plan to separate a substantial portion of its former Retail segment, as well as certain portions of its former Corporate Benefit Funding segment and Corporate & Other. MetLife, Inc. subsequently re-segmented the business to be separated and rebranded it as “Brighthouse Financial.” On July 6, 2017, MetLife, Inc. announced that the U.S. Securities and Exchange Commission (“SEC”) declared Brighthouse Financial, Inc.’s registration statement on Form 10 effective. Additionally, all required state regulatory approvals were granted. On August 4, 2017, MetLife, Inc. completed the separation of Brighthouse. MetLife, Inc. common shareholders received a distribution of one share of Brighthouse Financial, Inc. common stock for every 11 shares of MetLife, Inc. common stock they owned as of 5:00 p.m., New York City time, on the July 19, 2017 record date. Shareholders of MetLife, Inc. who owned less than 11 shares of common stock, or others who would have otherwise received fractional shares, received cash. MetLife, Inc. distributed 96,776,670 of the 119,773,106 shares of Brighthouse Financial, Inc. common stock outstanding, representing approximately 80.8% of those shares. Certain MetLife affiliates hold MetLife, Inc. common stock and, as a result, participated in the distribution. The loss recognized in the third quarter of 2017 in connection with the Separation was $1,084 million , net of income tax, which includes: (i) a $1,061 million loss on MetLife's retained investment in Brighthouse Financial, Inc., (ii) a $42 million net tax charge and (iii) a $42 million charge, net of income tax, for transaction costs, partially offset by a $61 million gain, net of income tax, for previously deferred intercompany gains realized upon Separation. The $42 million net tax charge is comprised of a $1,093 million tax separation agreement charge offset by $1,051 million of Separation tax benefits. Of the $1,084 million total loss, net of income tax, a $104 million loss, net of income tax, was reported within continuing operations as (i) a $738 million net investment loss, (ii) a $147 million charge within policyholder benefits and claims, (iii) a $107 million charge within other expenses, and (iv) an $888 million income tax benefit. The remaining $980 million loss was reported within discontinued operations, which primarily includes a tax-related charge. For the nine months ended September 30, 2017, the loss recognized in connection with the Separation was $1,347 million , net of income tax, which included additional transaction costs. Of the $1,347 million total loss, net of income tax, a $176 million loss, net of income tax, was reported within continuing operations as (i) a $738 million net investment loss, (ii) a $147 million charge within policyholder benefits and claims, (iii) a $218 million charge within other expenses, and (iv) a $927 million income tax benefit. The remaining $1,171 million loss was reported within discontinued operations, which primarily includes a tax-related charge. MetLife, Inc. retained the remaining ownership interest of 22,996,436 shares, or 19.2% , of Brighthouse Financial, Inc. common stock and recognized its investment in Brighthouse Financial, Inc. common stock based on the NASDAQ reported market price. The Company elected to record the investment under the FVO as an observable measure of estimated fair value that is aligned with the Company’s intent to divest of the retained shares as soon as practicable. Subsequent changes in estimated fair value of the investment are recorded to net investment gains (losses). The estimated fair value of the Brighthouse Financial, Inc. common stock held by the Company (“FVO Brighthouse Common Stock”) as of September 30, 2017 was $1.4 billion reported within fair value option securities. In the third quarter of 2017, the Company recorded a $1,016 million mark-to-market loss on its retained investment in Brighthouse Financial, Inc. to net investment gains (losses) at Separation and an additional $45 million loss to net investment gains (losses) for the change in Brighthouse Financial, Inc.’s common stock share price from the Separation date to September 30, 2017. As of the Separation date, the Company evaluated the assets of Brighthouse for potential impairment, and determined that no impairment charge was required. The Company incurred pre-tax Separation-related transaction costs of $64 million and $470 million for the three months and nine months ended September 30, 2017, respectively, primarily related to fees for the terminations of financing arrangements and professional services. The Company incurred pre-tax Separation-related transaction costs of $51 million and $108 million for the three months and nine months ended September 30, 2016, respectively, primarily related to professional services. For the three months and nine months ended September 30, 2017, the Company reported $39 million and $333 million , respectively, within discontinued operations for fees for the terminations of financing arrangements and costs required to complete the Separation. All other Separation-related transaction costs are recorded in other expenses and reported within continuing operations. Upon Separation, MetLife, Inc. terminated a net worth maintenance agreement with Brighthouse Life Insurance Company of NY (formerly, First MetLife Investors Insurance Company) in accordance with its terms. See Schedule II included in the 2016 Annual Report for further information. Agreements In connection with the Separation, MetLife and Brighthouse entered into various agreements. The significant agreements were as follows: Master Separation Agreement MetLife entered into a master separation agreement with Brighthouse prior to the completion of the distribution. The master separation agreement sets forth agreements with Brighthouse relating to the ownership of certain assets and the allocation of certain liabilities in connection with the separation of Brighthouse from MetLife. It also sets forth other agreements governing the relationship with Brighthouse after the distribution, including certain payment obligations between the parties. Tax Agreements Immediately prior to the Separation, MetLife entered into a tax separation agreement with Brighthouse. Among other things, the tax separation agreement governs the allocation between MetLife and Brighthouse of the responsibility for the taxes of the MetLife group. The tax separation agreement also allocates rights, obligations and responsibilities in connection with certain administrative matters relating to the preparation of tax returns and control of tax audits and other proceedings relating to taxes. For the taxable periods prior to Separation, MetLife and Brighthouse have joint and several liability for the MetLife consolidated U.S. federal income tax returns’ current taxes (and the benefits of tax attributes such as losses) allocated to Brighthouse. The tax separation agreement provides that the Brighthouse allocation of taxes could vary depending upon the outcome of Internal Revenue Service examinations. Upon Separation, the Company recorded a current income tax receivable of $1.4 billion and a corresponding payable to Brighthouse reported in other liabilities. On October 2, 2017, in accordance with the tax separation agreement, $729 million of this amount was paid by MetLife to Brighthouse. As part of the tax separation agreement, MetLife is liable for the U.S. federal income tax cost of a discrete Separation‑related tax charge incurred by Brighthouse. The income tax charge arises from the recapture of certain tax benefits incurred prior to Separation, and is caused by the deconsolidation of Brighthouse from the MetLife tax group at Separation. As a result, during the three months ended September 30, 2017, the Company recorded a decrease to current income tax recoverable and a charge to provision for income tax expense (benefit) of $1,093 million , which was reported in discontinued operations. Additionally, MetLife has the right to receive future payments from Brighthouse for a tax asset that Brighthouse received as a result of restructuring prior to the Separation. Included in other assets at September 30, 2017, is a receivable from Brighthouse of $555 million related to these future payments. Transactions Prior to the Separation Prior to the Separation, the Company completed the following transactions in 2017. See “— Discontinued Operations” for additional information. Contributions of Entities, Mergers and Dividend In April 2017, following receipt of applicable regulatory approvals, MetLife contributed certain captive reinsurance companies to Brighthouse Life Insurance Company (“Brighthouse Insurance”), which were merged into Brighthouse Reinsurance Company of Delaware (“BRCD”), a newly-formed captive reinsurance company that is wholly-owned by Brighthouse Insurance. In July 2017, MetLife, Inc. contributed the voting common interests of Brighthouse Holdings, LLC, a subsidiary of MetLife, Inc., to Brighthouse Financial, Inc. Brighthouse Holdings, LLC is an intermediate holding company, which owns all of the subsidiaries within Brighthouse. On August 3, 2017, Brighthouse Financial, Inc. paid a cash dividend to MetLife, Inc. of $1.8 billion in connection with the Separation. Termination of Financing Arrangements In April 2017, MetLife, Inc. and MetLife Reinsurance Company of South Carolina (“MRSC”) terminated the MRSC collateral financing arrangement associated with secondary guarantees. As a result, the $2.8 billion collateral financing arrangement liability outstanding was extinguished utilizing $2.8 billion of assets held in trust with the remaining $590 million of assets held in trust returned to MetLife, Inc. as a cash return of capital from a subsidiary. Total fees associated with the termination were $37 million and were reported in discontinued operations. In April 2017, MetLife, Inc. and MetLife Reinsurance Company of Vermont (“MRV”) terminated the $4.3 billion committed facility, and MetLife, Inc. and MRSC terminated the $3.5 billion committed facility. Total fees associated with the terminations were $257 million and were reported in discontinued operations. See Note 9 for discussion of impacts to the junior subordinated debentures as a result of the Separation. New Financing Arrangements In April 2017, BRCD entered into a new financing arrangement with a pool of highly rated third-party reinsurers with a total capacity of $10.0 billion . This financing arrangement consists of credit-linked notes that each has a term of 20 years. In June 2017, Brighthouse Holdings, LLC issued 50,000 units of 6.50% fixed rate cumulative preferred units to MetLife, Inc. and in turn MetLife, Inc. sold the preferred units to third-party investors, for net proceeds of $49 million . In June 2017, Brighthouse Financial, Inc. issued $1.5 billion of senior notes due in June 2027 (the “2027 Senior Notes”) which bear interest at a fixed rate of 3.70% , payable semi-annually. Also in June 2017, Brighthouse Financial, Inc. issued $1.5 billion of senior notes due in June 2047 (the “2047 Senior Notes,” and together with the 2027 Senior Notes, the “Senior Notes”) which bear interest at a fixed rate of 4.70% , payable semi-annually. In connection with the issuance of the Senior Notes, MetLife, Inc. had initially guaranteed the Senior Notes on a senior unsecured basis. The guarantee was released, in accordance with its terms, in connection with consummation of the Separation. In June 2017, subsequent to the issuance of the Senior Notes, the borrowing capacity under Brighthouse Financial, Inc.’s three-year senior unsecured delayed draw term loan agreement (the “2016 Term Loan Agreement”) was decreased from $3.0 billion to $536 million . On July 21, 2017, concurrently with entering into a new term loan agreement described below, Brighthouse Financial, Inc. terminated the 2016 Term Loan Agreement without penalty. In July 2017, Brighthouse Financial, Inc. entered into a new $600 million senior unsecured delayed draw term loan agreement (the “2017 Term Loan Agreement”). Under the 2017 Term Loan Agreement, Brighthouse Financial, Inc. may borrow up to a maximum of $600 million which may be used for general corporate purposes, including in connection with the Separation, of which $500 million was available prior to the Separation. The 2017 Term Loan Agreement contains certain covenants that could restrict the operations and use of funds of Brighthouse. On August 2, 2017, Brighthouse Financial, Inc. borrowed $500 million under the 2017 Term Loan Agreement in connection with the Separation. Termination of Support Agreements In April 2017, in connection with the contribution of entities, mergers and financing transactions discussed above, MetLife, Inc. terminated various support agreements with the captive reinsurance companies merged into BRCD. See Schedule II included in the 2016 Annual Report for information on the support agreements that were terminated. Ongoing Transactions with Brighthouse The Company considered all of its continuing involvement with Brighthouse in determining to deconsolidate and present Brighthouse results as discontinued operations, including the agreements described above and the ongoing transactions described below. The Company entered into reinsurance, committed facility, structured settlement, and contract administrative services transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. In addition, prior to and in connection with the Separation, the Company entered into various other agreements with Brighthouse for services necessary for both the Company and Brighthouse to conduct their activities. Intercompany transactions prior to the Separation between the Company and Brighthouse are eliminated and excluded from the interim condensed consolidated statements of operations and comprehensive income (loss) and interim condensed consolidated balance sheets. Transactions between the Company and Brighthouse that continue after the Separation are included on the Company’s interim condensed consolidated statements of operations and comprehensive income (loss) and interim condensed consolidated balance sheets. Reinsurance The Company entered into reinsurance transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. Information regarding the significant effects of reinsurance transactions with Brighthouse was as follows: Included on Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Excluded from Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Three and Nine Months Ended September 30, Three Months Nine Months 2017 (1) 2017 (2) 2016 2017 (2) 2016 (In millions) Premiums Reinsurance assumed $ 70 $ 36 $ 111 $ 248 $ 338 Reinsurance ceded (2 ) 1 (3 ) (7 ) (10 ) Net premiums $ 68 $ 37 $ 108 $ 241 $ 328 Universal life and investment-type product policy fees Reinsurance assumed $ (1 ) $ (1 ) $ (2 ) $ (6 ) $ (2 ) Reinsurance ceded (22 ) (8 ) (30 ) (55 ) (76 ) Net universal life and investment-type product policy fees $ (23 ) $ (9 ) $ (32 ) $ (61 ) $ (78 ) Policyholder benefits and claims Reinsurance assumed $ 55 $ 30 $ 103 $ 196 $ 286 Reinsurance ceded (6 ) (3 ) (14 ) (16 ) (9 ) Net policyholder benefits and claims $ 49 $ 27 $ 89 $ 180 $ 277 Interest credited to policyholder account balances Reinsurance assumed $ 3 $ 1 $ 4 $ 10 $ 12 Reinsurance ceded (12 ) (6 ) (18 ) (42 ) (56 ) Net interest credited to policyholder account balances $ (9 ) $ (5 ) $ (14 ) $ (32 ) $ (44 ) Other expenses Reinsurance assumed $ 6 $ 4 $ 18 $ 10 $ 63 Reinsurance ceded (7 ) (3 ) (8 ) (28 ) (24 ) Net other expenses $ (1 ) $ 1 $ 10 $ (18 ) $ 39 __________________ (1) Includes transactions after the Separation. (2) Includes transactions prior to the Separation. Information regarding the significant effects of reinsurance transactions with Brighthouse included on the interim condensed consolidated balance sheets was as follows at: September 30, 2017 Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 162 $ 1,786 Deferred policy acquisition costs and value of business acquired 393 (22 ) Total assets $ 555 $ 1,764 Liabilities Future policy benefits $ 1,666 $ — Other policy-related balances 121 29 Other liabilities 1,460 22 Total liabilities $ 3,247 $ 51 Investment Management In connection with the Separation, the Company entered into investment management services agreements with Brighthouse. Each agreement has an initial term of 18 months after the date of Separation, after which period either party to the agreement is permitted to terminate upon notice to the other party. After the Separation, during both the three months and nine months ended September 30, 2017, the Company recognized $18 million in other revenues for services provided under the agreements. Prior to the Separation, during the three months and nine months ended September 30, 2017, the Company charged Brighthouse $8 million and $57 million , respectively, for services provided under the agreements, which were intercompany transactions and eliminated and excluded from the interim condensed consolidated statement of operations and comprehensive income (loss). Debt MRV and MetLife, Inc. have a $2.9 billion committed facility which is used as collateral for certain affiliated reinsurance liabilities. As of September 30, 2017, Brighthouse is a beneficiary of $2.3 billion of letters of credit issued under this committed facility and in consideration Brighthouse reimburses MetLife, Inc. a portion of the letter of credit fees. The Company entered into the committed facility with Brighthouse in the normal course of business and such transactions will continue based upon business needs. See “— Transactions Prior to the Separation — Termination of Financing Arrangements” for additional transactions with Brighthouse. Transition Services In connection with the Separation, the Company entered into a transition services agreement with Brighthouse for services necessary for Brighthouse to conduct their activities. The services are expected to continue up to 36 months , with certain services potentially to be made available for several years thereafter. After the Separation, during the three months ended September 30, 2017, the Company recognized $60 million as a reduction to other expenses for transitional services provided under the agreement. Prior to the Separation, during the three months and nine months ended September 30, 2017, the Company charged Brighthouse $27 million and $191 million , respectively, for services provided under the agreement, which were intercompany transactions and eliminated and excluded from the interim condensed consolidated statement of operations and comprehensive income (loss). Other The Company has existing assumed structured settlement claim obligations as an assignment company for Brighthouse. These liabilities are measured at the present value of the periodic claims to be provided and reported as other policy-related balances. The Company receives a fee for assuming these claim obligations and, as the assignee of the claim, is legally obligated to ensure periodic payments are made to the claimant. The Company purchased annuities from Brighthouse to fund these obligations and designates payments to be made directly to the claimant by Brighthouse as the annuity writer. The aggregate contract values of annuities funding structured settlement claims are recorded as an asset for which the Company has also recorded an unpaid claim obligation reported in other policy-related balances. Such aggregated contract values were $ 1.3 billion at September 30, 2017. The Company entered into these transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. The Company provides services necessary for Brighthouse to conduct its business, which primarily include contract administrative services for certain Brighthouse investment-type products. After the Separation, during both the three months and nine months ended September 30, 2017, the Company recognized $21 million in universal life and investment-type product policy fees for administrative services provided to Brighthouse. Prior to the Separation, during the three months and nine months ended September 30, 2017, the Company provided administrative services to Brighthouse for $10 million and $73 million , respectively, which were intercompany transactions and eliminated and excluded from the interim condensed consolidated statement of operations and comprehensive income (loss). The Company entered into these transactions with Brighthouse in the normal course of business and such transactions will continue based upon business needs. In connection with the Separation, the Company entered into an employee matters agreement with Brighthouse to allocate obligations and responsibilities relating to employee compensation and benefit plans and other related matters. The employee matters agreement provides that MetLife will reimburse Brighthouse for certain pension benefit payments, retiree health and life benefit payments and deferred compensation payments. Included in other liabilities at September 30, 2017, is a payable to Brighthouse of $186 million related to these future payments. At September 30, 2017, the Company had a net receivable from Brighthouse of $ 40 million related to services provided and received. Discontinued Operations The following table presents the amounts related to the operations and loss on disposal of Brighthouse that have been reflected in discontinued operations: Three Months September 30, Nine Months Ended September 30, 2017 (1) 2016 2017 (1) 2016 (In millions) Revenues Premiums $ 116 $ 552 $ 820 $ 1,544 Universal life and investment-type product policy fees 320 955 2,201 2,799 Net investment income 243 857 1,783 2,384 Other revenues 27 8 150 31 Total net investment gains (losses) 1 26 (53 ) (60 ) Net derivative gains (losses) (171 ) (509 ) (1,061 ) (3,254 ) Total revenues 536 1,889 3,840 3,444 Expenses Policyholder benefits and claims 335 1,244 2,217 3,414 Interest credited to policyholder account balances 89 276 620 827 Policyholder dividends 2 10 16 27 Goodwill impairment — 260 — 260 Other expenses 108 710 853 1,068 Total expenses 534 2,500 3,706 5,596 Income (loss) from discontinued operations before provision for income tax and loss on disposal of discontinued operations 2 (611 ) 134 (2,152 ) Provision for income tax expense (benefit) (10 ) (160 ) (48 ) (773 ) Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax 12 (451 ) 182 (1,379 ) Transaction costs associated with the Separation, net of income tax (25 ) — (216 ) — Tax charges associated with the Separation (955 ) — (955 ) — Income (loss) on disposal of discontinued operations, net of income tax (980 ) — (1,171 ) — Income (loss) from discontinued operations, net of income tax $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) __________________ (1) Includes transactions prior to the Separation. The following table presents the amounts related to the financial position of Brighthouse that have been reflected in the assets and liabilities of disposed subsidiary: December 31, 2016 (In millions) Assets Investments: Fixed maturity securities available-for-sale $ 61,326 Equity securities available-for-sale 300 Mortgage loans 9,378 Policy loans 1,517 Real estate and real estate joint ventures 150 Other limited partnership interests 1,642 Short-term investments 1,288 Other invested assets 3,881 Total investments 79,482 Cash and cash equivalents 5,226 Accrued investment income 680 Premiums, reinsurance and other receivables 10,636 Deferred policy acquisition costs and value of business acquired 7,207 Other assets 709 Separate account assets 113,043 Total assets of disposed subsidiary $ 216,983 Liabilities Future policy benefits $ 33,270 Policyholder account balances 37,066 Other policy-related balances 1,356 Policyholder dividends payable 12 Payables for collateral under securities loaned and other transactions 7,390 Long-term debt 60 Collateral financing arrangements 2,797 Deferred income tax liability 2,594 Other liabilities 5,119 Separate account liabilities 113,043 Total liabilities of disposed subsidiary $ 202,707 In the consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. As such, the following table presents selected financial information regarding cash flows of the discontinued operation. Nine Months 2017 2016 (In millions) Net cash provided by (used in): Operating activities $ 1,329 $ 2,590 Investing activities $ (2,732 ) $ (5,074 ) Financing activities $ (367 ) $ 3,739 |
Insurance
Insurance | 9 Months Ended |
Sep. 30, 2017 | |
Insurance [Abstract] | |
Insurance | 4. Insurance Guarantees As discussed in Notes 1 and 4 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report, the Company issues directly and assumes through reinsurance variable annuity products with guaranteed minimum benefits. Guaranteed minimum accumulation benefits (“GMABs”) and the portions of both non-life-contingent guaranteed minimum withdrawal benefits (“GMWBs”) and the GMIBs that do not require annuitization are accounted for as embedded derivatives in policyholder account balances and are further discussed in Note 7 . The Company also issues other annuity contracts that apply a lower rate on funds deposited if the contractholder elects to surrender the contract for cash and a higher rate if the contractholder elects to annuitize. These guarantees include benefits that are payable in the event of death, maturity or at annuitization. Certain other annuity contracts contain guaranteed annuitization benefits that may be above what would be provided by the current account value of the contract. Additionally, the Company issues universal and variable life contracts where the Company contractually guarantees to the contractholder a secondary guarantee or a guaranteed paid-up benefit. Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: September 30, 2017 December 31, 2016 In the At In the At (Dollars in millions) Annuity Contracts (1): Variable Annuity Guarantees: Total account value (2), (3) $ 66,814 $ 26,098 $ 66,176 $ 25,335 Separate account value $ 45,046 $ 24,179 $ 43,359 $ 23,330 Net amount at risk (2) $ 1,401 (4 ) $ 568 (5 ) $ 1,842 (4 ) $ 521 (5 ) Average attained age of contractholders 65 years 65 years 64 years 65 years Other Annuity Guarantees: Total account value (3) N/A $ 1,432 N/A $ 1,393 Net amount at risk N/A $ 580 (6 ) N/A $ 490 (6 ) Average attained age of contractholders N/A 50 years N/A 50 years September 30, 2017 December 31, 2016 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts (1): Total account value (3) $ 8,796 $ 3,238 $ 8,363 $ 3,337 Net amount at risk (7) $ 67,950 $ 16,905 $ 70,225 $ 17,785 Average attained age of policyholders 56 years 63 years 55 years 62 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2) Includes amounts, which are not reported on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. (3) Includes the contractholder’s investments in the general account and separate account, if applicable. (4) Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5) Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6) Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7) Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. Liabilities for Unpaid Claims and Claim Expenses Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Nine Months 2017 2016 (In millions) Balance at December 31 of prior period $ 16,151 $ 9,669 Less: Reinsurance recoverables 1,226 476 Net Balance at December 31 of prior period 14,925 9,193 Cumulative adjustment (1) — 4,897 Net balance, beginning of period 14,925 14,090 Incurred related to: Current period 18,028 18,157 Prior periods (2) 156 147 Total incurred 18,184 18,304 Paid related to: Current period (13,880 ) (12,818 ) Prior periods (4,213 ) (4,620 ) Total paid (18,093 ) (17,438 ) Net balance, end of period 15,016 14,956 Add: Reinsurance recoverables 2,205 2,052 Balance, end of period (included in future policy benefits and other policy-related balances) $ 17,221 $ 17,008 __________________ (1) Reflects the accumulated adjustment, net of reinsurance, upon implementation of the new short-duration contracts guidance which clarified the requirement to include claim information for long-duration contracts. The accumulated adjustment primarily reflects unpaid claim liabilities, net of reinsurance, for long-duration contracts as of the beginning of the period presented. (2) During both the nine months ended September 30, 2017 and 2016, as a result of changes in estimates of insured events in the respective prior periods, the claims and claim adjustment expenses associated with prior periods increased due to unfavorable claims experience. |
Closed Block
Closed Block | 9 Months Ended |
Sep. 30, 2017 | |
Closed Block Disclosure [Abstract] | |
Closed Block | 5. Closed Block On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item. Information regarding the closed block liabilities and assets designated to the closed block was as follows at: September 30, 2017 December 31, 2016 (In millions) Closed Block Liabilities Future policy benefits $ 40,489 $ 40,834 Other policy-related balances 193 257 Policyholder dividends payable 483 443 Policyholder dividend obligation 2,201 1,931 Current income tax payable — 4 Other liabilities 277 196 Total closed block liabilities 43,643 43,665 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,541 27,220 Equity securities available-for-sale, at estimated fair value 71 100 Mortgage loans 5,904 5,935 Policy loans 4,542 4,553 Real estate and real estate joint ventures 628 655 Other invested assets 1,053 1,246 Total investments 39,739 39,709 Cash and cash equivalents 60 18 Accrued investment income 487 467 Premiums, reinsurance and other receivables 68 68 Current income tax recoverable 30 — Deferred income tax assets 109 177 Total assets designated to the closed block 40,493 40,439 Excess of closed block liabilities over assets designated to the closed block 3,150 3,226 Amounts included in accumulated other comprehensive income (loss): Unrealized investment gains (losses), net of income tax 1,851 1,517 Unrealized gains (losses) on derivatives, net of income tax 23 95 Allocated to policyholder dividend obligation, net of income tax (1,431 ) (1,255 ) Total amounts included in AOCI 443 357 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,593 $ 3,583 Information regarding the closed block policyholder dividend obligation was as follows: Nine Months Year (In millions) Balance, beginning of period $ 1,931 $ 1,783 Change in unrealized investment and derivative gains (losses) 270 148 Balance, end of period $ 2,201 $ 1,931 Information regarding the closed block revenues and expenses was as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Revenues Premiums $ 413 $ 436 $ 1,247 $ 1,297 Net investment income 450 486 1,368 1,435 Net investment gains (losses) — (3 ) (10 ) (19 ) Net derivative gains (losses) (6 ) 4 (24 ) (3 ) Total revenues 857 923 2,581 2,710 Expenses Policyholder benefits and claims 591 619 1,773 1,861 Policyholder dividends 235 232 732 723 Other expenses 30 33 94 100 Total expenses 856 884 2,599 2,684 Revenues, net of expenses before provision for income tax expense (benefit) 1 39 (18 ) 26 Provision for income tax expense (benefit) — 13 (8 ) 8 Revenues, net of expenses and provision for income tax expense (benefit) $ 1 $ 26 $ (10 ) $ 18 MLIC charges the closed block with federal income taxes, state and local premium taxes and other state or local taxes, as well as investment management expenses relating to the closed block as provided in the Plan of Reorganization. MLIC also charges the closed block for expenses of maintaining the policies included in the closed block. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 6. Investments Fixed Maturity and Equity Securities Available-for-Sale Fixed Maturity and Equity Securities Available-for-Sale by Sector The following table presents the fixed maturity and equity securities AFS by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”). September 30, 2017 December 31, 2016 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary Losses OTTI Gains Temporary Losses OTTI (In millions) Fixed maturity securities: U.S. corporate $ 75,221 $ 6,827 $ 393 $ — $ 81,655 $ 73,280 $ 6,027 $ 764 $ — $ 78,543 Foreign government 54,618 6,486 315 — 60,789 49,864 6,485 373 — 55,976 Foreign corporate 52,185 3,705 750 — 55,140 49,333 2,901 1,572 (1 ) 50,663 U.S. government and agency 43,911 4,056 303 — 47,664 41,294 3,682 543 — 44,433 RMBS 30,368 1,222 232 (40 ) 31,398 28,393 1,039 410 (10 ) 29,032 State and political subdivision 10,754 1,615 24 — 12,345 10,977 1,340 85 1 12,231 ABS 11,702 114 42 3 11,771 11,266 90 128 3 11,225 CMBS 7,925 251 44 — 8,132 7,294 237 71 — 7,460 Total fixed maturity securities $ 286,684 $ 24,276 $ 2,103 $ (37 ) $ 308,894 $ 271,701 $ 21,801 $ 3,946 $ (7 ) $ 289,563 Equity securities: Common stock $ 1,883 $ 379 $ 20 $ — $ 2,242 $ 1,827 $ 464 $ 13 $ — $ 2,278 Non-redeemable preferred stock 503 36 5 — 534 637 19 40 — 616 Total equity securities $ 2,386 $ 415 $ 25 $ — $ 2,776 $ 2,464 $ 483 $ 53 $ — $ 2,894 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” The Company held non-income producing fixed maturity securities with an estimated fair value of $4 million and $1 million , and unrealized gains (losses) of ($3) million and ($3) million , at September 30, 2017 and December 31, 2016 , respectively. Maturities of Fixed Maturity Securities The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2017 : Due in One Due After Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 12,720 $ 63,453 $ 60,957 $ 99,559 $ 49,995 $ 286,684 Estimated fair value $ 12,827 $ 66,568 $ 64,549 $ 113,649 $ 51,301 $ 308,894 Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity. Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities AFS by Sector The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at: September 30, 2017 December 31, 2016 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) Fixed maturity securities: U.S. corporate $ 6,647 $ 161 $ 3,015 $ 232 $ 11,471 $ 466 $ 2,938 $ 298 Foreign government 6,856 202 1,669 113 5,955 260 918 113 Foreign corporate 5,856 149 6,137 601 10,147 573 5,493 998 U.S. government and agency 19,305 275 362 28 9,104 523 141 20 RMBS 7,731 106 2,025 86 9,449 291 1,800 109 State and political subdivision 560 13 165 11 1,747 80 56 6 ABS 1,976 5 921 40 2,224 28 2,328 103 CMBS 1,555 12 337 32 998 22 564 49 Total fixed maturity securities $ 50,486 $ 923 $ 14,631 $ 1,143 $ 51,095 $ 2,243 $ 14,238 $ 1,696 Equity securities: Common stock $ 133 $ 20 $ 4 $ — $ 105 $ 13 $ 11 $ — Non-redeemable preferred stock — — 82 5 139 7 125 33 Total equity securities $ 133 $ 20 $ 86 $ 5 $ 244 $ 20 $ 136 $ 33 Total number of securities in an unrealized loss position 3,249 1,638 3,580 1,307 Evaluation of AFS Securities for OTTI and Evaluating Temporarily Impaired AFS Securities As described more fully in Notes 1 and 8 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report, the Company performs a regular evaluation of all investment classes for impairment, including fixed maturity securities, equity securities and perpetual hybrid securities, in accordance with its impairment policy, in order to evaluate whether such investments are other-than-temporarily impaired. Current Period Evaluation Based on the Company’s current evaluation of its AFS securities in an unrealized loss position in accordance with its impairment policy, and the Company’s current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other-than-temporarily impaired at September 30, 2017 . Future OTTI will depend primarily on economic fundamentals, issuer performance (including changes in the present value of future cash flows expected to be collected), changes in credit ratings, collateral valuation, interest rates and credit spreads, as well as a change in the Company’s intention to hold or sell a security that is in an unrealized loss position. If economic fundamentals deteriorate or if there are adverse changes in the above factors, OTTI may be incurred in upcoming periods. Gross unrealized losses on fixed maturity securities decreased $1.9 billion during the nine months ended September 30, 2017 to $2.1 billion . The decrease in gross unrealized losses for the nine months ended September 30, 2017 was primarily attributable to decreasing longer-term interest rates and narrowing credit spreads, and to a lesser extent the impact of strengthening foreign currencies on non-functional currency denominated fixed maturity securities. At September 30, 2017 , $117 million of the total $2.1 billion of gross unrealized losses were from 46 fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for six months or greater. Gross unrealized losses on equity securities decreased $28 million during the nine months ended September 30, 2017 to $25 million . Investment Grade Fixed Maturity Securities Of the $117 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $75 million , or 64% , were related to gross unrealized losses on 19 investment grade fixed maturity securities. Unrealized losses on investment grade fixed maturity securities are principally related to widening credit spreads since purchase and, with respect to fixed-rate fixed maturity securities, rising interest rates since purchase. Below Investment Grade Fixed Maturity Securities Of the $117 million of gross unrealized losses on fixed maturity securities with an unrealized loss of 20% or more of amortized cost for six months or greater, $42 million , or 36% , were related to gross unrealized losses on 27 below investment grade fixed maturity securities. Unrealized losses on below investment grade fixed maturity securities are principally related to U.S. and foreign corporate securities (primarily industrial and utility securities) and are the result of significantly wider credit spreads resulting from higher risk premiums since purchase, largely due to economic and market uncertainty including concerns over lower oil prices in the energy sector. Management evaluates U.S. and foreign corporate securities based on factors such as expected cash flows and the financial condition and near-term and long-term prospects of the issuers. Mortgage Loans Mortgage Loans by Portfolio Segment Mortgage loans are summarized as follows at: September 30, 2017 December 31, 2016 Carrying Value % of Carrying Value % of (Dollars in millions) Mortgage loans: Commercial $ 43,243 63.6 % $ 41,512 63.7 % Agricultural 12,967 19.1 12,564 19.3 Residential 11,599 17.0 10,829 16.6 Subtotal (1) 67,809 99.7 64,905 99.6 Valuation allowances (316 ) (0.5 ) (304 ) (0.5 ) Subtotal mortgage loans, net 67,493 99.2 64,601 99.1 Residential — FVO 564 0.8 566 0.9 Total mortgage loans, net $ 68,057 100.0 % $ 65,167 100.0 % __________________ (1) Purchases of mortgage loans, primarily residential, were $411 million and $1.9 billion for the three months and nine months ended September 30, 2017 , respectively, and $733 million and $1.9 billion for the three months and nine months ended September 30, 2016 , respectively. Mortgage Loans, Valuation Allowance and Impaired Loans by Portfolio Segment Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at: Evaluated Individually for Credit Losses Evaluated Collectively for Credit Losses Impaired Loans Impaired Loans with a Valuation Allowance Impaired Loans without a Valuation Allowance Unpaid Principal Balance Recorded Investment Valuation Unpaid Principal Balance Recorded Recorded Valuation Carrying (In millions) September 30, 2017 Commercial $ — $ — $ — $ — $ — $ 43,243 $ 213 $ — Agricultural 22 21 2 28 28 12,918 39 47 Residential — — — 335 304 11,295 62 304 Total $ 22 $ 21 $ 2 $ 363 $ 332 $ 67,456 $ 314 $ 351 December 31, 2016 Commercial $ — $ — $ — $ 12 $ 12 $ 41,500 $ 202 $ 12 Agricultural 11 10 1 27 27 12,527 38 36 Residential — — — 265 241 10,588 63 241 Total $ 11 $ 10 $ 1 $ 304 $ 280 $ 64,615 $ 303 $ 289 The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $0 , $31 million and $297 million , respectively, for the three months ended September 30, 2017 ; and $6 million , $28 million and $275 million , respectively, for the nine months ended September 30, 2017 . The average recorded investment for impaired commercial, agricultural and residential mortgage loans was $90 million , $49 million and $202 million , respectively, for the three months ended September 30, 2016 ; and $109 million , $53 million and $174 million , respectively, for the nine months ended September 30, 2016 . Valuation Allowance Rollforward by Portfolio Segment The changes in the valuation allowance, by portfolio segment, were as follows: Nine Months 2017 2016 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 202 $ 39 $ 63 $ 304 $ 188 $ 37 $ 56 $ 281 Provision (release) (1) 11 4 10 25 149 3 11 163 Charge-offs, net of recoveries (1) — (2 ) (11 ) (13 ) (143 ) (2 ) (12 ) (157 ) Balance, end of period $ 213 $ 41 $ 62 $ 316 $ 194 $ 38 $ 55 $ 287 __________________ (1) In connection with an acquisition in 2010, certain impaired commercial mortgage loans were acquired and, accordingly, were not originated by the Company. Such commercial mortgage loans have been accounted for as purchased credit impaired (“PCI”) commercial mortgage loans. Decreases in cash flows expected to be collected on PCI commercial mortgage loans can result in provisions for losses on mortgage loans. For the nine months ended September 30, 2016, in connection with the maturity of an acquired PCI commercial mortgage loan, an increase to the commercial mortgage loan valuation allowance of $143 million was recorded and charged-off upon maturity. The Company has recovered a substantial portion of the loss on the loan incurred through an indemnification agreement entered into in connection with the acquisition in 2010. Credit Quality of Commercial Mortgage Loans The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated % of Total Debt Service Coverage Ratios % of Total > 1.20x 1.00x - 1.20x < 1.00x Total (Dollars in millions) September 30, 2017 Loan-to-value ratios: Less than 65% $ 37,404 $ 1,488 $ 222 $ 39,114 90.5 % $ 39,904 90.7 % 65% to 75% 3,367 168 173 3,708 8.6 3,705 8.4 76% to 80% 217 — 57 274 0.6 262 0.6 Greater than 80% — — 147 147 0.3 143 0.3 Total $ 40,988 $ 1,656 $ 599 $ 43,243 100 % $ 44,014 100 % December 31, 2016 Loan-to-value ratios: Less than 65% $ 36,067 $ 1,077 $ 707 $ 37,851 91.2 % $ 38,237 91.5 % 65% to 75% 3,044 — 202 3,246 7.8 3,185 7.6 76% to 80% 195 — — 195 0.5 182 0.4 Greater than 80% 118 27 75 220 0.5 213 0.5 Total $ 39,424 $ 1,104 $ 984 $ 41,512 100.0 % $ 41,817 100.0 % Credit Quality of Agricultural Mortgage Loans The credit quality of agricultural mortgage loans was as follows at: September 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 12,403 95.6 % $ 12,023 95.7 % 65% to 75% 546 4.2 436 3.5 76% to 80% 9 0.1 17 0.1 Greater than 80% 9 0.1 88 0.7 Total $ 12,967 100.0 % $ 12,564 100.0 % The estimated fair value of agricultural mortgage loans was $13.1 billion and $12.7 billion at September 30, 2017 and December 31, 2016 , respectively. Credit Quality of Residential Mortgage Loans The credit quality of residential mortgage loans was as follows at: September 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Performance indicators: Performing $ 11,169 96.3 % $ 10,448 96.5 % Nonperforming 430 3.7 381 3.5 Total $ 11,599 100.0 % $ 10,829 100.0 % The estimated fair value of residential mortgage loans was $12.1 billion and $11.2 billion at September 30, 2017 and December 31, 2016 , respectively. Past Due and Nonaccrual Mortgage Loans The Company has a high quality, well performing mortgage loan portfolio, with 99% of all mortgage loans classified as performing at both September 30, 2017 and December 31, 2016 . The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: Past Due Greater than 90 Days Past Due and Still Accruing Interest Nonaccrual September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (In millions) Commercial $ 1 $ 3 $ — $ 3 $ 1 $ — Agricultural 134 127 125 104 36 23 Residential 430 381 30 37 400 344 Total $ 565 $ 511 $ 155 $ 144 $ 437 $ 367 Mortgage Loans Modified in a Troubled Debt Restructuring During both the three months and nine months ended September 30, 2017 and 2016 , the Company did not have a significant amount of mortgage loans modified in a troubled debt restructuring. Cash Equivalents The carrying value of cash equivalents was $7.3 billion and $7.4 billion at September 30, 2017 and December 31, 2016 , respectively. Net Unrealized Investment Gains (Losses) Unrealized investment gains (losses) on fixed maturity and equity securities AFS and the effect on DAC, VOBA, deferred sales inducements (“DSI”), future policy benefits and the policyholder dividend obligation, that would result from the realization of the unrealized gains (losses), are included in net unrealized investment gains (losses) in AOCI. The components of net unrealized investment gains (losses), included in AOCI, were as follows: September 30, 2017 December 31, 2016 (In millions) Fixed maturity securities $ 21,979 $ 20,300 Fixed maturity securities with noncredit OTTI losses included in AOCI 37 8 Total fixed maturity securities 22,016 20,308 Equity securities 444 485 Derivatives 1,690 2,923 Other 121 23 Subtotal 24,271 23,739 Amounts allocated from: Future policy benefits (63 ) (1,114 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI (1 ) (3 ) DAC, VOBA and DSI (1,647 ) (1,430 ) Policyholder dividend obligation (2,201 ) (1,931 ) Subtotal (3,912 ) (4,478 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (11 ) (1 ) Deferred income tax benefit (expense) (6,997 ) (6,623 ) Net unrealized investment gains (losses) 13,351 12,637 Net unrealized investment gains (losses) attributable to noncontrolling interests (8 ) (6 ) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 13,343 $ 12,631 The changes in net unrealized investment gains (losses) were as follows: Nine Months (In millions) Balance, beginning of period $ 12,631 Fixed maturity securities on which noncredit OTTI losses have been recognized 29 Unrealized investment gains (losses) during the period 503 Unrealized investment gains (losses) relating to: Future policy benefits 1,051 DAC and VOBA related to noncredit OTTI losses recognized in AOCI 2 DAC, VOBA and DSI (217 ) Policyholder dividend obligation (270 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (10 ) Deferred income tax benefit (expense) (374 ) Net unrealized investment gains (losses) 13,345 Net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Balance, end of period $ 13,343 Change in net unrealized investment gains (losses) $ 714 Change in net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 712 Concentrations of Credit Risk Investments in any counterparty that were greater than 10% of the Company’s equity, other than the U.S. government and its agencies, were in fixed income securities of the Japanese government and its agencies with an estimated fair value of $26.9 billion and $24.7 billion at September 30, 2017 and December 31, 2016 , respectively, and in fixed income securities of the Korean government and its agencies with an estimated fair value of $6.1 billion at September 30, 2017. At December 31, 2016, the investments in Korean government fixed income securities were less than 10% of the Company’s equity. Securities Lending Elements of the securities lending program are presented below at: September 30, 2017 December 31, 2016 (In millions) Securities on loan: (1) Amortized cost $ 18,219 $ 18,798 Estimated fair value $ 19,542 $ 19,753 Cash collateral received from counterparties (2) $ 19,996 $ 20,114 Security collateral received from counterparties (3) $ — $ 20 Reinvestment portfolio — estimated fair value $ 20,155 $ 20,133 __________________ (1) Included within fixed maturity securities. (2) Included within payables for collateral under securities loaned and other transactions. (3) Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements. The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at: September 30, 2017 December 31, 2016 Remaining Tenor of Securities Lending Agreements Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months Total Open (1) 1 Month or Less 1 to 6 Months Total (In millions) Cash collateral liability by loaned security type: U.S. government and agency $ 4,362 $ 7,952 $ 6,694 $ 19,008 $ 4,480 $ 6,496 $ 8,383 $ 19,359 Foreign government — 507 481 988 — 569 143 712 U.S. corporate — — — — — 43 — 43 Total $ 4,362 $ 8,459 $ 7,175 $ 19,996 $ 4,480 $ 7,108 $ 8,526 $ 20,114 __________________ (1) The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral. If the Company is required to return significant amounts of cash collateral on short notice and is forced to sell securities to meet the return obligation, it may have difficulty selling such collateral that is invested in securities in a timely manner, be forced to sell securities in a volatile or illiquid market for less than what otherwise would have been realized under normal market conditions, or both. The estimated fair value of the securities on loan related to the cash collateral on open at September 30, 2017 was $4.3 billion , all of which were U.S. government and agency securities which, if put back to the Company, could be immediately sold to satisfy the cash requirement. The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, U.S. government and agency securities and ABS), short-term investments and cash equivalents, with 64% invested in agency RMBS, short-term investments, U.S. government and agency securities, cash equivalents or held in cash. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company. Repurchase Agreements Elements of the short-term repurchase agreements are presented below at: September 30, 2017 December 31, 2016 (In millions) Securities on loan: (1) Amortized cost $ 1,972 $ 98 Estimated fair value $ 2,108 $ 113 Cash collateral received from counterparties (2) $ 2,062 $ 102 Reinvestment portfolio — estimated fair value $ 2,072 $ 100 __________________ (1) Included within fixed maturity securities. (2) Included within payables for collateral under securities loaned and other transactions and other liabilities. The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at: September 30, 2017 December 31, 2016 Remaining Tenor of Repurchase Agreements Remaining Tenor of Repurchase Agreements 1 Month or Less 1 to 6 Months Total 1 Month or Less 1 to 6 Months Total (In millions) Cash collateral liability by loaned security type: U.S. government and agency $ 1,960 $ 5 $ 1,965 $ 5 $ — $ 5 All other corporate and government — 97 97 46 51 97 Total $ 1,960 $ 102 $ 2,062 $ 51 $ 51 $ 102 The reinvestment portfolio acquired with the cash collateral consisted principally of fixed maturity securities (including agency RMBS, U.S. government and agency securities and ABS), short-term investments and cash equivalents, with 67% invested in agency RMBS, U.S. government and agency securities, short-term investments, cash equivalents or held in cash. If the securities on loan or the reinvestment portfolio become less liquid, the Company has the liquidity resources of most of its general account available to meet any potential cash demands when securities on loan are put back to the Company. Invested Assets on Deposit, Held in Trust and Pledged as Collateral Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, at: September 30, 2017 December 31, 2016 (In millions) Invested assets on deposit (regulatory deposits) $ 1,944 $ 1,925 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,655 2,057 Invested assets pledged as collateral 23,817 23,882 Total invested assets on deposit, held in trust and pledged as collateral $ 28,416 $ 27,864 The Company has assets held in trust and pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report), a collateral financing arrangement (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report) and derivative transactions (see Note 7 ). See “— Securities Lending” and “— Repurchase Agreements” for information regarding securities on loan and Note 5 for information regarding investments designated to the closed block. Variable Interest Entities The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. Consolidated VIEs Creditors or beneficial interest holders of VIEs where the Company is the primary beneficiary have no recourse to the general credit of the Company, as the Company’s obligation to the VIEs is limited to the amount of its committed investment. The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at: September 30, 2017 December 31, 2016 Total Total Total Total (In millions) Renewable energy partnership (1) $ 114 $ — $ — $ — CSEs (assets (primarily FVO securities) and liabilities (primarily debt)) (2) 7 6 9 12 Other investments (3) 34 — 50 — Total $ 155 $ 6 $ 59 $ 12 __________________ (1) Assets of the renewable energy partnership, primarily consisting of other invested assets, were consolidated in earlier periods as the two investors are subsidiaries of MLIC and Brighthouse. As a result of the Separation and a reassessment in the third quarter of 2017, the renewable energy partnership was determined to be a consolidated VIE. (2) The Company consolidates entities that are structured as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. (3) Other investments is primarily comprised of other invested assets and other limited partnership interests. Unconsolidated VIEs The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: September 30, 2017 December 31, 2016 Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS: Structured Securities (2) $ 49,663 $ 49,663 $ 46,773 $ 46,773 U.S. and foreign corporate 1,605 1,605 1,940 1,940 Other limited partnership interests 4,657 8,417 4,714 8,990 Other invested assets 2,286 2,697 2,206 2,777 Other (3) 114 128 199 215 Total $ 58,325 $ 62,510 $ 55,832 $ 60,695 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS and equity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $123 million and $150 million at September 30, 2017 and December 31, 2016 , respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity. (3) Other is primarily comprised of real estate joint ventures and common stock. As described in Note 15 , the Company makes commitments to fund partnership investments in the normal course of business. Excluding these commitments, the Company did not provide financial or other support to investees designated as VIEs during both the nine months ended September 30, 2017 and 2016 . Net Investment Income The components of net investment income were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Investment income: Fixed maturity securities $ 2,869 $ 2,906 $ 8,528 $ 8,838 Equity securities 31 29 93 90 FVO securities — FVO general account securities (1) 16 25 61 41 Mortgage loans 809 710 2,303 2,165 Policy loans 130 129 386 385 Real estate and real estate joint ventures 156 199 478 490 Other limited partnership interests 214 184 648 309 Cash, cash equivalents and short-term investments 52 38 159 112 Operating joint ventures 6 5 13 28 Other 71 90 196 178 Subtotal 4,354 4,315 12,865 12,636 Less: Investment expenses 293 235 820 732 Subtotal, net 4,061 4,080 12,045 11,904 FVO securities — FVO contractholder-directed unit-linked investments (1) 234 529 864 623 Net investment income $ 4,295 $ 4,609 $ 12,909 $ 12,527 __________________ (1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were $154 million and $540 million for the three months and nine months ended September 30, 2017 , respectively, and $407 million and $283 million for the three months and nine months ended September 30, 2016 , respectively. FVO securities are primarily comprised of securities for which the FVO has been elected. FVO securities are primarily comprised of contractholder-directed investments supporting unit-linked variable annuity type liabilities which do not qualify as separate accounts. The remainder is comprised of FVO Brighthouse Common Stock (see Note 3), FVO general account securities and FVO securities held by consolidated securitization entities (“CSEs”). The Company previously maintained a trading securities portfolio, principally invested in fixed maturity securities. In June 2016, the Company commenced a reinvestment of this portfolio into other asset classes and, at September 30, 2016 the Company no longer held any actively traded securities. See “— Variable Interest Entities” for discussion of CSEs. Net Investment Gains (Losses) Components of Net Investment Gains (Losses) The components of net investment gains (losses) were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Total gains (losses) on fixed maturity securities: Total OTTI losses recognized — by sector and industry: U.S. and foreign corporate securities — by industry: Consumer $ (4 ) $ — $ (4 ) $ — Industrial — — — (63 ) Communications — — — (3 ) Total U.S. and foreign corporate securities (4 ) — (4 ) (66 ) RMBS (1 ) (9 ) (1 ) (15 ) ABS — — — (2 ) State and political subdivision — — (2 ) — OTTI losses on fixed maturity securities recognized in earnings (5 ) (9 ) (7 ) (83 ) Fixed maturity securities — net gains (losses) on sales and disposals (1) 284 129 325 455 Total gains (losses) on fixed maturity securities 279 120 318 372 Total gains (losses) on equity securities: Total OTTI losses recognized — by sector: Common stock (4 ) (5 ) (16 ) (71 ) Non-redeemable preferred stock — — (1 ) — OTTI losses on equity securities recognized in earnings (4 ) (5 ) (17 ) (71 ) Equity securities — net gains (losses) on sales and disposals 6 9 55 24 Total gains (losses) on equity securities 2 4 38 (47 ) Mortgage loans (2) 29 (41 ) 3 (197 ) Real estate and real estate joint ventures 169 19 436 67 Other limited partnership interests (33 ) (9 ) (51 ) (43 ) Other 29 (24 ) (92 ) (105 ) Subtotal 475 69 652 47 FVO CSEs: Securities — 1 — 2 Non-investment portfolio gains (losses) (3)(4)(5) (1,081 ) 161 (1,091 ) 549 Subtotal (1,081 ) 162 (1,091 ) 551 Total net investment gains (losses) $ (606 ) $ 231 $ (439 ) $ 598 __________________ (1) Fixed maturity securities net gains (losses) on sales and disposals for both the three months and nine months ended September 30, 2017 includes $276 million in previously deferred gains on prior period transfers of securities to Brighthouse, as such gains are no longer eliminated in consolidation after the Separa |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 7. Derivatives Accounting for Derivatives Freestanding Derivatives Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows: Statement of Operations Presentation: Derivative: Policyholder benefits and claims • Economic hedges of variable annuity guarantees included in future policy benefits Net investment income • Economic hedges of equity method investments in joint ventures • All derivatives held in relation to trading portfolios • Derivatives held within contractholder-directed unit-linked investments Hedge Accounting To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows: • Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged. • Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses). • Net investment in a foreign operation hedge - effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses). The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses). In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). Embedded Derivatives The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: • the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings; • the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and • a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument. Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses), except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees. See Note 8 for information about the fair value hierarchy for derivatives. Derivative Strategies The Company is exposed to various risks relating to its ongoing business operations, including interest rate, foreign currency exchange rate, credit and equity market. The Company uses a variety of strategies to manage these risks, including the use of derivatives. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets. Interest Rate Derivatives The Company uses a variety of interest rate derivatives to reduce its exposure to changes in interest rates, including interest rate swaps, interest rate total return swaps, caps, floors, swaptions, futures and forwards. Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). In an interest rate swap, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest amounts as calculated by reference to an agreed notional amount. The Company utilizes interest rate swaps in fair value, cash flow and nonqualifying hedging relationships. The Company uses structured interest rate swaps to synthetically create investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and a cash instrument such as a U.S. government and agency, or other fixed maturity security. Structured interest rate swaps are included in interest rate swaps and are not designated as hedging instruments. Interest rate total return swaps are swaps whereby the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and the London Interbank Offered Rate (“LIBOR”), calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made by the counterparty at each due date. Interest rate total return swaps are used by the Company to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and liabilities (duration mismatches). The Company utilizes interest rate total return swaps in nonqualifying hedging relationships. The Company purchases interest rate caps and floors primarily to protect its floating rate liabilities against rises in interest rates above a specified level, and against interest rate exposure arising from mismatches between assets and liabilities, as well as to protect its minimum rate guarantee liabilities against declines in interest rates below a specified level, respectively. In certain instances, the Company locks in the economic impact of existing purchased caps and floors by entering into offsetting written caps and floors. The Company utilizes interest rate caps and floors in nonqualifying hedging relationships. In exchange-traded interest rate (Treasury and swap) futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate (Treasury and swap) futures are used primarily to hedge mismatches between the duration of assets in a portfolio and the duration of liabilities supported by those assets, to hedge against changes in value of securities the Company owns or anticipates acquiring, to hedge against changes in interest rates on anticipated liability issuances by replicating Treasury or swap curve performance, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded interest rate futures in nonqualifying hedging relationships. Swaptions are used by the Company to hedge interest rate risk associated with the Company’s long-term liabilities and invested assets. A swaption is an option to enter into a swap with a forward starting effective date. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium for purchased swaptions and receives a premium for written swaptions. The Company utilizes swaptions in nonqualifying hedging relationships. Swaptions are included in interest rate options. The Company enters into interest rate forwards to buy and sell securities. The price is agreed upon at the time of the contract and payment for such a contract is made at a specified future date. The Company utilizes interest rate forwards in cash flow and nonqualifying hedging relationships. Foreign Currency Exchange Rate Derivatives The Company uses foreign currency exchange rate derivatives, including foreign currency swaps, foreign currency forwards, currency options and exchange-traded currency futures, to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. The Company also uses foreign currency derivatives to hedge the foreign currency exchange rate risk associated with certain of its net investments in foreign operations. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. The Company utilizes foreign currency swaps in fair value, cash flow and nonqualifying hedging relationships. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made at the specified future date. The Company utilizes foreign currency forwards in fair value, net investment in foreign operations and nonqualifying hedging relationships. The Company enters into currency options that give it the right, but not the obligation, to sell the foreign currency amount in exchange for a functional currency amount within a limited time at a contracted price. The contracts may also be net settled in cash, based on differentials in the foreign currency exchange rate and the strike price. The Company uses currency options to hedge against the foreign currency exposure inherent in certain of its variable annuity products. The Company also uses currency options as an economic hedge of foreign currency exposure related to the Company’s international subsidiaries. The Company utilizes currency options in net investment in foreign operations and nonqualifying hedging relationships. To a lesser extent, the Company uses exchange-traded currency futures to hedge currency mismatches between assets and liabilities, and to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded currency futures in nonqualifying hedging relationships. Credit Derivatives The Company enters into purchased credit default swaps to hedge against credit-related changes in the value of its investments. In a credit default swap transaction, the Company agrees with another party to pay, at specified intervals, a premium to hedge credit risk. If a credit event occurs, as defined by the contract, the contract may be cash settled or it may be settled gross by the delivery of par quantities of the referenced investment equal to the specified swap notional amount in exchange for the payment of cash amounts by the counterparty equal to the par value of the investment surrendered. Credit events vary by type of issuer but typically include bankruptcy, failure to pay debt obligations, repudiation, moratorium, involuntary restructuring or governmental intervention. In each case, payout on a credit default swap is triggered only after the Credit Derivatives Determinations Committee of the International Swaps and Derivatives Association, Inc. (“ISDA”) deems that a credit event has occurred. The Company utilizes credit default swaps in nonqualifying hedging relationships. The Company enters into written credit default swaps to synthetically create credit investments that are either more expensive to acquire or otherwise unavailable in the cash markets. These transactions are a combination of a derivative and one or more cash instruments, such as U.S. government and agency securities, or other fixed maturity securities. These credit default swaps are not designated as hedging instruments. The Company enters into forwards to lock in the price to be paid for forward purchases of certain securities. The price is agreed upon at the time of the contract and payment for the contract is made at a specified future date. When the primary purpose of entering into these transactions is to hedge against the risk of changes in purchase price due to changes in credit spreads, the Company designates these transactions as credit forwards. The Company utilizes credit forwards in cash flow hedging relationships. Equity Derivatives The Company uses a variety of equity derivatives to reduce its exposure to equity market risk, including equity index options, equity variance swaps, exchange-traded equity futures and equity total return swaps. Equity index options are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. Certain of these contracts may also contain settlement provisions linked to interest rates. In certain instances, the Company may enter into a combination of transactions to hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options. The Company utilizes equity index options in nonqualifying hedging relationships. Equity variance swaps are used by the Company primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on changes in equity volatility over a defined period. The Company utilizes equity variance swaps in nonqualifying hedging relationships. In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to hedge minimum guarantees embedded in certain variable annuity products offered by the Company. The Company utilizes exchange-traded equity futures in nonqualifying hedging relationships. In an equity total return swap, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of an asset or a market index and LIBOR, calculated by reference to an agreed notional amount. No cash is exchanged at the outset of the contract. Cash is paid and received over the life of the contract based on the terms of the swap. The Company uses equity total return swaps to hedge its equity market guarantees in certain of its insurance products. Equity total return swaps can be used as hedges or to synthetically create investments. The Company utilizes equity total return swaps in nonqualifying hedging relationships. Primary Risks Managed by Derivatives The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: September 30, 2017 December 31, 2016 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 3,959 $ 2,305 $ 3 $ 5,021 $ 2,221 $ 6 Foreign currency swaps Foreign currency exchange rate 658 47 5 1,221 34 224 Foreign currency forwards Foreign currency exchange rate 2,624 — 65 1,085 — 54 Subtotal 7,241 2,352 73 7,327 2,255 284 Cash flow hedges: Interest rate swaps Interest rate 3,781 308 8 2,040 325 34 Interest rate forwards Interest rate 3,412 — 203 4,032 — 370 Foreign currency swaps Foreign currency exchange rate 30,751 1,304 1,563 26,680 1,877 2,054 Subtotal 37,944 1,612 1,774 32,752 2,202 2,458 Foreign operations hedges: Foreign currency forwards Foreign currency exchange rate 975 10 24 1,394 47 5 Currency options Foreign currency exchange rate 8,259 28 111 8,878 148 45 Subtotal 9,234 38 135 10,272 195 50 Total qualifying hedges 54,419 4,002 1,982 50,351 4,652 2,792 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 59,494 2,246 570 53,349 4,089 1,641 Interest rate floors Interest rate 7,201 128 — 12,101 181 7 Interest rate caps Interest rate 73,018 54 2 78,358 112 2 Interest rate futures Interest rate 4,256 13 — 4,793 3 12 Interest rate options Interest rate 12,009 657 35 5,334 628 1 Interest rate forwards Interest rate 217 — 37 613 — 25 Interest rate total return swaps Interest rate 1,048 3 9 1,549 2 127 Synthetic GICs Interest rate 11,254 — — 5,566 — — Foreign currency swaps Foreign currency exchange rate 10,509 796 426 11,651 1,445 462 Foreign currency forwards Foreign currency exchange rate 16,502 95 527 15,422 117 977 Currency futures Foreign currency exchange rate 874 — 3 915 — — Currency options Foreign currency exchange rate 2,929 42 3 3,615 195 17 Credit default swaps — purchased Credit 2,329 11 46 2,001 14 40 Credit default swaps — written Credit 11,946 256 1 10,732 161 9 Equity futures Equity market 4,309 4 28 4,457 30 3 Equity index options Equity market 12,371 382 679 16,527 426 523 Equity variance swaps Equity market 8,337 103 285 8,263 83 240 Equity total return swaps Equity market 1,103 — 35 1,046 1 43 Total non-designated or nonqualifying derivatives 239,706 4,790 2,686 236,292 7,487 4,129 Total $ 294,125 $ 8,792 $ 4,668 $ 286,643 $ 12,139 $ 6,921 Based on gross notional amounts, a substantial portion of the Company’s derivatives was not designated or did not qualify as part of a hedging relationship at both September 30, 2017 and December 31, 2016 . The Company’s use of derivatives includes (i) derivatives that serve as macro hedges of the Company’s exposure to various risks and that generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules; (ii) derivatives that economically hedge insurance liabilities that contain mortality or morbidity risk and that generally do not qualify for hedge accounting because the lack of these risks in the derivatives cannot support an expectation of a highly effective hedging relationship; (iii) derivatives that economically hedge embedded derivatives that do not qualify for hedge accounting because the changes in estimated fair value of the embedded derivatives are already recorded in net income; and (iv) written credit default swaps and interest rate swaps that are used to synthetically create investments and that do not qualify for hedge accounting because they do not involve a hedging relationship. For these nonqualified derivatives, changes in market factors can lead to the recognition of fair value changes on the statement of operations without an offsetting gain or loss recognized in earnings for the item being hedged. Net Derivative Gains (Losses) The components of net derivative gains (losses) were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Freestanding derivatives and hedging gains (losses) (1) $ (424 ) $ (820 ) $ (1,084 ) $ 2,918 Embedded derivatives gains (losses) 234 277 421 (1,480 ) Total net derivative gains (losses) $ (190 ) $ (543 ) $ (663 ) $ 1,438 __________________ (1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note. The following table presents earned income on derivatives: Three Months Nine Months 2017 2016 2017 2016 (In millions) Qualifying hedges: Net investment income $ 72 $ 71 $ 217 $ 192 Interest credited to policyholder account balances (19 ) — (40 ) 7 Other expenses (2 ) (3 ) (7 ) (9 ) Nonqualifying hedges: Net investment income — — — (1 ) Net derivative gains (losses) 126 187 440 522 Policyholder benefits and claims 2 2 6 6 Total $ 179 $ 257 $ 616 $ 717 Nonqualifying Derivatives and Derivatives for Purposes Other Than Hedging The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or not qualifying as hedging instruments: Net Net Policyholder (In millions) Three Months Ended September 30, 2017 Interest rate derivatives $ (148 ) $ (2 ) $ (3 ) Foreign currency exchange rate derivatives (346 ) — 2 Credit derivatives — purchased (2 ) — — Credit derivatives — written 35 — — Equity derivatives (238 ) (3 ) (61 ) Total $ (699 ) $ (5 ) $ (62 ) Three Months Ended September 30, 2016 Interest rate derivatives $ (710 ) $ — $ 22 Foreign currency exchange rate derivatives 154 — (5 ) Credit derivatives — purchased (21 ) — — Credit derivatives — written 51 — — Equity derivatives (418 ) (3 ) (72 ) Total $ (944 ) $ (3 ) $ (55 ) Nine Months Ended September 30, 2017 Interest rate derivatives $ (466 ) $ (2 ) $ (16 ) Foreign currency exchange rate derivatives (527 ) — 4 Credit derivatives — purchased (17 ) — — Credit derivatives — written 111 — — Equity derivatives (824 ) (7 ) (176 ) Total $ (1,723 ) $ (9 ) $ (188 ) Nine Months Ended September 30, 2016 Interest rate derivatives $ 1,503 $ — $ 90 Foreign currency exchange rate derivatives 1,841 — (17 ) Credit derivatives — purchased (48 ) — — Credit derivatives — written 49 — — Equity derivatives (327 ) (13 ) (88 ) Total $ 3,018 $ (13 ) $ (15 ) __________________ (1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and derivatives held within contractholder-directed unit-linked investments. (2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits. Fair Value Hedges The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments. The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses): Derivatives in Fair Value Hedging Relationships Hedged Items in Fair Value Hedging Relationships Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2017 Interest rate swaps: Fixed maturity securities $ 1 $ — $ 1 Policyholder liabilities (1) (14 ) 13 (1 ) Foreign currency swaps: Foreign-denominated fixed maturity securities (10 ) 10 — Foreign-denominated policyholder account balances (2) 15 (16 ) (1 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (4 ) 4 — Total $ (12 ) $ 11 $ (1 ) Three Months Ended September 30, 2016 Interest rate swaps: Fixed maturity securities $ 5 $ (4 ) $ 1 Policyholder liabilities (1) (47 ) 42 (5 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 1 (1 ) — Foreign-denominated policyholder account balances (2) (1 ) 1 — Foreign currency forwards: Foreign-denominated fixed maturity securities 19 (18 ) 1 Total $ (23 ) $ 20 $ (3 ) Nine Months Ended September 30, 2017 Interest rate swaps: Fixed maturity securities $ 2 $ (2 ) $ — Policyholder liabilities (1) (16 ) 84 68 Foreign currency swaps: Foreign-denominated fixed maturity securities (15 ) 16 1 Foreign-denominated policyholder account balances (2) 61 (40 ) 21 Foreign currency forwards: Foreign-denominated fixed maturity securities 20 (18 ) 2 Total $ 52 $ 40 $ 92 Nine Months Ended September 30, 2016 Interest rate swaps: Fixed maturity securities $ (3 ) $ 1 $ (2 ) Policyholder liabilities (1) 472 (482 ) (10 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 7 (7 ) — Foreign-denominated policyholder account balances (2) (27 ) 24 (3 ) Foreign currency forwards: Foreign-denominated fixed maturity securities 295 (272 ) 23 Total $ 744 $ (736 ) $ 8 __________________ (1) Fixed rate liabilities reported in policyholder account balances or future policy benefits. (2) Fixed rate or floating rate liabilities. For the Company’s foreign currency forwards, the change in the estimated fair value of the derivative related to the changes in the difference between the spot price and the forward price is excluded from the assessment of hedge effectiveness. For all other derivatives, all components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. For the three months and nine months ended September 30, 2017 , the component of the change in estimated fair value of derivatives that was excluded from the assessment of hedge effectiveness was ($6) million and ($30) million , respectively. For the three months and nine months ended September 30, 2016, the component of the change in estimated fair value of derivatives that was excluded from the assessment of hedge effectiveness was ($6) million and ($16) million , respectively. Cash Flow Hedges The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed-rate borrowings. In certain instances, the Company discontinued cash flow hedge accounting because the forecasted transactions were no longer probable of occurr |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 8. Fair Value Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. Recurring Fair Value Measurements The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at: September 30, 2017 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 75,807 $ 5,848 $ 81,655 Foreign government — 60,591 198 60,789 Foreign corporate — 48,870 6,270 55,140 U.S. government and agency 26,275 21,389 — 47,664 RMBS 513 27,233 3,652 31,398 State and political subdivision — 12,284 61 12,345 ABS — 11,199 572 11,771 CMBS — 7,823 309 8,132 Total fixed maturity securities 26,788 265,196 16,910 308,894 Equity securities 1,332 1,020 424 2,776 FVO securities (1) 13,906 2,328 304 16,538 Short-term investments (2) 3,925 2,310 403 6,638 Residential mortgage loans — FVO — — 564 564 Other investments 80 114 — 194 Derivative assets: (3) Interest rate 13 5,698 3 5,714 Foreign currency exchange rate — 2,218 104 2,322 Credit — 229 38 267 Equity market 4 358 127 489 Total derivative assets 17 8,503 272 8,792 Embedded derivatives within asset host contracts (4) — — 145 145 Separate account assets (5) 87,151 115,207 1,041 203,399 Total assets $ 133,199 $ 394,678 $ 20,063 $ 547,940 Liabilities Derivative liabilities: (3) Interest rate $ — $ 655 $ 212 $ 867 Foreign currency exchange rate 3 2,686 38 2,727 Credit — 47 — 47 Equity market 28 714 285 1,027 Total derivative liabilities 31 4,102 535 4,668 Embedded derivatives within liability host contracts (4) — — 1,399 1,399 Separate account liabilities (5) 1 6 2 9 Total liabilities $ 32 $ 4,108 $ 1,936 $ 6,076 December 31, 2016 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 72,811 $ 5,732 $ 78,543 Foreign government — 55,687 289 55,976 Foreign corporate — 44,858 5,805 50,663 U.S. government and agency 24,943 19,490 — 44,433 RMBS — 25,194 3,838 29,032 State and political subdivision — 12,221 10 12,231 ABS — 10,196 1,029 11,225 CMBS — 7,112 348 7,460 Total fixed maturity securities 24,943 247,569 17,051 289,563 Equity securities 1,334 1,092 468 2,894 FVO securities (1) 11,123 2,513 287 13,923 Short-term investments (2) 4,091 1,868 46 6,005 Residential mortgage loans — FVO — — 566 566 Other investments 86 71 — 157 Derivative assets: (3) Interest rate 3 7,556 2 7,561 Foreign currency exchange rate — 3,783 80 3,863 Credit — 145 30 175 Equity market 30 390 120 540 Total derivative assets 33 11,874 232 12,139 Embedded derivatives within asset host contracts (4) — — 143 143 Separate account assets (5) 82,818 111,612 1,148 195,578 Total assets $ 124,428 $ 376,599 $ 19,941 $ 520,968 Liabilities Derivative liabilities: (3) Interest rate $ 12 $ 1,713 $ 500 $ 2,225 Foreign currency exchange rate — 3,784 54 3,838 Credit — 49 — 49 Equity market 3 566 240 809 Total derivative liabilities 15 6,112 794 6,921 Embedded derivatives within liability host contracts (4) — — 1,554 1,554 Separate account liabilities (5) — 16 7 23 Total liabilities $ 15 $ 6,128 $ 2,355 $ 8,498 __________________ (1) FVO securities were comprised of over 85% FVO contractholder-directed unit-linked investments at both September 30, 2017 and December 31, 2016. (2) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (3) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (4) Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances, future policy benefits and other liabilities on the consolidated balance sheets. At September 30, 2017 and December 31, 2016 , debt and equity securities also included embedded derivatives of ($140) million and ($88) million , respectively. (5) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities. The following describes the valuation methodologies used to measure assets and liabilities at fair value. The description includes the valuation techniques and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy. Investments Valuation Controls and Procedures On behalf of the Company’s Chief Investment Officer and Chief Financial Officer, a pricing and valuation committee that is independent of the trading and investing functions and comprised of senior management, provides oversight of control systems and valuation policies for securities, mortgage loans and derivatives. On a quarterly basis, this committee reviews and approves new transaction types and markets, ensures that observable market prices and market-based parameters are used for valuation, wherever possible, and determines that judgmental valuation adjustments, when applied, are based upon established policies and are applied consistently over time. This committee also provides oversight of the selection of independent third-party pricing providers and the controls and procedures to evaluate third-party pricing. Periodically, the Chief Accounting Officer reports to the Audit Committee of MetLife, Inc.’s Board of Directors regarding compliance with fair value accounting standards. The Company reviews its valuation methodologies on an ongoing basis and revises those methodologies when necessary based on changing market conditions. Assurance is gained on the overall reasonableness and consistent application of input assumptions, valuation methodologies and compliance with fair value accounting standards through controls designed to ensure valuations represent an exit price. Several controls are utilized, including certain monthly controls, which include, but are not limited to, analysis of portfolio returns to corresponding benchmark returns, comparing a sample of executed prices of securities sold to the fair value estimates, comparing fair value estimates to management’s knowledge of the current market, reviewing the bid/ask spreads to assess activity, comparing prices from multiple independent pricing services and ongoing due diligence to confirm that independent pricing services use market-based parameters. The process includes a determination of the observability of inputs used in estimated fair values received from independent pricing services or brokers by assessing whether these inputs can be corroborated by observable market data. The Company ensures that prices received from independent brokers, also referred to herein as “consensus pricing,” represent a reasonable estimate of fair value by considering such pricing relative to the Company’s knowledge of the current market dynamics and current pricing for similar financial instruments. While independent non-binding broker quotations are utilized, they are not used for a significant portion of the portfolio. For example, fixed maturity securities priced using independent non-binding broker quotations represent less than 1% of the total estimated fair value of fixed maturity securities and 2% of the total estimated fair value of Level 3 fixed maturity securities at September 30, 2017 . The Company also applies a formal process to challenge any prices received from independent pricing services that are not considered representative of estimated fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of estimated fair value, independent non-binding broker quotations are obtained, or an internally developed valuation is prepared. Internally developed valuations of current estimated fair value, which reflect internal estimates of liquidity and nonperformance risks, compared with pricing received from the independent pricing services, did not produce material differences in the estimated fair values for the majority of the portfolio; accordingly, overrides were not material. This is, in part, because internal estimates of liquidity and nonperformance risks are generally based on available market evidence and estimates used by other market participants. In the absence of such market-based evidence, management’s best estimate is used. Securities, Short-term Investments and Other Investments When available, the estimated fair value of these financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. Generally, these are the most liquid of the Company’s securities holdings and valuation of these securities does not involve management’s judgment. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, giving priority to observable inputs. The significant inputs to the market standard valuation methodologies for certain types of securities with reasonable levels of price transparency are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. When observable inputs are not available, the market standard valuation methodologies rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs can be based in large part on management’s judgment or estimation and cannot be supported by reference to market activity. Even though these inputs are unobservable, management believes they are consistent with what other market participants would use when pricing such securities and are considered appropriate given the circumstances. The estimated fair value of investments in certain separate accounts included in FVO contractholder-directed unit-linked investments, FVO securities and other investments is determined on a basis consistent with the methodologies described herein for securities. The valuation of most instruments listed below is determined using independent pricing sources, matrix pricing, discounted cash flow methodologies or other similar techniques that use either observable market inputs or unobservable inputs. Instrument Level 2 Observable Inputs Level 3 Unobservable Inputs Fixed Maturity Securities U.S. corporate and Foreign corporate securities Valuation Approaches: Principally the market and income approaches. Valuation Approaches: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • illiquidity premium • benchmark yields; spreads off benchmark yields; new issuances; issuer rating • delta spread adjustments to reflect specific credit-related issues • trades of identical or comparable securities; duration • credit spreads • Privately-placed securities are valued using the additional key inputs: • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • market yield curve; call provisions • observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer • independent non-binding broker quotations • delta spread adjustments to reflect specific credit-related issues Foreign government, U.S. government and agency and State and political subdivision securities Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market approach. Key Inputs: Key Inputs: • quoted prices in markets that are not active • independent non-binding broker quotations • benchmark U.S. Treasury yield or other yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • the spread off the U.S. Treasury yield curve for the identical security • issuer ratings and issuer spreads; broker-dealer quotes • credit spreads • comparable securities that are actively traded Structured Securities Valuation Approaches: Principally the market and income approaches. Valuation Approaches: Principally the market and income approaches. Key Inputs: Key Inputs: • quoted prices in markets that are not active • credit spreads • spreads for actively traded securities; spreads off benchmark yields • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • expected prepayment speeds and volumes • current and forecasted loss severity; ratings; geographic region • independent non-binding broker quotations • weighted average coupon and weighted average maturity • average delinquency rates; debt-service coverage ratios • issuance-specific information, including, but not limited to: • collateral type; structure of the security; vintage of the loans • payment terms of the underlying assets • payment priority within the tranche; deal performance Instrument Level 2 Observable Inputs Level 3 Unobservable Inputs Equity Securities Valuation Approaches: Principally the market approach. Valuation Approaches: Principally the market and income approaches. Key Input: Key Inputs: • quoted prices in markets that are not considered active • credit ratings; issuance structures • quoted prices in markets that are not active for identical or similar securities that are less liquid and based on lower levels of trading activity than securities classified in Level 2 • independent non-binding broker quotations FVO securities, Short-term investments, and Other investments • Contractholder-directed unit-linked investments include mutual fund interests without readily determinable fair values given prices are not published publicly. Valuation of these mutual funds is based upon quoted prices or reported net asset value (“NAV”) provided by the fund managers, which were based on observable inputs. • FVO securities and short-term investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation approaches and unobservable inputs used in their valuation are also similar to those described above. • All other investments are of a similar nature and class to the fixed maturity and equity securities described above; accordingly, the valuation approaches and observable inputs used in their valuation are also similar to those described above. Residential mortgage loans — FVO • N/A Valuation Approaches: Principally the market approach. Valuation Techniques and Key Inputs: These investments are based primarily on matrix pricing or other similar techniques that utilize inputs from mortgage servicers that are unobservable or cannot be derived principally from, or corroborated by, observable market data. Separate Account Assets and Separate Account Liabilities (1) Mutual funds and hedge funds without readily determinable fair values as prices are not published publicly Key Input: • N/A • quoted prices or reported NAV provided by the fund managers Other limited partnership interests • N/A • Valued giving consideration to the underlying holdings of the partnerships and by applying a premium or discount, if appropriate. Key Inputs: • liquidity; bid/ask spreads; performance record of the fund manager • other relevant variables that may impact the exit value of the particular partnership interest __________________ (1) Estimated fair value equals carrying value, based on the value of the underlying assets, including: mutual fund interests, fixed maturity securities, equity securities, derivatives, hedge funds, other limited partnership interests, short-term investments and cash and cash equivalents. Fixed maturity securities, equity securities, derivatives, short-term investments and cash and cash equivalents are similar in nature to the instruments described under “— Securities, Short-term Investments and Other Investments” and “— Derivatives — Freestanding Derivatives.” Derivatives The estimated fair value of derivatives is determined through the use of quoted market prices for exchange-traded derivatives, or through the use of pricing models for OTC-bilateral and OTC-cleared derivatives. The determination of estimated fair value, when quoted market values are not available, is based on market standard valuation methodologies and inputs that management believes are consistent with what other market participants would use when pricing such instruments. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk, nonperformance risk, volatility, liquidity and changes in estimates and assumptions used in the pricing models. The valuation controls and procedures for derivatives are described in “— Investments.” The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data. Certain OTC-bilateral and OTC-cleared derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. These unobservable inputs may involve significant management judgment or estimation. Even though unobservable, these inputs are based on assumptions deemed appropriate given the circumstances and management believes they are consistent with what other market participants would use when pricing such instruments. Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company’s derivatives and could materially affect net income. The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company’s ability to consistently execute at such pricing levels is in part due to the netting agreements and collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period. Freestanding Derivatives Level 2 Valuation Approaches and Key Inputs: This level includes all types of derivatives utilized by the Company with the exception of exchange-traded derivatives included within Level 1 and those derivatives with unobservable inputs as described in Level 3. Level 3 Valuation Approaches and Key Inputs: These valuation methodologies generally use the same inputs as described in the corresponding sections for Level 2 measurements of derivatives. However, these derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Freestanding derivatives are principally valued using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models. Key inputs are as follows: Instrument Interest Rate Foreign Currency Exchange Rate Credit Equity Market Inputs common to Level 2 and Level 3 by instrument type • swap yield curves • swap yield curves • swap yield curves • swap yield curves • basis curves • basis curves • credit curves • spot equity index levels • interest rate volatility (1) • currency spot rates • recovery rates • dividend yield curves • cross currency basis curves • equity volatility (1) • currency volatility (1) Level 3 • swap yield curves (2) • swap yield curves (2) • swap yield curves (2) • dividend yield curves (2) • basis curves (2) • basis curves (2) • credit curves (2) • equity volatility (1), (2) • interest rate volatility (1), (2) • cross currency basis curves (2) • credit spreads • correlation between model inputs (1) • repurchase rates • currency correlation • repurchase rates • currency volatility (1) • independent non-binding broker quotations __________________ (1) Option-based only. (2) Extrapolation beyond the observable limits of the curve(s). Embedded Derivatives Embedded derivatives principally include certain direct, assumed and ceded variable annuity guarantees, equity or bond indexed crediting rates within certain funding agreements and annuity contracts, and those related to funds withheld on ceded reinsurance agreements. Embedded derivatives are recorded at estimated fair value with changes in estimated fair value reported in net income. The Company issues certain variable annuity products with guaranteed minimum benefits. GMWBs, GMABs and certain GMIBs contain embedded derivatives, which are measured at estimated fair value separately from the host variable annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The Company’s actuarial department calculates the fair value of these embedded derivatives, which are estimated as the present value of projected future benefits minus the present value of projected future fees using actuarial and capital market assumptions including expectations concerning policyholder behavior. The calculation is based on in-force business, and is performed using standard actuarial valuation software which projects future cash flows from the embedded derivative over multiple risk neutral stochastic scenarios using observable risk-free rates. Capital market assumptions, such as risk-free rates and implied volatilities, are based on market prices for publicly traded instruments to the extent that prices for such instruments are observable. Implied volatilities beyond the observable period are extrapolated based on observable implied volatilities and historical volatilities. Actuarial assumptions, including mortality, lapse, withdrawal and utilization, are unobservable and are reviewed at least annually based on actuarial studies of historical experience. The valuation of these guarantee liabilities includes nonperformance risk adjustments and adjustments for a risk margin related to non-capital market inputs. The nonperformance adjustment is determined by taking into consideration publicly available information relating to spreads in the secondary market for MetLife, Inc.’s debt, including related credit default swaps. These observable spreads are then adjusted, as necessary, to reflect the priority of these liabilities and the claims paying ability of the issuing insurance subsidiaries as compared to MetLife, Inc. Risk margins are established to capture the non-capital market risks of the instrument which represent the additional compensation a market participant would require to assume the risks related to the uncertainties of such actuarial assumptions as annuitization, premium persistency, partial withdrawal and surrenders. The establishment of risk margins requires the use of significant management judgment, including assumptions of the amount and cost of capital needed to cover the guarantees. These guarantees may be more costly than expected in volatile or declining equity markets. Market conditions including, but not limited to, changes in interest rates, equity indices, market volatility and foreign currency exchange rates; changes in nonperformance risk; and variations in actuarial assumptions regarding policyholder behavior, mortality and risk margins related to non-capital market inputs, may result in significant fluctuations in the estimated fair value of the guarantees that could materially affect net income. The Company ceded the risk associated with certain of the GMIBs previously described. These reinsurance agreements contain embedded derivatives which are included within premiums, reinsurance and other receivables on the consolidated balance sheets with changes in estimated fair value reported in net derivative gains (losses) or policyholder benefits and claims depending on the statement of operations classification of the direct risk. The value of the embedded derivatives on the ceded risk is determined using a methodology consistent with that described previously for the guarantees directly written by the Company with the exception of the input for nonperformance risk that reflects the credit of the reinsurer. The estimated fair value of the embedded derivatives within funds withheld related to certain ceded reinsurance is determined based on the change in estimated fair value of the underlying assets held by the Company in a reference portfolio backing the funds withheld liability. The estimated fair value of the underlying assets is determined as described in “— Investments — Securities, Short-term Investments and Other Investments.” The estimated fair value of these embedded derivatives is included, along with their funds withheld hosts, in other liabilities on the consolidated balance sheets with changes in estimated fair value recorded in net derivative gains (losses). Changes in the credit spreads on the underlying assets, interest rates and market volatility may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The estimated fair value of the embedded equity and bond indexed derivatives contained in certain funding agreements is determined using market standard swap valuation models and observable market inputs, including a nonperformance risk adjustment. The estimated fair value of these embedded derivatives are included, along with their funding agreements host, within policyholder account balances with changes in estimated fair value recorded in net derivative gains (losses). Changes in equity and bond indices, interest rates and the Company’s credit standing may result in significant fluctuations in the estimated fair value of these embedded derivatives that could materially affect net income. The Company issues certain annuity contracts which allow the policyholder to participate in returns from equity indices. These equity indexed features are embedded derivatives which are measured at estimated fair value separately from the host fixed annuity contract, with changes in estimated fair value reported in net derivative gains (losses). These embedded derivatives are classified within policyholder account balances on the consolidated balance sheets. The estimated fair value of the embedded equity indexed derivatives, based on the present value of future equity returns to the policyholder using actuarial and present value assumptions including expectations concerning policyholder behavior, is calculated by the Company’s actuarial department. The calculation is based on in-force business and uses standard capital market techniques, such as Black-Scholes, to calculate the value of the portion of the embedded derivative for which the terms are set. The portion of the embedded derivative covering the period beyond where terms are set is calculated as the present value of amounts expected to be spent to provide equity indexed returns in those periods. The valuation of these embedded derivatives also includes the establishment of a risk margin, as well as changes in nonperformance risk. Embedded Derivatives Within Asset and Liability Host Contracts Level 3 Valuation Approaches and Key Inputs: Direct and assumed guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. Valuations are based on option pricing techniques, which utilize significant inputs that may include swap yield curves, currency exchange rates and implied volatilities. These embedded derivatives result in Level 3 classification because one or more of the significant inputs are not observable in the market or cannot be derived principally from, or corroborated by, observable market data. Significant unobservable inputs generally include: the extrapolation beyond observable limits of the swap yield curves and implied volatilities, actuarial assumptions for policyholder behavior and mortality and the potential variability in policyholder behavior and mortality, nonperformance risk and cost of capital for purposes of calculating the risk margin. Reinsurance ceded on certain guaranteed minimum benefits These embedded derivatives are principally valued using the income approach. The valuation techniques and significant market standard unobservable inputs used in their valuation are similar to those described above in “— Direct and assumed guaranteed minimum benefits” and also include counterparty credit spreads. Transfers between Levels Overall, transfers between levels occur when there are changes in the observability of inputs and market activity. Transfers into or out of any level are assumed to occur at the beginning of the period. Transfers between Levels 1 and 2: There were no transfers between Levels 1 and 2 for assets and liabilities measured at estimated fair value and still held at September 30, 2017 . Transfers between Levels 1 and 2 for assets and liabilities measured at estimated fair value and still held at December 31, 2016 were not significant . Transfers into or out of Level 3: Assets and liabilities are transferred into Level 3 when a significant input cannot be corroborated with market observable data. This occurs when market activity decreases significantly and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred out of Level 3 when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity, a specific event, or one or more significant input(s) becoming observable. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: September 30, 201 |
Junior Subordinated Debt Securi
Junior Subordinated Debt Securities | 9 Months Ended |
Sep. 30, 2017 | |
Junior Subordinated Notes [Abstract] | |
Junior Subordinated Debt Securities [Text Block] | 9. Junior Subordinated Debt Securities On February 10, 2017, MetLife, Inc. exchanged $750 million aggregate principal amount of its 9.250% Fixed-to-Floating Rate Junior Subordinated Debentures due 2068 for $750 million aggregate liquidation preference of the 9.250% Fixed-to-Floating Rate Exchangeable Surplus Trust Securities of MetLife Capital Trust X (the “Trust”). As a result of the exchange, MetLife, Inc. became the sole beneficial owner of the Trust, a special purpose entity which issued the exchangeable surplus trust securities to third-party investors. On March 23, 2017, MetLife, Inc. dissolved the Trust. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Equity [Text Block] | 10. Equity Preferred Stock Preferred stock authorized, issued and outstanding was as follows at both September 30, 2017 and December 31, 2016 : Series Shares Authorized Shares Issued Shares Outstanding Floating Rate Non-Cumulative Preferred Stock, Series A 27,600,000 24,000,000 24,000,000 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C 1,500,000 1,500,000 1,500,000 Series A Junior Participating Preferred Stock 10,000,000 — — Not designated 160,900,000 — — Total 200,000,000 25,500,000 25,500,000 Common Stock During the nine months ended September 30, 2017 and 2016 , MetLife, Inc. repurchased 44,737,625 shares and 1,445,864 shares through open market purchases for $2.3 billion and $70 million , respectively. At September 30, 2017 , MetLife, Inc. had $383 million remaining under the common stock repurchase authorization. Common stock repurchases are dependent upon several factors, including the Company’s capital position, liquidity, financial strength and credit ratings, general market conditions, the market price of MetLife, Inc.’s common stock compared to management’s assessment of the stock’s underlying value and applicable regulatory approvals, as well as other legal and accounting factors. See Note 16 for information on subsequent common stock repurchases and authorizations. Stock-Based Compensation Plans Performance Shares and Performance Units Final Performance Shares are paid in shares of MetLife, Inc. common stock. Final Performance Units are payable in cash equal to the closing price of MetLife, Inc. common stock on a date following the last day of the three-year performance period. The performance factor for the January 1, 2014 – December 31, 2016 performance period was 44.4% , which was determined within a possible range from 0% to 175% . This factor has been applied to the 1,066,076 Performance Shares and 165,587 Performance Units associated with that performance period that vested on December 31, 2016 . As a result, in the first quarter of 2017, MetLife, Inc. issued 473,338 shares of its common stock (less withholding for taxes and other items, as applicable), excluding shares that payees choose to defer, and MetLife, Inc. or its affiliates paid the cash value of 73,521 Performance Units (less withholding for taxes and other items, as applicable). Dividend Restrictions The declaration and payment of dividends is subject to the discretion of MetLife, Inc.’s Board of Directors, and will depend on its financial condition, results of operations, cash requirements, future prospects and other factors deemed relevant by the Board. The payment of dividends on MetLife, Inc.’s common stock, and MetLife, Inc.’s ability to repurchase its common stock, may also be subject to restrictions under potential regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) and the Federal Reserve Bank of New York (collectively, with the Federal Reserve Board, the “Federal Reserve”) if MetLife, Inc. were re-designated by the Financial Stability Oversight Council (“FSOC”) as a non-bank systemically important financial institution (“non-bank SIFI”). MetLife, Inc.’s preferred stock and junior subordinated debentures contain provisions that would automatically suspend the payment of preferred stock dividends and interest on junior subordinated debentures if MetLife, Inc. fails to meet certain risk based capital ratio, net income and stockholders’ equity tests at specified times, except to the extent of the net proceeds from the issuance of certain securities during specified periods. If preferred stock dividends or interest on junior subordinated debentures are not paid, certain provisions in those instruments (sometimes referred to as “dividend stoppers”) may restrict MetLife, Inc. from repurchasing its common or preferred stock or paying dividends on its common or preferred stock and interest on its junior subordinated debentures. If MetLife, Inc. has not paid the full dividends on its preferred stock for the latest completed dividend period, MetLife, Inc. may not repurchase or pay dividends on its common stock during a dividend period. Under the junior subordinated debentures, if MetLife, Inc. has not paid in full the accrued interest on its junior subordinated debentures through the most recent interest payment date, it may not repurchase or pay dividends on its common stock or other capital stock (including the preferred stock), subject to certain exceptions. After obtaining the approval of the holders of a majority of MetLife, Inc.’s outstanding common stock on October 19, 2017, MetLife, Inc. amended the stockholders’ equity test applicable to the preferred stock to reflect the Separation of Brighthouse, so that prospectively the test will reflect the decrease in MetLife’s shareholders’ equity as a result of the Separation. On August 28, 2017, with the consent of holders of each series of junior subordinated debentures (or securities exchangeable for junior subordinated debentures), MetLife amended the stockholders’ equity test in the junior subordinated debentures to the same effect. The junior subordinated debentures further provide that MetLife may, at its option and provided that certain conditions are met, defer payment of interest without giving rise to an event of default for periods of up to 10 years. In that case, after five years MetLife, Inc. would be obligated to use commercially reasonable efforts to sell equity securities to raise proceeds to pay the interest. MetLife, Inc. would not be subject to limitations on the number of deferral periods that MetLife, Inc. could begin, so long as all accrued and unpaid interest is paid with respect to prior deferral periods. If MetLife, Inc. were to defer payments of interest, the “dividend stopper” provisions in the junior subordinated debentures would thus prevent MetLife, Inc. from repurchasing or paying dividends on its common stock or other capital stock (including the preferred stock) during the period of deferral, subject to exceptions. Accumulated Other Comprehensive Income (Loss) Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc., was as follows: Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 13,469 $ 1,569 $ (4,679 ) $ (1,923 ) $ 8,436 OCI before reclassifications 803 (166 ) 193 2 832 Deferred income tax benefit (expense) (270 ) 56 (6 ) 2 (218 ) AOCI before reclassifications, net of income tax 14,002 1,459 (4,492 ) (1,919 ) 9,050 Amounts reclassified from AOCI (360 ) (307 ) — 40 (627 ) Deferred income tax benefit (expense) 126 107 — (17 ) 216 Amounts reclassified from AOCI, net of income tax (234 ) (200 ) — 23 (411 ) Disposal of subsidiary (2) (2,286 ) (305 ) 51 28 (2,512 ) Deferred income tax benefit (expense) 800 107 (19 ) (10 ) 878 Disposal of subsidiary, net of income tax (1,486 ) (198 ) 32 18 (1,634 ) Balance, end of period $ 12,282 $ 1,061 $ (4,460 ) $ (1,878 ) $ 7,005 Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 18,204 $ 2,431 $ (4,020 ) $ (1,983 ) $ 14,632 OCI before reclassifications (1,066 ) (24 ) 49 (259 ) (1,300 ) Deferred income tax benefit (expense) 281 8 30 85 404 AOCI before reclassifications, net of income tax 17,419 2,415 (3,941 ) (2,157 ) 13,736 Amounts reclassified from AOCI (173 ) (94 ) — 46 (221 ) Deferred income tax benefit (expense) 60 30 — (10 ) 80 Amounts reclassified from AOCI, net of income tax (113 ) (64 ) — 36 (141 ) Disposal of subsidiary (2) — — — — — Deferred income tax benefit (expense) — — — — — Disposal of subsidiary, net of income tax — — — — — Balance, end of period $ 17,306 $ 2,351 $ (3,941 ) $ (2,121 ) $ 13,595 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 10,766 $ 1,865 $ (5,312 ) $ (1,972 ) $ 5,347 OCI before reclassifications 4,826 37 710 (17 ) 5,556 Deferred income tax benefit (expense) (1,686 ) (14 ) 110 7 (1,583 ) AOCI before reclassifications, net of income tax 13,906 1,888 (4,492 ) (1,982 ) 9,320 Amounts reclassified from AOCI (211 ) (965 ) — 125 (1,051 ) Deferred income tax benefit (expense) 73 336 — (39 ) 370 Amounts reclassified from AOCI, net of income tax (138 ) (629 ) — 86 (681 ) Disposal of subsidiary (2) (2,286 ) (305 ) 51 28 (2,512 ) Deferred income tax benefit (expense) 800 107 (19 ) (10 ) 878 Disposal of subsidiary, net of income tax (1,486 ) (198 ) 32 18 (1,634 ) Balance, end of period $ 12,282 $ 1,061 $ (4,460 ) $ (1,878 ) $ 7,005 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 10,315 $ 1,458 $ (4,950 ) $ (2,052 ) $ 4,771 OCI before reclassifications 10,872 1,472 809 (248 ) 12,905 Deferred income tax benefit (expense) (3,656 ) (460 ) 200 81 (3,835 ) AOCI before reclassifications, net of income tax 17,531 2,470 (3,941 ) (2,219 ) 13,841 Amounts reclassified from AOCI (339 ) (174 ) — 145 (368 ) Deferred income tax benefit (expense) 114 55 — (47 ) 122 Amounts reclassified from AOCI, net of income tax (225 ) (119 ) — 98 (246 ) Disposal of subsidiary (2) — — — — — Deferred income tax benefit (expense) — — — — — Disposal of subsidiary, net of income tax — — — — — Balance, end of period $ 17,306 $ 2,351 $ (3,941 ) $ (2,121 ) $ 13,595 __________________ (1) See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. (2) See Note 3. Information regarding amounts reclassified out of each component of AOCI was as follows: AOCI Components Amounts Reclassified from AOCI Consolidated Statements of Operations and Comprehensive Income (Loss) Locations Three Months Nine Months 2017 2016 2017 2016 (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ 303 $ 113 $ 386 $ 317 Net investment gains (losses) Net unrealized investment gains (losses) (1 ) 4 — 23 Net investment income Net unrealized investment gains (losses) 55 (1 ) (89 ) 21 Net derivative gains (losses) Net unrealized investment gains (losses) 3 57 (86 ) (22 ) Discontinued operations Net unrealized investment gains (losses), before income tax 360 173 211 339 Income tax (expense) benefit (126 ) (60 ) (73 ) (114 ) Net unrealized investment gains (losses), net of income tax 234 113 138 225 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate swaps 9 28 23 44 Net derivative gains (losses) Interest rate swaps 5 3 12 9 Net investment income Interest rate swaps — 1 2 14 Discontinued operations Interest rate forwards (1 ) — (5 ) — Net derivative gains (losses) Interest rate forwards — — 2 2 Net investment income Interest rate forwards — — 1 1 Other expenses Interest rate forwards — 2 3 4 Discontinued operations Foreign currency swaps 294 54 915 90 Net derivative gains (losses) Foreign currency swaps — — (1 ) (1 ) Net investment income Foreign currency swaps — — 1 1 Other expenses Foreign currency swaps — 5 11 6 Discontinued operations Credit forwards — — 1 3 Net derivative gains (losses) Credit forwards — 1 — 1 Net investment income Gains (losses) on cash flow hedges, before income tax 307 94 965 174 Income tax (expense) benefit (107 ) (30 ) (336 ) (55 ) Gains (losses) on cash flow hedges, net of income tax 200 64 629 119 Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (46 ) (47 ) (143 ) (150 ) Amortization of prior service (costs) credit 6 1 18 5 Amortization of defined benefit plan items, before income tax (40 ) (46 ) (125 ) (145 ) Income tax (expense) benefit 17 10 39 47 Amortization of defined benefit plan items, net of income tax (23 ) (36 ) (86 ) (98 ) Total reclassifications, net of income tax $ 411 $ 141 $ 681 $ 246 __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 12 . |
Other Expenses
Other Expenses | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expenses | 11. Other Expenses Information on other expenses was as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Compensation $ 1,107 $ 1,100 $ 3,302 $ 3,602 Pension, postretirement and postemployment benefit costs 86 78 242 308 Commissions 888 859 2,544 2,700 Volume-related costs 113 91 285 384 Capitalization of DAC (761 ) (770 ) (2,218 ) (2,422 ) Amortization of DAC and VOBA 626 660 1,945 2,052 Amortization of negative VOBA (32 ) (55 ) (113 ) (221 ) Interest expense on debt 284 280 851 875 Premium taxes, licenses and fees 145 174 467 544 Professional services 389 372 1,119 1,099 Rent and related expenses, net of sublease income 121 91 265 285 Other 352 336 1,215 1,090 Total other expenses $ 3,318 $ 3,216 $ 9,904 $ 10,296 See Note 3 for further information on Separation-related transaction costs. Restructuring Charges The Company commenced in 2016 a unit cost improvement program related to the Company’s refreshed enterprise strategy. This global strategy focuses on transforming the Company to become more digital, driving efficiencies and innovation to achieve competitive advantage, and simplified, decreasing the costs and risks associated with the Company’s highly complex industry to customers and shareholders. Restructuring charges related to this program are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Such restructuring charges were as follows: Three Months Nine Months Severance (In millions) Balance, beginning of period $ 17 $ 35 Restructuring charges 3 25 Cash payments (3 ) (43 ) Balance, end of period $ 17 $ 17 Total restructuring charges incurred since inception of initiative $ 60 $ 60 Management anticipates further restructuring charges through the year ending December 31, 2019. However, such restructuring plans were not sufficiently developed to enable management to make an estimate of such restructuring charges at September 30, 2017. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 12. Employee Benefit Plans Pension and Other Postretirement Benefit Plans Certain subsidiaries of MetLife, Inc. sponsor and/or administer various U.S. qualified and nonqualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. retired employees. The components of net periodic benefit costs were as follows: Three Months 2017 2016 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 62 $ 1 $ 67 $ 4 Interest costs 106 19 101 20 Divestitures and curtailment costs (1) 3 2 (1 ) (1 ) Expected return on plan assets (129 ) (18 ) (138 ) (19 ) Amortization of net actuarial (gains) losses 46 — 45 2 Amortization of prior service costs (credit) — (6 ) — (1 ) Net periodic benefit costs (credit) $ 88 $ (2 ) $ 74 $ 5 Nine Months 2017 2016 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 184 $ 4 $ 212 $ 8 Interest costs 318 57 316 62 Divestitures and curtailment costs (1) 3 2 (1 ) 15 Expected return on plan assets (387 ) (54 ) (388 ) (56 ) Amortization of net actuarial (gains) losses 143 — 143 7 Amortization of prior service costs (credit) (1 ) (17 ) — (5 ) Net periodic benefit costs (credit) $ 260 $ (8 ) $ 282 $ 31 __________________ (1) For the nine months ended September 30, 2016, the Company recognized curtailment charges on certain postretirement benefit plans in connection with the sale to MassMutual. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report. |
Income Tax Income Tax
Income Tax Income Tax | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. Income Tax The Company has not provided U.S. deferred taxes on the cumulative earnings of certain non-U.S. affiliates that have been reinvested indefinitely. These earnings relate to ongoing operations and have been reinvested in active non-U.S. business operations. In the third quarter of 2017, the Company recorded a $444 million tax charge related to the future repatriation of approximately $3.0 billion of pre-2017 earnings following the post-Separation review of its capital needs. The Company will continue to assert that earnings of these non-U.S. operations will be reinvested indefinitely for amounts earned in 2017 and subsequent years, as the Company expects to continue to invest in such operations. This charge was partially offset by a $264 million tax benefit associated with dividends from other non-U.S. operations. As a result, the Company recognized a $180 million net deferred tax liability. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 14. Earnings Per Common Share The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share for each income category presented: Three Months Nine Months 2017 2016 2017 2016 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding for basic earnings per common share 1,062.3 1,100.5 1,075.5 1,100.6 Incremental common shares from assumed exercise or issuance of stock-based awards 9.2 8.8 8.5 8.4 Weighted average common stock outstanding for diluted earnings per common share 1,071.5 1,109.3 1,084.0 1,109.0 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 893 $ 1,024 $ 2,630 $ 4,269 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 6 (4 ) 12 2 Less: Preferred stock dividends 6 6 58 58 Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 881 $ 1,022 $ 2,560 $ 4,209 Basic $ 0.83 $ 0.93 $ 2.38 $ 3.82 Diluted $ 0.82 $ 0.92 $ 2.36 $ 3.80 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests — — — — Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) Basic $ (0.91 ) $ (0.41 ) $ (0.92 ) $ (1.25 ) Diluted $ (0.90 ) $ (0.41 ) $ (0.91 ) $ (1.25 ) Net Income (Loss): Net income (loss) $ (75 ) $ 573 $ 1,641 $ 2,890 Less: Net income (loss) attributable to noncontrolling interests 6 (4 ) 12 2 Less: Preferred stock dividends 6 6 58 58 Net income (loss) available to MetLife, Inc.’s common shareholders $ (87 ) $ 571 $ 1,571 $ 2,830 Basic $ (0.08 ) $ 0.52 $ 1.46 $ 2.57 Diluted $ (0.08 ) $ 0.51 $ 1.45 $ 2.55 |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Commitments and Guarantees | 15. Contingencies, Commitments and Guarantees Contingencies Litigation The Company is a defendant in a large number of litigation matters. In some of the matters, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages or other relief. Jurisdictions may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction of the trial court. In addition, jurisdictions may permit plaintiffs to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction for similar matters. This variability in pleadings, together with the actual experience of the Company in litigating or resolving through settlement numerous claims over an extended period of time, demonstrates to management that the monetary relief which may be specified in a lawsuit or claim bears little relevance to its merits or disposition value. Due to the vagaries of litigation, the outcome of a litigation matter and the amount or range of potential loss at particular points in time may normally be difficult to ascertain. Uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how trial and appellate courts will apply the law in the context of the pleadings or evidence presented, whether by motion practice, at trial or on appeal. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will view the relevant evidence and applicable law. The Company establishes liabilities for litigation and regulatory loss contingencies when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Liabilities have been established for a number of the matters noted below. It is possible that some of the matters could require the Company to pay damages or make other expenditures or establish accruals in amounts that could not be reasonably estimated at September 30, 2017 . While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known to management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. Matters as to Which an Estimate Can Be Made For some of the matters disclosed below, the Company is able to estimate a reasonably possible range of loss. For such matters where a loss is believed to be reasonably possible, but not probable, the Company has not made an accrual. As of September 30, 2017 , the Company estimates the aggregate range of reasonably possible losses in excess of amounts accrued for these matters to be $0 to $450 million . Matters as to Which an Estimate Cannot Be Made For other matters disclosed below, the Company is not currently able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by the court on motions or appeals, analysis by experts, and the progress of settlement negotiations. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation contingencies and updates its accruals, disclosures and estimates of reasonably possible losses or ranges of loss based on such reviews. Asbestos-Related Claims MLIC is and has been a defendant in a large number of asbestos-related suits filed primarily in state courts. These suits principally allege that the plaintiff or plaintiffs suffered personal injury resulting from exposure to asbestos and seek both actual and punitive damages. MLIC has never engaged in the business of manufacturing, producing, distributing, or selling asbestos or asbestos-containing products nor has MLIC issued liability or workers’ compensation insurance to companies in the business of manufacturing, producing, distributing, or selling asbestos or asbestos-containing products. The lawsuits principally have focused on allegations with respect to certain research, publication and other activities of one or more of MLIC’s employees during the period from the 1920’s through approximately the 1950’s and allege that MLIC learned or should have learned of certain health risks posed by asbestos and, among other things, improperly publicized or failed to disclose those health risks. MLIC believes that it should not have legal liability in these cases. The outcome of most asbestos litigation matters, however, is uncertain and can be impacted by numerous variables, including differences in legal rulings in various jurisdictions, the nature of the alleged injury and factors unrelated to the ultimate legal merit of the claims asserted against MLIC. MLIC employs a number of resolution strategies to manage its asbestos loss exposure, including seeking resolution of pending litigation by judicial rulings and settling individual or groups of claims or lawsuits under appropriate circumstances. Claims asserted against MLIC have included negligence, intentional tort and conspiracy concerning the health risks associated with asbestos. MLIC’s defenses (beyond denial of certain factual allegations) include that: (i) MLIC owed no duty to the plaintiffs— it had no special relationship with the plaintiffs and did not manufacture, produce, distribute, or sell the asbestos products that allegedly injured plaintiffs; (ii) plaintiffs did not rely on any actions of MLIC; (iii) MLIC’s conduct was not the cause of the plaintiffs’ injuries; (iv) plaintiffs’ exposure occurred after the dangers of asbestos were known; and (v) the applicable time with respect to filing suit has expired. During the course of the litigation, certain trial courts have granted motions dismissing claims against MLIC, while other trial courts have denied MLIC’s motions. There can be no assurance that MLIC will receive favorable decisions on motions in the future. While most cases brought to date have settled, MLIC intends to continue to defend aggressively against claims based on asbestos exposure, including defending claims at trials. As reported in the 2016 Annual Report, MLIC received approximately 4,146 asbestos-related claims in 2016 . During the nine months ended September 30, 2017 and 2016 , MLIC received approximately 2,742 and 3,267 new asbestos-related claims, respectively. See Note 21 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report for historical information concerning asbestos claims and MLIC’s increase in its recorded liability at December 31, 2014. The number of asbestos cases that may be brought, the aggregate amount of any liability that MLIC may incur, and the total amount paid in settlements in any given year are uncertain and may vary significantly from year to year. The ability of MLIC to estimate its ultimate asbestos exposure is subject to considerable uncertainty, and the conditions impacting its liability can be dynamic and subject to change. The availability of reliable data is limited and it is difficult to predict the numerous variables that can affect liability estimates, including the number of future claims, the cost to resolve claims, the disease mix and severity of disease in pending and future claims, the impact of the number of new claims filed in a particular jurisdiction and variations in the law in the jurisdictions in which claims are filed, the possible impact of tort reform efforts, the willingness of courts to allow plaintiffs to pursue claims against MLIC when exposure to asbestos took place after the dangers of asbestos exposure were well known, and the impact of any possible future adverse verdicts and their amounts. The ability to make estimates regarding ultimate asbestos exposure declines significantly as the estimates relate to years further in the future. In the Company’s judgment, there is a future point after which losses cease to be probable and reasonably estimable. It is reasonably possible that the Company’s total exposure to asbestos claims may be materially greater than the asbestos liability currently accrued and that future charges to income may be necessary. While the potential future charges could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known by management, management does not believe any such charges are likely to have a material effect on the Company’s financial position. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for asbestos-related claims. MLIC’s recorded asbestos liability is based on its estimation of the following elements, as informed by the facts presently known to it, its understanding of current law and its past experiences: (i) the probable and reasonably estimable liability for asbestos claims already asserted against MLIC, including claims settled but not yet paid; (ii) the probable and reasonably estimable liability for asbestos claims not yet asserted against MLIC, but which MLIC believes are reasonably probable of assertion; and (iii) the legal defense costs associated with the foregoing claims. Significant assumptions underlying MLIC’s analysis of the adequacy of its recorded liability with respect to asbestos litigation include: (i) the number of future claims; (ii) the cost to resolve claims; and (iii) the cost to defend claims. MLIC reevaluates on a quarterly and annual basis its exposure from asbestos litigation, including studying its claims experience, reviewing external literature regarding asbestos claims experience in the United States, assessing relevant trends impacting asbestos liability and considering numerous variables that can affect its asbestos liability exposure on an overall or per claim basis. These variables include bankruptcies of other companies involved in asbestos litigation, legislative and judicial developments, the number of pending claims involving serious disease, the number of new claims filed against it and other defendants and the jurisdictions in which claims are pending. Based upon its regular reevaluation of its exposure from asbestos litigation, MLIC has updated its liability analysis for asbestos-related claims through September 30, 2017 . Regulatory Matters The Company receives and responds to subpoenas or other inquiries seeking a broad range of information from state regulators, including state insurance commissioners; state attorneys general or other state governmental authorities; federal regulators, including the SEC; federal governmental authorities, including congressional committees; and the Financial Industry Regulatory Authority (“FINRA”), as well as from local and national regulators and government authorities in countries outside the United States where MetLife conducts business. The issues involved in information requests and regulatory matters vary widely. The Company cooperates in these inquiries. In the Matter of Chemform, Inc. Site, Pompano Beach, Broward County, Florida In July 2010, the Environmental Protection Agency (“EPA”) advised MLIC that it believed payments were due under two settlement agreements, known as “Administrative Orders on Consent,” that New England Mutual Life Insurance Company (“New England Mutual”) signed in 1989 and 1992 with respect to the cleanup of a Superfund site in Florida (the “Chemform Site”). The EPA originally contacted MLIC (as successor to New England Mutual) and a third party in 2001, and advised that they owed additional clean-up costs for the Chemform Site. The matter was not resolved at that time. In September 2012, the EPA, MLIC and the third party executed an Administrative Order on Consent under which MLIC and the third party agreed to be responsible for certain environmental testing at the Chemform Site. The EPA may seek additional costs if the environmental testing identifies issues. The EPA and MLIC have reached a settlement in principal on the EPA’s claim for past costs. The Company estimates that the aggregate cost to resolve this matter, including the settlement for claims of past costs and the costs of environmental testing, will not exceed $300 thousand . Sales Practices Regulatory Matters Regulatory authorities in a number of states and FINRA, and occasionally the SEC, have had investigations or inquiries relating to sales of individual life insurance policies or annuities or other products by MLIC, MetLife Insurance Company USA, New England Life Insurance Company (“NELICO”), General American Life Insurance Company, First MetLife Investors Insurance Company and broker-dealer, MetLife Securities, Inc. (“MSI”). These investigations often focus on the conduct of particular financial services representatives and the sale of unregistered or unsuitable products or the misuse of client assets. Over the past several years, these and a number of investigations by other regulatory authorities were resolved for monetary payments and certain other relief, including restitution payments. The Company may continue to resolve investigations in a similar manner. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for these sales practices-related investigations or inquiries. Unclaimed Property Litigation City of Westland Police and Fire Retirement System v. MetLife, Inc., et. al. (S.D.N.Y., filed January 12, 2012) Seeking to represent a class of persons who purchased MetLife, Inc. common shares between February 2, 2010, and October 6, 2011, the plaintiff alleges that MetLife, Inc. and several current and former directors and executive officers of MetLife, Inc. violated the Securities Act of 1933, as well as the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by issuing, or causing MetLife, Inc. to issue, materially false and misleading statements concerning MetLife, Inc.’s potential liability for millions of dollars in insurance benefits that should have been paid to beneficiaries or escheated to the states. Plaintiff seeks unspecified compensatory damages and other relief. On September 22, 2017, the Court granted plaintiff’s motion to certify their proposed class of persons who purchased or acquired MetLife common stock in the Company’s August 3, 2010 Offering or the Company’s March 4, 2011 Offering. The defendants intend to defend this action vigorously. Total Control Accounts Litigation MLIC is a defendant in a lawsuit related to its use of retained asset accounts, known as total control accounts (“TCA”), as a settlement option for death benefits. Owens v. Metropolitan Life Insurance Company (N.D. Ga., filed April 17, 2014) Plaintiff filed this class action lawsuit on behalf of all persons for whom MLIC established a retained asset account, known as a TCA, to pay death benefits under an Employee Retirement Income Security Act of 1974 (“ERISA”) plan. The action alleges that MLIC’s use of the TCA as the settlement option for life insurance benefits under some group life insurance policies violates MLIC’s fiduciary duties under ERISA. As damages, plaintiff seeks disgorgement of profits that MLIC realized on accounts owned by members of the class. In addition, plaintiff, on behalf of a subgroup of the class, seeks interest under Georgia’s delayed settlement interest statute, alleging that the use of the TCA as the settlement option did not constitute payment. On September 27, 2016, the court denied MLIC’s summary judgment motion in full and granted plaintiff’s partial summary judgment motion. On September 29, 2017, the court certified a nationwide class. The court also certified a Georgia subclass. The Company intends to defend this action vigorously. Diversified Lending Group Litigations Hartshorne v. MetLife, Inc., et al. (Los Angeles County Superior Court, filed March 25, 2015) Plaintiffs named MetLife, Inc., MSI, and NELICO in 12 related lawsuits in California state court alleging various causes of action including multiple negligence and statutory claims relating to a Ponzi scheme involving the Diversified Lending Group. In August 2016, a trial of claims by one of the 98 plaintiffs, Christine Ramirez, resulted in a verdict against MetLife, Inc., MSI, and NELICO for approximately $200 thousand in compensatory damages and $15 million in punitive damages. On November 30, 2016, Ramirez consented to the court’s reduction of punitive damages to approximately $7 million . These companies have filed a notice appealing this judgment to the Second Appellate District of the State of California. On May 2, 2017, the court awarded the plaintiff approximately $6.5 million in attorneys’ fees and costs; the Company has appealed this decision. The Company has reached a settlement in principle with 97 of the plaintiffs, including Ramirez. Other Litigation Sun Life Assurance Company of Canada Indemnity Claim In 2006, Sun Life Assurance Company of Canada (“Sun Life”), as successor to the purchaser of MLIC’s Canadian operations, filed a lawsuit in Toronto, seeking a declaration that MLIC remains liable for “market conduct claims” related to certain individual life insurance policies sold by MLIC that were subsequently transferred to Sun Life. In January 2010, the court found that Sun Life had given timely notice of its claim for indemnification but, because it found that Sun Life had not yet incurred an indemnifiable loss, granted MLIC’s motion for summary judgment. Both parties agreed to consider the indemnity claim through arbitration. In September 2010, Sun Life notified MLIC that a purported class action lawsuit was filed against Sun Life in Toronto alleging sales practices claims regarding the policies sold by MLIC and transferred to Sun Life. On August 30, 2011, Sun Life notified MLIC that another purported class action lawsuit was filed against Sun Life in Vancouver, BC alleging sales practices claims regarding certain of the same policies sold by MLIC and transferred to Sun Life. Sun Life contends that MLIC is obligated to indemnify Sun Life for some or all of the claims in these lawsuits. These sales practices cases against Sun Life are ongoing, and the Company is unable to estimate the reasonably possible loss or range of loss arising from this litigation. MetLife, Inc. v. Financial Stability Oversight Council (D. D.C., January 13, 2015) MetLife, Inc. filed this action in U.S. District Court for the District of Columbia (“D.C. District Court”) seeking to overturn the FSOC designation of MetLife, Inc. as a non-bank SIFI. The suit is brought under the section of the Dodd-Frank Wall Street Reform and Consumer Protection Act providing that a company designated as a non-bank SIFI may petition the federal courts for review, and seeks an order requiring that the final determination be rescinded. The D.C. District Court issued a decision on March 30, 2016 granting, in part, MetLife, Inc.’s cross motion for summary judgment and rescinding the FSOC’s designation of MetLife, Inc. as a non-bank SIFI. On April 8, 2016, the FSOC appealed the D.C. District Court’s order to the United States Court of Appeals for the District of Columbia (“D.C. Circuit”). On August 2, 2017, the D.C. Circuit ordered that the appeal be held in abeyance pending an upcoming report by the Secretary of the Treasury following its review of the FSOC SIFI designation process and standards. Voshall v. Metropolitan Life Insurance Company (Superior Court of the State of California, County of Los Angeles, April 8, 2015) Plaintiff filed this putative class action lawsuit on behalf of himself and all persons covered under a long-term group disability income insurance policy issued by MLIC to public entities in California between April 8, 2011 and April 8, 2015. Plaintiff alleges that MLIC improperly reduced benefits by including cost of living adjustments and employee paid contributions in the employer retirement benefits and other income that reduces the benefit payable under such policies. Plaintiff asserts causes of action for declaratory relief, violation of the California Business & Professions Code, breach of contract and breach of the implied covenant of good faith and fair dealing. The Company intends to defend this action vigorously. Martin v. Metropolitan Life Insurance Company, (Superior Court of the State of California, County of Contra Costa, filed December 17, 2015) Plaintiffs filed this putative class action lawsuit on behalf of themselves and all California persons who have been charged compound interest by MLIC in life insurance policy and/or premium loan balances within the last four years. Plaintiffs allege that MLIC has engaged in a pattern and practice of charging compound interest on life insurance policy and premium loans without the borrower authorizing such compounding, and that this constitutes an unlawful business practice under California law. Plaintiff asserts causes of action for declaratory relief, violation of California’s Unfair Competition Law and Usury Law, and unjust enrichment. Plaintiff seeks declaratory and injunctive relief, restitution of interest, and damages in an unspecified amount. On April 12, 2016, the court granted MLIC’s motion to dismiss. Plaintiffs have appealed this ruling. Lau v. Metropolitan Life Insurance Company (S.D.N.Y. filed, December 3, 2015) This putative class action lawsuit was filed by a single defined contribution plan participant on behalf of all ERISA plans whose assets were invested in MetLife’s “Group Annuity Contract Stable Value Funds” within the past six years. The suit alleges breaches of fiduciary duty under ERISA and challenges the “spread” with respect to the stable value fund group annuity products sold to retirement plans. The allegations focus on the methodology MetLife uses to establish and reset the crediting rate, the terms under which plan participants are permitted to transfer funds from a stable value option to another investment option, the procedures followed if an employer terminates a contract, and the level of disclosure provided. Plaintiff seeks declaratory and injunctive relief, as well as damages in an unspecified amount. The Company intends to defend this action vigorously. Newman v. Metropolitan Life Insurance Company (N.D. Ill., filed March 23, 2016) Plaintiff filed this putative class action alleging causes of action for breach of contract, fraud, and violations of the Illinois Consumer Fraud and Deceptive Business Practices Act, based on MLIC’s class-wide increase in premiums charged for long-term care insurance policies. Plaintiff alleges a class consisting of herself and all persons over age 65 who selected a Reduced Pay at Age 65 payment feature and whose premium rates were increased after age 65. Plaintiff asserts that premiums could not be increased for these class members and/or that marketing material was misleading as to MLIC’s right to increase premiums. Plaintiff seeks unspecified compensatory, statutory and punitive damages, as well as recessionary and injunctive relief. On April 12, 2017, the court granted MLIC’s motion, dismissing the action with prejudice. On April 21, 2017, plaintiff appealed this ruling. Miller, et al. v. MetLife, Inc., et al. (C.D. Cal., filed April 7, 2017) Plaintiffs filed this putative class action against MetLife, Inc. and MLIC in the U.S. District Court for the Central District of California, purporting to assert claims on behalf of all persons who replaced their MetLife Optional Term Life or Group Universal Life policy for a Group Variable Universal Life policy wherein MetLife allegedly charged smoker rates for certain non-smokers. Plaintiffs seek unspecified compensatory and punitive damages, as well as other relief. On September 25, 2017, Plaintiffs dismissed the action and refiled the complaint in U.S. District Court for the Southern District of New York. The Company intends to defend this action vigorously. Julian & McKinney v. Metropolitan Life Insurance Company (S.D.N.Y., filed February 9, 2017) Plaintiffs filed this putative class and collective action on behalf of themselves and all current and former long-term disability (“LTD”) claims specialists between February 2011 and the present for alleged wage and hour violations under the Fair Labor Standards Act, the New York Labor Law, and the Connecticut Minimum Wage Act. The suit alleges that MetLife improperly reclassified the plaintiffs and similarly situated LTD claims specialists from non-exempt to exempt from overtime pay in November 2013. As a result, they and members of the putative class were no longer eligible for overtime pay even though they allege they continued to work more than 40 hours per week. The Company intends to defend this action vigorously. Sales Practices Claims Over the past several years, the Company has faced numerous claims, including class action lawsuits, alleging improper marketing or sales of individual life insurance policies, annuities, mutual funds, other products or the misuse of client assets. Some of the current cases seek substantial damages, including punitive and treble damages and attorneys’ fees. The Company continues to defend vigorously against the claims in these matters. The Company believes adequate provision has been made in its consolidated financial statements for all probable and reasonably estimable losses for sales practices matters. Summary Putative or certified class action litigation and other litigation and claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company’s consolidated financial statements, have arisen in the course of the Company’s business, including, but not limited to, in connection with its activities as an insurer, mortgage lending bank, employer, investor, investment advisor and taxpayer. Further, state insurance regulatory authorities and other federal and state authorities regularly make inquiries and conduct investigations concerning the Company’s compliance with applicable insurance and other laws and regulations. It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters referred to previously, very large and/or indeterminate amounts, including punitive and treble damages, are sought. Although in light of these considerations it is possible that an adverse outcome in certain cases could have a material effect upon the Company’s financial position, based on information currently known by the Company’s management, in its opinion, the outcomes of such pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company’s consolidated net income or cash flows in particular quarterly or annual periods. Commitments Mortgage Loan Commitments The Company commits to lend funds under mortgage loan commitments. The amounts of these mortgage loan commitments were $3.4 billion and $4.0 billion at September 30, 2017 and December 31, 2016 , respectively. Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments The Company commits to fund partnership investments and to lend funds under bank credit facilities, bridge loans and private corporate bond investments. The amounts of these unfunded commitments were $7.5 billion and $6.9 billion at September 30, 2017 and December 31, 2016 , respectively. Guarantees In the normal course of its business, the Company has provided certain indemnities, guarantees and commitments to third parties such that it may be required to make payments now or in the future. In the context of acquisition, disposition, investment and other transactions, the Company has provided indemnities and guarantees, including those related to tax, environmental and other specific liabilities and other indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. In addition, in the normal course of business, the Company provides indemnifications to counterparties in contracts with triggers similar to the foregoing, as well as for certain other liabilities, such as third-party lawsuits. These obligations are often subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. In some cases, the maximum potential obligation under the indemnities and guarantees is subject to a contractual limitation ranging from less than $1 million to $329 million , with a cumulative maximum of $709 million , while in other cases such limitations are not specified or applicable. Since certain of these obligations are not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. Management believes that it is unlikely the Company will have to make any material payments under these indemnities, guarantees, or commitments. In addition, the Company indemnifies its directors and officers as provided in its charters and by-laws. Also, the Company indemnifies its agents for liabilities incurred as a result of their representation of the Company’s interests. Since these indemnities are generally not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these indemnities in the future. The Company has also minimum fund yield requirements on certain international pension funds in accordance with local laws. Since these guarantees are not subject to limitation with respect to duration or amount, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future. The Company’s recorded liabilities were $6 million and $8 million at September 30, 2017 and December 31, 2016 , respectively, for indemnities, guarantees and commitments. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Events Common Stock Repurchases In the fourth quarter of 2017 through October 25, 2017 , MetLife, Inc. repurchased 2,301,205 shares of its common stock in the open market for $121 million . On November 1, 2017, MetLife, Inc. announced that its Board of Directors approved an additional $2.0 billion authorization for MetLife, Inc. to repurchase its common stock. Common Stock Dividend On October 24, 2017, the MetLife, Inc. Board of Directors declared a fourth quarter 2017 common stock dividend of $0.40 per share payable on December 13, 2017 to shareholders of record as of November 6, 2017. The Company estimates that the aggregate dividend payment will be $422 million . The Separation See Note 3 and Note 10 for subsequent events related to the Separation. |
Business, Basis of Presentati24
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates. |
Consolidation of Subsidiaries | The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2016 consolidated balance sheet data was derived from audited consolidated financial statements included in MetLife, Inc.’s Annual Report on Form 10‑K for the year ended December 31, 2016 (the “2016 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2016 Annual Report. The accompanying interim condensed consolidated financial statements include the accounts of MetLife, Inc. and its subsidiaries, as well as partnerships and joint ventures in which the Company has control, and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Intercompany accounts and transactions have been eliminated. The Company uses the equity method of accounting for equity securities when it has significant influence or at least 20% interest and for real estate joint ventures and other limited partnership interests (“investees”) when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. The Company uses the cost method of accounting for investments in which it has virtually no influence over the investee’s operations. Closed block assets, liabilities, revenues and expenses are combined on a line-by-line basis with the assets, liabilities, revenues and expenses outside the closed block based on the nature of the particular item. |
Investments | Maturities of Fixed Maturity Securities Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Fixed maturity securities not due at a single maturity date have been presented in the year of final contractual maturity. Structured Securities are shown separately, as they are not due at a single maturity. Past Due and Nonaccrual Mortgage Loans The Company defines delinquency consistent with industry practice, when mortgage loans are past due as follows: commercial and residential mortgage loans — 60 days and agricultural mortgage loans — 90 days. Variable Interest Entities The Company has invested in legal entities that are VIEs. In certain instances, the Company holds both the power to direct the most significant activities of the entity, as well as an economic interest in the entity and, as such, is deemed to be the primary beneficiary or consolidator of the entity. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. |
Derivatives | Freestanding Derivatives Freestanding derivatives are carried on the Company’s balance sheet either as assets within other invested assets or as liabilities within other liabilities at estimated fair value. The Company does not offset the estimated fair value amounts recognized for derivatives executed with the same counterparty under the same master netting agreement. Accruals on derivatives are generally recorded in accrued investment income or within other liabilities. However, accruals that are not scheduled to settle within one year are included with the derivatives carrying value in other invested assets or other liabilities. If a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are reported in net derivative gains (losses) except as follows: Statement of Operations Presentation: Derivative: Policyholder benefits and claims • Economic hedges of variable annuity guarantees included in future policy benefits Net investment income • Economic hedges of equity method investments in joint ventures • All derivatives held in relation to trading portfolios • Derivatives held within contractholder-directed unit-linked investments Hedge Accounting To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge. Hedge designation and financial statement presentation of changes in estimated fair value of the hedging derivatives are as follows: • Fair value hedge (a hedge of the estimated fair value of a recognized asset or liability) - in net derivative gains (losses), consistent with the change in estimated fair value of the hedged item attributable to the designated risk being hedged. • Cash flow hedge (a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability) - effectiveness in OCI (deferred gains or losses on the derivative are reclassified into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item); ineffectiveness in net derivative gains (losses). • Net investment in a foreign operation hedge - effectiveness in OCI, consistent with the translation adjustment for the hedged net investment in the foreign operation; ineffectiveness in net derivative gains (losses). The changes in estimated fair values of the hedging derivatives are exclusive of any accruals that are separately reported on the statement of operations within interest income or interest expense to match the location of the hedged item. Accruals on derivatives in net investment hedges are recognized in OCI. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship. Assessments of hedge effectiveness and measurements of ineffectiveness are also subject to interpretation and estimation and different interpretations or estimates may have a material effect on the amount reported in net income. The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires, is sold, terminated, or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the derivative is de-designated as a hedging instrument. When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized in net derivative gains (losses). The carrying value of the hedged recognized asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in OCI related to discontinued cash flow hedges are released into the statement of operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the balance sheet at its estimated fair value, with changes in estimated fair value recognized currently in net derivative gains (losses). Deferred gains and losses of a derivative recorded in OCI pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in net derivative gains (losses). In all other situations in which hedge accounting is discontinued, the derivative is carried at its estimated fair value on the balance sheet, with changes in its estimated fair value recognized in the current period as net derivative gains (losses). Embedded Derivatives The Company sells variable annuities and issues certain insurance products and investment contracts and is a party to certain reinsurance agreements that have embedded derivatives. The Company assesses each identified embedded derivative to determine whether it is required to be bifurcated. The embedded derivative is bifurcated from the host contract and accounted for as a freestanding derivative if: • the combined instrument is not accounted for in its entirety at estimated fair value with changes in estimated fair value recorded in earnings; • the terms of the embedded derivative are not clearly and closely related to the economic characteristics of the host contract; and • a separate instrument with the same terms as the embedded derivative would qualify as a derivative instrument. Such embedded derivatives are carried on the balance sheet at estimated fair value with the host contract and changes in their estimated fair value are generally reported in net derivative gains (losses), except for those in policyholder benefits and claims related to ceded reinsurance of GMIB. If the Company is unable to properly identify and measure an embedded derivative for separation from its host contract, the entire contract is carried on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income. Additionally, the Company may elect to carry an entire contract on the balance sheet at estimated fair value, with changes in estimated fair value recognized in the current period in net investment gains (losses) or net investment income if that contract contains an embedded derivative that requires bifurcation. At inception, the Company attributes to the embedded derivative a portion of the projected future guarantee fees to be collected from the policyholder equal to the present value of projected future guaranteed benefits. Any additional fees represent “excess” fees and are reported in universal life and investment-type product policy fees. Derivatives are financial instruments with values derived from interest rates, foreign currency exchange rates, credit spreads and/or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter (“OTC”) market. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties (“OTC-cleared”), while others are bilateral contracts between two counterparties (“OTC-bilateral”). The types of derivatives the Company uses include swaps, forwards, futures and option contracts. To a lesser extent, the Company uses credit default swaps and structured interest rate swaps to synthetically replicate investment risks and returns which are not readily available in the cash markets. The Company designates and accounts for the following as fair value hedges when they have met the requirements of fair value hedging: (i) interest rate swaps to convert fixed rate assets and liabilities to floating rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency fair value exposure of foreign currency denominated assets and liabilities; and (iii) foreign currency forwards to hedge the foreign currency fair value exposure of foreign currency denominated investments. The Company designates and accounts for the following as cash flow hedges when they have met the requirements of cash flow hedging: (i) interest rate swaps to convert floating rate assets and liabilities to fixed rate assets and liabilities; (ii) foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets and liabilities; (iii) interest rate forwards and credit forwards to lock in the price to be paid for forward purchases of investments; (iv) interest rate swaps and interest rate forwards to hedge the forecasted purchases of fixed-rate investments; and (v) interest rate swaps and interest rate forwards to hedge forecasted fixed-rate borrowings. The Company uses foreign currency exchange rate derivatives, which may include foreign currency forwards and currency options, to hedge portions of its net investments in foreign operations against adverse movements in exchange rates. The Company measures ineffectiveness on these derivatives based upon the change in forward rates. When net investments in foreign operations are sold or substantially liquidated, the amounts in AOCI are reclassified to the statement of operations. The Company may be exposed to credit-related losses in the event of nonperformance by its counterparties to derivatives. Generally, the current credit exposure of the Company’s derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements. |
Employee Benefit Plans | Certain subsidiaries of MetLife, Inc. sponsor and/or administer various U.S. qualified and nonqualified defined benefit pension plans and other postretirement employee benefit plans covering employees and sales representatives who meet specified eligibility requirements. These subsidiaries also provide certain postemployment benefits and certain postretirement medical and life insurance benefits for U.S. retired employees. |
Closed Block | On April 7, 2000 (the “Demutualization Date”), Metropolitan Life Insurance Company (“MLIC”) converted from a mutual life insurance company to a stock life insurance company and became a wholly-owned subsidiary of MetLife, Inc. The conversion was pursuant to an order by the New York Superintendent of Insurance approving MLIC’s plan of reorganization, as amended (the “Plan of Reorganization”). On the Demutualization Date, MLIC established a closed block for the benefit of holders of certain individual life insurance policies of MLIC. Experience within the closed block, in particular mortality and investment yields, as well as realized and unrealized gains and losses, directly impact the policyholder dividend obligation. Amortization of the closed block DAC, which resides outside of the closed block, is based upon cumulative actual and expected earnings within the closed block. Accordingly, the Company’s net income continues to be sensitive to the actual performance of the closed block. |
New Accounting Pronouncements | Effective January 1, 2017, the Company early adopted guidance relating to business combinations. The new guidance clarifies the definition of a business and requires that an entity apply certain criteria in order to determine when a set of assets and activities qualifies as a business. The adoption of this standard will result in fewer acquisitions qualifying as businesses and, accordingly, acquisition costs for those acquisitions that do not qualify as businesses will be capitalized rather than expensed. The adoption did not have a material impact on the Company’s consolidated financial statements. Effective January 1, 2017, the Company retrospectively adopted guidance relating to consolidation. The new guidance does not change the characteristics of a primary beneficiary under current GAAP. It changes how a reporting entity evaluates whether it is the primary beneficiary of a VIE by changing how a reporting entity that is a single decisionmaker of a VIE handles indirect interests in the entity held through related parties that are under common control with the reporting entity. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. Effective January 1, 2017, the Company adopted guidance related to stock-based compensation. The new guidance changes several aspects of the accounting for share-based payment and award transactions, including (i) income tax consequences when awards vest or are settled; (ii) classification as either equity or liability due to statutory tax withholding requirements; and (iii) classification on the statement of cash flows. In addition, the new guidance provides an accounting policy election to account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. The Company has elected to continue to account for forfeitures based on an estimate of expected forfeitures. In addition, the Company elected to apply the change in presentation in the statement of cash flows related to excess tax benefits prospectively and prior periods have not been adjusted. The change in presentation for cash paid to a taxing authority when directly withholding equivalent shares has been classified as a financing activity in the statement of cash flows. The change was applied retrospectively and thus the directly withheld share equivalent amount was reclassified from an operating activity to a financing activity in the consolidated statements of cash flows. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. |
Discontinued Operations | The results of operations of a component of the Company that has either been disposed of or is classified as held-for-sale are reported in discontinued operations if certain criteria are met. A disposal of a component is reported as discontinued operations if the disposal represents a strategic shift that has or will have a major effect on the Company’s operations and financials. The results of Brighthouse are reflected in the Company’s interim condensed consolidated financial statements as discontinued operations. Prior period results have been revised to reflect discontinued operations. Intercompany transactions between the Company and Brighthouse prior to the Separation have been eliminated. Transactions between the Company and Brighthouse after the Separation are reflected in continuing operations for the Company. See Note 3 for information on discontinued operations and transactions with Brighthouse. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, by Segment | Operating Results Three Months Ended September 30, 2017 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 6,987 $ 1,696 $ 701 $ 527 $ 989 $ 13 $ 10,913 $ (37 ) $ 10,876 Universal life and investment-type product policy fees 247 458 229 109 349 — 1,392 36 1,428 Net investment income 1,602 762 299 77 1,390 26 4,156 139 4,295 Other revenues 197 11 7 (2 ) 37 65 315 (14 ) 301 Net investment gains (losses) — — — — — — — (606 ) (606 ) Net derivative gains (losses) — — — — — — — (190 ) (190 ) Total revenues 9,033 2,927 1,236 711 2,765 104 16,776 (672 ) 16,104 Expenses Policyholder benefits and claims and policyholder dividends 6,904 1,223 640 282 1,661 7 10,717 230 10,947 Interest credited to policyholder account balances 376 349 99 26 255 — 1,105 233 1,338 Capitalization of DAC (126 ) (420 ) (94 ) (109 ) (14 ) (2 ) (765 ) 4 (761 ) Amortization of DAC and VOBA 118 424 — 78 (70 ) 3 553 73 626 Amortization of negative VOBA — (24 ) (1 ) (5 ) — — (30 ) (2 ) (32 ) Interest expense on debt 2 — 1 — 2 279 284 — 284 Other expenses 933 905 377 347 322 237 3,121 80 3,201 Total expenses 8,207 2,457 1,022 619 2,156 524 14,985 618 15,603 Provision for income tax expense (benefit) 280 156 51 21 199 (90 ) 617 (1,009 ) (392 ) Operating earnings $ 546 $ 314 $ 163 $ 71 $ 410 $ (330 ) 1,174 Adjustments to: Total revenues (672 ) Total expenses (618 ) Provision for income tax (expense) benefit 1,009 Income (loss) from continuing operations, net of income tax $ 893 $ 893 Operating Results Three Months Ended September 30, 2016 U.S. Asia Latin EMEA MetLife Corporate Total Adjustments Total Consolidated (In millions) Revenues Premiums $ 5,936 $ 1,822 $ 653 $ 500 $ 1,093 $ 41 $ 10,045 $ (206 ) $ 9,839 Universal life and investment-type product policy fees 245 394 227 104 357 — 1,327 14 1,341 Net investment income 1,590 707 311 81 1,537 53 4,279 330 4,609 Other revenues 192 12 11 17 105 22 359 (3 ) 356 Net investment gains (losses) — — — — — — — 231 231 Net derivative gains (losses) — — — — — — — (543 ) (543 ) Total revenues 7,963 2,935 1,202 702 3,092 116 16,010 (177 ) 15,833 Expenses Policyholder benefits and claims and policyholder dividends 5,894 1,363 681 257 1,853 31 10,079 (165 ) 9,914 Interest credited to policyholder account balances 322 331 85 28 261 (1 ) 1,026 518 1,544 Capitalization of DAC (124 ) (440 ) (83 ) (103 ) (44 ) 1 (793 ) 23 (770 ) Amortization of DAC and VOBA 117 331 (2 ) 106 219 1 772 (112 ) 660 Amortization of negative VOBA — (46 ) (1 ) (3 ) — — (50 ) (5 ) (55 ) Interest expense on debt 2 — 1 — 15 275 293 (13 ) 280 Other expenses 912 930 335 332 401 85 2,995 106 3,101 Total expenses 7,123 2,469 1,016 617 2,705 392 14,322 352 14,674 Provision for income tax expense (benefit) 288 142 53 11 121 (288 ) 327 (192 ) 135 Operating earnings $ 552 $ 324 $ 133 $ 74 $ 266 $ 12 1,361 Adjustments to: Total revenues (177 ) Total expenses (352 ) Provision for income tax (expense) benefit 192 Income (loss) from continuing operations, net of income tax $ 1,024 $ 1,024 Operating Results Nine Months Ended September 30, 2017 U.S. Asia Latin EMEA MetLife Holdings Corporate & Other Total Adjustments Total (In millions) Revenues Premiums $ 18,049 $ 5,063 $ 1,993 $ 1,534 $ 3,070 $ 59 $ 29,768 $ (347 ) $ 29,421 Universal life and investment-type product policy fees 763 1,199 764 296 1,056 — 4,078 74 4,152 Net investment income 4,789 2,193 891 229 4,232 107 12,441 468 12,909 Other revenues 600 32 24 43 170 185 1,054 (119 ) 935 Net investment gains (losses) — — — — — — — (439 ) (439 ) Net derivative gains (losses) — — — — — — — (663 ) (663 ) Total revenues 24,201 8,487 3,672 2,102 8,528 351 47,341 (1,026 ) 46,315 Expenses Policyholder benefits and claims and policyholder dividends 18,017 3,785 1,869 821 5,117 33 29,642 206 29,848 Interest credited to policyholder account balances 1,086 1,003 275 75 767 1 3,207 874 4,081 Capitalization of DAC (342 ) (1,268 ) (264 ) (301 ) (71 ) (6 ) (2,252 ) 34 (2,218 ) Amortization of DAC and VOBA 346 1,005 146 260 143 5 1,905 40 1,945 Amortization of negative VOBA — (91 ) (1 ) (13 ) — — (105 ) (8 ) (113 ) Interest expense on debt 8 — 4 — 22 833 867 (16 ) 851 Other expenses 2,756 2,675 1,060 995 1,032 649 9,167 272 9,439 Total expenses 21,871 7,109 3,089 1,837 7,010 1,515 42,431 1,402 43,833 Provision for income tax expense (benefit) 782 459 123 47 488 (642 ) 1,257 (1,405 ) (148 ) Operating earnings $ 1,548 $ 919 $ 460 $ 218 $ 1,030 $ (522 ) 3,653 Adjustments to: Total revenues (1,026 ) Total expenses (1,402 ) Provision for income tax (expense) benefit 1,405 Income (loss) from continuing operations, net of income tax $ 2,630 $ 2,630 Operating Results Nine Months Ended September 30, 2016 U.S. Asia Latin America EMEA MetLife Holdings Corporate & Other Total Adjustments Total (In millions) Revenues Premiums $ 16,127 $ 5,161 $ 1,885 $ 1,519 $ 3,312 $ 50 $ 28,054 $ (98 ) $ 27,956 Universal life and investment-type product policy fees 743 1,114 764 294 1,073 2 3,990 137 4,127 Net investment income 4,615 2,003 809 244 4,489 141 12,301 226 12,527 Other revenues 589 45 26 56 512 70 1,298 11 1,309 Net investment gains (losses) — — — — — — — 598 598 Net derivative gains (losses) — — — — — — — 1,438 1,438 Total revenues 22,074 8,323 3,484 2,113 9,386 263 45,643 2,312 47,955 Expenses Policyholder benefits and claims and policyholder dividends 16,210 3,923 1,814 801 5,603 23 28,374 (56 ) 28,318 Interest credited to policyholder account balances 967 974 249 87 780 5 3,062 757 3,819 Capitalization of DAC (356 ) (1,251 ) (236 ) (310 ) (240 ) (7 ) (2,400 ) (22 ) (2,422 ) Amortization of DAC and VOBA 353 921 127 311 636 7 2,355 (303 ) 2,052 Amortization of negative VOBA — (167 ) (1 ) (10 ) — — (178 ) (43 ) (221 ) Interest expense on debt 7 — 1 — 43 862 913 (38 ) 875 Other expenses 2,772 2,658 968 1,001 1,861 401 9,661 351 10,012 Total expenses 19,953 7,058 2,922 1,880 8,683 1,291 41,787 646 42,433 Provision for income tax expense (benefit) 720 377 141 32 203 (658 ) 815 438 1,253 Operating earnings $ 1,401 $ 888 $ 421 $ 201 $ 500 $ (370 ) 3,041 Adjustments to: Total revenues 2,312 Total expenses (646 ) Provision for income tax (expense) benefit (438 ) Income (loss) from continuing operations, net of income tax $ 4,269 $ 4,269 The following table presents total assets with respect to the Company’s segments, as well as Corporate & Other, at: September 30, 2017 December 31, 2016 (In millions) U.S. $ 258,651 $ 253,683 Asia 134,070 120,656 Latin America 77,617 67,233 EMEA 30,244 25,596 MetLife Holdings 185,054 184,276 Corporate & Other (1) 34,879 247,320 Total $ 720,515 $ 898,764 __________________ (1) Includes assets of disposed subsidiary of $216,983 million at December 31, 2016. |
Separation Discontinued Operati
Separation Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Effects of Reinsurance [Table Text Block] | Information regarding the significant effects of reinsurance transactions with Brighthouse included on the interim condensed consolidated balance sheets was as follows at: September 30, 2017 Assumed Ceded (In millions) Assets Premiums, reinsurance and other receivables $ 162 $ 1,786 Deferred policy acquisition costs and value of business acquired 393 (22 ) Total assets $ 555 $ 1,764 Liabilities Future policy benefits $ 1,666 $ — Other policy-related balances 121 29 Other liabilities 1,460 22 Total liabilities $ 3,247 $ 51 Information regarding the significant effects of reinsurance transactions with Brighthouse was as follows: Included on Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Excluded from Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) Three and Nine Months Ended September 30, Three Months Nine Months 2017 (1) 2017 (2) 2016 2017 (2) 2016 (In millions) Premiums Reinsurance assumed $ 70 $ 36 $ 111 $ 248 $ 338 Reinsurance ceded (2 ) 1 (3 ) (7 ) (10 ) Net premiums $ 68 $ 37 $ 108 $ 241 $ 328 Universal life and investment-type product policy fees Reinsurance assumed $ (1 ) $ (1 ) $ (2 ) $ (6 ) $ (2 ) Reinsurance ceded (22 ) (8 ) (30 ) (55 ) (76 ) Net universal life and investment-type product policy fees $ (23 ) $ (9 ) $ (32 ) $ (61 ) $ (78 ) Policyholder benefits and claims Reinsurance assumed $ 55 $ 30 $ 103 $ 196 $ 286 Reinsurance ceded (6 ) (3 ) (14 ) (16 ) (9 ) Net policyholder benefits and claims $ 49 $ 27 $ 89 $ 180 $ 277 Interest credited to policyholder account balances Reinsurance assumed $ 3 $ 1 $ 4 $ 10 $ 12 Reinsurance ceded (12 ) (6 ) (18 ) (42 ) (56 ) Net interest credited to policyholder account balances $ (9 ) $ (5 ) $ (14 ) $ (32 ) $ (44 ) Other expenses Reinsurance assumed $ 6 $ 4 $ 18 $ 10 $ 63 Reinsurance ceded (7 ) (3 ) (8 ) (28 ) (24 ) Net other expenses $ (1 ) $ 1 $ 10 $ (18 ) $ 39 __________________ (1) Includes transactions after the Separation. (2) Includes transactions prior to the Separation. |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months September 30, Nine Months Ended September 30, 2017 (1) 2016 2017 (1) 2016 (In millions) Revenues Premiums $ 116 $ 552 $ 820 $ 1,544 Universal life and investment-type product policy fees 320 955 2,201 2,799 Net investment income 243 857 1,783 2,384 Other revenues 27 8 150 31 Total net investment gains (losses) 1 26 (53 ) (60 ) Net derivative gains (losses) (171 ) (509 ) (1,061 ) (3,254 ) Total revenues 536 1,889 3,840 3,444 Expenses Policyholder benefits and claims 335 1,244 2,217 3,414 Interest credited to policyholder account balances 89 276 620 827 Policyholder dividends 2 10 16 27 Goodwill impairment — 260 — 260 Other expenses 108 710 853 1,068 Total expenses 534 2,500 3,706 5,596 Income (loss) from discontinued operations before provision for income tax and loss on disposal of discontinued operations 2 (611 ) 134 (2,152 ) Provision for income tax expense (benefit) (10 ) (160 ) (48 ) (773 ) Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax 12 (451 ) 182 (1,379 ) Transaction costs associated with the Separation, net of income tax (25 ) — (216 ) — Tax charges associated with the Separation (955 ) — (955 ) — Income (loss) on disposal of discontinued operations, net of income tax (980 ) — (1,171 ) — Income (loss) from discontinued operations, net of income tax $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) __________________ (1) Includes transactions prior to the Separation. The following table presents the amounts related to the financial position of Brighthouse that have been reflected in the assets and liabilities of disposed subsidiary: December 31, 2016 (In millions) Assets Investments: Fixed maturity securities available-for-sale $ 61,326 Equity securities available-for-sale 300 Mortgage loans 9,378 Policy loans 1,517 Real estate and real estate joint ventures 150 Other limited partnership interests 1,642 Short-term investments 1,288 Other invested assets 3,881 Total investments 79,482 Cash and cash equivalents 5,226 Accrued investment income 680 Premiums, reinsurance and other receivables 10,636 Deferred policy acquisition costs and value of business acquired 7,207 Other assets 709 Separate account assets 113,043 Total assets of disposed subsidiary $ 216,983 Liabilities Future policy benefits $ 33,270 Policyholder account balances 37,066 Other policy-related balances 1,356 Policyholder dividends payable 12 Payables for collateral under securities loaned and other transactions 7,390 Long-term debt 60 Collateral financing arrangements 2,797 Deferred income tax liability 2,594 Other liabilities 5,119 Separate account liabilities 113,043 Total liabilities of disposed subsidiary $ 202,707 In the consolidated statements of cash flows, the cash flows from discontinued operations are not separately classified. As such, the following table presents selected financial information regarding cash flows of the discontinued operation. Nine Months 2017 2016 (In millions) Net cash provided by (used in): Operating activities $ 1,329 $ 2,590 Investing activities $ (2,732 ) $ (5,074 ) Financing activities $ (367 ) $ 3,739 |
Insurance (Tables)
Insurance (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Insurance [Abstract] | |
Guarantees related to Annuity, Universal and Variable Life Contracts | Information regarding the Company’s guarantee exposure, which includes direct and assumed business, but excludes offsets from hedging or ceded reinsurance, if any, was as follows at: September 30, 2017 December 31, 2016 In the At In the At (Dollars in millions) Annuity Contracts (1): Variable Annuity Guarantees: Total account value (2), (3) $ 66,814 $ 26,098 $ 66,176 $ 25,335 Separate account value $ 45,046 $ 24,179 $ 43,359 $ 23,330 Net amount at risk (2) $ 1,401 (4 ) $ 568 (5 ) $ 1,842 (4 ) $ 521 (5 ) Average attained age of contractholders 65 years 65 years 64 years 65 years Other Annuity Guarantees: Total account value (3) N/A $ 1,432 N/A $ 1,393 Net amount at risk N/A $ 580 (6 ) N/A $ 490 (6 ) Average attained age of contractholders N/A 50 years N/A 50 years September 30, 2017 December 31, 2016 Secondary Paid-Up Secondary Paid-Up (Dollars in millions) Universal and Variable Life Contracts (1): Total account value (3) $ 8,796 $ 3,238 $ 8,363 $ 3,337 Net amount at risk (7) $ 67,950 $ 16,905 $ 70,225 $ 17,785 Average attained age of policyholders 56 years 63 years 55 years 62 years __________________ (1) The Company’s annuity and life contracts with guarantees may offer more than one type of guarantee in each contract. Therefore, the amounts listed above may not be mutually exclusive. (2) Includes amounts, which are not reported on the consolidated balance sheets, from assumed reinsurance of certain variable annuity products from the Company’s former operating joint venture in Japan. (3) Includes the contractholder’s investments in the general account and separate account, if applicable. (4) Defined as the death benefit less the total account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date and includes any additional contractual claims associated with riders purchased to assist with covering income taxes payable upon death. (5) Defined as the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. This amount represents the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date, even though the contracts contain terms that allow annuitization of the guaranteed amount only after the 10th anniversary of the contract, which not all contractholders have achieved. (6) Defined as either the excess of the upper tier, adjusted for a profit margin, less the lower tier, as of the balance sheet date or the amount (if any) that would be required to be added to the total account value to purchase a lifetime income stream, based on current annuity rates, equal to the minimum amount provided under the guaranteed benefit. These amounts represent the Company’s potential economic exposure to such guarantees in the event all contractholders were to annuitize on the balance sheet date. (7) Defined as the guarantee amount less the account value, as of the balance sheet date. It represents the amount of the claim that the Company would incur if death claims were filed on all contracts on the balance sheet date. |
Liabilities for Unpaid Claims and Claim Expenses | Rollforward of Claims and Claim Adjustment Expenses Information regarding the liabilities for unpaid claims and claim adjustment expenses was as follows: Nine Months 2017 2016 (In millions) Balance at December 31 of prior period $ 16,151 $ 9,669 Less: Reinsurance recoverables 1,226 476 Net Balance at December 31 of prior period 14,925 9,193 Cumulative adjustment (1) — 4,897 Net balance, beginning of period 14,925 14,090 Incurred related to: Current period 18,028 18,157 Prior periods (2) 156 147 Total incurred 18,184 18,304 Paid related to: Current period (13,880 ) (12,818 ) Prior periods (4,213 ) (4,620 ) Total paid (18,093 ) (17,438 ) Net balance, end of period 15,016 14,956 Add: Reinsurance recoverables 2,205 2,052 Balance, end of period (included in future policy benefits and other policy-related balances) $ 17,221 $ 17,008 __________________ (1) Reflects the accumulated adjustment, net of reinsurance, upon implementation of the new short-duration contracts guidance which clarified the requirement to include claim information for long-duration contracts. The accumulated adjustment primarily reflects unpaid claim liabilities, net of reinsurance, for long-duration contracts as of the beginning of the period presented. (2) During both the nine months ended September 30, 2017 and 2016, as a result of changes in estimates of insured events in the respective prior periods, the claims and claim adjustment expenses associated with prior periods increased due to unfavorable claims experience. |
Closed Block (Tables)
Closed Block (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Closed Block Disclosure [Abstract] | |
Closed block liabilities and assets | Information regarding the closed block liabilities and assets designated to the closed block was as follows at: September 30, 2017 December 31, 2016 (In millions) Closed Block Liabilities Future policy benefits $ 40,489 $ 40,834 Other policy-related balances 193 257 Policyholder dividends payable 483 443 Policyholder dividend obligation 2,201 1,931 Current income tax payable — 4 Other liabilities 277 196 Total closed block liabilities 43,643 43,665 Assets Designated to the Closed Block Investments: Fixed maturity securities available-for-sale, at estimated fair value 27,541 27,220 Equity securities available-for-sale, at estimated fair value 71 100 Mortgage loans 5,904 5,935 Policy loans 4,542 4,553 Real estate and real estate joint ventures 628 655 Other invested assets 1,053 1,246 Total investments 39,739 39,709 Cash and cash equivalents 60 18 Accrued investment income 487 467 Premiums, reinsurance and other receivables 68 68 Current income tax recoverable 30 — Deferred income tax assets 109 177 Total assets designated to the closed block 40,493 40,439 Excess of closed block liabilities over assets designated to the closed block 3,150 3,226 Amounts included in accumulated other comprehensive income (loss): Unrealized investment gains (losses), net of income tax 1,851 1,517 Unrealized gains (losses) on derivatives, net of income tax 23 95 Allocated to policyholder dividend obligation, net of income tax (1,431 ) (1,255 ) Total amounts included in AOCI 443 357 Maximum future earnings to be recognized from closed block assets and liabilities $ 3,593 $ 3,583 |
Closed block policyholder dividend obligation | Information regarding the closed block policyholder dividend obligation was as follows: Nine Months Year (In millions) Balance, beginning of period $ 1,931 $ 1,783 Change in unrealized investment and derivative gains (losses) 270 148 Balance, end of period $ 2,201 $ 1,931 |
Closed block revenues and expenses | Information regarding the closed block revenues and expenses was as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Revenues Premiums $ 413 $ 436 $ 1,247 $ 1,297 Net investment income 450 486 1,368 1,435 Net investment gains (losses) — (3 ) (10 ) (19 ) Net derivative gains (losses) (6 ) 4 (24 ) (3 ) Total revenues 857 923 2,581 2,710 Expenses Policyholder benefits and claims 591 619 1,773 1,861 Policyholder dividends 235 232 732 723 Other expenses 30 33 94 100 Total expenses 856 884 2,599 2,684 Revenues, net of expenses before provision for income tax expense (benefit) 1 39 (18 ) 26 Provision for income tax expense (benefit) — 13 (8 ) 8 Revenues, net of expenses and provision for income tax expense (benefit) $ 1 $ 26 $ (10 ) $ 18 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Fixed Maturity and Equity Securities Available-for-Sale | The following table presents the fixed maturity and equity securities AFS by sector. Redeemable preferred stock is reported within U.S. corporate and foreign corporate fixed maturity securities and non-redeemable preferred stock is reported within equity securities. Included within fixed maturity securities are structured securities including residential mortgage-backed securities (“RMBS”), asset-backed securities (“ABS”) and commercial mortgage-backed securities (“CMBS”) (collectively, “Structured Securities”). September 30, 2017 December 31, 2016 Cost or Amortized Cost Gross Unrealized Estimated Fair Value Cost or Amortized Cost Gross Unrealized Estimated Fair Value Gains Temporary Losses OTTI Gains Temporary Losses OTTI (In millions) Fixed maturity securities: U.S. corporate $ 75,221 $ 6,827 $ 393 $ — $ 81,655 $ 73,280 $ 6,027 $ 764 $ — $ 78,543 Foreign government 54,618 6,486 315 — 60,789 49,864 6,485 373 — 55,976 Foreign corporate 52,185 3,705 750 — 55,140 49,333 2,901 1,572 (1 ) 50,663 U.S. government and agency 43,911 4,056 303 — 47,664 41,294 3,682 543 — 44,433 RMBS 30,368 1,222 232 (40 ) 31,398 28,393 1,039 410 (10 ) 29,032 State and political subdivision 10,754 1,615 24 — 12,345 10,977 1,340 85 1 12,231 ABS 11,702 114 42 3 11,771 11,266 90 128 3 11,225 CMBS 7,925 251 44 — 8,132 7,294 237 71 — 7,460 Total fixed maturity securities $ 286,684 $ 24,276 $ 2,103 $ (37 ) $ 308,894 $ 271,701 $ 21,801 $ 3,946 $ (7 ) $ 289,563 Equity securities: Common stock $ 1,883 $ 379 $ 20 $ — $ 2,242 $ 1,827 $ 464 $ 13 $ — $ 2,278 Non-redeemable preferred stock 503 36 5 — 534 637 19 40 — 616 Total equity securities $ 2,386 $ 415 $ 25 $ — $ 2,776 $ 2,464 $ 483 $ 53 $ — $ 2,894 __________________ (1) Noncredit OTTI losses included in AOCI in an unrealized gain position are due to increases in estimated fair value subsequent to initial recognition of noncredit losses on such securities. See also “— Net Unrealized Investment Gains (Losses).” |
Available-for-sale fixed maturity securities by contractual maturity date | The amortized cost and estimated fair value of fixed maturity securities, by contractual maturity date, were as follows at September 30, 2017 : Due in One Due After Due After Five Years Through Ten Years Due After Ten Years Structured Securities Total Fixed Maturity Securities (In millions) Amortized cost $ 12,720 $ 63,453 $ 60,957 $ 99,559 $ 49,995 $ 286,684 Estimated fair value $ 12,827 $ 66,568 $ 64,549 $ 113,649 $ 51,301 $ 308,894 |
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | The following table presents the estimated fair value and gross unrealized losses of fixed maturity and equity securities AFS in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous unrealized loss position at: September 30, 2017 December 31, 2016 Less than 12 Months Equal to or Greater than 12 Months Less than 12 Months Equal to or Greater than 12 Months Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (Dollars in millions) Fixed maturity securities: U.S. corporate $ 6,647 $ 161 $ 3,015 $ 232 $ 11,471 $ 466 $ 2,938 $ 298 Foreign government 6,856 202 1,669 113 5,955 260 918 113 Foreign corporate 5,856 149 6,137 601 10,147 573 5,493 998 U.S. government and agency 19,305 275 362 28 9,104 523 141 20 RMBS 7,731 106 2,025 86 9,449 291 1,800 109 State and political subdivision 560 13 165 11 1,747 80 56 6 ABS 1,976 5 921 40 2,224 28 2,328 103 CMBS 1,555 12 337 32 998 22 564 49 Total fixed maturity securities $ 50,486 $ 923 $ 14,631 $ 1,143 $ 51,095 $ 2,243 $ 14,238 $ 1,696 Equity securities: Common stock $ 133 $ 20 $ 4 $ — $ 105 $ 13 $ 11 $ — Non-redeemable preferred stock — — 82 5 139 7 125 33 Total equity securities $ 133 $ 20 $ 86 $ 5 $ 244 $ 20 $ 136 $ 33 Total number of securities in an unrealized loss position 3,249 1,638 3,580 1,307 |
Disclosure of Mortgage Loans Net of Valuation Allowance | Mortgage loans are summarized as follows at: September 30, 2017 December 31, 2016 Carrying Value % of Carrying Value % of (Dollars in millions) Mortgage loans: Commercial $ 43,243 63.6 % $ 41,512 63.7 % Agricultural 12,967 19.1 12,564 19.3 Residential 11,599 17.0 10,829 16.6 Subtotal (1) 67,809 99.7 64,905 99.6 Valuation allowances (316 ) (0.5 ) (304 ) (0.5 ) Subtotal mortgage loans, net 67,493 99.2 64,601 99.1 Residential — FVO 564 0.8 566 0.9 Total mortgage loans, net $ 68,057 100.0 % $ 65,167 100.0 % __________________ (1) Purchases of mortgage loans, primarily residential, were $411 million and $1.9 billion for the three months and nine months ended September 30, 2017 , respectively, and $733 million and $1.9 billion for the three months and nine months ended September 30, 2016 , respectively. |
Disclosure of mortgage loans held-for-investment and valuation allowances by method of evaluation for credit loss | Mortgage loans by portfolio segment, by method of evaluation of credit loss, impaired mortgage loans including those modified in a troubled debt restructuring, and the related valuation allowances, were as follows at: Evaluated Individually for Credit Losses Evaluated Collectively for Credit Losses Impaired Loans Impaired Loans with a Valuation Allowance Impaired Loans without a Valuation Allowance Unpaid Principal Balance Recorded Investment Valuation Unpaid Principal Balance Recorded Recorded Valuation Carrying (In millions) September 30, 2017 Commercial $ — $ — $ — $ — $ — $ 43,243 $ 213 $ — Agricultural 22 21 2 28 28 12,918 39 47 Residential — — — 335 304 11,295 62 304 Total $ 22 $ 21 $ 2 $ 363 $ 332 $ 67,456 $ 314 $ 351 December 31, 2016 Commercial $ — $ — $ — $ 12 $ 12 $ 41,500 $ 202 $ 12 Agricultural 11 10 1 27 27 12,527 38 36 Residential — — — 265 241 10,588 63 241 Total $ 11 $ 10 $ 1 $ 304 $ 280 $ 64,615 $ 303 $ 289 |
Allowance for Loan and Lease Losses, Provision for Loss, Net | The changes in the valuation allowance, by portfolio segment, were as follows: Nine Months 2017 2016 Commercial Agricultural Residential Total Commercial Agricultural Residential Total (In millions) Balance, beginning of period $ 202 $ 39 $ 63 $ 304 $ 188 $ 37 $ 56 $ 281 Provision (release) (1) 11 4 10 25 149 3 11 163 Charge-offs, net of recoveries (1) — (2 ) (11 ) (13 ) (143 ) (2 ) (12 ) (157 ) Balance, end of period $ 213 $ 41 $ 62 $ 316 $ 194 $ 38 $ 55 $ 287 __________________ (1) In connection with an acquisition in 2010, certain impaired commercial mortgage loans were acquired and, accordingly, were not originated by the Company. Such commercial mortgage loans have been accounted for as purchased credit impaired (“PCI”) commercial mortgage loans. Decreases in cash flows expected to be collected on PCI commercial mortgage loans can result in provisions for losses on mortgage loans. For the nine months ended September 30, 2016, in connection with the maturity of an acquired PCI commercial mortgage loan, an increase to the commercial mortgage loan valuation allowance of $143 million was recorded and charged-off upon maturity. The Company has recovered a substantial portion of the loss on the loan incurred through an indemnification agreement entered into in connection with the acquisition in 2010. |
Schedule of Financing Receivables, Non Accrual Status | The past due and nonaccrual mortgage loans at recorded investment, prior to valuation allowances, by portfolio segment, were as follows at: Past Due Greater than 90 Days Past Due and Still Accruing Interest Nonaccrual September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 (In millions) Commercial $ 1 $ 3 $ — $ 3 $ 1 $ — Agricultural 134 127 125 104 36 23 Residential 430 381 30 37 400 344 Total $ 565 $ 511 $ 155 $ 144 $ 437 $ 367 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive income (loss) | The components of net unrealized investment gains (losses), included in AOCI, were as follows: September 30, 2017 December 31, 2016 (In millions) Fixed maturity securities $ 21,979 $ 20,300 Fixed maturity securities with noncredit OTTI losses included in AOCI 37 8 Total fixed maturity securities 22,016 20,308 Equity securities 444 485 Derivatives 1,690 2,923 Other 121 23 Subtotal 24,271 23,739 Amounts allocated from: Future policy benefits (63 ) (1,114 ) DAC and VOBA related to noncredit OTTI losses recognized in AOCI (1 ) (3 ) DAC, VOBA and DSI (1,647 ) (1,430 ) Policyholder dividend obligation (2,201 ) (1,931 ) Subtotal (3,912 ) (4,478 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (11 ) (1 ) Deferred income tax benefit (expense) (6,997 ) (6,623 ) Net unrealized investment gains (losses) 13,351 12,637 Net unrealized investment gains (losses) attributable to noncontrolling interests (8 ) (6 ) Net unrealized investment gains (losses) attributable to MetLife, Inc. $ 13,343 $ 12,631 The changes in net unrealized investment gains (losses) were as follows: Nine Months (In millions) Balance, beginning of period $ 12,631 Fixed maturity securities on which noncredit OTTI losses have been recognized 29 Unrealized investment gains (losses) during the period 503 Unrealized investment gains (losses) relating to: Future policy benefits 1,051 DAC and VOBA related to noncredit OTTI losses recognized in AOCI 2 DAC, VOBA and DSI (217 ) Policyholder dividend obligation (270 ) Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI (10 ) Deferred income tax benefit (expense) (374 ) Net unrealized investment gains (losses) 13,345 Net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Balance, end of period $ 13,343 Change in net unrealized investment gains (losses) $ 714 Change in net unrealized investment gains (losses) attributable to noncontrolling interests (2 ) Change in net unrealized investment gains (losses) attributable to MetLife, Inc. $ 712 |
Securities Lending | Elements of the securities lending program are presented below at: September 30, 2017 December 31, 2016 (In millions) Securities on loan: (1) Amortized cost $ 18,219 $ 18,798 Estimated fair value $ 19,542 $ 19,753 Cash collateral received from counterparties (2) $ 19,996 $ 20,114 Security collateral received from counterparties (3) $ — $ 20 Reinvestment portfolio — estimated fair value $ 20,155 $ 20,133 __________________ (1) Included within fixed maturity securities. (2) Included within payables for collateral under securities loaned and other transactions. (3) Security collateral received from counterparties may not be sold or re-pledged, unless the counterparty is in default, and is not reflected on the consolidated financial statements. The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at: September 30, 2017 December 31, 2016 Remaining Tenor of Securities Lending Agreements Remaining Tenor of Securities Lending Agreements Open (1) 1 Month or Less 1 to 6 Months Total Open (1) 1 Month or Less 1 to 6 Months Total (In millions) Cash collateral liability by loaned security type: U.S. government and agency $ 4,362 $ 7,952 $ 6,694 $ 19,008 $ 4,480 $ 6,496 $ 8,383 $ 19,359 Foreign government — 507 481 988 — 569 143 712 U.S. corporate — — — — — 43 — 43 Total $ 4,362 $ 8,459 $ 7,175 $ 19,996 $ 4,480 $ 7,108 $ 8,526 $ 20,114 __________________ (1) The related loaned security could be returned to the Company on the next business day which would require the Company to immediately return the cash collateral. |
Repurchase Agreements | Elements of the short-term repurchase agreements are presented below at: September 30, 2017 December 31, 2016 (In millions) Securities on loan: (1) Amortized cost $ 1,972 $ 98 Estimated fair value $ 2,108 $ 113 Cash collateral received from counterparties (2) $ 2,062 $ 102 Reinvestment portfolio — estimated fair value $ 2,072 $ 100 __________________ (1) Included within fixed maturity securities. (2) Included within payables for collateral under securities loaned and other transactions and other liabilities. The cash collateral liability by loaned security type and remaining tenor of the agreements was as follows at: September 30, 2017 December 31, 2016 Remaining Tenor of Repurchase Agreements Remaining Tenor of Repurchase Agreements 1 Month or Less 1 to 6 Months Total 1 Month or Less 1 to 6 Months Total (In millions) Cash collateral liability by loaned security type: U.S. government and agency $ 1,960 $ 5 $ 1,965 $ 5 $ — $ 5 All other corporate and government — 97 97 46 51 97 Total $ 1,960 $ 102 $ 2,062 $ 51 $ 51 $ 102 |
Invested Assets on Deposit, Held in Trust and Pledged as Collateral | Invested assets on deposit, held in trust and pledged as collateral are presented below at estimated fair value for all asset classes, except mortgage loans, which are presented at carrying value, at: September 30, 2017 December 31, 2016 (In millions) Invested assets on deposit (regulatory deposits) $ 1,944 $ 1,925 Invested assets held in trust (collateral financing arrangement and reinsurance agreements) 2,655 2,057 Invested assets pledged as collateral 23,817 23,882 Total invested assets on deposit, held in trust and pledged as collateral $ 28,416 $ 27,864 The Company has assets held in trust and pledged invested assets in connection with various agreements and transactions, including funding agreements (see Notes 4 and 12 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report), a collateral financing arrangement (see Note 13 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report) and derivative transactions (see Note 7 ). |
The Components of Net Investment Income | The components of net investment income were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Investment income: Fixed maturity securities $ 2,869 $ 2,906 $ 8,528 $ 8,838 Equity securities 31 29 93 90 FVO securities — FVO general account securities (1) 16 25 61 41 Mortgage loans 809 710 2,303 2,165 Policy loans 130 129 386 385 Real estate and real estate joint ventures 156 199 478 490 Other limited partnership interests 214 184 648 309 Cash, cash equivalents and short-term investments 52 38 159 112 Operating joint ventures 6 5 13 28 Other 71 90 196 178 Subtotal 4,354 4,315 12,865 12,636 Less: Investment expenses 293 235 820 732 Subtotal, net 4,061 4,080 12,045 11,904 FVO securities — FVO contractholder-directed unit-linked investments (1) 234 529 864 623 Net investment income $ 4,295 $ 4,609 $ 12,909 $ 12,527 __________________ (1) Changes in estimated fair value subsequent to purchase for securities still held as of the end of the respective periods included in net investment income were $154 million and $540 million for the three months and nine months ended September 30, 2017 , respectively, and $407 million and $283 million for the three months and nine months ended September 30, 2016 , respectively. |
The components of net investment gains (losses) | The components of net investment gains (losses) were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Total gains (losses) on fixed maturity securities: Total OTTI losses recognized — by sector and industry: U.S. and foreign corporate securities — by industry: Consumer $ (4 ) $ — $ (4 ) $ — Industrial — — — (63 ) Communications — — — (3 ) Total U.S. and foreign corporate securities (4 ) — (4 ) (66 ) RMBS (1 ) (9 ) (1 ) (15 ) ABS — — — (2 ) State and political subdivision — — (2 ) — OTTI losses on fixed maturity securities recognized in earnings (5 ) (9 ) (7 ) (83 ) Fixed maturity securities — net gains (losses) on sales and disposals (1) 284 129 325 455 Total gains (losses) on fixed maturity securities 279 120 318 372 Total gains (losses) on equity securities: Total OTTI losses recognized — by sector: Common stock (4 ) (5 ) (16 ) (71 ) Non-redeemable preferred stock — — (1 ) — OTTI losses on equity securities recognized in earnings (4 ) (5 ) (17 ) (71 ) Equity securities — net gains (losses) on sales and disposals 6 9 55 24 Total gains (losses) on equity securities 2 4 38 (47 ) Mortgage loans (2) 29 (41 ) 3 (197 ) Real estate and real estate joint ventures 169 19 436 67 Other limited partnership interests (33 ) (9 ) (51 ) (43 ) Other 29 (24 ) (92 ) (105 ) Subtotal 475 69 652 47 FVO CSEs: Securities — 1 — 2 Non-investment portfolio gains (losses) (3)(4)(5) (1,081 ) 161 (1,091 ) 549 Subtotal (1,081 ) 162 (1,091 ) 551 Total net investment gains (losses) $ (606 ) $ 231 $ (439 ) $ 598 __________________ (1) Fixed maturity securities net gains (losses) on sales and disposals for both the three months and nine months ended September 30, 2017 includes $276 million in previously deferred gains on prior period transfers of securities to Brighthouse, as such gains are no longer eliminated in consolidation after the Separation. See Note 3 . (2) Mortgage loans gains (losses) for both the three months and nine months ended September 30, 2017 includes $47 million of previously deferred gains on prior period transfers of mortgage loans to Brighthouse as such gains are no longer eliminated in consolidation after the Separation. See Note 3 . (3) Non-investment portfolio gains (losses) for both the three months and nine months ended September 30, 2017 includes a loss of $1,016 million which represents a mark-to-market loss attributable to the FVO Brighthouse Common Stock held by the Company at Separation. See Note 3. (4) Non-investment portfolio gains (losses) for both the three months and nine months ended September 30, 2017 includes a loss of $45 million which represents the change in estimated fair value of FVO Brighthouse Common Stock held by the Company from the date of Separation to September 30, 2017 . See Note 3 . (5) Non-investment portfolio gains (losses) for both the three months and nine months ended September 30, 2016 includes a gain of $103 million in connection with the sale to Massachusetts Mutual Life Insurance Company (“MassMutual”). See Note 3 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report. |
Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains and losses | Proceeds from sales or disposals of fixed maturity and equity securities and the components of fixed maturity and equity securities net investment gains (losses) were as shown in the table below. Three Months 2017 2016 2017 2016 Fixed Maturity Securities Equity Securities (In millions) Proceeds $ 8,586 $ 16,634 $ 316 $ 35 Gross investment gains $ 364 $ 232 $ 11 $ 11 Gross investment losses (80 ) (103 ) (5 ) (2 ) OTTI losses (5 ) (9 ) (4 ) (5 ) Net investment gains (losses) $ 279 $ 120 $ 2 $ 4 Nine Months 2017 2016 2017 2016 Fixed Maturity Securities Equity Securities (In millions) Proceeds $ 35,742 $ 60,006 $ 702 $ 109 Gross investment gains $ 623 $ 921 $ 66 $ 34 Gross investment losses (298 ) (466 ) (11 ) (10 ) OTTI losses (7 ) (83 ) (17 ) (71 ) Net investment gains (losses) $ 318 $ 372 $ 38 $ (47 ) |
Rollforward of the Cumulative Credit Loss Component of OTTI income (loss) | The table below presents a rollforward of the cumulative credit loss component of OTTI loss recognized in earnings on fixed maturity securities still held for which a portion of the OTTI loss was recognized in other comprehensive income (loss) (“OCI”): Three Months Nine Months 2017 2016 2017 2016 (In millions) Balance, beginning of period $ 170 $ 198 $ 192 $ 211 Addition: Additional impairments — credit loss OTTI on securities previously impaired — 9 — 14 Reduction: Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI (5 ) (10 ) (27 ) (28 ) Balance, end of period $ 165 $ 197 $ 165 $ 197 |
Variable Interest Entity, Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The following table presents the total assets and total liabilities relating to investment-related VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated at: September 30, 2017 December 31, 2016 Total Total Total Total (In millions) Renewable energy partnership (1) $ 114 $ — $ — $ — CSEs (assets (primarily FVO securities) and liabilities (primarily debt)) (2) 7 6 9 12 Other investments (3) 34 — 50 — Total $ 155 $ 6 $ 59 $ 12 __________________ (1) Assets of the renewable energy partnership, primarily consisting of other invested assets, were consolidated in earlier periods as the two investors are subsidiaries of MLIC and Brighthouse. As a result of the Separation and a reassessment in the third quarter of 2017, the renewable energy partnership was determined to be a consolidated VIE. (2) The Company consolidates entities that are structured as collateralized debt obligations. The assets of these entities can only be used to settle their respective liabilities, and under no circumstances is the Company liable for any principal or interest shortfalls should any arise. (3) Other investments is primarily comprised of other invested assets and other limited partnership interests. |
Variable Interest Entity, Not Primary Beneficiary [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The carrying amount and maximum exposure to loss relating to VIEs in which the Company holds a significant variable interest but is not the primary beneficiary and which have not been consolidated were as follows at: September 30, 2017 December 31, 2016 Carrying Maximum Carrying Maximum (In millions) Fixed maturity securities AFS: Structured Securities (2) $ 49,663 $ 49,663 $ 46,773 $ 46,773 U.S. and foreign corporate 1,605 1,605 1,940 1,940 Other limited partnership interests 4,657 8,417 4,714 8,990 Other invested assets 2,286 2,697 2,206 2,777 Other (3) 114 128 199 215 Total $ 58,325 $ 62,510 $ 55,832 $ 60,695 __________________ (1) The maximum exposure to loss relating to fixed maturity securities AFS and equity securities AFS is equal to their carrying amounts or the carrying amounts of retained interests. The maximum exposure to loss relating to other limited partnership interests and real estate joint ventures is equal to the carrying amounts plus any unfunded commitments. For certain of its investments in other invested assets, the Company’s return is in the form of income tax credits which are guaranteed by creditworthy third parties. For such investments, the maximum exposure to loss is equal to the carrying amounts plus any unfunded commitments, reduced by income tax credits guaranteed by third parties of $123 million and $150 million at September 30, 2017 and December 31, 2016 , respectively. Such a maximum loss would be expected to occur only upon bankruptcy of the issuer or investee. (2) For these variable interests, the Company’s involvement is limited to that of a passive investor in mortgage-backed or asset-backed securities issued by trusts that do not have substantial equity. (3) Other is primarily comprised of real estate joint ventures and common stock. |
Commercial | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of commercial mortgage loans was as follows at: Recorded Investment Estimated % of Total Debt Service Coverage Ratios % of Total > 1.20x 1.00x - 1.20x < 1.00x Total (Dollars in millions) September 30, 2017 Loan-to-value ratios: Less than 65% $ 37,404 $ 1,488 $ 222 $ 39,114 90.5 % $ 39,904 90.7 % 65% to 75% 3,367 168 173 3,708 8.6 3,705 8.4 76% to 80% 217 — 57 274 0.6 262 0.6 Greater than 80% — — 147 147 0.3 143 0.3 Total $ 40,988 $ 1,656 $ 599 $ 43,243 100 % $ 44,014 100 % December 31, 2016 Loan-to-value ratios: Less than 65% $ 36,067 $ 1,077 $ 707 $ 37,851 91.2 % $ 38,237 91.5 % 65% to 75% 3,044 — 202 3,246 7.8 3,185 7.6 76% to 80% 195 — — 195 0.5 182 0.4 Greater than 80% 118 27 75 220 0.5 213 0.5 Total $ 39,424 $ 1,104 $ 984 $ 41,512 100.0 % $ 41,817 100.0 % |
Agricultural | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of agricultural mortgage loans was as follows at: September 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Loan-to-value ratios: Less than 65% $ 12,403 95.6 % $ 12,023 95.7 % 65% to 75% 546 4.2 436 3.5 76% to 80% 9 0.1 17 0.1 Greater than 80% 9 0.1 88 0.7 Total $ 12,967 100.0 % $ 12,564 100.0 % |
Residential | |
Mortgage Loans on Real Estate [Line Items] | |
Disclosure of the mortgage loans portfolio segment by the recorded investment, prior to valuation allowances, by credit quality indicator categories | The credit quality of residential mortgage loans was as follows at: September 30, 2017 December 31, 2016 Recorded Investment % of Total Recorded Investment % of Total (Dollars in millions) Performance indicators: Performing $ 11,169 96.3 % $ 10,448 96.5 % Nonperforming 430 3.7 381 3.5 Total $ 11,599 100.0 % $ 10,829 100.0 % |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The following table presents the primary underlying risk exposure, gross notional amount, and estimated fair value of the Company’s derivatives, excluding embedded derivatives, held at: September 30, 2017 December 31, 2016 Primary Underlying Risk Exposure Gross Estimated Fair Value Gross Estimated Fair Value Assets Liabilities Assets Liabilities (In millions) Derivatives Designated as Hedging Instruments: Fair value hedges: Interest rate swaps Interest rate $ 3,959 $ 2,305 $ 3 $ 5,021 $ 2,221 $ 6 Foreign currency swaps Foreign currency exchange rate 658 47 5 1,221 34 224 Foreign currency forwards Foreign currency exchange rate 2,624 — 65 1,085 — 54 Subtotal 7,241 2,352 73 7,327 2,255 284 Cash flow hedges: Interest rate swaps Interest rate 3,781 308 8 2,040 325 34 Interest rate forwards Interest rate 3,412 — 203 4,032 — 370 Foreign currency swaps Foreign currency exchange rate 30,751 1,304 1,563 26,680 1,877 2,054 Subtotal 37,944 1,612 1,774 32,752 2,202 2,458 Foreign operations hedges: Foreign currency forwards Foreign currency exchange rate 975 10 24 1,394 47 5 Currency options Foreign currency exchange rate 8,259 28 111 8,878 148 45 Subtotal 9,234 38 135 10,272 195 50 Total qualifying hedges 54,419 4,002 1,982 50,351 4,652 2,792 Derivatives Not Designated or Not Qualifying as Hedging Instruments: Interest rate swaps Interest rate 59,494 2,246 570 53,349 4,089 1,641 Interest rate floors Interest rate 7,201 128 — 12,101 181 7 Interest rate caps Interest rate 73,018 54 2 78,358 112 2 Interest rate futures Interest rate 4,256 13 — 4,793 3 12 Interest rate options Interest rate 12,009 657 35 5,334 628 1 Interest rate forwards Interest rate 217 — 37 613 — 25 Interest rate total return swaps Interest rate 1,048 3 9 1,549 2 127 Synthetic GICs Interest rate 11,254 — — 5,566 — — Foreign currency swaps Foreign currency exchange rate 10,509 796 426 11,651 1,445 462 Foreign currency forwards Foreign currency exchange rate 16,502 95 527 15,422 117 977 Currency futures Foreign currency exchange rate 874 — 3 915 — — Currency options Foreign currency exchange rate 2,929 42 3 3,615 195 17 Credit default swaps — purchased Credit 2,329 11 46 2,001 14 40 Credit default swaps — written Credit 11,946 256 1 10,732 161 9 Equity futures Equity market 4,309 4 28 4,457 30 3 Equity index options Equity market 12,371 382 679 16,527 426 523 Equity variance swaps Equity market 8,337 103 285 8,263 83 240 Equity total return swaps Equity market 1,103 — 35 1,046 1 43 Total non-designated or nonqualifying derivatives 239,706 4,790 2,686 236,292 7,487 4,129 Total $ 294,125 $ 8,792 $ 4,668 $ 286,643 $ 12,139 $ 6,921 The following table presents earned income on derivatives: Three Months Nine Months 2017 2016 2017 2016 (In millions) Qualifying hedges: Net investment income $ 72 $ 71 $ 217 $ 192 Interest credited to policyholder account balances (19 ) — (40 ) 7 Other expenses (2 ) (3 ) (7 ) (9 ) Nonqualifying hedges: Net investment income — — — (1 ) Net derivative gains (losses) 126 187 440 522 Policyholder benefits and claims 2 2 6 6 Total $ 179 $ 257 $ 616 $ 717 |
Components of Net Derivatives Gains (Losses) | The components of net derivative gains (losses) were as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Freestanding derivatives and hedging gains (losses) (1) $ (424 ) $ (820 ) $ (1,084 ) $ 2,918 Embedded derivatives gains (losses) 234 277 421 (1,480 ) Total net derivative gains (losses) $ (190 ) $ (543 ) $ (663 ) $ 1,438 __________________ (1) Includes foreign currency transaction gains (losses) on hedged items in cash flow and nonqualifying hedging relationships, which are not presented elsewhere in this note. |
Amount and location of gains (losses) recognized in income for derivatives that are not designated or qualifying as hedging instruments | The following table presents the amount and location of gains (losses) recognized in income for derivatives that were not designated or not qualifying as hedging instruments: Net Net Policyholder (In millions) Three Months Ended September 30, 2017 Interest rate derivatives $ (148 ) $ (2 ) $ (3 ) Foreign currency exchange rate derivatives (346 ) — 2 Credit derivatives — purchased (2 ) — — Credit derivatives — written 35 — — Equity derivatives (238 ) (3 ) (61 ) Total $ (699 ) $ (5 ) $ (62 ) Three Months Ended September 30, 2016 Interest rate derivatives $ (710 ) $ — $ 22 Foreign currency exchange rate derivatives 154 — (5 ) Credit derivatives — purchased (21 ) — — Credit derivatives — written 51 — — Equity derivatives (418 ) (3 ) (72 ) Total $ (944 ) $ (3 ) $ (55 ) Nine Months Ended September 30, 2017 Interest rate derivatives $ (466 ) $ (2 ) $ (16 ) Foreign currency exchange rate derivatives (527 ) — 4 Credit derivatives — purchased (17 ) — — Credit derivatives — written 111 — — Equity derivatives (824 ) (7 ) (176 ) Total $ (1,723 ) $ (9 ) $ (188 ) Nine Months Ended September 30, 2016 Interest rate derivatives $ 1,503 $ — $ 90 Foreign currency exchange rate derivatives 1,841 — (17 ) Credit derivatives — purchased (48 ) — — Credit derivatives — written 49 — — Equity derivatives (327 ) (13 ) (88 ) Total $ 3,018 $ (13 ) $ (15 ) __________________ (1) Changes in estimated fair value related to economic hedges of equity method investments in joint ventures, derivatives held in relation to trading portfolios and derivatives held within contractholder-directed unit-linked investments. (2) Changes in estimated fair value related to economic hedges of variable annuity guarantees included in future policy benefits. |
Net derivatives gains (losses) recognized on fair value derivatives and the related hedged items | The Company recognizes gains and losses on derivatives and the related hedged items in fair value hedges within net derivative gains (losses). The following table presents the amount of such net derivative gains (losses): Derivatives in Fair Value Hedging Relationships Hedged Items in Fair Value Hedging Relationships Net Derivative Gains (Losses) Recognized for Derivatives Net Derivative Gains (Losses) Recognized for Hedged Items Ineffectiveness Recognized in Net Derivative Gains (Losses) (In millions) Three Months Ended September 30, 2017 Interest rate swaps: Fixed maturity securities $ 1 $ — $ 1 Policyholder liabilities (1) (14 ) 13 (1 ) Foreign currency swaps: Foreign-denominated fixed maturity securities (10 ) 10 — Foreign-denominated policyholder account balances (2) 15 (16 ) (1 ) Foreign currency forwards: Foreign-denominated fixed maturity securities (4 ) 4 — Total $ (12 ) $ 11 $ (1 ) Three Months Ended September 30, 2016 Interest rate swaps: Fixed maturity securities $ 5 $ (4 ) $ 1 Policyholder liabilities (1) (47 ) 42 (5 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 1 (1 ) — Foreign-denominated policyholder account balances (2) (1 ) 1 — Foreign currency forwards: Foreign-denominated fixed maturity securities 19 (18 ) 1 Total $ (23 ) $ 20 $ (3 ) Nine Months Ended September 30, 2017 Interest rate swaps: Fixed maturity securities $ 2 $ (2 ) $ — Policyholder liabilities (1) (16 ) 84 68 Foreign currency swaps: Foreign-denominated fixed maturity securities (15 ) 16 1 Foreign-denominated policyholder account balances (2) 61 (40 ) 21 Foreign currency forwards: Foreign-denominated fixed maturity securities 20 (18 ) 2 Total $ 52 $ 40 $ 92 Nine Months Ended September 30, 2016 Interest rate swaps: Fixed maturity securities $ (3 ) $ 1 $ (2 ) Policyholder liabilities (1) 472 (482 ) (10 ) Foreign currency swaps: Foreign-denominated fixed maturity securities 7 (7 ) — Foreign-denominated policyholder account balances (2) (27 ) 24 (3 ) Foreign currency forwards: Foreign-denominated fixed maturity securities 295 (272 ) 23 Total $ 744 $ (736 ) $ 8 __________________ (1) Fixed rate liabilities reported in policyholder account balances or future policy benefits. (2) Fixed rate or floating rate liabilities. |
Derivatives and Non-Derivative Hedging Instruments in Net Investment Hedging Relationships | The following table presents the effects of derivatives in net investment hedging relationships on the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of equity: Derivatives in Net Investment Hedging Relationships (1), (2) Amount of Gains (Losses) Deferred in AOCI (In millions) Three Months Ended September 30, 2017 Foreign currency forwards $ (35 ) Currency options (1 ) Total $ (36 ) Three Months Ended September 30, 2016 Foreign currency forwards $ (23 ) Currency options (37 ) Total $ (60 ) Nine Months Ended September 30, 2017 Foreign currency forwards $ (161 ) Currency options (234 ) Total $ (395 ) Nine Months Ended September 30, 2016 Foreign currency forwards $ (358 ) Currency options (351 ) Total $ (709 ) __________________ (1) During both the three months and nine months ended September 30, 2017 and 2016 , there were no sales or substantial liquidations of net investments in foreign operations that would have required the reclassification of gains or losses from AOCI into earnings. (2) There was no ineffectiveness recognized for the Company’s hedges of net investments in foreign operations. All components of each derivative’s gain or loss were included in the assessment of hedge effectiveness. |
Schedule of estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps | The following table presents the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at: September 30, 2017 December 31, 2016 Rating Agency Designation of Referenced Credit Obligations (1) Estimated Fair Value of Credit Default Swaps Maximum Weighted Estimated Fair Value of Credit Default Swaps Maximum Weighted (Dollars in millions) Aaa/Aa/A Single name credit default swaps (3) $ 8 $ 445 2.5 $ 6 $ 449 3.1 Credit default swaps referencing indices 43 2,268 3.0 34 2,335 3.6 Subtotal 51 2,713 2.9 40 2,784 3.5 Baa Single name credit default swaps (3) 8 685 1.9 5 751 2.5 Credit default swaps referencing indices 168 8,073 5.3 88 6,711 5.0 Subtotal 176 8,758 5.0 93 7,462 4.8 Ba Single name credit default swaps (3) — 115 3.6 (2 ) 135 4.1 Credit default swaps referencing indices — — — — — — Subtotal — 115 3.6 (2 ) 135 4.1 B Single name credit default swaps (3) 2 30 2.6 1 70 1.8 Credit default swaps referencing indices 26 330 5.2 20 281 5.0 Subtotal 28 360 5.0 21 351 4.3 Total $ 255 $ 11,946 4.5 $ 152 $ 10,732 4.4 __________________ (1) The rating agency designations are based on availability and the midpoint of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard & Poor’s Global Ratings (“S&P”) and Fitch Ratings. If no rating is available from a rating agency, then an internally developed rating is used. (2) The weighted average years to maturity of the credit default swaps is calculated based on weighted average gross notional amounts. (3) Single name credit default swaps may be referenced to the credit of corporations, foreign governments, or state and political subdivisions. |
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: September 30, 2017 December 31, 2016 Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement (1) Assets Liabilities Assets Liabilities (In millions) Gross estimated fair value of derivatives: OTC-bilateral (1) $ 8,227 $ 4,346 $ 9,976 $ 5,721 OTC-cleared (1), (6) 621 248 2,275 1,142 Exchange-traded 17 31 33 15 Total gross estimated fair value of derivatives (1) 8,865 4,625 12,284 6,878 Amounts offset on the consolidated balance sheets — — — — Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6) 8,865 4,625 12,284 6,878 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,654 ) (2,654 ) (3,787 ) (3,787 ) OTC-cleared (60 ) (60 ) (903 ) (903 ) Exchange-traded (10 ) (10 ) (5 ) (5 ) Cash collateral: (3), (4) OTC-bilateral (4,351 ) — (4,244 ) (84 ) OTC-cleared (541 ) (183 ) (1,335 ) (234 ) Exchange-traded — (13 ) — (9 ) Securities collateral: (5) OTC-bilateral (1,129 ) (1,583 ) (1,640 ) (1,818 ) OTC-cleared — (5 ) — — Exchange-traded — (8 ) — — Net amount after application of master netting agreements and collateral $ 120 $ 109 $ 370 $ 38 __________________ (1) At September 30, 2017 and December 31, 2016 , derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $73 million and $145 million , respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($43) million and ($43) million , respectively. (2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3) Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2017 and December 31, 2016 , the Company received excess cash collateral of $284 million and $164 million , respectively, and provided excess cash collateral of $281 million and $461 million , respectively, which is not included in the table above due to the foregoing limitation. (5) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2017 , none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2017 and December 31, 2016 , the Company received excess securities collateral with an estimated fair value of $148 million and $82 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2017 and December 31, 2016 , the Company provided excess securities collateral with an estimated fair value of $364 million and $189 million , respectively, for its OTC-bilateral derivatives, and $440 million and $544 million , respectively, for its OTC-cleared derivatives, and $101 million and $116 million , respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. (6) Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments. |
Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral | The estimated fair values of the Company’s net derivative assets and net derivative liabilities after the application of master netting agreements and collateral were as follows at: September 30, 2017 December 31, 2016 Derivatives Subject to a Master Netting Arrangement or a Similar Arrangement (1) Assets Liabilities Assets Liabilities (In millions) Gross estimated fair value of derivatives: OTC-bilateral (1) $ 8,227 $ 4,346 $ 9,976 $ 5,721 OTC-cleared (1), (6) 621 248 2,275 1,142 Exchange-traded 17 31 33 15 Total gross estimated fair value of derivatives (1) 8,865 4,625 12,284 6,878 Amounts offset on the consolidated balance sheets — — — — Estimated fair value of derivatives presented on the consolidated balance sheets (1), (6) 8,865 4,625 12,284 6,878 Gross amounts not offset on the consolidated balance sheets: Gross estimated fair value of derivatives: (2) OTC-bilateral (2,654 ) (2,654 ) (3,787 ) (3,787 ) OTC-cleared (60 ) (60 ) (903 ) (903 ) Exchange-traded (10 ) (10 ) (5 ) (5 ) Cash collateral: (3), (4) OTC-bilateral (4,351 ) — (4,244 ) (84 ) OTC-cleared (541 ) (183 ) (1,335 ) (234 ) Exchange-traded — (13 ) — (9 ) Securities collateral: (5) OTC-bilateral (1,129 ) (1,583 ) (1,640 ) (1,818 ) OTC-cleared — (5 ) — — Exchange-traded — (8 ) — — Net amount after application of master netting agreements and collateral $ 120 $ 109 $ 370 $ 38 __________________ (1) At September 30, 2017 and December 31, 2016 , derivative assets included income or (expense) accruals reported in accrued investment income or in other liabilities of $73 million and $145 million , respectively, and derivative liabilities included (income) or expense accruals reported in accrued investment income or in other liabilities of ($43) million and ($43) million , respectively. (2) Estimated fair value of derivatives is limited to the amount that is subject to set-off and includes income or expense accruals. (3) Cash collateral received by the Company for OTC-bilateral and OTC-cleared derivatives is included in cash and cash equivalents, short-term investments or in fixed maturity securities, and the obligation to return it is included in payables for collateral under securities loaned and other transactions on the balance sheet. (4) The receivable for the return of cash collateral provided by the Company is inclusive of initial margin on exchange-traded and OTC-cleared derivatives and is included in premiums, reinsurance and other receivables on the balance sheet. The amount of cash collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements. At September 30, 2017 and December 31, 2016 , the Company received excess cash collateral of $284 million and $164 million , respectively, and provided excess cash collateral of $281 million and $461 million , respectively, which is not included in the table above due to the foregoing limitation. (5) Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the balance sheet. Subject to certain constraints, the Company is permitted by contract to sell or re-pledge this collateral, but at September 30, 2017 , none of the collateral had been sold or re-pledged. Securities collateral pledged by the Company is reported in fixed maturity securities on the balance sheet. Subject to certain constraints, the counterparties are permitted by contract to sell or re-pledge this collateral. The amount of securities collateral offset in the table above is limited to the net estimated fair value of derivatives after application of netting agreements and cash collateral. At September 30, 2017 and December 31, 2016 , the Company received excess securities collateral with an estimated fair value of $148 million and $82 million , respectively, for its OTC-bilateral derivatives, which are not included in the table above due to the foregoing limitation. At September 30, 2017 and December 31, 2016 , the Company provided excess securities collateral with an estimated fair value of $364 million and $189 million , respectively, for its OTC-bilateral derivatives, and $440 million and $544 million , respectively, for its OTC-cleared derivatives, and $101 million and $116 million , respectively, for its exchange-traded derivatives, which are not included in the table above due to the foregoing limitation. (6) Effective January 3, 2017, the CME amended its rulebook, resulting in the characterization of variation margin transfers as settlement payments, as opposed to adjustments to collateral. See Note 1 for further information on the CME amendments. |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the effects of derivatives in cash flow hedging relationships on the consolidated statements of operations and comprehensive income (loss) and the consolidated statements of equity. The table excludes the effects of Brighthouse derivatives prior to the Separation. Derivatives in Cash Flow Amount of Gains Amount and Location Amount and Location (Effective Portion) (Effective Portion) (Ineffective Portion) Net Derivative Net Investment Other Net Derivative (In millions) Three Months Ended September 30, 2017 Interest rate swaps $ 14 $ 9 $ 5 $ — $ (2 ) Interest rate forwards 1 (1 ) — — — Foreign currency swaps (140 ) 294 — — (3 ) Credit forwards — — — — — Total $ (125 ) $ 302 $ 5 $ — $ (5 ) Three Months Ended September 30, 2016 Interest rate swaps $ 22 $ 28 $ 3 $ — $ — Interest rate forwards (7 ) — — — — Foreign currency swaps (23 ) 54 — — (3 ) Credit forwards — — 1 — — Total $ (8 ) $ 82 $ 4 $ — $ (3 ) Nine Months Ended September 30, 2017 Interest rate swaps $ 91 $ 23 $ 12 $ — $ 5 Interest rate forwards 138 (5 ) 2 1 (1 ) Foreign currency swaps (99 ) 915 (1 ) 1 (2 ) Credit forwards — 1 — — — Total $ 130 $ 934 $ 13 $ 2 $ 2 Nine Months Ended September 30, 2016 Interest rate swaps $ 339 $ 44 $ 9 $ — $ — Interest rate forwards 33 — 2 1 — Foreign currency swaps 1,025 90 (1 ) 1 (1 ) Credit forwards — 3 1 — — Total $ 1,397 $ 137 $ 11 $ 2 $ (1 ) |
Schedule of Derivative Instruments | The following table presents the estimated fair value of the Company’s OTC-bilateral derivatives that are in a net liability position after considering the effect of netting agreements, together with the estimated fair value and balance sheet location of the collateral pledged. The table also presents the incremental collateral that MetLife, Inc. would be required to provide if there was a one-notch downgrade in MetLife, Inc.’s senior unsecured debt rating at the reporting date or if the Company’s credit or financial strength rating, as applicable, sustained a downgrade to a level that triggered full overnight collateralization or termination of the derivative position at the reporting date. OTC-bilateral derivatives that are not subject to collateral agreements are excluded from this table. September 30, 2017 December 31, 2016 Derivatives Derivatives Total Derivatives Subject to Credit- Contingent Provisions Derivatives Total (In millions) Estimated Fair Value of Derivatives in a Net Liability Position (1) $ 1,665 $ 27 $ 1,692 $ 1,909 $ 25 $ 1,934 Estimated Fair Value of Collateral Provided: Fixed maturity securities $ 1,829 $ 24 $ 1,853 $ 1,965 $ 31 $ 1,996 Cash $ — $ — $ — $ 91 $ — $ 91 Estimated Fair Value of Incremental Collateral Provided Upon: One-notch downgrade in the Company’s credit or financial strength rating, as applicable $ 7 $ — $ 7 $ 6 $ — $ 6 Downgrade in the Company’s credit or financial strength rating, as applicable, to a level that triggers full overnight collateralization or termination of the derivative position $ 12 $ — $ 12 $ 9 $ — $ 9 __________________ (1) After taking into consideration the existence of netting agreements. |
Embedded Derivative Financial Instruments [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents changes in estimated fair value related to embedded derivatives: Three Months Nine Months 2017 2016 2017 2016 (In millions) Net derivative gains (losses) (1) $ 234 $ 277 $ 421 $ (1,480 ) __________________ (1) The valuation of guaranteed minimum benefits includes a nonperformance risk adjustment. The amounts included in net derivative gains (losses) in connection with this adjustment were ($52) million and ($161) million for the three months and nine months ended September 30, 2017 , respectively, and ($154) million and $738 million for the three months and nine months ended September 30, 2016 , respectively. |
Schedule of Derivative Instruments | The following table presents the estimated fair value and balance sheet location of the Company’s embedded derivatives that have been separated from their host contracts at: Balance Sheet Location September 30, 2017 December 31, 2016 (In millions) Embedded derivatives within asset host contracts: Ceded guaranteed minimum benefits Premiums, reinsurance and other receivables $ 145 $ 143 Options embedded in debt or equity securities Investments (140 ) (88 ) Embedded derivatives within asset host contracts $ 5 $ 55 Embedded derivatives within liability host contracts: Direct guaranteed minimum benefits Policyholder account balances $ 99 $ 361 Assumed guaranteed minimum benefits Policyholder account balances 1,240 1,205 Funds withheld on ceded reinsurance Other liabilities 6 (30 ) Fixed annuities with equity indexed returns Policyholder account balances 54 18 Embedded derivatives within liability host contracts $ 1,399 $ 1,554 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measurements | The assets and liabilities measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy, including those items for which the Company has elected the FVO, are presented below at: September 30, 2017 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 75,807 $ 5,848 $ 81,655 Foreign government — 60,591 198 60,789 Foreign corporate — 48,870 6,270 55,140 U.S. government and agency 26,275 21,389 — 47,664 RMBS 513 27,233 3,652 31,398 State and political subdivision — 12,284 61 12,345 ABS — 11,199 572 11,771 CMBS — 7,823 309 8,132 Total fixed maturity securities 26,788 265,196 16,910 308,894 Equity securities 1,332 1,020 424 2,776 FVO securities (1) 13,906 2,328 304 16,538 Short-term investments (2) 3,925 2,310 403 6,638 Residential mortgage loans — FVO — — 564 564 Other investments 80 114 — 194 Derivative assets: (3) Interest rate 13 5,698 3 5,714 Foreign currency exchange rate — 2,218 104 2,322 Credit — 229 38 267 Equity market 4 358 127 489 Total derivative assets 17 8,503 272 8,792 Embedded derivatives within asset host contracts (4) — — 145 145 Separate account assets (5) 87,151 115,207 1,041 203,399 Total assets $ 133,199 $ 394,678 $ 20,063 $ 547,940 Liabilities Derivative liabilities: (3) Interest rate $ — $ 655 $ 212 $ 867 Foreign currency exchange rate 3 2,686 38 2,727 Credit — 47 — 47 Equity market 28 714 285 1,027 Total derivative liabilities 31 4,102 535 4,668 Embedded derivatives within liability host contracts (4) — — 1,399 1,399 Separate account liabilities (5) 1 6 2 9 Total liabilities $ 32 $ 4,108 $ 1,936 $ 6,076 December 31, 2016 Fair Value Hierarchy Level 1 Level 2 Level 3 Total (In millions) Assets Fixed maturity securities: U.S. corporate $ — $ 72,811 $ 5,732 $ 78,543 Foreign government — 55,687 289 55,976 Foreign corporate — 44,858 5,805 50,663 U.S. government and agency 24,943 19,490 — 44,433 RMBS — 25,194 3,838 29,032 State and political subdivision — 12,221 10 12,231 ABS — 10,196 1,029 11,225 CMBS — 7,112 348 7,460 Total fixed maturity securities 24,943 247,569 17,051 289,563 Equity securities 1,334 1,092 468 2,894 FVO securities (1) 11,123 2,513 287 13,923 Short-term investments (2) 4,091 1,868 46 6,005 Residential mortgage loans — FVO — — 566 566 Other investments 86 71 — 157 Derivative assets: (3) Interest rate 3 7,556 2 7,561 Foreign currency exchange rate — 3,783 80 3,863 Credit — 145 30 175 Equity market 30 390 120 540 Total derivative assets 33 11,874 232 12,139 Embedded derivatives within asset host contracts (4) — — 143 143 Separate account assets (5) 82,818 111,612 1,148 195,578 Total assets $ 124,428 $ 376,599 $ 19,941 $ 520,968 Liabilities Derivative liabilities: (3) Interest rate $ 12 $ 1,713 $ 500 $ 2,225 Foreign currency exchange rate — 3,784 54 3,838 Credit — 49 — 49 Equity market 3 566 240 809 Total derivative liabilities 15 6,112 794 6,921 Embedded derivatives within liability host contracts (4) — — 1,554 1,554 Separate account liabilities (5) — 16 7 23 Total liabilities $ 15 $ 6,128 $ 2,355 $ 8,498 __________________ (1) FVO securities were comprised of over 85% FVO contractholder-directed unit-linked investments at both September 30, 2017 and December 31, 2016. (2) Short-term investments as presented in the tables above differ from the amounts presented on the consolidated balance sheets because certain short-term investments are not measured at estimated fair value on a recurring basis. (3) Derivative assets are presented within other invested assets on the consolidated balance sheets and derivative liabilities are presented within other liabilities on the consolidated balance sheets. The amounts are presented gross in the tables above to reflect the presentation on the consolidated balance sheets, but are presented net for purposes of the rollforward in the Fair Value Measurements Using Significant Unobservable Inputs (Level 3) tables. (4) Embedded derivatives within asset host contracts are presented within premiums, reinsurance and other receivables and other invested assets on the consolidated balance sheets. Embedded derivatives within liability host contracts are presented within policyholder account balances, future policy benefits and other liabilities on the consolidated balance sheets. At September 30, 2017 and December 31, 2016 , debt and equity securities also included embedded derivatives of ($140) million and ($88) million , respectively. (5) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders whose liability is reflected within separate account liabilities. Separate account liabilities are set equal to the estimated fair value of separate account assets. Separate account liabilities presented in the tables above represent derivative liabilities. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: September 30, 2017 December 31, 2016 Impact of Valuation Significant Range Weighted Range Weighted Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 21 - 140 107 18 - 138 106 Increase • Market pricing • Quoted prices (4) 25 - 498 120 6 - 700 116 Increase • Consensus pricing • Offered quotes (4) 40 - 112 103 37 - 120 102 Increase RMBS • Market pricing • Quoted prices (4) 5 - 173 94 19 - 137 91 Increase (5) ABS • Market pricing • Quoted prices (4) 5 - 118 100 5 - 106 99 Increase (5) • Consensus pricing • Offered quotes (4) 99 - 102 100 96 - 102 100 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 200 - 300 200 - 300 Increase (7) • Repurchase rates (8) — - 8 (44) 18 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (24) - 328 50 - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 97 - 100 97 - 98 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 8% - 30% 12% - 32% Increase (7) • Correlation (12) 10% - 30% 40% - 40% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.21% 0% - 0.21% Decrease (13) Ages 41 - 60 0.03% - 0.75% 0.01% - 0.78% Decrease (13) Ages 61 - 115 0.16% - 100% 0.04% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (14) Durations 11 - 20 2% - 100% 2% - 100% Decrease (14) Durations 21 - 116 1.25% - 100% 1.25% - 100% Decrease (14) • Utilization rates 0% - 25% 0% - 25% Increase (15) • Withdrawal rates 0% - 20% 0% - 20% (16) • Long-term equity volatilities 8.76% - 33% 9.95% - 33% Increase (17) • Nonperformance risk spread 0.03% - 1.38% 0.04% - 1.70% Decrease (18) __________________ (1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. (4) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par. (5) Changes in the assumptions used for the probability of default are accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (7) Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (8) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both September 30, 2017 and December 31, 2016 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (12) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value Inputs, Quantitative Information | The following table presents certain quantitative information about the significant unobservable inputs used in the fair value measurement, and the sensitivity of the estimated fair value to changes in those inputs, for the more significant asset and liability classes measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at: September 30, 2017 December 31, 2016 Impact of Valuation Significant Range Weighted Range Weighted Fixed maturity securities (3) U.S. corporate and foreign corporate • Matrix pricing • Offered quotes (4) 21 - 140 107 18 - 138 106 Increase • Market pricing • Quoted prices (4) 25 - 498 120 6 - 700 116 Increase • Consensus pricing • Offered quotes (4) 40 - 112 103 37 - 120 102 Increase RMBS • Market pricing • Quoted prices (4) 5 - 173 94 19 - 137 91 Increase (5) ABS • Market pricing • Quoted prices (4) 5 - 118 100 5 - 106 99 Increase (5) • Consensus pricing • Offered quotes (4) 99 - 102 100 96 - 102 100 Increase (5) Derivatives Interest rate • Present value techniques • Swap yield (6) 200 - 300 200 - 300 Increase (7) • Repurchase rates (8) — - 8 (44) 18 Decrease (7) Foreign currency exchange rate • Present value techniques • Swap yield (6) (24) - 328 50 - 328 Increase (7) Credit • Present value techniques • Credit spreads (9) 97 - 100 97 - 98 Decrease (7) • Consensus pricing • Offered quotes (10) Equity market • Present value techniques or option pricing models • Volatility (11) 8% - 30% 12% - 32% Increase (7) • Correlation (12) 10% - 30% 40% - 40% Embedded derivatives Direct, assumed and ceded guaranteed minimum benefits • Option pricing techniques • Mortality rates: Ages 0 - 40 0% - 0.21% 0% - 0.21% Decrease (13) Ages 41 - 60 0.03% - 0.75% 0.01% - 0.78% Decrease (13) Ages 61 - 115 0.16% - 100% 0.04% - 100% Decrease (13) • Lapse rates: Durations 1 - 10 0.25% - 100% 0.25% - 100% Decrease (14) Durations 11 - 20 2% - 100% 2% - 100% Decrease (14) Durations 21 - 116 1.25% - 100% 1.25% - 100% Decrease (14) • Utilization rates 0% - 25% 0% - 25% Increase (15) • Withdrawal rates 0% - 20% 0% - 20% (16) • Long-term equity volatilities 8.76% - 33% 9.95% - 33% Increase (17) • Nonperformance risk spread 0.03% - 1.38% 0.04% - 1.70% Decrease (18) __________________ (1) The weighted average for fixed maturity securities is determined based on the estimated fair value of the securities. (2) The impact of a decrease in input would have the opposite impact on estimated fair value. For embedded derivatives, changes to direct and assumed guaranteed minimum benefits are based on liability positions; changes to ceded guaranteed minimum benefits are based on asset positions. (3) Significant increases (decreases) in expected default rates in isolation would result in substantially lower (higher) valuations. (4) Range and weighted average are presented in accordance with the market convention for fixed maturity securities of dollars per hundred dollars of par. (5) Changes in the assumptions used for the probability of default are accompanied by a directionally similar change in the assumption used for the loss severity and a directionally opposite change in the assumptions used for prepayment rates. (6) Ranges represent the rates across different yield curves and are presented in basis points. The swap yield curves are utilized among different types of derivatives to project cash flows, as well as to discount future cash flows to present value. Since this valuation methodology uses a range of inputs across a yield curve to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (7) Changes in estimated fair value are based on long U.S. dollar net asset positions and will be inversely impacted for short U.S. dollar net asset positions. (8) Ranges represent different repurchase rates utilized as components within the valuation methodology and are presented in basis points. (9) Represents the risk quoted in basis points of a credit default event on the underlying instrument. Credit derivatives with significant unobservable inputs are primarily comprised of written credit default swaps. (10) At both September 30, 2017 and December 31, 2016 , independent non-binding broker quotations were used in the determination of less than 1% of the total net derivative estimated fair value. (11) Ranges represent the underlying equity volatility quoted in percentage points. Since this valuation methodology uses a range of inputs across multiple volatility surfaces to value the derivative, presenting a range is more representative of the unobservable input used in the valuation. (12) Ranges represent the different correlation factors utilized as components within the valuation methodology. Presenting a range of correlation factors is more representative of the unobservable input used in the valuation. Increases (decreases) in correlation in isolation will increase (decrease) the significance of the change in valuations. (13) Mortality rates vary by age and by demographic characteristics such as gender. Mortality rate assumptions are based on company experience. A mortality improvement assumption is also applied. For any given contract, mortality rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (14) Base lapse rates are adjusted at the contract level based on a comparison of the actuarially calculated guaranteed values and the current policyholder account value, as well as other factors, such as the applicability of any surrender charges. A dynamic lapse function reduces the base lapse rate when the guaranteed amount is greater than the account value as in the money contracts are less likely to lapse. Lapse rates are also generally assumed to be lower in periods when a surrender charge applies. For any given contract, lapse rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (15) The utilization rate assumption estimates the percentage of contractholders with a GMIB or lifetime withdrawal benefit who will elect to utilize the benefit upon becoming eligible. The rates may vary by the type of guarantee, the amount by which the guaranteed amount is greater than the account value, the contract’s withdrawal history and by the age of the policyholder. For any given contract, utilization rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (16) The withdrawal rate represents the percentage of account balance that any given policyholder will elect to withdraw from the contract each year. The withdrawal rate assumption varies by age and duration of the contract, and also by other factors such as benefit type. For any given contract, withdrawal rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. For GMWBs, any increase (decrease) in withdrawal rates results in an increase (decrease) in the estimated fair value of the guarantees. For GMABs and GMIBs, any increase (decrease) in withdrawal rates results in a decrease (increase) in the estimated fair value. (17) Long-term equity volatilities represent equity volatility beyond the period for which observable equity volatilities are available. For any given contract, long-term equity volatility rates vary throughout the period over which cash flows are projected for purposes of valuing the embedded derivative. (18) Nonperformance risk spread varies by duration and by currency. For any given contract, multiple nonperformance risk spreads will apply, depending on the duration of the cash flow being discounted for purposes of valuing the embedded derivative. |
Fair Value, Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize the change of all assets and (liabilities) measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3): Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities Corporate (1) Foreign U.S. Government and Agency Structured Securities State and Equity Securities FVO Securities (2) (In millions) Three Months Ended September 30, 2017 Balance, beginning of period $ 11,632 $ 208 $ — $ 4,939 $ — $ 468 $ 312 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) (3 ) 1 — 13 — (1 ) 7 Total realized/unrealized gains (losses) included in AOCI 164 (2 ) — 31 — (4 ) — Purchases (5) 713 — — 468 — 13 73 Sales (5) (285 ) — — (478 ) (1 ) (52 ) (70 ) Issuances (5) — — — — — — — Settlements (5) — — — — — — — Transfers into Level 3 (6) 123 — — — 62 — 3 Transfers out of Level 3 (6) (226 ) (9 ) — (440 ) — — (21 ) Balance, end of period $ 12,118 $ 198 $ — $ 4,533 $ 61 $ 424 $ 304 Three Months Ended September 30, 2016 Balance, beginning of period $ 10,938 $ 367 $ 297 $ 4,862 $ 45 $ 509 $ 231 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 8 2 — 26 — 4 4 Total realized/unrealized gains (losses) included in AOCI 96 2 (1 ) 25 3 (12 ) — Purchases (5) 588 21 100 918 — 4 18 Sales (5) (414 ) (7 ) — (367 ) — (11 ) (6 ) Issuances (5) — — — — — — — Settlements (5) — — — — — — — Transfers into Level 3 (6) 373 — — 44 7 1 — Transfers out of Level 3 (6) (202 ) (62 ) (101 ) (236 ) (17 ) (6 ) (4 ) Balance, end of period $ 11,387 $ 323 $ 295 $ 5,272 $ 38 $ 489 $ 243 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017: (7) $ (2 ) $ 1 $ — $ 22 $ — $ (2 ) $ 7 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2016: (7) $ — $ 2 $ — $ 26 $ — $ — $ 4 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Investments Residential Mortgage Net Derivatives (8) Net Embedded Derivatives (9) Separate (In millions) Three Months Ended September 30, 2017 Balance, beginning of period $ 822 $ 615 $ (288 ) $ (1,388 ) $ 959 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) — 32 33 222 7 Total realized/unrealized gains (losses) included in AOCI — — 4 4 — Purchases (5) 1 10 — — 136 Sales (5) (247 ) (72 ) — — (18 ) Issuances (5) — — — — 1 Settlements (5) — (21 ) (12 ) (92 ) (1 ) Transfers into Level 3 (6) 2 — — — 56 Transfers out of Level 3 (6) (175 ) — — — (101 ) Balance, end of period $ 403 $ 564 $ (263 ) $ (1,254 ) $ 1,039 Three Months Ended September 30, 2016 Balance, beginning of period $ 64 $ 449 $ 51 $ (2,751 ) $ 1,485 Total realized/unrealized gains (losses) included in net income (loss) (3) (4) 1 10 (3 ) 262 (26 ) Total realized/unrealized gains (losses) included in AOCI (1 ) — (8 ) (27 ) — Purchases (5) 222 42 — — 4 Sales (5) (55 ) (5 ) — — (24 ) Issuances (5) — — (1 ) — 30 Settlements (5) — (15 ) (21 ) (84 ) (45 ) Transfers into Level 3 (6) — — — — 8 Transfers out of Level 3 (6) — — — — (178 ) Balance, end of period $ 231 $ 481 $ 18 $ (2,600 ) $ 1,254 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017: (7) $ — $ 32 $ 27 $ 204 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2016: (7) $ 1 $ 10 $ 7 $ 227 $ — Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Fixed Maturity Securities Corporate (1) Foreign U.S. Government and Agency Structured Securities State and Equity Securities FVO Securities (2) (In millions) Nine Months Ended September 30, 2017 Balance, beginning of period $ 11,537 $ 289 $ — $ 5,215 $ 10 $ 468 $ 287 Total realized/unrealized gains (losses) included in net income (loss) (3), (4) 6 3 — 80 — (14 ) 20 Total realized/unrealized gains (losses) included in AOCI 612 4 — 118 2 30 — Purchases (5) 2,802 7 — 867 — 18 209 Sales (5) (1,487 ) (97 ) — (1,329 ) — (74 ) (115 ) Issuances (5) — — — — — — — Settlements (5) — — — — — — — Transfers into Level 3 (6) 83 — — 10 59 — 3 Transfers out of Level 3 (6) (1,435 ) (8 ) — (428 ) (10 ) (4 ) (100 ) Balance, end of period $ 12,118 $ 198 $ — $ 4,533 $ 61 $ 424 $ 304 Nine Months Ended September 30, 2016 Balance, beginning of period $ 10,311 $ 829 $ — $ 5,121 $ 34 $ 334 $ 270 Total realized/unrealized gains (losses) included in net income (loss) (3), (4) (4 ) 10 — 74 1 (22 ) 9 Total realized/unrealized gains (losses) included in AOCI 846 (2 ) 14 33 1 41 — Purchases (5) 1,650 58 111 2,004 — 20 43 Sales (5) (811 ) (36 ) — (1,182 ) — (16 ) (29 ) Issuances (5) — — — — — — — Settlements (5) — — — — — — — Transfers into Level 3 (6) 473 41 181 26 7 327 18 Transfers out of Level 3 (6) (1,078 ) (577 ) (11 ) (804 ) (5 ) (195 ) (68 ) Balance, end of period $ 11,387 $ 323 $ 295 $ 5,272 $ 38 $ 489 $ 243 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (7) $ 6 $ 3 $ — $ 68 $ — $ (12 ) $ 16 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2016 (7) $ — $ 9 $ — $ 75 $ 1 $ (26 ) $ 9 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Short-term Investments Residential Mortgage Net Derivatives (8) Net Embedded Derivatives (9) Separate (In millions) Nine Months Ended September 30, 2017 Balance, beginning of period $ 46 $ 566 $ (562 ) $ (1,411 ) $ 1,141 Total realized/unrealized gains (losses) included in net income (loss) (3), (4) — 38 47 444 (22 ) Total realized/unrealized gains (losses) included in AOCI — — 144 (42 ) — Purchases (5) 401 184 — — 271 Sales (5) (2 ) (155 ) — — (78 ) Issuances (5) — — (7 ) — 1 Settlements (5) — (69 ) 115 (245 ) (62 ) Transfers into Level 3 (6) 2 — — — 21 Transfers out of Level 3 (6) (44 ) — — — (233 ) Balance, end of period $ 403 $ 564 $ (263 ) $ (1,254 ) $ 1,039 Nine Months Ended September 30, 2016 Balance, beginning of period $ 244 $ 314 $ (179 ) $ (675 ) $ 1,558 Total realized/unrealized gains (losses) included in net income (loss) (3), (4) 1 22 185 (1,450 ) 7 Total realized/unrealized gains (losses) included in AOCI 4 — 28 (239 ) — Purchases (5) 231 187 6 — 107 Sales (5) (247 ) (12 ) — — (102 ) Issuances (5) — — (1 ) — 28 Settlements (5) — (30 ) (19 ) (236 ) (57 ) Transfers into Level 3 (6) 1 — — — 9 Transfers out of Level 3 (6) (3 ) — (2 ) — (296 ) Balance, end of period $ 231 $ 481 $ 18 $ (2,600 ) $ 1,254 Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2017 (7) $ — $ 38 $ 27 $ 422 $ — Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at September 30, 2016 (7) $ 1 $ 22 $ 157 $ (1,469 ) $ — __________________ (1) Comprised of U.S. and foreign corporate securities. (2) Comprised of FVO contractholder-directed unit-linked investments, FVO general account securities and FVO general account securities held by CSEs. (3) Amortization of premium/accretion of discount is included within net investment income. Impairments charged to net income (loss) on securities are included in net investment gains (losses), while changes in estimated fair value of residential mortgage loans — FVO are included in net investment income. Lapses associated with net embedded derivatives are included in net derivative gains (losses). Substantially all realized/unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivatives gains (losses). (4) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. (5) Items purchased/issued and then sold/settled in the same period are excluded from the rollforward. Fees attributed to embedded derivatives are included in settlements. (6) Gains and losses, in net income (loss) and OCI, are calculated assuming transfers into and/or out of Level 3 occurred at the beginning of the period. Items transferred into and then out of Level 3 in the same period are excluded from the rollforward. (7) Changes in unrealized gains (losses) included in net income (loss) relate to assets and liabilities still held at the end of the respective periods. Substantially all changes in unrealized gains (losses) included in net income (loss) for net derivatives and net embedded derivatives are reported in net derivative gains (losses). (8) Freestanding derivative assets and liabilities are presented net for purposes of the rollforward. (9) Embedded derivative assets and liabilities are presented net for purposes of the rollforward. (10) Investment performance related to separate account assets is fully offset by corresponding amounts credited to contractholders within separate account liabilities. Therefore, such changes in estimated fair value are not recorded in net income (loss). For the purpose of this disclosure, these changes are presented within net investment gains (losses). Separate account assets and liabilities are presented net for the purposes of the rollforward. |
Fair Value Option | Fair Value Option The Company elects the FVO for certain residential mortgage loans that are managed on a total return basis. T he following table presents information for residential mortgage loans, which are accounted for under the FVO and were initially measured at fair value. Residential Mortgage September 30, 2017 December 31, 2016 (In millions) Assets Unpaid principal balance $ 711 $ 794 Difference between estimated fair value and unpaid principal balance (147 ) (228 ) Carrying value at estimated fair value $ 564 $ 566 Loans in nonaccrual status $ 213 $ 214 Loans more than 90 days past due $ 106 $ 137 Loans in nonaccrual status or more than 90 days past due, or both — difference between aggregate estimated fair value and unpaid principal balance $ (121 ) $ (150 ) |
Nonrecurring Fair Value Measurements | The following table presents information for assets measured at estimated fair value on a nonrecurring basis during the periods and still held at the reporting dates (for example, when there is evidence of impairment). The estimated fair values for these assets were determined using significant unobservable inputs (Level 3). At September 30, Three Months Nine Months 2017 2016 2017 2016 2017 2016 Carrying Value After Measurement Gains (Losses) (In millions) Mortgage loans (1) $ 19 $ 9 $ (1 ) $ — $ (1 ) $ — Other limited partnership interests (2) $ 85 $ 75 $ (30 ) $ (9 ) $ (54 ) $ (43 ) Other assets (3) $ — $ — $ — $ — $ (5 ) $ (30 ) __________________ (1) Estimated fair values for impaired mortgage loans are based on independent broker quotations or valuation models using unobservable inputs or, if the loans are in foreclosure or are otherwise determined to be collateral dependent, are based on the estimated fair value of the underlying collateral or the present value of the expected future cash flows. (2) For these cost method investments, estimated fair value is determined from information provided on the financial statements of the underlying entities including NAV data. These investments include private equity and debt funds that typically invest primarily in various strategies including domestic and international leveraged buyout funds; power, energy, timber and infrastructure development funds; venture capital funds; and below investment grade debt and mezzanine debt funds. Distributions will be generated from investment gains, from operating income from the underlying investments of the funds and from liquidation of the underlying assets of the funds. The Company estimates that the underlying assets of the funds will be liquidated over the next two to 10 years . Unfunded commitments for these investments at both September 30, 2017 and 2016 were not significant. (3) During the nine months ended September 30, 2016, the Company recognized an impairment of computer software in connection with the sale to MassMutual. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report. |
Fair Value of Financial Instruments Carried at Other Than Fair Value | The carrying values and estimated fair values for such financial instruments, and their corresponding placement in the fair value hierarchy, are summarized as follows at: September 30, 2017 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans $ 67,493 $ — $ — $ 69,218 $ 69,218 Policy loans $ 9,585 $ — $ 335 $ 11,092 $ 11,427 Real estate joint ventures $ 2 $ — $ — $ 11 $ 11 Other limited partnership interests $ 239 $ — $ — $ 243 $ 243 Other invested assets $ 553 $ 159 $ — $ 394 $ 553 Premiums, reinsurance and other receivables $ 4,140 $ — $ 1,244 $ 3,089 $ 4,333 Other assets $ 272 $ — $ 191 $ 113 $ 304 Liabilities Policyholder account balances $ 114,100 $ — $ — $ 116,637 $ 116,637 Long-term debt $ 16,676 $ — $ 18,596 $ — $ 18,596 Collateral financing arrangement $ 1,220 $ — $ — $ 945 $ 945 Junior subordinated debt securities $ 3,144 $ — $ 4,337 $ — $ 4,337 Other liabilities $ 5,122 $ — $ 3,466 $ 2,293 $ 5,759 Separate account liabilities $ 123,586 $ — $ 123,586 $ — $ 123,586 December 31, 2016 Fair Value Hierarchy Carrying Level 1 Level 2 Level 3 Total (In millions) Assets Mortgage loans $ 64,601 $ — $ — $ 65,742 $ 65,742 Policy loans $ 9,511 $ — $ 335 $ 10,921 $ 11,256 Real estate joint ventures $ 4 $ — $ — $ 26 $ 26 Other limited partnership interests $ 340 $ — $ — $ 371 $ 371 Other invested assets $ 497 $ 145 $ — $ 352 $ 497 Premiums, reinsurance and other receivables $ 4,088 $ — $ 1,152 $ 3,127 $ 4,279 Other assets $ 237 $ — $ 198 $ 71 $ 269 Liabilities Policyholder account balances $ 108,255 $ — $ — $ 110,359 $ 110,359 Long-term debt $ 16,422 $ — $ 17,972 $ — $ 17,972 Collateral financing arrangement $ 1,274 $ — $ — $ 978 $ 978 Junior subordinated debt securities $ 3,169 $ — $ 3,982 $ — $ 3,982 Other liabilities $ 1,767 $ — $ 1,493 $ 275 $ 1,768 Separate account liabilities $ 118,385 $ — $ 118,385 $ — $ 118,385 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Schedule of Stock by Class | Preferred stock authorized, issued and outstanding was as follows at both September 30, 2017 and December 31, 2016 : Series Shares Authorized Shares Issued Shares Outstanding Floating Rate Non-Cumulative Preferred Stock, Series A 27,600,000 24,000,000 24,000,000 5.25% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C 1,500,000 1,500,000 1,500,000 Series A Junior Participating Preferred Stock 10,000,000 — — Not designated 160,900,000 — — Total 200,000,000 25,500,000 25,500,000 |
Components of Accumulated Other Comprehensive Income (Loss) | Information regarding changes in the balances of each component of AOCI attributable to MetLife, Inc., was as follows: Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 13,469 $ 1,569 $ (4,679 ) $ (1,923 ) $ 8,436 OCI before reclassifications 803 (166 ) 193 2 832 Deferred income tax benefit (expense) (270 ) 56 (6 ) 2 (218 ) AOCI before reclassifications, net of income tax 14,002 1,459 (4,492 ) (1,919 ) 9,050 Amounts reclassified from AOCI (360 ) (307 ) — 40 (627 ) Deferred income tax benefit (expense) 126 107 — (17 ) 216 Amounts reclassified from AOCI, net of income tax (234 ) (200 ) — 23 (411 ) Disposal of subsidiary (2) (2,286 ) (305 ) 51 28 (2,512 ) Deferred income tax benefit (expense) 800 107 (19 ) (10 ) 878 Disposal of subsidiary, net of income tax (1,486 ) (198 ) 32 18 (1,634 ) Balance, end of period $ 12,282 $ 1,061 $ (4,460 ) $ (1,878 ) $ 7,005 Three Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 18,204 $ 2,431 $ (4,020 ) $ (1,983 ) $ 14,632 OCI before reclassifications (1,066 ) (24 ) 49 (259 ) (1,300 ) Deferred income tax benefit (expense) 281 8 30 85 404 AOCI before reclassifications, net of income tax 17,419 2,415 (3,941 ) (2,157 ) 13,736 Amounts reclassified from AOCI (173 ) (94 ) — 46 (221 ) Deferred income tax benefit (expense) 60 30 — (10 ) 80 Amounts reclassified from AOCI, net of income tax (113 ) (64 ) — 36 (141 ) Disposal of subsidiary (2) — — — — — Deferred income tax benefit (expense) — — — — — Disposal of subsidiary, net of income tax — — — — — Balance, end of period $ 17,306 $ 2,351 $ (3,941 ) $ (2,121 ) $ 13,595 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 10,766 $ 1,865 $ (5,312 ) $ (1,972 ) $ 5,347 OCI before reclassifications 4,826 37 710 (17 ) 5,556 Deferred income tax benefit (expense) (1,686 ) (14 ) 110 7 (1,583 ) AOCI before reclassifications, net of income tax 13,906 1,888 (4,492 ) (1,982 ) 9,320 Amounts reclassified from AOCI (211 ) (965 ) — 125 (1,051 ) Deferred income tax benefit (expense) 73 336 — (39 ) 370 Amounts reclassified from AOCI, net of income tax (138 ) (629 ) — 86 (681 ) Disposal of subsidiary (2) (2,286 ) (305 ) 51 28 (2,512 ) Deferred income tax benefit (expense) 800 107 (19 ) (10 ) 878 Disposal of subsidiary, net of income tax (1,486 ) (198 ) 32 18 (1,634 ) Balance, end of period $ 12,282 $ 1,061 $ (4,460 ) $ (1,878 ) $ 7,005 Nine Months Unrealized Investment Gains (Losses), Net of Related Offsets (1) Unrealized Gains (Losses) on Derivatives Foreign Currency Translation Adjustments Defined Benefit Plans Adjustment Total (In millions) Balance, beginning of period $ 10,315 $ 1,458 $ (4,950 ) $ (2,052 ) $ 4,771 OCI before reclassifications 10,872 1,472 809 (248 ) 12,905 Deferred income tax benefit (expense) (3,656 ) (460 ) 200 81 (3,835 ) AOCI before reclassifications, net of income tax 17,531 2,470 (3,941 ) (2,219 ) 13,841 Amounts reclassified from AOCI (339 ) (174 ) — 145 (368 ) Deferred income tax benefit (expense) 114 55 — (47 ) 122 Amounts reclassified from AOCI, net of income tax (225 ) (119 ) — 98 (246 ) Disposal of subsidiary (2) — — — — — Deferred income tax benefit (expense) — — — — — Disposal of subsidiary, net of income tax — — — — — Balance, end of period $ 17,306 $ 2,351 $ (3,941 ) $ (2,121 ) $ 13,595 __________________ (1) See Note 6 for information on offsets to investments related to future policy benefits, DAC, VOBA and DSI, and the policyholder dividend obligation. (2) See Note 3. |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Information regarding amounts reclassified out of each component of AOCI was as follows: AOCI Components Amounts Reclassified from AOCI Consolidated Statements of Operations and Comprehensive Income (Loss) Locations Three Months Nine Months 2017 2016 2017 2016 (In millions) Net unrealized investment gains (losses): Net unrealized investment gains (losses) $ 303 $ 113 $ 386 $ 317 Net investment gains (losses) Net unrealized investment gains (losses) (1 ) 4 — 23 Net investment income Net unrealized investment gains (losses) 55 (1 ) (89 ) 21 Net derivative gains (losses) Net unrealized investment gains (losses) 3 57 (86 ) (22 ) Discontinued operations Net unrealized investment gains (losses), before income tax 360 173 211 339 Income tax (expense) benefit (126 ) (60 ) (73 ) (114 ) Net unrealized investment gains (losses), net of income tax 234 113 138 225 Unrealized gains (losses) on derivatives - cash flow hedges: Interest rate swaps 9 28 23 44 Net derivative gains (losses) Interest rate swaps 5 3 12 9 Net investment income Interest rate swaps — 1 2 14 Discontinued operations Interest rate forwards (1 ) — (5 ) — Net derivative gains (losses) Interest rate forwards — — 2 2 Net investment income Interest rate forwards — — 1 1 Other expenses Interest rate forwards — 2 3 4 Discontinued operations Foreign currency swaps 294 54 915 90 Net derivative gains (losses) Foreign currency swaps — — (1 ) (1 ) Net investment income Foreign currency swaps — — 1 1 Other expenses Foreign currency swaps — 5 11 6 Discontinued operations Credit forwards — — 1 3 Net derivative gains (losses) Credit forwards — 1 — 1 Net investment income Gains (losses) on cash flow hedges, before income tax 307 94 965 174 Income tax (expense) benefit (107 ) (30 ) (336 ) (55 ) Gains (losses) on cash flow hedges, net of income tax 200 64 629 119 Defined benefit plans adjustment: (1) Amortization of net actuarial gains (losses) (46 ) (47 ) (143 ) (150 ) Amortization of prior service (costs) credit 6 1 18 5 Amortization of defined benefit plan items, before income tax (40 ) (46 ) (125 ) (145 ) Income tax (expense) benefit 17 10 39 47 Amortization of defined benefit plan items, net of income tax (23 ) (36 ) (86 ) (98 ) Total reclassifications, net of income tax $ 411 $ 141 $ 681 $ 246 __________________ (1) These AOCI components are included in the computation of net periodic benefit costs. See Note 12 . |
Other Expenses (Tables)
Other Expenses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other Expenses | Information on other expenses was as follows: Three Months Nine Months 2017 2016 2017 2016 (In millions) Compensation $ 1,107 $ 1,100 $ 3,302 $ 3,602 Pension, postretirement and postemployment benefit costs 86 78 242 308 Commissions 888 859 2,544 2,700 Volume-related costs 113 91 285 384 Capitalization of DAC (761 ) (770 ) (2,218 ) (2,422 ) Amortization of DAC and VOBA 626 660 1,945 2,052 Amortization of negative VOBA (32 ) (55 ) (113 ) (221 ) Interest expense on debt 284 280 851 875 Premium taxes, licenses and fees 145 174 467 544 Professional services 389 372 1,119 1,099 Rent and related expenses, net of sublease income 121 91 265 285 Other 352 336 1,215 1,090 Total other expenses $ 3,318 $ 3,216 $ 9,904 $ 10,296 See Note 3 for further information on Separation-related transaction costs. |
Restructuring and Related Costs [Table Text Block] | The Company commenced in 2016 a unit cost improvement program related to the Company’s refreshed enterprise strategy. This global strategy focuses on transforming the Company to become more digital, driving efficiencies and innovation to achieve competitive advantage, and simplified, decreasing the costs and risks associated with the Company’s highly complex industry to customers and shareholders. Restructuring charges related to this program are included in other expenses. As the expenses relate to an enterprise-wide initiative, they are reported in Corporate & Other. Such restructuring charges were as follows: Three Months Nine Months Severance (In millions) Balance, beginning of period $ 17 $ 35 Restructuring charges 3 25 Cash payments (3 ) (43 ) Balance, end of period $ 17 $ 17 Total restructuring charges incurred since inception of initiative $ 60 $ 60 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Retirement Benefits [Abstract] | |
Net periodic benefit costs | The components of net periodic benefit costs were as follows: Three Months 2017 2016 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 62 $ 1 $ 67 $ 4 Interest costs 106 19 101 20 Divestitures and curtailment costs (1) 3 2 (1 ) (1 ) Expected return on plan assets (129 ) (18 ) (138 ) (19 ) Amortization of net actuarial (gains) losses 46 — 45 2 Amortization of prior service costs (credit) — (6 ) — (1 ) Net periodic benefit costs (credit) $ 88 $ (2 ) $ 74 $ 5 Nine Months 2017 2016 Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits (In millions) Service costs $ 184 $ 4 $ 212 $ 8 Interest costs 318 57 316 62 Divestitures and curtailment costs (1) 3 2 (1 ) 15 Expected return on plan assets (387 ) (54 ) (388 ) (56 ) Amortization of net actuarial (gains) losses 143 — 143 7 Amortization of prior service costs (credit) (1 ) (17 ) — (5 ) Net periodic benefit costs (credit) $ 260 $ (8 ) $ 282 $ 31 __________________ (1) For the nine months ended September 30, 2016, the Company recognized curtailment charges on certain postretirement benefit plans in connection with the sale to MassMutual. See Note 3 of the Notes to the Consolidated Financial Statements included in the 2016 Annual Report. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | The following table presents the weighted average shares, basic earnings per common share and diluted earnings per common share for each income category presented: Three Months Nine Months 2017 2016 2017 2016 (In millions, except per share data) Weighted Average Shares: Weighted average common stock outstanding for basic earnings per common share 1,062.3 1,100.5 1,075.5 1,100.6 Incremental common shares from assumed exercise or issuance of stock-based awards 9.2 8.8 8.5 8.4 Weighted average common stock outstanding for diluted earnings per common share 1,071.5 1,109.3 1,084.0 1,109.0 Income (Loss) from Continuing Operations: Income (loss) from continuing operations, net of income tax $ 893 $ 1,024 $ 2,630 $ 4,269 Less: Income (loss) from continuing operations, net of income tax, attributable to noncontrolling interests 6 (4 ) 12 2 Less: Preferred stock dividends 6 6 58 58 Income (loss) from continuing operations, net of income tax, available to MetLife, Inc.’s common shareholders $ 881 $ 1,022 $ 2,560 $ 4,209 Basic $ 0.83 $ 0.93 $ 2.38 $ 3.82 Diluted $ 0.82 $ 0.92 $ 2.36 $ 3.80 Income (Loss) from Discontinued Operations: Income (loss) from discontinued operations, net of income tax $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests — — — — Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders $ (968 ) $ (451 ) $ (989 ) $ (1,379 ) Basic $ (0.91 ) $ (0.41 ) $ (0.92 ) $ (1.25 ) Diluted $ (0.90 ) $ (0.41 ) $ (0.91 ) $ (1.25 ) Net Income (Loss): Net income (loss) $ (75 ) $ 573 $ 1,641 $ 2,890 Less: Net income (loss) attributable to noncontrolling interests 6 (4 ) 12 2 Less: Preferred stock dividends 6 6 58 58 Net income (loss) available to MetLife, Inc.’s common shareholders $ (87 ) $ 571 $ 1,571 $ 2,830 Basic $ (0.08 ) $ 0.52 $ 1.46 $ 2.57 Diluted $ (0.08 ) $ 0.51 $ 1.45 $ 2.55 |
Business, Basis of Presentati36
Business, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)Segment | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Number of segments | Segment | 5 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Premiums and Other Receivables, Net | $ 18,588 | $ 18,588 | $ 15,445 | |
Payables For Collateral Under Securities Loaned And Other Transactions | 27,132 | 27,132 | 25,873 | |
Derivative assets | 8,792 | 8,792 | 12,139 | |
Derivative liabilities | 4,668 | 4,668 | 6,921 | |
Accrued Investment Income Receivable | 3,692 | 3,692 | 3,308 | |
Other Liabilities | 26,745 | $ 26,745 | $ 23,700 | |
CME update impact [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Premiums and Other Receivables, Net | $ 991 | |||
Payables For Collateral Under Securities Loaned And Other Transactions | 816 | |||
Derivative assets | 1,800 | |||
Derivative liabilities | 2,000 | |||
Accrued Investment Income Receivable | 101 | |||
Other Liabilities | $ 14 | |||
Accounting Standards Update 2016-01 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Equity | $ 250 |
Business, Basis of Presentati37
Business, Basis of Presentation and Summary of Significant Accounting Policies Discontined Operations (Details) | Aug. 03, 2017shares |
Brighthouse Financial, Inc | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal group, including discontinued operation, BHF common stock | 96,776,670 |
Segment Information (Earnings)
Segment Information (Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Premiums | $ 10,876 | $ 9,839 | $ 29,421 | $ 27,956 |
Universal life and investment-type product policy fees | 1,428 | 1,341 | 4,152 | 4,127 |
Net investment income | 4,295 | 4,609 | 12,909 | 12,527 |
Other revenues | 301 | 356 | 935 | 1,309 |
Net investment gains (losses) | (606) | 231 | (439) | 598 |
Net derivative gains (losses) | (190) | (543) | (663) | 1,438 |
Total revenues | 16,104 | 15,833 | 46,315 | 47,955 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 10,947 | 9,914 | 29,848 | 28,318 |
Interest credited to policyholder account balances | 1,338 | 1,544 | 4,081 | 3,819 |
Capitalization of DAC | (761) | (770) | (2,218) | (2,422) |
Amortization of DAC and VOBA | 626 | 660 | 1,945 | 2,052 |
Amortization of negative VOBA | (32) | (55) | (113) | (221) |
Interest expense on debt | 284 | 280 | 851 | 875 |
Other expenses | 3,201 | 3,101 | 9,439 | 10,012 |
Total expenses | 15,603 | 14,674 | 43,833 | 42,433 |
Provision for income tax expense (benefit) | (392) | 135 | (148) | 1,253 |
Income from continuing operations, net of income tax | 893 | 1,024 | 2,630 | 4,269 |
Operating Segments | ||||
Revenues | ||||
Premiums | 10,913 | 10,045 | 29,768 | 28,054 |
Universal life and investment-type product policy fees | 1,392 | 1,327 | 4,078 | 3,990 |
Net investment income | 4,156 | 4,279 | 12,441 | 12,301 |
Other revenues | 315 | 359 | 1,054 | 1,298 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 16,776 | 16,010 | 47,341 | 45,643 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 10,717 | 10,079 | 29,642 | 28,374 |
Interest credited to policyholder account balances | 1,105 | 1,026 | 3,207 | 3,062 |
Capitalization of DAC | (765) | (793) | (2,252) | (2,400) |
Amortization of DAC and VOBA | 553 | 772 | 1,905 | 2,355 |
Amortization of negative VOBA | (30) | (50) | (105) | (178) |
Interest expense on debt | 284 | 293 | 867 | 913 |
Other expenses | 3,121 | 2,995 | 9,167 | 9,661 |
Total expenses | 14,985 | 14,322 | 42,431 | 41,787 |
Provision for income tax expense (benefit) | 617 | 327 | 1,257 | 815 |
Operating earnings | 1,174 | 1,361 | 3,653 | 3,041 |
Operating Segments | U.S. | ||||
Revenues | ||||
Premiums | 6,987 | 5,936 | 18,049 | 16,127 |
Universal life and investment-type product policy fees | 247 | 245 | 763 | 743 |
Net investment income | 1,602 | 1,590 | 4,789 | 4,615 |
Other revenues | 197 | 192 | 600 | 589 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 9,033 | 7,963 | 24,201 | 22,074 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 6,904 | 5,894 | 18,017 | 16,210 |
Interest credited to policyholder account balances | 376 | 322 | 1,086 | 967 |
Capitalization of DAC | (126) | (124) | (342) | (356) |
Amortization of DAC and VOBA | 118 | 117 | 346 | 353 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 2 | 2 | 8 | 7 |
Other expenses | 933 | 912 | 2,756 | 2,772 |
Total expenses | 8,207 | 7,123 | 21,871 | 19,953 |
Provision for income tax expense (benefit) | 280 | 288 | 782 | 720 |
Operating earnings | 546 | 552 | 1,548 | 1,401 |
Operating Segments | Asia | ||||
Revenues | ||||
Premiums | 1,696 | 1,822 | 5,063 | 5,161 |
Universal life and investment-type product policy fees | 458 | 394 | 1,199 | 1,114 |
Net investment income | 762 | 707 | 2,193 | 2,003 |
Other revenues | 11 | 12 | 32 | 45 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,927 | 2,935 | 8,487 | 8,323 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 1,223 | 1,363 | 3,785 | 3,923 |
Interest credited to policyholder account balances | 349 | 331 | 1,003 | 974 |
Capitalization of DAC | (420) | (440) | (1,268) | (1,251) |
Amortization of DAC and VOBA | 424 | 331 | 1,005 | 921 |
Amortization of negative VOBA | (24) | (46) | (91) | (167) |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 905 | 930 | 2,675 | 2,658 |
Total expenses | 2,457 | 2,469 | 7,109 | 7,058 |
Provision for income tax expense (benefit) | 156 | 142 | 459 | 377 |
Operating earnings | 314 | 324 | 919 | 888 |
Operating Segments | Latin America | ||||
Revenues | ||||
Premiums | 701 | 653 | 1,993 | 1,885 |
Universal life and investment-type product policy fees | 229 | 227 | 764 | 764 |
Net investment income | 299 | 311 | 891 | 809 |
Other revenues | 7 | 11 | 24 | 26 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 1,236 | 1,202 | 3,672 | 3,484 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 640 | 681 | 1,869 | 1,814 |
Interest credited to policyholder account balances | 99 | 85 | 275 | 249 |
Capitalization of DAC | (94) | (83) | (264) | (236) |
Amortization of DAC and VOBA | 0 | (2) | 146 | 127 |
Amortization of negative VOBA | (1) | (1) | (1) | (1) |
Interest expense on debt | 1 | 1 | 4 | 1 |
Other expenses | 377 | 335 | 1,060 | 968 |
Total expenses | 1,022 | 1,016 | 3,089 | 2,922 |
Provision for income tax expense (benefit) | 51 | 53 | 123 | 141 |
Operating earnings | 163 | 133 | 460 | 421 |
Operating Segments | EMEA | ||||
Revenues | ||||
Premiums | 527 | 500 | 1,534 | 1,519 |
Universal life and investment-type product policy fees | 109 | 104 | 296 | 294 |
Net investment income | 77 | 81 | 229 | 244 |
Other revenues | (2) | 17 | 43 | 56 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 711 | 702 | 2,102 | 2,113 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 282 | 257 | 821 | 801 |
Interest credited to policyholder account balances | 26 | 28 | 75 | 87 |
Capitalization of DAC | (109) | (103) | (301) | (310) |
Amortization of DAC and VOBA | 78 | 106 | 260 | 311 |
Amortization of negative VOBA | (5) | (3) | (13) | (10) |
Interest expense on debt | 0 | 0 | 0 | 0 |
Other expenses | 347 | 332 | 995 | 1,001 |
Total expenses | 619 | 617 | 1,837 | 1,880 |
Provision for income tax expense (benefit) | 21 | 11 | 47 | 32 |
Operating earnings | 71 | 74 | 218 | 201 |
Operating Segments | MetLife Holdings | ||||
Revenues | ||||
Premiums | 989 | 1,093 | 3,070 | 3,312 |
Universal life and investment-type product policy fees | 349 | 357 | 1,056 | 1,073 |
Net investment income | 1,390 | 1,537 | 4,232 | 4,489 |
Other revenues | 37 | 105 | 170 | 512 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 2,765 | 3,092 | 8,528 | 9,386 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 1,661 | 1,853 | 5,117 | 5,603 |
Interest credited to policyholder account balances | 255 | 261 | 767 | 780 |
Capitalization of DAC | (14) | (44) | (71) | (240) |
Amortization of DAC and VOBA | (70) | 219 | 143 | 636 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 2 | 15 | 22 | 43 |
Other expenses | 322 | 401 | 1,032 | 1,861 |
Total expenses | 2,156 | 2,705 | 7,010 | 8,683 |
Provision for income tax expense (benefit) | 199 | 121 | 488 | 203 |
Operating earnings | 410 | 266 | 1,030 | 500 |
Operating Segments | Corporate & Other | ||||
Revenues | ||||
Premiums | 13 | 41 | 59 | 50 |
Universal life and investment-type product policy fees | 0 | 0 | 0 | 2 |
Net investment income | 26 | 53 | 107 | 141 |
Other revenues | 65 | 22 | 185 | 70 |
Net investment gains (losses) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | 0 | 0 | 0 | 0 |
Total revenues | 104 | 116 | 351 | 263 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 7 | 31 | 33 | 23 |
Interest credited to policyholder account balances | 0 | (1) | 1 | 5 |
Capitalization of DAC | (2) | 1 | (6) | (7) |
Amortization of DAC and VOBA | 3 | 1 | 5 | 7 |
Amortization of negative VOBA | 0 | 0 | 0 | 0 |
Interest expense on debt | 279 | 275 | 833 | 862 |
Other expenses | 237 | 85 | 649 | 401 |
Total expenses | 524 | 392 | 1,515 | 1,291 |
Provision for income tax expense (benefit) | (90) | (288) | (642) | (658) |
Operating earnings | (330) | 12 | (522) | (370) |
Significant Reconciling Items | ||||
Revenues | ||||
Premiums | (37) | (206) | (347) | (98) |
Universal life and investment-type product policy fees | 36 | 14 | 74 | 137 |
Net investment income | 139 | 330 | 468 | 226 |
Other revenues | (14) | (3) | (119) | 11 |
Net investment gains (losses) | (606) | 231 | (439) | 598 |
Net derivative gains (losses) | (190) | (543) | (663) | 1,438 |
Total revenues | (672) | (177) | (1,026) | 2,312 |
Expenses | ||||
Policyholder benefits and claims and policyholder dividends | 230 | (165) | 206 | (56) |
Interest credited to policyholder account balances | 233 | 518 | 874 | 757 |
Capitalization of DAC | 4 | 23 | 34 | (22) |
Amortization of DAC and VOBA | 73 | (112) | 40 | (303) |
Amortization of negative VOBA | (2) | (5) | (8) | (43) |
Interest expense on debt | 0 | (13) | (16) | (38) |
Other expenses | 80 | 106 | 272 | 351 |
Total expenses | 618 | 352 | 1,402 | 646 |
Provision for income tax expense (benefit) | $ (1,009) | $ (192) | $ (1,405) | $ 438 |
Segment Information (Total Asse
Segment Information (Total Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets of disposed subsidiary | $ 0 | $ 216,983 |
Total assets | 720,515 | 898,764 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | 258,651 | 253,683 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total assets | 134,070 | 120,656 |
Latin America | ||
Segment Reporting Information [Line Items] | ||
Total assets | 77,617 | 67,233 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Total assets | 30,244 | 25,596 |
MetLife Holdings | ||
Segment Reporting Information [Line Items] | ||
Total assets | 185,054 | 184,276 |
Corporate & Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 34,879 | 247,320 |
Brighthouse Financial, Inc | ||
Segment Reporting Information [Line Items] | ||
Assets of disposed subsidiary | $ 216,983 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of segments | 5 |
Separation (Separation Brightho
Separation (Separation Brighthouse - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 04, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Common Stock, Shares, Issued | 1,167,535,225 | 1,167,535,225 | 1,164,029,985 | |||
Common Stock, Shares Authorized | 3,000,000,000 | 3,000,000,000 | 3,000,000,000 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (980) | $ 0 | $ (1,171) | $ 0 | ||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (955) | 0 | (955) | 0 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (968) | (451) | (989) | (1,379) | ||
Discontinued Operation, Separation Costs | 25 | 0 | 216 | 0 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 501 | 1,159 | 2,482 | 5,522 | ||
Policyholder Benefits and Claims Incurred, Net | 10,645 | 9,612 | 28,923 | 27,394 | ||
Operating Expenses | 3,318 | 3,216 | 9,904 | 10,296 | ||
Income Tax Expense (Benefit) | (392) | 135 | (148) | 1,253 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (968) | (451) | (989) | (1,379) | ||
Net investment gains (losses) | (606) | 231 | (439) | 598 | ||
Impact of Separation [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (1,084) | (1,347) | ||||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 42 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1,061) | |||||
Realized intercompany gains upon Separation | 61 | |||||
Discontinued Operation, Tax separation agreement Expense | 1,093 | |||||
Discontinued Operation, Tax Benefit from Provision for (Gain) Loss on Disposal | 1,051 | |||||
Discontinued Operation, Separation Costs | 42 | |||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (104) | (176) | ||||
Realized Investment Gains (Losses) | (738) | (738) | ||||
Policyholder Benefits and Claims Incurred, Net | 147 | 147 | ||||
Operating Expenses | 107 | 218 | ||||
Income Tax Expense (Benefit) | (888) | (927) | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (980) | (1,171) | ||||
Brighthouse Financial, Inc | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Common Stock, Shares, Issued | 96,776,670 | |||||
Common Stock, Shares Authorized | 119,773,106 | |||||
BHF Common Stock | 80.80% | |||||
Discontinued Operation, Separation Costs | 64 | $ 51 | 470 | $ 108 | ||
Net investment gains (losses) | (1,016) | |||||
Discontinued Operation, Other fees and costs required | $ 39 | $ 333 | ||||
Common Stock, Shares, Owned by MetLife, INC. | 22,996,436 | 22,996,436 | ||||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest after Disposal | 19.20% | |||||
Equity Method Investment, Quoted Market Value | $ 1,400 | $ 1,400 | ||||
Gain (loss) in equity investment value | $ (45) |
Separation Separation - Agreeme
Separation Separation - Agreements (Details) - USD ($) $ in Millions | Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2017 | Oct. 02, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||||
Income Taxes Receivable | $ 3 | $ 3 | $ 20 | ||
Other Assets | 8,149 | 8,149 | $ 7,058 | ||
Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Decrease to current income tax recoverable | 1,093 | ||||
Brighthouse Financial, Inc | Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Income Taxes Receivable | 1,400 | 1,400 | |||
Related Party Transaction, Due from (to) Related Party | 1,400 | 1,400 | |||
Subsequent Event [Member] | Brighthouse Financial, Inc | Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Payment to affiliate | $ 729 | ||||
Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Other Assets | 555 | 555 | |||
Brighthouse Financial, Inc | Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Due from (to) Related Party | (40) | (40) | |||
Realized Investment Gains (Losses) | $ (555) | ||||
Impact of Separation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Discontinued Operation, Tax separation agreement Expense | 1,093 | ||||
Realized Investment Gains (Losses) | $ (738) | $ (738) |
Effects of Affiliated Reinsuran
Effects of Affiliated Reinsurance on Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Premiums Earned, Net [Abstract] | ||||
Premiums Earned, Net | $ 10,876 | $ 9,839 | $ 29,421 | $ 27,956 |
Fees and Commissions [Abstract] | ||||
Insurance Commissions and Fees | 1,428 | 1,341 | 4,152 | 4,127 |
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Net | 10,645 | 9,612 | 28,923 | 27,394 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Interest Credited to Policyholders Account Balances | 1,338 | 1,544 | 4,081 | 3,819 |
Other Expenses | ||||
Operating Expenses | 3,318 | 3,216 | 9,904 | 10,296 |
Affiliated Entity [Member] | Assumed Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Assumed Premiums Earned | 70 | 70 | ||
Fees and Commissions [Abstract] | ||||
Assumed Insurance Commissions And Fees | (1) | (1) | ||
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Assumed | 55 | 55 | ||
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Assumed Interest Credited To Policyholders Account Balances | 3 | 3 | ||
Other Expenses | ||||
Assumed Operating Expenses | 6 | 6 | ||
Affiliated Entity [Member] | Ceded Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Ceded Premiums Earned | (2) | (2) | ||
Fees and Commissions [Abstract] | ||||
Ceded Insurance Commissions And Fees | (22) | (22) | ||
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Ceded | (6) | (6) | ||
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Ceded Interest Credited To Policyholders Account Balances | (12) | (12) | ||
Other Expenses | ||||
Ceded Operating Expenses | (7) | (7) | ||
Affiliated Entity [Member] | Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Premiums Earned, Net | 68 | 68 | ||
Fees and Commissions [Abstract] | ||||
Insurance Commissions and Fees | (23) | (23) | ||
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Net | 49 | 49 | ||
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Interest Credited to Policyholders Account Balances | (9) | (9) | ||
Other Expenses | ||||
Operating Expenses | (1) | (1) | ||
Brighthouse Financial, Inc | Assumed Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Assumed Premiums Earned | 36 | 111 | 248 | 338 |
Fees and Commissions [Abstract] | ||||
Assumed Insurance Commissions And Fees | (1) | (2) | (6) | (2) |
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Assumed | 30 | 103 | 196 | 286 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Assumed Interest Credited To Policyholders Account Balances | 1 | 4 | 10 | 12 |
Other Expenses | ||||
Assumed Operating Expenses | 4 | 18 | 10 | 63 |
Brighthouse Financial, Inc | Ceded Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Ceded Premiums Earned | 1 | (3) | (7) | (10) |
Fees and Commissions [Abstract] | ||||
Ceded Insurance Commissions And Fees | (8) | (30) | (55) | (76) |
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Ceded | (3) | (14) | (16) | (9) |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Ceded Interest Credited To Policyholders Account Balances | (6) | (18) | (42) | (56) |
Other Expenses | ||||
Ceded Operating Expenses | (3) | (8) | (28) | (24) |
Brighthouse Financial, Inc | Reinsurance [Member] | ||||
Premiums Earned, Net [Abstract] | ||||
Premiums Earned, Net | 37 | 108 | 241 | 328 |
Fees and Commissions [Abstract] | ||||
Insurance Commissions and Fees | (9) | (32) | (61) | (78) |
Policyholder Benefits and Claims Incurred, Net [Abstract] | ||||
Policyholder Benefits and Claims Incurred, Net | 27 | 89 | 180 | 277 |
Interest Credited To Policyholder Account Balances [Abstract] | ||||
Interest Credited to Policyholders Account Balances | (5) | (14) | (32) | (44) |
Other Expenses | ||||
Operating Expenses | $ 1 | $ 10 | $ (18) | $ 39 |
Effects of Affiliated Reinsur44
Effects of Affiliated Reinsurance on Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Premiums, reinsurance and other receivables relating to variable interest entities | $ 18,588 | $ 15,445 |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 18,399 | 17,590 |
Liabilities [Abstract] | ||
Liability for Future Policy Benefits | 176,005 | 166,701 |
Other Policy-Related Balances | 15,026 | 13,030 |
Other Liabilities | 26,745 | $ 23,700 |
Assumed Reinsurance [Member] | Affiliated Entity [Member] | ||
Assets [Abstract] | ||
Premiums, reinsurance and other receivables relating to variable interest entities | 162 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | 393 | |
Reinsurance Assets | 555 | |
Liabilities [Abstract] | ||
Liability for Future Policy Benefits | 1,666 | |
Other Policy-Related Balances | 121 | |
Other Liabilities | 1,460 | |
Reinsurance Liabilities | 3,247 | |
Ceded Reinsurance [Member] | Affiliated Entity [Member] | ||
Assets [Abstract] | ||
Premiums, reinsurance and other receivables relating to variable interest entities | 1,786 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net | (22) | |
Reinsurance Assets | 1,764 | |
Liabilities [Abstract] | ||
Liability for Future Policy Benefits | 0 | |
Other Policy-Related Balances | 29 | |
Other Liabilities | 22 | |
Reinsurance Liabilities | $ 51 |
Separation (Termination of Fina
Separation (Termination of Financing Arrangements - Narrative) (Details) - USD ($) $ in Millions | Aug. 03, 2017 | Apr. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 02, 2017 | Jul. 21, 2017 | Jun. 30, 2017 | Feb. 10, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||||||
Secured Debt | $ 1,220 | $ 1,220 | $ 1,274 | ||||||||
Other General and Administrative Expense | $ 352 | $ 336 | $ 1,215 | $ 1,090 | |||||||
Junior Subordinated Debt Instrument Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||||
Brighthouse Financial, Inc | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $ 1,800 | ||||||||||
Payments of Distributions to Affiliates | $ 590 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 600 | $ 536 | ||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||||
Brighthouse Financial, Inc | Secured Debt | MetLife Reinsurance Company Of South Carolina [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured Debt | 2,800 | ||||||||||
Invested Assets On Deposit Held In Trust And Pledged As Collateral | 2,800 | ||||||||||
Other General and Administrative Expense | 37 | ||||||||||
Brighthouse Financial, Inc | Committed Credit Facility Seven [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,300 | ||||||||||
Brighthouse Financial, Inc | Committed Credit Facility Five [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,500 | ||||||||||
Brighthouse Financial, Inc | Committed Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Commitment Fee Amount | $ 257 |
Separation (New Financing Arran
Separation (New Financing Arrangements - Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 02, 2017 | Jul. 21, 2017 | Apr. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||||||
Secured Debt | $ 1,220 | $ 1,220 | $ 1,274 | ||||||
Preferred Stock, Shares Issued | 25,500,000 | 25,500,000 | 25,500,000 | ||||||
Other General and Administrative Expense | $ 352 | $ 336 | $ 1,215 | $ 1,090 | |||||
Brighthouse Financial, Inc | |||||||||
Debt Instrument [Line Items] | |||||||||
Preferred Stock, Shares Issued | 50,000 | ||||||||
Preferred Stock, Dividend Payment Rate, Variable | 0.065 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 49 | ||||||||
Debt Instrument, Face Amount | $ 500 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 536 | $ 600 | $ 3,000 | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 500 | ||||||||
Brighthouse Financial, Inc | 2027 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,500 | ||||||||
Debt Instrument, Maturity Date | Jun. 30, 2027 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.70% | ||||||||
Brighthouse Financial, Inc | 2047 Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,500 | ||||||||
Debt Instrument, Maturity Date | Jun. 30, 2047 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | |||||||
Brighthouse Financial, Inc | Brighthouse Reinsurance Company of Delaware [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 |
Additional Trans with Brighthou
Additional Trans with Brighthouse - Investment and Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2017 | Jul. 21, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | |
Line of Credit Facility [Line Items] | |||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | $ 18 | $ 18 | |||
Brighthouse Financial, Inc | |||||
Line of Credit Facility [Line Items] | |||||
Revenue from Related Parties | 8 | 57 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600 | $ 536 | $ 3,000 | ||
Brighthouse Financial, Inc | Committed Credit Facility Six [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,900 | 2,900 | |||
Letters of Credit Outstanding, Amount | $ 2,300 | $ 2,300 |
Separation - Service Agreements
Separation - Service Agreements and Other (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operation, Period of Continuing Involvement after Disposal | 36 months | ||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | $ 18 | $ 18 | |||
Employee matters agreement, impact of Separation | 186 | 186 | |||
Other Policy-Related Balances | 15,026 | 15,026 | $ 13,030 | ||
Insurance Commissions and Fees | 1,428 | $ 1,341 | 4,152 | $ 4,127 | |
Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue from Related Parties | 8 | 57 | |||
Impact of Separation [Member] | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Other Policy-Related Balances | 1,300 | 1,300 | |||
Related Party Transaction, Due from (to) Related Party | 40 | 40 | |||
Affiliated Entity [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | 60 | ||||
Insurance Commissions and Fees | 21 | 21 | |||
Administrative Services [Member] | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue from Related Parties | 10 | 73 | |||
Transition Services [Member] | Brighthouse Financial, Inc | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue from Related Parties | $ 27 | $ 191 |
Separation - Disc Ops - Income
Separation - Disc Ops - Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | $ 2 | $ (611) | $ 134 | $ (2,152) |
Discontinued Operation, Tax Effect of Discontinued Operation | (10) | (160) | (48) | (773) |
Income (loss) from discontinued operations before loss on disposal of discontinued operations, net of income tax | 12 | (451) | 182 | (1,379) |
Discontinued Operation, Separation Costs | (25) | 0 | (216) | 0 |
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | (955) | 0 | (955) | 0 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (980) | 0 | (1,171) | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (968) | (451) | (989) | (1,379) |
Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Other Income | 27 | 8 | 150 | 31 |
Disposal Group, Including Discontinued Operation, Revenue | 536 | 1,889 | 3,840 | 3,444 |
Disposal Group, Including Discontinued Operation, Other Expense | 108 | 710 | 853 | 1,068 |
Disposal Group, Including Discontinued Operation, Operating Expenses | 534 | 2,500 | 3,706 | 5,596 |
Discontinued Operation, Separation Costs | (64) | (51) | (470) | (108) |
Impact of Separation [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued Operation, Separation Costs | (42) | |||
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation | 42 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (1,084) | (1,347) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (980) | (1,171) | ||
Premiums | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 116 | 552 | 820 | 1,544 |
Universal life and investment-type product policy fees | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 320 | 955 | 2,201 | 2,799 |
Net investment income | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 243 | 857 | 1,783 | 2,384 |
Gain (Loss) on Investments | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | 1 | 26 | (53) | (60) |
Net derivative gains (losses) | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | (171) | (509) | (1,061) | (3,254) |
Policyholder benefits and claims | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Expenses | 335 | 1,244 | 2,217 | 3,414 |
Interest credited to policyholder account balances | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Expenses | 89 | 276 | 620 | 827 |
Policyholder dividend expense | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Expenses | 2 | 10 | 16 | 27 |
Goodwill impairment | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Operating Expenses | $ 0 | $ 260 | $ 0 | $ 260 |
Separation - Disc Ops - Balance
Separation - Disc Ops - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | $ 0 | $ 5,226 | $ 2,825 | $ 1,570 |
Assets of disposed subsidiary | 0 | 216,983 | ||
Liabilities of disposed subsidiary | $ 0 | 202,707 | ||
Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | 5,226 | |||
Assets of disposed subsidiary | 216,983 | |||
Other Assets | 709 | |||
Deferred Tax Liabilities, Current | 2,594 | |||
Other liabilities | 5,119 | |||
Liabilities of disposed subsidiary | 202,707 | |||
Fixed maturity securities | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 61,326 | |||
Equity Securities | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 300 | |||
Mortgage loans | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 9,378 | |||
Policy loans | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,517 | |||
Real estate and real estate joint ventures | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 150 | |||
Other limited partnership interests | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,642 | |||
Short-term Investments | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 1,288 | |||
Other invested assets | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 3,881 | |||
Investments | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 79,482 | |||
Accrued investment income | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 680 | |||
Premiums, reinsurance and other receivables | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 10,636 | |||
Deferred policy acquisition costs and value of business acquired | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 7,207 | |||
Separate account assets | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Assets of disposed subsidiary | 113,043 | |||
Future policy benefits | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 33,270 | |||
Policyholder Account Balances | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 37,066 | |||
Other Policy-Related Balances | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 1,356 | |||
Policyholder dividends payable | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 12 | |||
Payables for collateral under securities loaned and other transactions | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 7,390 | |||
Long-term Debt | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 60 | |||
Secured Debt | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | 2,797 | |||
Separate account liabilities | Brighthouse Financial, Inc | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Liabilities of disposed subsidiary | $ 113,043 |
Separation - Disc Ops - Cash fl
Separation - Disc Ops - Cash flows (Details) - Brighthouse Financial, Inc - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Operating activities | $ 1,329 | $ 2,590 |
Investing activities | (2,732) | (5,074) |
Financing activities | $ (367) | $ 3,739 |
Insurance (Guarantees Related t
Insurance (Guarantees Related to Annuity Contracts) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Variable Annuity Guarantees: | Guaranteed Death Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 66,814 | $ 66,176 |
Separate account value | 45,046 | 43,359 |
Net amount at risk | $ 1,401 | $ 1,842 |
Average attained age of contractholders | 65 years | 64 years |
Variable Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 26,098 | $ 25,335 |
Separate account value | 24,179 | 23,330 |
Net amount at risk | $ 568 | $ 521 |
Average attained age of contractholders | 65 years | 65 years |
Other Annuity Guarantees: | Guaranteed Annuitization Benefits | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value | $ 1,432 | $ 1,393 |
Net amount at risk | $ 580 | $ 490 |
Average attained age of contractholders | 50 years | 50 years |
Insurance (Guarantees Related53
Insurance (Guarantees Related to Universal and Variable Life Contracts) (Details) - Universal and Variable Life Contracts - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Secondary Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (3) | $ 8,796 | $ 8,363 |
Net amount at risk (7) | $ 67,950 | $ 70,225 |
Average attained age of policyholders | 56 years | 55 years |
Paid-Up Guarantees | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Total account value (3) | $ 3,238 | $ 3,337 |
Net amount at risk (7) | $ 16,905 | $ 17,785 |
Average attained age of policyholders | 63 years | 62 years |
Insurance (Rollforward of Unpai
Insurance (Rollforward of Unpaid Claims) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Balance at beginning of period | $ 16,151 | $ 9,669 |
Less: Reinsurance recoverables | 1,226 | 476 |
Net Balance, beginning of period | 14,925 | 14,090 |
Incurred related to: | ||
Current period | 18,028 | 18,157 |
Prior years | 156 | 147 |
Total incurred | 18,184 | 18,304 |
Paid related to: | ||
Current period | (13,880) | (12,818) |
Prior periods | (4,213) | (4,620) |
Total paid | (18,093) | (17,438) |
Net Balance, end of period | 15,016 | 14,956 |
Add: Reinsurance recoverables | 2,205 | 2,052 |
Balance at end of period (included in future policy benefits and other policy-related balances) | 17,221 | 17,008 |
Scenario, Previously Reported | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Balance, beginning of period | 14,925 | 9,193 |
Cumulative adjustment | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Balance, beginning of period | $ 0 | $ 4,897 |
Closed Block (Liabilities and A
Closed Block (Liabilities and Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Closed Block Liabilities | |||
Future policy benefits | $ 40,489 | $ 40,834 | |
Other policy-related balances | 193 | 257 | |
Policyholder dividends payable | 483 | 443 | |
Policyholder dividend obligation | 2,201 | 1,931 | $ 1,783 |
Current income tax payable | 0 | 4 | |
Other liabilities | 277 | 196 | |
Total closed block liabilities | 43,643 | 43,665 | |
Assets Designated to the Closed Block | |||
Fixed maturity securities available-for-sale, at estimated fair value | 27,541 | 27,220 | |
Equity securities available-for-sale, at estimated fair value | 71 | 100 | |
Mortgage loans | 5,904 | 5,935 | |
Policy loans | 4,542 | 4,553 | |
Real estate and real estate joint ventures | 628 | 655 | |
Other invested assets | 1,053 | 1,246 | |
Total investments | 39,739 | 39,709 | |
Cash and cash equivalents | 60 | 18 | |
Accrued investment income | 487 | 467 | |
Premiums, reinsurance and other receivables | 68 | 68 | |
Assets Designated to Closed Block, Income Tax Receivable | 30 | 0 | |
Deferred income tax assets | 109 | 177 | |
Total assets designated to the closed block | 40,493 | 40,439 | |
Excess of closed block liabilities over assets designated to the closed block | 3,150 | 3,226 | |
Amounts included in accumulated other comprehensive income (loss): | |||
Unrealized investment gains (losses), net of income tax | 1,851 | 1,517 | |
Unrealized gains (losses) on derivatives, net of income tax | 23 | 95 | |
Allocated to policyholder dividend obligation, net of income tax | (1,431) | (1,255) | |
Total amounts included in AOCI | 443 | 357 | |
Maximum future earnings to be recognized from closed block assets and liabilities | $ 3,593 | $ 3,583 |
Closed Block (Policyholder Divi
Closed Block (Policyholder Dividend Obligation) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Closed block policyholder dividend obligation | ||
Balance, beginning of period | $ 1,931 | $ 1,783 |
Change in unrealized investment and derivative gains (losses) | 270 | 148 |
Balance, end of period | $ 2,201 | $ 1,931 |
Closed Block (Revenues and Expe
Closed Block (Revenues and Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Premiums | $ 413 | $ 436 | $ 1,247 | $ 1,297 |
Net investment income | 450 | 486 | 1,368 | 1,435 |
Net investment gains (losses) | 0 | (3) | (10) | (19) |
Net derivative gains (losses) | (6) | 4 | (24) | (3) |
Total revenues | 857 | 923 | 2,581 | 2,710 |
Expenses | ||||
Policyholder benefits and claims | 591 | 619 | 1,773 | 1,861 |
Policyholder dividends | 235 | 232 | 732 | 723 |
Other expenses | 30 | 33 | 94 | 100 |
Total expenses | 856 | 884 | 2,599 | 2,684 |
Revenues, net of expenses before provision for income tax expense (benefit) | 1 | 39 | (18) | 26 |
Provision for income tax expense (benefit) | 0 | 13 | (8) | 8 |
Revenues, net of expenses and provision for income tax expense (benefit) | $ 1 | $ 26 | $ (10) | $ 18 |
Investments (Fixed Maturity and
Investments (Fixed Maturity and Equity Securities Available-For-Sale by Sector) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | $ 286,684 | $ 271,701 |
Cost or Amortized Cost | 2,386 | 2,464 |
Gross Unrealized OTTI Loss | 37 | 8 |
Available-for-sale Securities, Debt Securities | 308,894 | 289,563 |
Equity securities | 2,776 | 2,894 |
Fixed Maturity Securities | ||
Available-for-sale Securities [Abstract] | ||
Gross Unrealized Gain | 24,276 | 21,801 |
Gross Unrealized Temporary Loss | 2,103 | 3,946 |
Gross Unrealized OTTI Loss | (37) | (7) |
U.S. corporate | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 75,221 | 73,280 |
Gross Unrealized Gain | 6,827 | 6,027 |
Gross Unrealized Temporary Loss | 393 | 764 |
Gross Unrealized OTTI Loss | 0 | 0 |
Available-for-sale Securities, Debt Securities | 81,655 | 78,543 |
U.S. government and agency | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 43,911 | 41,294 |
Gross Unrealized Gain | 4,056 | 3,682 |
Gross Unrealized Temporary Loss | 303 | 543 |
Gross Unrealized OTTI Loss | 0 | 0 |
Available-for-sale Securities, Debt Securities | 47,664 | 44,433 |
Foreign government | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 54,618 | 49,864 |
Gross Unrealized Gain | 6,486 | 6,485 |
Gross Unrealized Temporary Loss | 315 | 373 |
Gross Unrealized OTTI Loss | 0 | 0 |
Available-for-sale Securities, Debt Securities | 60,789 | 55,976 |
Foreign corporate | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 52,185 | 49,333 |
Gross Unrealized Gain | 3,705 | 2,901 |
Gross Unrealized Temporary Loss | 750 | 1,572 |
Gross Unrealized OTTI Loss | 0 | (1) |
Available-for-sale Securities, Debt Securities | 55,140 | 50,663 |
RMBS | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 30,368 | 28,393 |
Gross Unrealized Gain | 1,222 | 1,039 |
Gross Unrealized Temporary Loss | 232 | 410 |
Gross Unrealized OTTI Loss | (40) | (10) |
Available-for-sale Securities, Debt Securities | 31,398 | 29,032 |
State and political subdivision | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 10,754 | 10,977 |
Gross Unrealized Gain | 1,615 | 1,340 |
Gross Unrealized Temporary Loss | 24 | 85 |
Gross Unrealized OTTI Loss | 0 | 1 |
Available-for-sale Securities, Debt Securities | 12,345 | 12,231 |
ABS | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 11,702 | 11,266 |
Gross Unrealized Gain | 114 | 90 |
Gross Unrealized Temporary Loss | 42 | 128 |
Gross Unrealized OTTI Loss | 3 | 3 |
Available-for-sale Securities, Debt Securities | 11,771 | 11,225 |
CMBS | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 7,925 | 7,294 |
Gross Unrealized Gain | 251 | 237 |
Gross Unrealized Temporary Loss | 44 | 71 |
Gross Unrealized OTTI Loss | 0 | 0 |
Available-for-sale Securities, Debt Securities | 8,132 | 7,460 |
Equity Securities | ||
Available-for-sale Securities [Abstract] | ||
Gross Unrealized Gain | 415 | 483 |
Gross Unrealized Temporary Loss | 25 | 53 |
Gross Unrealized OTTI Loss | 0 | 0 |
Common Stock | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 1,883 | 1,827 |
Gross Unrealized Gain | 379 | 464 |
Gross Unrealized Temporary Loss | 20 | 13 |
Gross Unrealized OTTI Loss | 0 | 0 |
Equity securities | 2,242 | 2,278 |
Non-redeemable preferred stock | ||
Available-for-sale Securities [Abstract] | ||
Cost or Amortized Cost | 503 | 637 |
Gross Unrealized Gain | 36 | 19 |
Gross Unrealized Temporary Loss | 5 | 40 |
Gross Unrealized OTTI Loss | 0 | 0 |
Equity securities | $ 534 | $ 616 |
Investments (Maturities of Fixe
Investments (Maturities of Fixed Maturity Securities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 12,720 | |
Amortized Cost, Due after one year through five years | 63,453 | |
Amortized Cost, Due after five years through ten years | 60,957 | |
Amortized Cost, Due after ten years | 99,559 | |
Amortized Cost, Structured Securities | 49,995 | |
Amortized Cost, Subtotal | 286,684 | $ 271,701 |
Estimated Fair Value, Due in one year or less | 12,827 | |
Estimated Fair Value, Due after one year through five years | 66,568 | |
Estimated Fair Value, Due after five years through ten years | 64,549 | |
Estimated Fair Value, Due after ten years | 113,649 | |
Estimated Fair Value, Structured Securities | 51,301 | |
Available-for-sale Securities, Debt Securities | $ 308,894 | $ 289,563 |
Investments (Continuous Gross U
Investments (Continuous Gross Unrealized Losses for Fixed Maturity and Equity Securities Available-For-Sale) (Details) $ in Millions | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Total number of securities in an unrealized loss position less than 12 months | 3,249 | 3,580 |
Total number of securities in an unrealized loss position equal to or greater than 12 months | 1,638 | 1,307 |
Fixed Maturity Securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | $ 50,486 | $ 51,095 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 923 | 2,243 |
Equal to or Greater than 12 Months Estimated Fair Value | 14,631 | 14,238 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 1,143 | 1,696 |
U.S. corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 6,647 | 11,471 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 161 | 466 |
Equal to or Greater than 12 Months Estimated Fair Value | 3,015 | 2,938 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 232 | 298 |
U.S. government and agency | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 19,305 | 9,104 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 275 | 523 |
Equal to or Greater than 12 Months Estimated Fair Value | 362 | 141 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 28 | 20 |
Foreign government | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 6,856 | 5,955 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 202 | 260 |
Equal to or Greater than 12 Months Estimated Fair Value | 1,669 | 918 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 113 | 113 |
Foreign corporate | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 5,856 | 10,147 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 149 | 573 |
Equal to or Greater than 12 Months Estimated Fair Value | 6,137 | 5,493 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 601 | 998 |
RMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 7,731 | 9,449 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 106 | 291 |
Equal to or Greater than 12 Months Estimated Fair Value | 2,025 | 1,800 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 86 | 109 |
State and political subdivision | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 560 | 1,747 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13 | 80 |
Equal to or Greater than 12 Months Estimated Fair Value | 165 | 56 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 11 | 6 |
ABS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 1,976 | 2,224 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 5 | 28 |
Equal to or Greater than 12 Months Estimated Fair Value | 921 | 2,328 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 40 | 103 |
CMBS | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 1,555 | 998 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 12 | 22 |
Equal to or Greater than 12 Months Estimated Fair Value | 337 | 564 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 32 | 49 |
Equity Securities | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 133 | 244 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 20 |
Equal to or Greater than 12 Months Estimated Fair Value | 86 | 136 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 5 | 33 |
Common Stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 133 | 105 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 20 | 13 |
Equal to or Greater than 12 Months Estimated Fair Value | 4 | 11 |
Equal to or Greater than 12 Months Gross Unrealized Loss | 0 | 0 |
Non-redeemable preferred stock | ||
Continuous Gross Unrealized Loss and OTTI Loss for Fixed Maturity and Equity Securities Available-for-Sale | ||
Less than 12 months Estimated Fair Value | 0 | 139 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 7 |
Equal to or Greater than 12 Months Estimated Fair Value | 82 | 125 |
Equal to or Greater than 12 Months Gross Unrealized Loss | $ 5 | $ 33 |
Investments (Mortgage Loans by
Investments (Mortgage Loans by Portfolio Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Company-held mortgage loans held-for-investment, net | ||||
Commercial mortgage loans | $ 43,243 | $ 41,512 | ||
Percentage of loans receivable on commercial mortgage loans | 63.60% | 63.70% | ||
Agricultural mortgage loans | $ 12,967 | $ 12,564 | ||
Percentage of loans receivable on agricultural mortgage loans | 19.10% | 19.30% | ||
Residential mortgage loans | $ 11,599 | $ 10,829 | ||
Percentage of loans receivable on residential mortgage loans | 17.00% | 16.60% | ||
Subtotal | $ 67,809 | $ 64,905 | ||
Percentage of loans receivable on subtotal | 99.70% | 99.60% | ||
Valuation allowances | $ (316) | $ (304) | $ (287) | $ (281) |
Percentage of loans receivable on valuation allowances | (0.50%) | (0.50%) | ||
Subtotal mortgage loans, net | $ 67,493 | $ 64,601 | ||
Percentage of loans receivable on subtotal mortgage loans held-for-investment, net | 99.20% | 99.10% | ||
Percentage of residential mortgage loans - FVO | 0.80% | 0.90% | ||
Total mortgage loans, net | $ 68,057 | $ 65,167 | ||
Percentage of loans held for sale on total mortgage loans, net | 100.00% | 100.00% | ||
Residential — FVO | ||||
Company-held mortgage loans held-for-investment, net | ||||
Total mortgage loans, net | $ 564 | $ 566 |
Investments (Mortgage Loans and
Investments (Mortgage Loans and Valuation Allowance by Portfolio Segment) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | $ 22 | $ 11 |
Recorded Investment | 21 | 10 |
Valuation Allowances | 2 | 1 |
Unpaid Principal Balance | 363 | 304 |
Recorded Investment | 332 | 280 |
Recorded Investment | 67,456 | 64,615 |
Valuation Allowances | 314 | 303 |
Carrying Value | 351 | 289 |
Commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Valuation Allowances | 0 | 0 |
Unpaid Principal Balance | 0 | 12 |
Recorded Investment | 0 | 12 |
Recorded Investment | 43,243 | 41,500 |
Valuation Allowances | 213 | 202 |
Carrying Value | 0 | 12 |
Agricultural | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 22 | 11 |
Recorded Investment | 21 | 10 |
Valuation Allowances | 2 | 1 |
Unpaid Principal Balance | 28 | 27 |
Recorded Investment | 28 | 27 |
Recorded Investment | 12,918 | 12,527 |
Valuation Allowances | 39 | 38 |
Carrying Value | 47 | 36 |
Residential | ||
Mortgage Loans on Real Estate [Line Items] | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Valuation Allowances | 0 | 0 |
Unpaid Principal Balance | 335 | 265 |
Recorded Investment | 304 | 241 |
Recorded Investment | 11,295 | 10,588 |
Valuation Allowances | 62 | 63 |
Carrying Value | $ 304 | $ 241 |
Investments (Valuation Allowanc
Investments (Valuation Allowance Rollforward by Portfolio Segment) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | $ 304 | $ 281 |
Provision (release) (1) | 25 | 163 |
Charge-offs, net of recoveries (1) | (13) | (157) |
Balance, end of period | 316 | 287 |
Commercial | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 202 | 188 |
Provision (release) (1) | 11 | 149 |
Charge-offs, net of recoveries (1) | 0 | (143) |
Balance, end of period | 213 | 194 |
Agricultural | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 39 | 37 |
Provision (release) (1) | 4 | 3 |
Charge-offs, net of recoveries (1) | (2) | (2) |
Balance, end of period | 41 | 38 |
Residential | ||
Mortgage Loans on Real Estate [Line Items] | ||
Balance, beginning of period | 63 | 56 |
Provision (release) (1) | 10 | 11 |
Charge-offs, net of recoveries (1) | (11) | (12) |
Balance, end of period | $ 62 | $ 55 |
Investments (Credit Quality of
Investments (Credit Quality of Commercial Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 43,243 | $ 41,512 |
% of Total | 100.00% | 100.00% |
Estimated Fair Value | $ 44,014 | $ 41,817 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 39,114 | $ 37,851 |
% of Total | 90.50% | 91.20% |
Estimated Fair Value | $ 39,904 | $ 38,237 |
% of Total | 90.70% | 91.50% |
65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 3,708 | $ 3,246 |
% of Total | 8.60% | 7.80% |
Estimated Fair Value | $ 3,705 | $ 3,185 |
% of Total | 8.40% | 7.60% |
76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 274 | $ 195 |
% of Total | 0.60% | 0.50% |
Estimated Fair Value | $ 262 | $ 182 |
% of Total | 0.60% | 0.40% |
Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 147 | $ 220 |
% of Total | 0.30% | 0.50% |
Estimated Fair Value | $ 143 | $ 213 |
% of Total | 0.30% | 0.50% |
Greater than 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 40,988 | $ 39,424 |
Greater than 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 37,404 | 36,067 |
Greater than 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 3,367 | 3,044 |
Greater than 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 217 | 195 |
Greater than 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 118 |
1.00x - 1.20x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,656 | 1,104 |
1.00x - 1.20x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 1,488 | 1,077 |
1.00x - 1.20x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 168 | 0 |
1.00x - 1.20x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
1.00x - 1.20x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 0 | 27 |
Less than 1.00x | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 599 | 984 |
Less than 1.00x | Less than 65% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 222 | 707 |
Less than 1.00x | 65% to 75% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 173 | 202 |
Less than 1.00x | 76% to 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | 57 | 0 |
Less than 1.00x | Greater than 80% | ||
Mortgage Loans on Real Estate [Line Items] | ||
Commercial mortgage loans | $ 147 | $ 75 |
Investments (Credit Quality o65
Investments (Credit Quality of Agricultural and Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 12,967 | $ 12,564 |
% of Total | 100.00% | 100.00% |
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 11,599 | $ 10,829 |
% of Total | 100.00% | 100.00% |
Less than 65% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 12,403 | $ 12,023 |
% of Total | 95.60% | 95.70% |
65% to 75% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 546 | $ 436 |
% of Total | 4.20% | 3.50% |
76% to 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 9 | $ 17 |
% of Total | 0.10% | 0.10% |
Greater than 80% | ||
Agricultural Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 9 | $ 88 |
% of Total | 0.10% | 0.70% |
Performing | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 11,169 | $ 10,448 |
% of Total | 96.30% | 96.50% |
Nonperforming | ||
Residential Mortgage Loans - by Credit Quality Indicator: | ||
Recorded Investment | $ 430 | $ 381 |
% of Total | 3.70% | 3.50% |
Investments (Past Due and Inter
Investments (Past Due and Interest Accrual Status of Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | $ 565 | $ 511 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 155 | 144 |
Nonaccrual Status | 437 | 367 |
Commercial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 1 | 3 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 0 | 3 |
Nonaccrual Status | 1 | 0 |
Agricultural | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 134 | 127 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 125 | 104 |
Nonaccrual Status | 36 | 23 |
Residential | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Past Due | 430 | 381 |
Loans and Leases Receivable, Nonperforming, Accrual of Interest | 30 | 37 |
Nonaccrual Status | $ 400 | $ 344 |
Investments (Net Unrealized Inv
Investments (Net Unrealized Investment Gains Losses) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Components of net unrealized investment gains (losses) included in accumulated other comprehensive loss | ||
Fixed maturity securities | $ 21,979 | $ 20,300 |
Fixed maturity securities with noncredit OTTI losses included in AOCI | 37 | 8 |
Total fixed maturity securities | 22,016 | 20,308 |
Equity securities | 444 | 485 |
Derivatives | 1,690 | 2,923 |
Other | 121 | 23 |
Subtotal | 24,271 | 23,739 |
Future policy benefits | (63) | (1,114) |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | (1) | (3) |
DAC, VOBA and DSI | (1,647) | (1,430) |
Policyholder dividend obligation | (2,201) | (1,931) |
Subtotal | (3,912) | (4,478) |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (11) | (1) |
Deferred income tax benefit (expense) | (6,997) | (6,623) |
Net unrealized investment gains (losses) | 13,351 | 12,637 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (8) | (6) |
Net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 13,343 | $ 12,631 |
Investments (Changes in Net Unr
Investments (Changes in Net Unrealized Investment Gains Losses) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Changes In Net Unrealized Investment Gains Losses Included In Accumulated Other Comprehensive Loss [Abstract] | |
Balance, beginning of period | $ 12,631 |
Fixed maturity securities on which noncredit OTTI losses have been recognized | 29 |
Unrealized investment gains (losses) during the period | 503 |
Unrealized investment gains (losses) relating to: | |
Future policy benefits | 1,051 |
DAC and VOBA related to noncredit OTTI losses recognized in AOCI | 2 |
DAC, VOBA and DSI | (217) |
Policyholder dividend obligation | (270) |
Deferred income tax benefit (expense) related to noncredit OTTI losses recognized in AOCI | (10) |
Deferred income tax benefit (expense) | (374) |
Net unrealized investment gains (losses) | 13,345 |
Net unrealized investment gains (losses) attributable to noncontrolling interests | (2) |
Balance, end of period | 13,343 |
Change in net unrealized investment gains (losses) | 714 |
Change in net unrealized investment gains (losses) attributable to noncontrolling interests | (2) |
Change in net unrealized investment gains (losses) attributable to MetLife, Inc. | $ 712 |
Investments (Securities Lending
Investments (Securities Lending) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 19,996 | $ 20,114 |
Security collateral on deposit from counterparties | 0 | 20 |
Reinvestment portfolio — estimated fair value | 20,155 | 20,133 |
Amortized cost | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | 18,219 | 18,798 |
Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities loaned | $ 19,542 | $ 19,753 |
Investments (Securities Lendi70
Investments (Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Financing Transaction [Line Items] | ||
Total | $ 19,996 | $ 20,114 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 19,008 | 19,359 |
Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 988 | 712 |
U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 43 |
Maturity Overnight | ||
Securities Financing Transaction [Line Items] | ||
Total | 4,362 | 4,480 |
Maturity Overnight | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 4,362 | 4,480 |
Maturity Overnight | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Maturity Overnight | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 0 |
Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 8,459 | 7,108 |
Maturity Less than 30 Days | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,952 | 6,496 |
Maturity Less than 30 Days | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 507 | 569 |
Maturity Less than 30 Days | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 43 |
Maturity 30 to 180 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,175 | 8,526 |
Maturity 30 to 180 Days | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 6,694 | 8,383 |
Maturity 30 to 180 Days | Foreign government | ||
Securities Financing Transaction [Line Items] | ||
Total | 481 | 143 |
Maturity 30 to 180 Days | U.S. corporate | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 0 | $ 0 |
Investments (Repurchase Agreeme
Investments (Repurchase Agreements - Securities Lending) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | $ 19,996 | $ 20,114 |
Reinvestment portfolio — estimated fair value | 20,155 | 20,133 |
Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Cash collateral on deposit from counterparties | 2,062 | 102 |
Reinvestment portfolio — estimated fair value | 2,072 | 100 |
Repurchase Agreements [Member] | Amortized cost | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | 1,972 | 98 |
Repurchase Agreements [Member] | Estimated fair value | ||
Securities Financing Transaction [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 2,108 | $ 113 |
Investments (Repurchase Agree72
Investments (Repurchase Agreements - Securities Lending Remaining Tenor) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Securities Financing Transaction [Line Items] | ||
Total | $ 19,996 | $ 20,114 |
Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 2,062 | 102 |
U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 19,008 | 19,359 |
U.S. government and agency | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 1,965 | 5 |
Other Debt Obligations [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 97 | 97 |
Maturity Less than 30 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 8,459 | 7,108 |
Maturity Less than 30 Days | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 1,960 | 51 |
Maturity Less than 30 Days | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,952 | 6,496 |
Maturity Less than 30 Days | U.S. government and agency | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 1,960 | 5 |
Maturity Less than 30 Days | Other Debt Obligations [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 0 | 46 |
Maturity 30 to 180 Days | ||
Securities Financing Transaction [Line Items] | ||
Total | 7,175 | 8,526 |
Maturity 30 to 180 Days | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 102 | 51 |
Maturity 30 to 180 Days | U.S. government and agency | ||
Securities Financing Transaction [Line Items] | ||
Total | 6,694 | 8,383 |
Maturity 30 to 180 Days | U.S. government and agency | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | 5 | 0 |
Maturity 30 to 180 Days | Other Debt Obligations [Member] | Repurchase Agreements [Member] | ||
Securities Financing Transaction [Line Items] | ||
Total | $ 97 | $ 51 |
Investments (Invested Assets on
Investments (Invested Assets on Deposit, Held In Trust and Pledged as Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Invested assets on deposit (regulatory deposits) | $ 1,944 | $ 1,925 |
Invested assets held in trust (collateral financing arrangement and reinsurance agreements) | 2,655 | 2,057 |
Invested assets pledged as collateral | 23,817 | 23,882 |
Total invested assets on deposit, held in trust and pledged as collateral | $ 28,416 | $ 27,864 |
Investments (Consolidated Varia
Investments (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Total Assets | $ 155 | $ 59 |
Total Liabilities | 6 | 12 |
Partnership [Member] | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 114 | 0 |
Total Liabilities | 0 | 0 |
CSEs (assets (primarily loans) and liabilities (primarily debt)) | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 7 | 9 |
Total Liabilities | 6 | 12 |
Other | ||
Variable Interest Entity [Line Items] | ||
Total Assets | 34 | 50 |
Total Liabilities | $ 0 | $ 0 |
Investments (Unconsolidated Var
Investments (Unconsolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | $ 58,325 | $ 55,832 |
Carrying Amount Liability | 62,510 | 60,695 |
Other limited partnership interests | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 4,657 | 4,714 |
Carrying Amount Liability | 8,417 | 8,990 |
Other invested assets | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 2,286 | 2,206 |
Carrying Amount Liability | 2,697 | 2,777 |
Other | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 114 | 199 |
Carrying Amount Liability | 128 | 215 |
Structured securities (RMBS, CMBS, and ABS) | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 49,663 | 46,773 |
Carrying Amount Liability | 49,663 | 46,773 |
U.S. corporate and foreign corporate securities | ||
Variable Interest Entity [Line Items] | ||
Carrying Amount Asset | 1,605 | 1,940 |
Carrying Amount Liability | $ 1,605 | $ 1,940 |
Investments (Net Investment Inc
Investments (Net Investment Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Investment Income [Line Items] | ||||
Less: Investment expenses | $ 293 | $ 235 | $ 820 | $ 732 |
Subtotal | 4,295 | 4,609 | 12,909 | 12,527 |
Securities Investment | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 4,354 | 4,315 | 12,865 | 12,636 |
Subtotal | 4,061 | 4,080 | 12,045 | 11,904 |
Fixed maturity securities | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 2,869 | 2,906 | 8,528 | 8,838 |
Equity Securities | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 31 | 29 | 93 | 90 |
Actively traded securities and FVO general account securities | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 16 | 25 | 61 | 41 |
Mortgage loans | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 809 | 710 | 2,303 | 2,165 |
Policy loans | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 130 | 129 | 386 | 385 |
Real estate and real estate joint ventures | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 156 | 199 | 478 | 490 |
Other limited partnership interests | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 214 | 184 | 648 | 309 |
Cash, cash equivalents and short-term investments | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 52 | 38 | 159 | 112 |
Operating joint ventures | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 6 | 5 | 13 | 28 |
Other | ||||
Net Investment Income [Line Items] | ||||
Subtotal | 71 | 90 | 196 | 178 |
FVO contractholder-directed unit-linked investments | ||||
Net Investment Income [Line Items] | ||||
Subtotal | $ 234 | $ 529 | $ 864 | $ 623 |
Investments (Components of Net
Investments (Components of Net Investment Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Marketable Securities, Gain (Loss) [Abstract] | ||||
Fixed maturity securities — net gains (losses) on sales and disposals (1) | $ 284 | $ 129 | $ 325 | $ 455 |
Equity securities — net gains (losses) on sales and disposals | 6 | 9 | 55 | 24 |
Other net investment gains (losses): | ||||
Mortgage loans (2) | 29 | (41) | 3 | (197) |
Real estate and real estate joint ventures | 169 | 19 | 436 | 67 |
Other limited partnership interests | (33) | (9) | (51) | (43) |
Other | 29 | (24) | (92) | (105) |
Subtotal | 475 | 69 | 652 | 47 |
FVO CSEs - changes in estimated fair value subsequent to consolidation: | ||||
Securities | 0 | 1 | 0 | 2 |
Non-investment portfolio gains (losses) (3)(4)(5) | (1,081) | 161 | (1,091) | 549 |
Subtotal | (1,081) | 162 | (1,091) | 551 |
Total net investment gains (losses) | (606) | 231 | (439) | 598 |
Consumer Domestic Corporate Debt Securities [Member] | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (4) | 0 | (4) | 0 |
Fixed Maturity Securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (5) | (9) | (7) | (83) |
Net investment gains (losses) | 279 | 120 | 318 | 372 |
Industrial | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | 0 | (63) |
Communications | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | 0 | (3) |
U.S. corporate and foreign corporate securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (4) | 0 | (4) | (66) |
RMBS | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (1) | (9) | (1) | (15) |
Equity Securities | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (4) | (5) | (17) | (71) |
Net investment gains (losses) | 2 | 4 | 38 | (47) |
Nonredeemable Preferred Stock [Member] | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | (1) | 0 |
Common Stock | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | (4) | (5) | (16) | (71) |
ABS | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | 0 | 0 | 0 | (2) |
State and political subdivision | ||||
Marketable Securities, Gain (Loss) [Abstract] | ||||
Total OTTI losses recognized in earnings | $ 0 | $ 0 | $ (2) | $ 0 |
Investments (Sales or Disposals
Investments (Sales or Disposals and Impairments of Fixed Maturity and Equity Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fixed Maturity Securities | ||||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | ||||
Proceeds | $ 8,586 | $ 16,634 | $ 35,742 | $ 60,006 |
Gross investment gains | 364 | 232 | 623 | 921 |
Gross investment losses | (80) | (103) | (298) | (466) |
Total OTTI losses recognized in earnings: | ||||
Total OTTI losses recognized in earnings | (5) | (9) | (7) | (83) |
Net investment gains (losses) | 279 | 120 | 318 | 372 |
Equity Securities | ||||
Components of Sales or Disposals of Fixed Maturity and Equity Securities | ||||
Proceeds | 316 | 35 | 702 | 109 |
Gross investment gains | 11 | 11 | 66 | 34 |
Gross investment losses | (5) | (2) | (11) | (10) |
Total OTTI losses recognized in earnings: | ||||
Total OTTI losses recognized in earnings | (4) | (5) | (17) | (71) |
Net investment gains (losses) | $ 2 | $ 4 | $ 38 | $ (47) |
Investments (Credit Loss Rollfo
Investments (Credit Loss Rollforward) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||||
Balance, beginning of period | $ 170 | $ 198 | $ 192 | $ 211 |
Addition: | ||||
Additional impairments — credit loss OTTI on securities previously impaired | 0 | 9 | 0 | 14 |
Reduction: | ||||
Sales (maturities, pay downs or prepayments) of securities previously impaired as credit loss OTTI | (5) | (10) | (27) | (28) |
Balance, end of period | $ 165 | $ 197 | $ 165 | $ 197 |
Investments (Fixed Maturity a80
Investments (Fixed Maturity and Equity Securities Available-For-Sale - Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of Certain Fixed Maturity Securities | ||
Gross Unrealized OTTI Loss | $ (37) | $ (8) |
Available-for-sale Securities, Debt Securities | 308,894 | 289,563 |
CMBS | ||
Summary of Certain Fixed Maturity Securities | ||
Gross Unrealized OTTI Loss | 0 | 0 |
Available-for-sale Securities, Debt Securities | 8,132 | 7,460 |
Non-income producing fixed maturity securities | ||
Summary of Certain Fixed Maturity Securities | ||
Available-for-sale Securities, Debt Securities | 4 | 1 |
Gross Unrealized Gain | $ (3) | $ (3) |
Investments (Evaluation of Avai
Investments (Evaluation of Available-For-Sale Securities for OTTI and Evaluating Temporarily Impaired AFS Securities - Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2017USD ($)Contracts | Dec. 31, 2016USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities available-for-sale with gross unrealized loss of equal to or greater than stated percentage | 20.00% | |
Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in Gross Unrealized Temporary Loss | $ (1,900) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,100 | |
Gross Unrealized Temporary Loss | 1,143 | $ 1,696 |
Equity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Change in Gross Unrealized Temporary Loss | (28) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 25 | |
Gross Unrealized Temporary Loss | 5 | $ 33 |
20% or more | Six months or greater | Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 117 | |
Number of Securities | Contracts | 46 | |
External Credit Rating, Non Investment Grade | 20% or more | Six months or greater | Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 42 | |
Number of Securities | Contracts | 27 | |
Percentage of gross unrealized loss | 36.00% | |
External Credit Rating, Investment Grade | 20% or more | Six months or greater | Fixed Maturity Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 75 | |
Number of Securities | Contracts | 19 | |
Percentage of gross unrealized loss | 64.00% |
Investments (Mortgage Loans - N
Investments (Mortgage Loans - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 13 | $ 157 | |||
Financing Receivable, Significant Purchases | $ 411 | $ 733 | $ 1,900 | 1,900 | |
Percentage of Mortgage Loans Classified as Performing | 99.00% | 99.00% | 99.00% | ||
Commercial | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 0 | 143 | |||
Impaired Financing Receivable, Average Recorded Investment | $ 0 | 90 | 6 | 109 | |
Agricultural | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 2 | 2 | |||
Impaired Financing Receivable, Average Recorded Investment | 31 | 49 | 28 | 53 | |
Estimated fair value of mortgage loans held-for-investment | 13,100 | 13,100 | $ 12,700 | ||
Residential | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | 11 | 12 | |||
Impaired Financing Receivable, Average Recorded Investment | 297 | $ 202 | 275 | $ 174 | |
Estimated fair value of mortgage loans held-for-investment | $ 12,100 | $ 12,100 | $ 11,200 |
Investments (Cash Equivalents -
Investments (Cash Equivalents - Narrative) (Details) - USD ($) $ in Billions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Cash equivalents | $ 7.3 | $ 7.4 |
Investments (Concentrations of
Investments (Concentrations of Credit Risk - Narrative) (Details) - USD ($) $ in Billions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Securities holdings exposure in single issuer greater than stated percentage of Company's equity | 10.00% | 10.00% |
Foreign government | Japan | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Government and agency fixed maturity securities | $ 26.9 | $ 24.7 |
Foreign government | KOREA, REPUBLIC OF | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Government and agency fixed maturity securities | $ 6.1 |
Investments (Securities Lendi85
Investments (Securities Lending Remaining Tenor - Narrative) (Details) - Estimated fair value $ in Billions | Sep. 30, 2017USD ($) |
Securities Financing Transaction [Line Items] | |
Cash collateral on deposit from counterparties | $ 4.3 |
Securities Investment | |
Securities Financing Transaction [Line Items] | |
Percentage of Reinvestment Portfolio in Fixed Maturity Securities | 64.00% |
Investments (Repurchase Agree86
Investments (Repurchase Agreements - Narrative) (Details) | Sep. 30, 2017 |
Repurchase Agreements [Member] | |
Securities Financing Transaction [Line Items] | |
Percentage of Reinvestment Portfolio in Fixed Maturity Securities | 67.00% |
Investments (Variable Interest
Investments (Variable Interest Entities - Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Tax credits guaranteed by third parties that reduce maximum exposure to loss related to other invested assets | $ 123 | $ 150 |
Investments (Net Investment I88
Investments (Net Investment Income - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Net Investment Income [Line Items] | |||||
Fair Value Option And Trading Securities | $ 16,538 | $ 16,538 | $ 13,923 | ||
FVO contractholder-directed unit-linked investments | |||||
Net Investment Income [Line Items] | |||||
Changes in estimated fair value included in net investment income | $ 154 | $ 407 | $ 540 | $ 283 |
Investments (Net Investment Gai
Investments (Net Investment Gains Losses - Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gains (losses) from foreign currency transactions | $ (14) | $ 40 | $ (77) | $ 398 |
Gain (Loss) on Sales of Loans, Net | 29 | (41) | 3 | (197) |
Non-investment portfolio gains (losses) (3)(4)(5) | (1,081) | 161 | (1,091) | 549 |
Gain (Loss) on Sale of Debt Investments | 284 | $ 129 | 325 | 455 |
Brighthouse Financial, Inc | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain (Loss) on Sales of Loans, Net | 47 | 47 | ||
Non-investment portfolio gains (losses) (3)(4)(5) | (1,016) | (1,016) | ||
Gain (Loss) on Sale of Debt Investments | 276 | 276 | ||
Investments Sold [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 103 | $ 103 | ||
FVO Common Stock [Member] | Brighthouse Financial, Inc | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Non-investment portfolio gains (losses) (3)(4)(5) | $ (45) | $ (45) |
Derivatives (Primary Risks) (De
Derivatives (Primary Risks) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | $ 294,125 | $ 286,643 |
Estimated Fair Value Assets | 8,792 | 12,139 |
Estimated Fair Value Liabilities | 4,668 | 6,921 |
Derivatives Designated as Hedging Instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 54,419 | 50,351 |
Estimated Fair Value Assets | 4,002 | 4,652 |
Estimated Fair Value Liabilities | 1,982 | 2,792 |
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 7,241 | 7,327 |
Estimated Fair Value Assets | 2,352 | 2,255 |
Estimated Fair Value Liabilities | 73 | 284 |
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 3,959 | 5,021 |
Estimated Fair Value Assets | 2,305 | 2,221 |
Estimated Fair Value Liabilities | 3 | 6 |
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 658 | 1,221 |
Estimated Fair Value Assets | 47 | 34 |
Estimated Fair Value Liabilities | 5 | 224 |
Derivatives Designated as Hedging Instruments: | Fair Value Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,624 | 1,085 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 65 | 54 |
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 37,944 | 32,752 |
Estimated Fair Value Assets | 1,612 | 2,202 |
Estimated Fair Value Liabilities | 1,774 | 2,458 |
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 3,781 | 2,040 |
Estimated Fair Value Assets | 308 | 325 |
Estimated Fair Value Liabilities | 8 | 34 |
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 3,412 | 4,032 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 203 | 370 |
Derivatives Designated as Hedging Instruments: | Cash Flow Hedges [Member] | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 30,751 | 26,680 |
Estimated Fair Value Assets | 1,304 | 1,877 |
Estimated Fair Value Liabilities | 1,563 | 2,054 |
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 9,234 | 10,272 |
Estimated Fair Value Assets | 38 | 195 |
Estimated Fair Value Liabilities | 135 | 50 |
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 975 | 1,394 |
Estimated Fair Value Assets | 10 | 47 |
Estimated Fair Value Liabilities | 24 | 5 |
Derivatives Designated as Hedging Instruments: | Foreign Operations Hedges [Member] | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 8,259 | 8,878 |
Estimated Fair Value Assets | 28 | 148 |
Estimated Fair Value Liabilities | 111 | 45 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 239,706 | 236,292 |
Estimated Fair Value Assets | 4,790 | 7,487 |
Estimated Fair Value Liabilities | 2,686 | 4,129 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 59,494 | 53,349 |
Estimated Fair Value Assets | 2,246 | 4,089 |
Estimated Fair Value Liabilities | 570 | 1,641 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 217 | 613 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 37 | 25 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate floors | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 7,201 | 12,101 |
Estimated Fair Value Assets | 128 | 181 |
Estimated Fair Value Liabilities | 0 | 7 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 73,018 | 78,358 |
Estimated Fair Value Assets | 54 | 112 |
Estimated Fair Value Liabilities | 2 | 2 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,256 | 4,793 |
Estimated Fair Value Assets | 13 | 3 |
Estimated Fair Value Liabilities | 0 | 12 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Interest rate options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 12,009 | 5,334 |
Estimated Fair Value Assets | 657 | 628 |
Estimated Fair Value Liabilities | 35 | 1 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,048 | 1,549 |
Estimated Fair Value Assets | 3 | 2 |
Estimated Fair Value Liabilities | 9 | 127 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Synthetic GICs | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 11,254 | 5,566 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 10,509 | 11,651 |
Estimated Fair Value Assets | 796 | 1,445 |
Estimated Fair Value Liabilities | 426 | 462 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Foreign currency forwards | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 16,502 | 15,422 |
Estimated Fair Value Assets | 95 | 117 |
Estimated Fair Value Liabilities | 527 | 977 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 874 | 915 |
Estimated Fair Value Assets | 0 | 0 |
Estimated Fair Value Liabilities | 3 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Currency options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,929 | 3,615 |
Estimated Fair Value Assets | 42 | 195 |
Estimated Fair Value Liabilities | 3 | 17 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — purchased | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 2,329 | 2,001 |
Estimated Fair Value Assets | 11 | 14 |
Estimated Fair Value Liabilities | 46 | 40 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Credit default swaps — written | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 11,946 | 10,732 |
Estimated Fair Value Assets | 256 | 161 |
Estimated Fair Value Liabilities | 1 | 9 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity futures | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 4,309 | 4,457 |
Estimated Fair Value Assets | 4 | 30 |
Estimated Fair Value Liabilities | 28 | 3 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity index options | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 12,371 | 16,527 |
Estimated Fair Value Assets | 382 | 426 |
Estimated Fair Value Liabilities | 679 | 523 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity variance swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 8,337 | 8,263 |
Estimated Fair Value Assets | 103 | 83 |
Estimated Fair Value Liabilities | 285 | 240 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Equity total return swaps | ||
Derivatives, Fair Value [Line Items] | ||
Gross Notional Amount | 1,103 | 1,046 |
Estimated Fair Value Assets | 0 | 1 |
Estimated Fair Value Liabilities | $ 35 | $ 43 |
Derivatives (Net Derivative Gai
Derivatives (Net Derivative Gains Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Components of Net Derivatives Gains (Losses) | ||||
Derivatives and hedging gains (losses) | $ (424) | $ (820) | $ (1,084) | $ 2,918 |
Embedded derivatives gains (losses) | 234 | 277 | 421 | (1,480) |
Total net derivative gains (losses) | $ (190) | $ (543) | $ (663) | $ 1,438 |
Derivatives (Earned Income On D
Derivatives (Earned Income On Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | $ 179 | $ 257 | $ 616 | $ 717 |
Derivatives Designated as Hedging Instruments: | Net investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | 72 | 71 | 217 | 192 |
Derivatives Designated as Hedging Instruments: | Interest credited to policyholder account balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | (19) | 0 | (40) | 7 |
Derivatives Designated as Hedging Instruments: | Other expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | (2) | (3) | (7) | (9) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | 0 | 0 | 0 | (1) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | 126 | 187 | 440 | 522 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest Income (Expense), Nonoperating, Net | $ 2 | $ 2 | $ 6 | $ 6 |
Derivatives (Gains Losses Recog
Derivatives (Gains Losses Recognized in Income Not Designated or Qualifying) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (12) | $ (23) | $ 52 | $ 744 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (699) | (944) | (1,723) | 3,018 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (148) | (710) | (466) | 1,503 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (346) | 154 | (527) | 1,841 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2) | (21) | (17) | (48) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 35 | 51 | 111 | 49 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net derivative gains (losses) | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (238) | (418) | (824) | (327) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (5) | (3) | (9) | (13) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (2) | 0 | (2) | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Net investment income | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (3) | (3) | (7) | (13) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (62) | (55) | (188) | (15) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | Interest rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | (3) | 22 | (16) | 90 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | Foreign currency exchange rate derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | (5) | 4 | (17) |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | Credit derivatives — purchased | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | Credit derivatives — written | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 | 0 |
Derivatives Not Designated or Not Qualifying as Hedging Instruments: | Policyholder benefits and claims | Equity derivatives | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ (61) | $ (72) | $ (176) | $ (88) |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | $ (12) | $ (23) | $ 52 | $ 744 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 11 | 20 | 40 | (736) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (1) | (3) | 92 | 8 |
Interest rate swaps | Fixed Maturity Securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 1 | 5 | 2 | (3) |
Net Derivative Gains (Losses) Recognized for Hedged Items | 0 | (4) | (2) | 1 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 1 | 1 | 0 | (2) |
Interest rate swaps | Policyholder account balances | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (14) | (47) | (16) | 472 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 13 | 42 | 84 | (482) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (1) | (5) | 68 | (10) |
Foreign currency swaps | Foreign-denominated fixed maturity securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (10) | 1 | (15) | 7 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 10 | (1) | 16 | (7) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | 0 | 0 | 1 | 0 |
Foreign currency swaps | Foreign-denominated policyholder account balances [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | 15 | (1) | 61 | (27) |
Net Derivative Gains (Losses) Recognized for Hedged Items | (16) | 1 | (40) | 24 |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | (1) | 0 | 21 | (3) |
Foreign currency forwards | Foreign-denominated fixed maturity securities | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net Derivative Gains (Losses) Recognized for Derivatives | (4) | 19 | 20 | 295 |
Net Derivative Gains (Losses) Recognized for Hedged Items | 4 | (18) | (18) | (272) |
Ineffectiveness Recognized in Net Derivative Gains (Losses) | $ 0 | $ 1 | $ 2 | $ 23 |
Derivatives (Cash Flow Hedges)
Derivatives (Cash Flow Hedges) (Details) - Cash Flow Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $ (125) | $ (8) | $ 130 | $ 1,397 |
Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 14 | 22 | 91 | 339 |
Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | (140) | (23) | (99) | 1,025 |
Credit forwards [Member] | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 0 | 0 | 0 | 0 |
Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | 1 | (7) | 138 | 33 |
Net derivative gains (losses) | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 302 | 82 | 934 | 137 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (5) | (3) | 2 | (1) |
Net derivative gains (losses) | Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 9 | 28 | 23 | 44 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (2) | 0 | 5 | 0 |
Net derivative gains (losses) | Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 294 | 54 | 915 | 90 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (3) | (3) | (2) | (1) |
Net derivative gains (losses) | Credit forwards [Member] | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 1 | 3 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | 0 | 0 |
Net derivative gains (losses) | Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | (1) | 0 | (5) | 0 |
Amount and Location of Gains (Losses) Recognized In Income (Loss) on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | (1) | 0 |
Net Investment Income | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 5 | 4 | 13 | 11 |
Net Investment Income | Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 5 | 3 | 12 | 9 |
Net Investment Income | Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | (1) | (1) |
Net Investment Income | Credit forwards [Member] | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 1 | 0 | 1 |
Net Investment Income | Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 2 | 2 |
Other expenses | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 2 | 2 |
Other expenses | Interest rate swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 0 | 0 |
Other expenses | Foreign currency swaps | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 1 | 1 |
Other expenses | Credit forwards [Member] | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 0 | 0 |
Other expenses | Interest rate forwards | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | 0 | 0 | 1 | 1 |
Discontinued Operations [Member] | Brighthouse Financial, Inc | ||||
Derivatives in cash flow hedging relationships | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | $ 0 | $ 8 | $ 16 | $ 24 |
Derivatives (Hedges of Net Inve
Derivatives (Hedges of Net Investments in Foreign Operations) (Details) - Foreign Operations Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $ (36) | $ (60) | $ (395) | $ (709) |
Foreign currency forwards | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | (35) | (23) | (161) | (358) |
Currency options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gains (Losses) Deferred in AOCI (Effective Portion) | $ (1) | $ (37) | $ (234) | $ (351) |
Derivatives (Credit Derivatives
Derivatives (Credit Derivatives) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 255 | $ 152 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 11,946 | $ 10,732 |
Weighted Average Years to Maturity | 4 years 6 months | 4 years 5 months |
Aaa/Aa/A | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 51 | $ 40 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,713 | $ 2,784 |
Weighted Average Years to Maturity | 2 years 11 months | 3 years 6 months |
Aaa/Aa/A | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 8 | $ 6 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 445 | $ 449 |
Weighted Average Years to Maturity | 2 years 6 months | 3 years 1 month |
Aaa/Aa/A | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 43 | $ 34 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 2,268 | $ 2,335 |
Weighted Average Years to Maturity | 3 years | 3 years 7 months |
Baa | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 176 | $ 93 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,758 | $ 7,462 |
Weighted Average Years to Maturity | 5 years | 4 years 10 months |
Baa | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 8 | $ 5 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 685 | $ 751 |
Weighted Average Years to Maturity | 1 year 11 months | 2 years 6 months |
Baa | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 168 | $ 88 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 8,073 | $ 6,711 |
Weighted Average Years to Maturity | 5 years 4 months | 5 years |
Ba | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ (2) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 115 | $ 135 |
Weighted Average Years to Maturity | 3 years 7 months | 4 years 1 month |
Ba | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ (2) |
Maximum Amount of Future Payments under Credit Default Swaps | $ 115 | $ 135 |
Weighted Average Years to Maturity | 3 years 7 months | 4 years 1 month |
Ba | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 0 | $ 0 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 0 | $ 0 |
Weighted Average Years to Maturity | 0 years | 0 years |
B | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 28 | $ 21 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 360 | $ 351 |
Weighted Average Years to Maturity | 5 years | 4 years 4 months |
B | Single name credit default swaps (3) | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 2 | $ 1 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 30 | $ 70 |
Weighted Average Years to Maturity | 2 years 7 months | 1 year 10 months |
B | Credit default swaps referencing indices | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Credit Default Swaps | $ 26 | $ 20 |
Maximum Amount of Future Payments under Credit Default Swaps | $ 330 | $ 281 |
Weighted Average Years to Maturity | 5 years 2 months | 5 years |
Derivatives (Estimated Fair Val
Derivatives (Estimated Fair Value of Derivative Assets and Liabilities after Master Netting Agreements and Cash Collateral) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | $ 8,865 | $ 12,284 |
Gross estimated fair value of derivative liabilities | 4,625 | 6,878 |
Amounts offset in the consolidated balance sheet, Assets | 0 | 0 |
Amounts offset in the consolidated balance sheet, Liabilities | 0 | 0 |
Estimated fair value of derivative assets presented in the consolidated balance sheets | 8,865 | 12,284 |
Estimated fair value of derivative liabilities presented in the consolidated balance sheets | 4,625 | 6,878 |
Net amount of derivative assets after application of master netting agreements and cash collateral | 120 | 370 |
Net amount of derivative liabilities after application of master netting agreements and cash collateral | 109 | 38 |
Over the Counter [Member] | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 8,227 | 9,976 |
Gross estimated fair value of derivative liabilities | 4,346 | 5,721 |
Gross estimated fair value of derivative assets | (2,654) | (3,787) |
Gross estimated fair value of derivative liabilities | (2,654) | (3,787) |
Cash collateral on derivative assets | (4,351) | (4,244) |
Cash collateral on derivative liabilities | 0 | (84) |
Securities collateral on derivative assets | (1,129) | (1,640) |
Securities collateral on derivative liabilities | (1,583) | (1,818) |
Cleared [Member] | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 621 | 2,275 |
Gross estimated fair value of derivative liabilities | 248 | 1,142 |
Gross estimated fair value of derivative assets | (60) | (903) |
Gross estimated fair value of derivative liabilities | (60) | (903) |
Cash collateral on derivative assets | (541) | (1,335) |
Cash collateral on derivative liabilities | (183) | (234) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | (5) | 0 |
Exchange-traded | ||
Offsetting Assets [Line Items] | ||
Gross estimated fair value of derivative assets | 17 | 33 |
Gross estimated fair value of derivative liabilities | 31 | 15 |
Gross estimated fair value of derivative assets | (10) | (5) |
Gross estimated fair value of derivative liabilities | (10) | (5) |
Cash collateral on derivative assets | 0 | 0 |
Cash collateral on derivative liabilities | (13) | (9) |
Securities collateral on derivative assets | 0 | 0 |
Securities collateral on derivative liabilities | $ (8) | $ 0 |
Derivatives (Credit Risk on Fre
Derivatives (Credit Risk on Freestanding Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | $ 1,692 | $ 1,934 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 7 | 6 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 12 | 9 |
Fixed maturity securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 1,853 | 1,996 |
Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 0 | 91 |
Derivatives Subject to Credit- Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 1,665 | 1,909 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 7 | 6 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 12 | 9 |
Derivatives Subject to Credit- Contingent Provisions | Fixed maturity securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 1,829 | 1,965 |
Derivatives Subject to Credit- Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 0 | 91 |
Derivatives Not Subject to Credit- Contingent Provisions | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Derivatives in a Net Liability Position (1) | 27 | 25 |
Estimated Fair Value Of Incremental Collateral Provided Upon A One Notch Downgrade In The Company's Credit Rating | 0 | 0 |
Estimated Fair Value Of Incremental Collateral Provided Upon A Downgrade In The Company's Credit Rating to a Level that Triggers Full Overnight Collateralization or Termination of the Derivative Position | 0 | 0 |
Derivatives Not Subject to Credit- Contingent Provisions | Fixed maturity securities | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | 24 | 31 |
Derivatives Not Subject to Credit- Contingent Provisions | Cash | ||
Credit Derivatives [Line Items] | ||
Estimated Fair Value of Collateral Provided: | $ 0 | $ 0 |
Derivatives (Embedded Derivativ
Derivatives (Embedded Derivatives) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | $ 5 | $ 55 |
Embedded derivatives within liability host contracts | 1,399 | 1,554 |
Ceded guaranteed minimum benefits | Premiums, reinsurance and other receivables | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | 145 | 143 |
Direct guaranteed minimum benefits | Policyholder account balances | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 99 | 361 |
Assumed guaranteed minimum benefits | Policyholder account balances | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 1,240 | 1,205 |
Funds withheld on ceded reinsurance | Other liabilities | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 6 | (30) |
Fixed annuities with equity indexed returns | Policyholder account balances | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within liability host contracts | 54 | 18 |
Options embedded in debt or equity securities [Member] | Other | ||
Embedded Derivative, Fair Value of Embedded Derivative, Net [Abstract] | ||
Embedded derivatives within asset host contracts | $ (140) | $ (88) |
Derivatives (Changes in Estimat
Derivatives (Changes in Estimated Fair Value Related to Embedded Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivatives gains (losses) | $ 234 | $ 277 | $ 421 | $ (1,480) |
Net derivative gains (losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net derivatives gains (losses) | $ 234 | $ 277 | $ 421 | $ (1,480) |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Derivatives, Fair Value [Line Items] | |||||
Maximum Amount of Future Payments under Credit Default Swaps | $ 11,946 | $ 11,946 | $ 10,732 | ||
Estimated Fair Value of Credit Default Swaps | 255 | 255 | 152 | ||
Estimated Fair Value Assets | 8,792 | 8,792 | 12,139 | ||
Estimated Fair Value Liabilities | 4,668 | 4,668 | 6,921 | ||
Excess securities collateral received on derivatives | 284 | 284 | $ 164 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net derivatives gains (losses) | 234 | $ 277 | 421 | $ (1,480) | |
Derivative Instrument Detail [Abstract] | |||||
Change in fair value of derivatives excluded from the assessment of hedge effectiveness | (6) | (6) | (30) | (16) | |
Net amounts reclassified into net derivatives gains (losses) on discontinued cash flow hedges | (4) | 11 | $ 16 | 6 | |
Hedging exposure to variability in future cash flows for specific length of time | 5 years | 5 years | |||
Accumulated Other Comprehensive Income Loss | 1,700 | $ 1,700 | $ 2,900 | ||
Deferred net gains (losses) expected to be reclassified to earnings | (81) | ||||
Amount and Location of Gains (Losses) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Loss) (Effective Portion) | $ 0 | $ 0 | $ 0 | $ 0 | |
Immateriality of cash flow effectiveness | 0 | 0 | 0 | 0 | |
Cumulative foreign currency translation gain (loss) recorded in accumulated other comprehensive income (loss) for net investment in foreign operations hedges | $ 359 | $ 359 | 754 | ||
Potential future recoveries available to offset maximum amount of future payments under credit default swaps | 441 | 441 | 30 | ||
Excess securities collateral provided on derivatives | 281 | 281 | 461 | ||
Securities collateral received which the company is permitted to sell or repledge, amount that has been sold or repledged | 0 | 0 | |||
Nonperformance Risk [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net derivatives gains (losses) | (52) | $ (154) | (161) | $ 738 | |
Over the Counter [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Excess securities collateral received on derivatives | (148) | (148) | (82) | ||
Excess securities collateral provided on derivatives | (364) | (364) | (189) | ||
Cash collateral on derivative assets | (4,351) | (4,351) | (4,244) | ||
Exchange-traded | |||||
Derivatives, Fair Value [Line Items] | |||||
Excess securities collateral received on derivatives | (440) | (440) | (544) | ||
Excess securities collateral provided on derivatives | (101) | (101) | (116) | ||
Cash collateral on derivative assets | 0 | 0 | 0 | ||
Cash Flow Hedging [Member] | Discontinued Operations [Member] | Brighthouse Financial, Inc | |||||
Derivative Instrument Detail [Abstract] | |||||
Reduction of Deferred Gains within AOCI | 414 | (16) | 75 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | $ 8 | 16 | $ 24 | |
Accrued Liabilities [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Estimated Fair Value Assets | 73 | 73 | 145 | ||
Estimated Fair Value Liabilities | $ (43) | $ (43) | $ (43) |
Fair Value (Recurring Fair Valu
Fair Value (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $ 308,894 | $ 289,563 |
Available-for-sale Securities, Equity Securities | 2,776 | 2,894 |
Fair Value Option And Trading Securities | 16,538 | 13,923 |
Short-term investments | 7,217 | 6,523 |
Mortgage loans at estimated fair value | 68,057 | 65,167 |
Derivative assets | 8,792 | 12,139 |
Embedded derivatives within asset host contracts | 5 | 55 |
Separate account assets | 203,399 | 195,578 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,668 | 6,921 |
Embedded derivatives within liability host contracts | 1,399 | 1,554 |
Separate account liabilities | 203,399 | 195,578 |
Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 564 | 566 |
Recurring | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 308,894 | 289,563 |
Available-for-sale Securities, Equity Securities | 2,776 | 2,894 |
Fair Value Option And Trading Securities | 16,538 | 13,923 |
Short-term investments | 6,638 | 6,005 |
Other investments | 194 | 157 |
Derivative assets | 8,792 | 12,139 |
Embedded derivatives within asset host contracts | 145 | 143 |
Separate account assets | 203,399 | 195,578 |
Total assets | 547,940 | 520,968 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,668 | 6,921 |
Embedded derivatives within liability host contracts | 1,399 | 1,554 |
Total liabilities | 6,076 | 8,498 |
Recurring | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 5,714 | 7,561 |
Liabilities [Abstract] | ||
Derivative liabilities | 867 | 2,225 |
Recurring | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,322 | 3,863 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,727 | 3,838 |
Recurring | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 267 | 175 |
Liabilities [Abstract] | ||
Derivative liabilities | 47 | 49 |
Recurring | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 489 | 540 |
Liabilities [Abstract] | ||
Derivative liabilities | 1,027 | 809 |
Recurring | Derivative Liabilities Within Separate Accounts [Member] | ||
Liabilities [Abstract] | ||
Separate account liabilities | 9 | 23 |
Recurring | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 564 | 566 |
Recurring | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 81,655 | 78,543 |
Recurring | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 60,789 | 55,976 |
Recurring | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 55,140 | 50,663 |
Recurring | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 47,664 | 44,433 |
Recurring | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 31,398 | 29,032 |
Recurring | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,345 | 12,231 |
Recurring | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 11,771 | 11,225 |
Recurring | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 8,132 | 7,460 |
Recurring | Level 1 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 26,788 | 24,943 |
Available-for-sale Securities, Equity Securities | 1,332 | 1,334 |
Fair Value Option And Trading Securities | 13,906 | 11,123 |
Short-term investments | 3,925 | 4,091 |
Other investments | 80 | 86 |
Derivative assets | 17 | 33 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 87,151 | 82,818 |
Total assets | 133,199 | 124,428 |
Liabilities [Abstract] | ||
Derivative liabilities | 31 | 15 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 32 | 15 |
Recurring | Level 1 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 13 | 3 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 12 |
Recurring | Level 1 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 3 | 0 |
Recurring | Level 1 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 4 | 30 |
Liabilities [Abstract] | ||
Derivative liabilities | 28 | 3 |
Recurring | Level 1 | Derivative Liabilities Within Separate Accounts [Member] | ||
Liabilities [Abstract] | ||
Separate account liabilities | 1 | 0 |
Recurring | Level 1 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 0 | 0 |
Recurring | Level 1 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 26,275 | 24,943 |
Recurring | Level 1 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 513 | 0 |
Recurring | Level 1 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 1 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 2 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 265,196 | 247,569 |
Available-for-sale Securities, Equity Securities | 1,020 | 1,092 |
Fair Value Option And Trading Securities | 2,328 | 2,513 |
Short-term investments | 2,310 | 1,868 |
Other investments | 114 | 71 |
Derivative assets | 8,503 | 11,874 |
Embedded derivatives within asset host contracts | 0 | 0 |
Separate account assets | 115,207 | 111,612 |
Total assets | 394,678 | 376,599 |
Liabilities [Abstract] | ||
Derivative liabilities | 4,102 | 6,112 |
Embedded derivatives within liability host contracts | 0 | 0 |
Total liabilities | 4,108 | 6,128 |
Recurring | Level 2 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 5,698 | 7,556 |
Liabilities [Abstract] | ||
Derivative liabilities | 655 | 1,713 |
Recurring | Level 2 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 2,218 | 3,783 |
Liabilities [Abstract] | ||
Derivative liabilities | 2,686 | 3,784 |
Recurring | Level 2 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 229 | 145 |
Liabilities [Abstract] | ||
Derivative liabilities | 47 | 49 |
Recurring | Level 2 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 358 | 390 |
Liabilities [Abstract] | ||
Derivative liabilities | 714 | 566 |
Recurring | Level 2 | Derivative Liabilities Within Separate Accounts [Member] | ||
Liabilities [Abstract] | ||
Separate account liabilities | 6 | 16 |
Recurring | Level 2 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 0 | 0 |
Recurring | Level 2 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 75,807 | 72,811 |
Recurring | Level 2 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 60,591 | 55,687 |
Recurring | Level 2 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 48,870 | 44,858 |
Recurring | Level 2 | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 21,389 | 19,490 |
Recurring | Level 2 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 27,233 | 25,194 |
Recurring | Level 2 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 12,284 | 12,221 |
Recurring | Level 2 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 11,199 | 10,196 |
Recurring | Level 2 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 7,823 | 7,112 |
Recurring | Level 3 | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 16,910 | 17,051 |
Available-for-sale Securities, Equity Securities | 424 | 468 |
Fair Value Option And Trading Securities | 304 | 287 |
Short-term investments | 403 | 46 |
Other investments | 0 | 0 |
Derivative assets | 272 | 232 |
Embedded derivatives within asset host contracts | 145 | 143 |
Separate account assets | 1,041 | 1,148 |
Total assets | 20,063 | 19,941 |
Liabilities [Abstract] | ||
Derivative liabilities | 535 | 794 |
Embedded derivatives within liability host contracts | 1,399 | 1,554 |
Total liabilities | 1,936 | 2,355 |
Recurring | Level 3 | Interest rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 3 | 2 |
Liabilities [Abstract] | ||
Derivative liabilities | 212 | 500 |
Recurring | Level 3 | Foreign currency exchange rate contracts | ||
Assets [Abstract] | ||
Derivative assets | 104 | 80 |
Liabilities [Abstract] | ||
Derivative liabilities | 38 | 54 |
Recurring | Level 3 | Credit contracts | ||
Assets [Abstract] | ||
Derivative assets | 38 | 30 |
Liabilities [Abstract] | ||
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Equity market contracts | ||
Assets [Abstract] | ||
Derivative assets | 127 | 120 |
Liabilities [Abstract] | ||
Derivative liabilities | 285 | 240 |
Recurring | Level 3 | Derivative Liabilities Within Separate Accounts [Member] | ||
Liabilities [Abstract] | ||
Separate account liabilities | 2 | 7 |
Recurring | Level 3 | Residential mortgage loans — FVO | ||
Assets [Abstract] | ||
Mortgage loans at estimated fair value | 564 | 566 |
Recurring | Level 3 | U.S. corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 5,848 | 5,732 |
Recurring | Level 3 | Foreign government | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 198 | 289 |
Recurring | Level 3 | Foreign corporate | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 6,270 | 5,805 |
Recurring | Level 3 | U.S. government and agency | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 0 | 0 |
Recurring | Level 3 | RMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 3,652 | 3,838 |
Recurring | Level 3 | State and political subdivision | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 61 | 10 |
Recurring | Level 3 | ABS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | 572 | 1,029 |
Recurring | Level 3 | CMBS | ||
Assets [Abstract] | ||
Available-for-sale Securities, Debt Securities | $ 309 | $ 348 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Interest rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 2.00% | 2.00% |
Repurchase Rate | 0.00% | (0.44%) |
Interest rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 3.00% | 3.00% |
Repurchase Rate | 0.08% | 0.18% |
Foreign currency exchange rate contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | (0.24%) | 0.50% |
Foreign currency exchange rate contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Swap yield | 3.28% | 3.28% |
Credit contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 0.97% | 0.97% |
Credit contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Credit spreads | 1.00% | 0.98% |
Equity market contracts | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Volatility | 8.00% | 12.00% |
Correlation | 10.00% | 40.00% |
Equity market contracts | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Volatility | 30.00% | 32.00% |
Correlation | 30.00% | 40.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 0.00% | 0.00% |
Withdrawal rates | 0.00% | 0.00% |
Long-term equity volatilities | 8.76% | 9.95% |
Nonperformance risk spread | 0.03% | 0.04% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 1 - 10 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 0.25% | 0.25% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 11 - 20 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 2.00% | 2.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Durations 21 - 116 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 1.25% | 1.25% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 0 - 40 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.00% | 0.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.03% | 0.01% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Minimum | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.16% | 0.04% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Utilization rates | 25.00% | 25.00% |
Withdrawal rates | 20.00% | 20.00% |
Long-term equity volatilities | 33.00% | 33.00% |
Nonperformance risk spread | 1.38% | 1.70% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 1 - 10 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 11 - 20 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Durations 21 - 116 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Lapse Rate | 100.00% | 100.00% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 0 - 40 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.21% | 0.21% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 41 - 60 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 0.75% | 0.78% |
Embedded derivatives direct, assumed and ceded guaranteed minimum benefits | Maximum | Income Approach Valuation Technique | Ages 61 - 115 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Mortality Rate | 100.00% | 100.00% |
U.S. corporate and foreign corporate securities | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Matrix Pricing - Offered quotes | $ 21 | $ 18 |
Quoted prices | 25 | 6 |
Offered quotes | 40 | 37 |
U.S. corporate and foreign corporate securities | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Matrix Pricing - Offered quotes | 140 | 138 |
Quoted prices | 498 | 700 |
Offered quotes | 112 | 120 |
U.S. corporate and foreign corporate securities | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Matrix Pricing - Offered quotes | 107 | 106 |
Quoted prices | 120 | 116 |
Offered quotes | 103 | 102 |
RMBS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 5 | 19 |
RMBS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 173 | 137 |
RMBS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 94 | 91 |
ABS | Minimum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 5 | 5 |
Offered quotes | 99 | 96 |
ABS | Maximum | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 118 | 106 |
Offered quotes | 102 | 102 |
ABS | Weighted Average | Market Approach Valuation Technique | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Quoted prices | 100 | 99 |
Offered quotes | $ 100 | $ 100 |
Fair Value (Unobservable Input
Fair Value (Unobservable Input Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | $ 27 | $ 7 | $ 27 | $ 157 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | (288) | 51 | (562) | (179) |
Total realized/unrealized gains (losses) included in net income (loss) | 33 | (3) | 47 | 185 |
Total realized/unrealized gains (losses) included in AOCI | 4 | (8) | 144 | 28 |
Purchases | 0 | 0 | 0 | 6 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | (1) | (7) | (1) |
Settlements | (12) | (21) | 115 | (19) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (2) |
Balance, end of period | (263) | 18 | (263) | 18 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 27 | 7 | 27 | 157 |
Net Embedded Derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 204 | 227 | 422 | (1,469) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance, beginning of period | (1,388) | (2,751) | (1,411) | (675) |
Total realized/unrealized gains (losses) included in net income (loss) | 222 | 262 | 444 | (1,450) |
Total realized/unrealized gains (losses) included in AOCI | 4 | (27) | (42) | (239) |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (92) | (84) | (245) | (236) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | (1,254) | (2,600) | (1,254) | (2,600) |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 204 | 227 | 422 | (1,469) |
Residential mortgage loans — FVO | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 615 | 449 | 566 | 314 |
Total realized/unrealized gains (losses) included in net income (loss) | 32 | 10 | 38 | 22 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 10 | 42 | 184 | 187 |
Sales | (72) | (5) | (155) | (12) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | (21) | (15) | (69) | (30) |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Balance, end of period | 564 | 481 | 564 | 481 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 32 | 10 | 38 | 22 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 32 | 10 | 38 | 22 |
Corporate fixed maturity securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 11,632 | 10,938 | 11,537 | 10,311 |
Total realized/unrealized gains (losses) included in net income (loss) | (3) | 8 | 6 | (4) |
Total realized/unrealized gains (losses) included in AOCI | 164 | 96 | 612 | 846 |
Purchases | 713 | 588 | 2,802 | 1,650 |
Sales | (285) | (414) | (1,487) | (811) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 123 | 373 | 83 | 473 |
Transfers out of Level 3 | (226) | (202) | (1,435) | (1,078) |
Balance, end of period | 12,118 | 11,387 | 12,118 | 11,387 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (2) | 0 | 6 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (2) | 0 | 6 | 0 |
Foreign government | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 208 | 367 | 289 | 829 |
Total realized/unrealized gains (losses) included in net income (loss) | 1 | 2 | 3 | 10 |
Total realized/unrealized gains (losses) included in AOCI | (2) | 2 | 4 | (2) |
Purchases | 0 | 21 | 7 | 58 |
Sales | 0 | (7) | (97) | (36) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 41 |
Transfers out of Level 3 | (9) | (62) | (8) | (577) |
Balance, end of period | 198 | 323 | 198 | 323 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 1 | 2 | 3 | 9 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 1 | 2 | 3 | 9 |
U.S. government and agency | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 0 | 297 | 0 | 0 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 | 0 |
Total realized/unrealized gains (losses) included in AOCI | 0 | (1) | 0 | 14 |
Purchases | 0 | 100 | 0 | 111 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 181 |
Transfers out of Level 3 | 0 | (101) | 0 | (11) |
Balance, end of period | 0 | 295 | 0 | 295 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Structured Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 4,939 | 4,862 | 5,215 | 5,121 |
Total realized/unrealized gains (losses) included in net income (loss) | 13 | 26 | 80 | 74 |
Total realized/unrealized gains (losses) included in AOCI | 31 | 25 | 118 | 33 |
Purchases | 468 | 918 | 867 | 2,004 |
Sales | (478) | (367) | (1,329) | (1,182) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 44 | 10 | 26 |
Transfers out of Level 3 | (440) | (236) | (428) | (804) |
Balance, end of period | 4,533 | 5,272 | 4,533 | 5,272 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 22 | 26 | 68 | 75 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 22 | 26 | 68 | 75 |
State and political subdivision | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 0 | 45 | 10 | 34 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 0 | 0 | 1 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 3 | 2 | 1 |
Purchases | 0 | 0 | 0 | 0 |
Sales | (1) | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 62 | 7 | 59 | 7 |
Transfers out of Level 3 | 0 | (17) | (10) | (5) |
Balance, end of period | 61 | 38 | 61 | 38 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 1 |
Equity Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 468 | 509 | 468 | 334 |
Total realized/unrealized gains (losses) included in net income (loss) | (1) | 4 | (14) | (22) |
Total realized/unrealized gains (losses) included in AOCI | (4) | (12) | 30 | 41 |
Purchases | 13 | 4 | 18 | 20 |
Sales | (52) | (11) | (74) | (16) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 1 | 0 | 327 |
Transfers out of Level 3 | 0 | (6) | (4) | (195) |
Balance, end of period | 424 | 489 | 424 | 489 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (2) | 0 | (12) | (26) |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | (2) | 0 | (12) | (26) |
FVO Securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 312 | 231 | 287 | 270 |
Total realized/unrealized gains (losses) included in net income (loss) | 7 | 4 | 20 | 9 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 73 | 18 | 209 | 43 |
Sales | (70) | (6) | (115) | (29) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 3 | 0 | 3 | 18 |
Transfers out of Level 3 | (21) | (4) | (100) | (68) |
Balance, end of period | 304 | 243 | 304 | 243 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 7 | 4 | 16 | 9 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 7 | 4 | 16 | 9 |
Short-term Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 822 | 64 | 46 | 244 |
Total realized/unrealized gains (losses) included in net income (loss) | 0 | 1 | 0 | 1 |
Total realized/unrealized gains (losses) included in AOCI | 0 | (1) | 0 | 4 |
Purchases | 1 | 222 | 401 | 231 |
Sales | (247) | (55) | (2) | (247) |
Issuances | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 2 | 0 | 2 | 1 |
Transfers out of Level 3 | (175) | 0 | (44) | (3) |
Balance, end of period | 403 | 231 | 403 | 231 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 1 | 0 | 1 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 1 | 0 | 1 |
Separate Accounts | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 959 | 1,485 | 1,141 | 1,558 |
Total realized/unrealized gains (losses) included in net income (loss) | 7 | (26) | (22) | 7 |
Total realized/unrealized gains (losses) included in AOCI | 0 | 0 | 0 | 0 |
Purchases | 136 | 4 | 271 | 107 |
Sales | (18) | (24) | (78) | (102) |
Issuances | 1 | 30 | 1 | 28 |
Settlements | (1) | (45) | (62) | (57) |
Transfers into Level 3 | 56 | 8 | 21 | 9 |
Transfers out of Level 3 | (101) | (178) | (233) | (296) |
Balance, end of period | 1,039 | 1,254 | 1,039 | 1,254 |
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | 0 | 0 | 0 | 0 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Changes in unrealized gains (losses) included in net income (loss) for the instruments still held at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value (Fair Value Option f
Fair Value (Fair Value Option for Residential Mortgage Loans) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Carrying value at estimated fair value | $ 68,057 | $ 65,167 |
Residential mortgage loans — FVO | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unpaid principal balance | 711 | 794 |
Difference between estimated fair value and unpaid principal balance | (147) | (228) |
Carrying value at estimated fair value | 564 | 566 |
Loans in nonaccrual status | 213 | 214 |
Fair Value, Option, Loans more than 90 days past due | 106 | 137 |
Fair Value, Option, Loans in nonaccrual status or more than 90 days past due, or both | $ (121) | $ (150) |
Fair Value (Nonrecurring Fair V
Fair Value (Nonrecurring Fair Value Measurements) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Level 3 | Mortgage loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value After Measurement | $ 19 | $ 9 | $ 19 | $ 9 |
Level 3 | Other limited partnership interests | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value After Measurement | 85 | 75 | 85 | 75 |
Level 3 | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Carrying Value After Measurement | 0 | 0 | 0 | 0 |
Nonrecurring | Mortgage loans | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) | (1) | 0 | (1) | 0 |
Nonrecurring | Other limited partnership interests | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) | (30) | (9) | (54) | (43) |
Nonrecurring | Other assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (Losses) | $ 0 | $ 0 | $ (5) | $ (30) |
Fair Value (Financial Instrumen
Fair Value (Financial Instruments Carried at Other Than Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Policy loans | $ 9,585 | $ 9,511 |
Liabilities | ||
Collateral financing arrangements | 1,220 | 1,274 |
Junior subordinated debt securities | 3,144 | 3,169 |
Separate account liabilities | 203,399 | 195,578 |
Carrying Value | ||
Assets | ||
Mortgage loans | 67,493 | 64,601 |
Policy loans | 9,585 | 9,511 |
Real estate joint ventures | 2 | 4 |
Other limited partnership interests | 239 | 340 |
Other invested assets | 553 | 497 |
Premiums, reinsurance and other receivables | 4,140 | 4,088 |
Other assets | 272 | 237 |
Liabilities | ||
Policyholder account balances | 114,100 | 108,255 |
Long-term debt | 16,676 | 16,422 |
Collateral financing arrangements | 1,220 | 1,274 |
Junior subordinated debt securities | 3,144 | 3,169 |
Other liabilities | 5,122 | 1,767 |
Separate account liabilities | 123,586 | 118,385 |
Estimated Fair Value | ||
Assets | ||
Mortgage loans | 69,218 | 65,742 |
Policy loans | 11,427 | 11,256 |
Real estate joint ventures | 11 | 26 |
Other limited partnership interests | 243 | 371 |
Other invested assets | 553 | 497 |
Premiums, reinsurance and other receivables | 4,333 | 4,279 |
Other assets | 304 | 269 |
Liabilities | ||
Policyholder account balances | 116,637 | 110,359 |
Long-term debt | 18,596 | 17,972 |
Collateral financing arrangements | 945 | 978 |
Junior subordinated debt securities | 4,337 | 3,982 |
Other liabilities | 5,759 | 1,768 |
Separate account liabilities | 123,586 | 118,385 |
Estimated Fair Value | Level 1 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 0 | 0 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 159 | 145 |
Premiums, reinsurance and other receivables | 0 | 0 |
Other assets | 0 | 0 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 0 | 0 |
Collateral financing arrangements | 0 | 0 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 0 | 0 |
Separate account liabilities | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Assets | ||
Mortgage loans | 0 | 0 |
Policy loans | 335 | 335 |
Real estate joint ventures | 0 | 0 |
Other limited partnership interests | 0 | 0 |
Other invested assets | 0 | 0 |
Premiums, reinsurance and other receivables | 1,244 | 1,152 |
Other assets | 191 | 198 |
Liabilities | ||
Policyholder account balances | 0 | 0 |
Long-term debt | 18,596 | 17,972 |
Collateral financing arrangements | 0 | 0 |
Junior subordinated debt securities | 4,337 | 3,982 |
Other liabilities | 3,466 | 1,493 |
Separate account liabilities | 123,586 | 118,385 |
Estimated Fair Value | Level 3 | ||
Assets | ||
Mortgage loans | 69,218 | 65,742 |
Policy loans | 11,092 | 10,921 |
Real estate joint ventures | 11 | 26 |
Other limited partnership interests | 243 | 371 |
Other invested assets | 394 | 352 |
Premiums, reinsurance and other receivables | 3,089 | 3,127 |
Other assets | 113 | 71 |
Liabilities | ||
Policyholder account balances | 116,637 | 110,359 |
Long-term debt | 0 | 0 |
Collateral financing arrangements | 945 | 978 |
Junior subordinated debt securities | 0 | 0 |
Other liabilities | 2,293 | 275 |
Separate account liabilities | $ 0 | $ 0 |
Fair Value (Recurring Fair V109
Fair Value (Recurring Fair Value Measurements) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Net Embedded Derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ (140) | $ (88) |
Fair Value (Nonrecurring Fai110
Fair Value (Nonrecurring Fair Value Measurements) (Narrative) (Details) - Private Equity And Debt Funds | 9 Months Ended |
Sep. 30, 2017 | |
Minimum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 2 years |
Maximum | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | |
Liquidation period | 10 years |
Junior Subordinated Debt Sec111
Junior Subordinated Debt Securities (Details) - Junior Subordinated Debt Instrument Two [Member] $ in Millions | Feb. 10, 2017USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 750 |
Debt Instrument, Interest Rate, Stated Percentage | 9.25% |
Equity (Preferred Stock) (Detai
Equity (Preferred Stock) (Details) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 25,500,000 | 25,500,000 |
Preferred Stock, Shares Outstanding | 25,500,000 | 25,500,000 |
Preferred Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 24,000,000 | 24,000,000 |
Preferred Stock, Shares Outstanding | 24,000,000 | 24,000,000 |
Preferred Stock, Shares Authorized | 27,600,000 | 27,600,000 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 1,500,000 | 1,500,000 |
Preferred Stock, Shares Outstanding | 1,500,000 | 1,500,000 |
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 |
Series A Junior Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Not Designated Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Authorized | 160,900,000 | 160,900,000 |
Equity (Common Stock - Narrativ
Equity (Common Stock - Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Equity [Abstract] | ||
Treasury Stock, Shares, Acquired | 44,737,625 | 1,445,864 |
Treasury Stock, Value, Acquired, Cost Method | $ 2,305 | $ 70 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 383 |
Equity (Stock-Based Compensatio
Equity (Stock-Based Compensation Plans - Narrative) (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Minimum | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Future Performance Factor | 0.00% | |
Maximum | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Future Performance Factor | 175.00% | |
Performance Shares | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Performance Factor | 44.40% | |
Vested in period | 1,066,076 | |
Issued in period | 473,338 | |
Performance Units | ||
Equity - Stock-based Compensation Plans [Line Items] | ||
Vested in period | 165,587 | |
Paid in period | 73,521 |
Equity (Components of Accumulat
Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | $ 8,436 | $ 14,632 | $ 5,347 | $ 4,771 |
OCI before reclassifications | 832 | (1,300) | 5,556 | 12,905 |
Deferred income tax benefit (expense) | (218) | 404 | (1,583) | (3,835) |
AOCI before reclassifications, net of income tax | 9,050 | 13,736 | 9,320 | 13,841 |
Amounts reclassified from AOCI | (627) | (221) | (1,051) | (368) |
Deferred income tax benefit (expense) | 216 | 80 | 370 | 122 |
Amounts reclassified from AOCI, net of income tax | (411) | (141) | (681) | (246) |
Balance, end of period | 7,005 | 13,595 | 7,005 | 13,595 |
Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 13,469 | 18,204 | 10,766 | 10,315 |
OCI before reclassifications | 803 | (1,066) | 4,826 | 10,872 |
Deferred income tax benefit (expense) | (270) | 281 | (1,686) | (3,656) |
AOCI before reclassifications, net of income tax | 14,002 | 17,419 | 13,906 | 17,531 |
Amounts reclassified from AOCI | (360) | (173) | (211) | (339) |
Deferred income tax benefit (expense) | 126 | 60 | 73 | 114 |
Amounts reclassified from AOCI, net of income tax | (234) | (113) | (138) | (225) |
Balance, end of period | 12,282 | 17,306 | 12,282 | 17,306 |
Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | 1,569 | 2,431 | 1,865 | 1,458 |
OCI before reclassifications | (166) | (24) | 37 | 1,472 |
Deferred income tax benefit (expense) | 56 | 8 | (14) | (460) |
AOCI before reclassifications, net of income tax | 1,459 | 2,415 | 1,888 | 2,470 |
Amounts reclassified from AOCI | (307) | (94) | (965) | (174) |
Deferred income tax benefit (expense) | 107 | 30 | 336 | 55 |
Amounts reclassified from AOCI, net of income tax | (200) | (64) | (629) | (119) |
Balance, end of period | 1,061 | 2,351 | 1,061 | 2,351 |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (4,679) | (4,020) | (5,312) | (4,950) |
OCI before reclassifications | 193 | 49 | 710 | 809 |
Deferred income tax benefit (expense) | (6) | 30 | 110 | 200 |
AOCI before reclassifications, net of income tax | (4,492) | (3,941) | (4,492) | (3,941) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Deferred income tax benefit (expense) | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI, net of income tax | 0 | 0 | 0 | 0 |
Balance, end of period | (4,460) | (3,941) | (4,460) | (3,941) |
Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning of period | (1,923) | (1,983) | (1,972) | (2,052) |
OCI before reclassifications | 2 | (259) | (17) | (248) |
Deferred income tax benefit (expense) | 2 | 85 | 7 | 81 |
AOCI before reclassifications, net of income tax | (1,919) | (2,157) | (1,982) | (2,219) |
Amounts reclassified from AOCI | 40 | 46 | 125 | 145 |
Deferred income tax benefit (expense) | (17) | (10) | (39) | (47) |
Amounts reclassified from AOCI, net of income tax | 23 | 36 | 86 | 98 |
Balance, end of period | (1,878) | (2,121) | (1,878) | (2,121) |
Brighthouse Financial, Inc | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | (2,512) | 0 | (2,512) | 0 |
Deferred income tax benefit (expense) | 878 | 0 | 878 | 0 |
Amounts reclassified from AOCI, net of income tax | (1,634) | 0 | (1,634) | 0 |
Brighthouse Financial, Inc | Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | (2,286) | 0 | (2,286) | 0 |
Deferred income tax benefit (expense) | 800 | 0 | 800 | 0 |
Amounts reclassified from AOCI, net of income tax | (1,486) | 0 | (1,486) | 0 |
Brighthouse Financial, Inc | Unrealized Gains (Losses) on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | (305) | 0 | (305) | 0 |
Deferred income tax benefit (expense) | 107 | 0 | 107 | 0 |
Amounts reclassified from AOCI, net of income tax | (198) | 0 | (198) | 0 |
Brighthouse Financial, Inc | Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 51 | 0 | 51 | 0 |
Deferred income tax benefit (expense) | (19) | 0 | (19) | 0 |
Amounts reclassified from AOCI, net of income tax | 32 | 0 | 32 | 0 |
Brighthouse Financial, Inc | Defined Benefit Plans Adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amounts reclassified from AOCI | 28 | 0 | 28 | 0 |
Deferred income tax benefit (expense) | (10) | 0 | (10) | 0 |
Amounts reclassified from AOCI, net of income tax | $ 18 | $ 0 | $ 18 | $ 0 |
Equity (Reclassifications Out o
Equity (Reclassifications Out of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment gains (losses) | $ (606) | $ 231 | $ (439) | $ 598 |
Net derivative gains (losses) | (190) | (543) | (663) | 1,438 |
Net investment income | 4,295 | 4,609 | 12,909 | 12,527 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (968) | (451) | (989) | (1,379) |
Other expenses | (3,318) | (3,216) | (9,904) | (10,296) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 501 | 1,159 | 2,482 | 5,522 |
Provision for income tax expense (benefit) | 392 | (135) | 148 | (1,253) |
Net income (loss) | (75) | 573 | 1,641 | 2,890 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income (loss) | 411 | 141 | 681 | 246 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment gains (losses) | 303 | 113 | 386 | 317 |
Net derivative gains (losses) | 55 | (1) | (89) | 21 |
Net investment income | (1) | 4 | 0 | 23 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 360 | 173 | 211 | 339 |
Provision for income tax expense (benefit) | (126) | (60) | (73) | (114) |
Net income (loss) | 234 | 113 | 138 | 225 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 307 | 94 | 965 | 174 |
Provision for income tax expense (benefit) | (107) | (30) | (336) | (55) |
Net income (loss) | 200 | 64 | 629 | 119 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 9 | 28 | 23 | 44 |
Net investment income | 5 | 3 | 12 | 9 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate forwards | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | (1) | 0 | (5) | 0 |
Net investment income | 0 | 0 | 2 | 2 |
Other expenses | 0 | 0 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 294 | 54 | 915 | 90 |
Net investment income | 0 | 0 | (1) | (1) |
Other expenses | 0 | 0 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Credit forwards | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net derivative gains (losses) | 0 | 0 | 1 | 3 |
Net investment income | 0 | 1 | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Defined Benefit Plans Adjustment | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net actuarial gains (losses) | (46) | (47) | (143) | (150) |
Amortization of prior service (costs) credit | 6 | 1 | 18 | 5 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (40) | (46) | (125) | (145) |
Provision for income tax expense (benefit) | 17 | 10 | 39 | 47 |
Net income (loss) | (23) | (36) | (86) | (98) |
Brighthouse Financial, Inc | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net investment gains (losses) | (1,016) | |||
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Investment Gains (Losses), Net of Related Offsets | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 3 | 57 | (86) | (22) |
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 1 | 2 | 14 |
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Interest rate forwards | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 2 | 3 | 4 |
Brighthouse Financial, Inc | Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Derivatives | Foreign currency swaps | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 0 | $ 5 | $ 11 | $ 6 |
Other Expenses (Other Expenses)
Other Expenses (Other Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Expenses | ||||
Compensation | $ 1,107 | $ 1,100 | $ 3,302 | $ 3,602 |
Pension, postretirement and postemployment benefit costs | 86 | 78 | 242 | 308 |
Commissions | 888 | 859 | 2,544 | 2,700 |
Volume-related costs | 113 | 91 | 285 | 384 |
Capitalization of DAC | (761) | (770) | (2,218) | (2,422) |
Amortization of DAC and VOBA | 626 | 660 | 1,945 | 2,052 |
Amortization of negative VOBA | (32) | (55) | (113) | (221) |
Interest expense on debt | 284 | 280 | 851 | 875 |
Premium taxes, licenses and fees | 145 | 174 | 467 | 544 |
Professional services | 389 | 372 | 1,119 | 1,099 |
Rent and related expenses, net of sublease income | 121 | 91 | 265 | 285 |
Other General and Administrative Expense | 352 | 336 | 1,215 | 1,090 |
Total other expenses | $ 3,318 | $ 3,216 | $ 9,904 | $ 10,296 |
Other Expenses (Restructuring C
Other Expenses (Restructuring Charges) (Details) - Other Expense [Member] - Severance - Unit Cost Initiative [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Balance, beginning of period | $ 17 | $ 35 |
Restructuring charges | 3 | 25 |
Cash payments | (3) | (43) |
Balance, end of period | 17 | 17 |
Total restructuring charges incurred since inception of initiative | $ 60 | $ 60 |
Employee Benefit Plans (Net Per
Employee Benefit Plans (Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Pension Benefits | ||||
Net periodic benefit costs [Abstract] | ||||
Service costs | $ 62 | $ 67 | $ 184 | $ 212 |
Interest costs | 106 | 101 | 318 | 316 |
Curtailment costs | 3 | (1) | 3 | (1) |
Expected return on plan assets | (129) | (138) | (387) | (388) |
Amortization of net actuarial (gains) losses | 46 | 45 | 143 | 143 |
Amortization of prior service costs (credit) | 0 | 0 | (1) | 0 |
Net periodic benefit costs | 88 | 74 | 260 | 282 |
Other Postretirement Benefits | ||||
Net periodic benefit costs [Abstract] | ||||
Service costs | 1 | 4 | 4 | 8 |
Interest costs | 19 | 20 | 57 | 62 |
Curtailment costs | 2 | (1) | 2 | 15 |
Expected return on plan assets | (18) | (19) | (54) | (56) |
Amortization of net actuarial (gains) losses | 0 | 2 | 0 | 7 |
Amortization of prior service costs (credit) | (6) | (1) | (17) | (5) |
Net periodic benefit costs | $ (2) | $ 5 | $ (8) | $ 31 |
Income Tax Income Tax (Details)
Income Tax Income Tax (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Tax Liabilities, Net | $ 8,554 | $ 6,774 |
Foreign Tax Authority [Member] | ||
Deferred Tax Liabilities, Gross | 444 | |
Undistributed Earnings of Foreign Subsidiaries | 3,000 | |
Deferred Tax Assets, Gross | 264 | |
Deferred Tax Liabilities, Net | $ 180 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Weighted Average Shares: | ||||
Weighted average common stock outstanding for basic earnings per common share | 1,062.3 | 1,100.5 | 1,075.5 | 1,100.6 |
Incremental common shares from assumed: | ||||
Incremental common shares from assumed exercise or issuance of stock-based awards | 9.2 | 8.8 | 8.5 | 8.4 |
Weighted average common stock outstanding for diluted earnings per common share | 1,071.5 | 1,109.3 | 1,084 | 1,109 |
Income (Loss) from Continuing Operations: | ||||
Income from continuing operations, net of income tax | $ 893 | $ 1,024 | $ 2,630 | $ 4,269 |
Less: Income (Loss) from continuing operations, net of income tax, attributable to noncontrolling Interest | 6 | (4) | 12 | 2 |
Less: Preferred stock dividends | 6 | 6 | 58 | 58 |
Income (Loss) from continuing operations, net of income tax, available to MetLife, Inc.'s common shareholders | $ 881 | $ 1,022 | $ 2,560 | $ 4,209 |
Basic | $ 0.83 | $ 0.93 | $ 2.38 | $ 3.82 |
Diluted | $ 0.82 | $ 0.92 | $ 2.36 | $ 3.80 |
Discontinued Operation, Income (Loss) from Discontinued Operation Disclosures [Abstract] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (968) | $ (451) | $ (989) | $ (1,379) |
Less: Income (loss) from discontinued operations, net of income tax, attributable to noncontrolling interests | 0 | 0 | 0 | 0 |
Income (loss) from discontinued operations, net of income tax, available to MetLife, Inc.’s common shareholders | $ (968) | $ (451) | $ (989) | $ (1,379) |
Basic | $ (0.91) | $ (0.41) | $ (0.92) | $ (1.25) |
Diluted | $ (0.90) | $ (0.41) | $ (0.91) | $ (1.25) |
Net Income (Loss): | ||||
Net income (loss) | $ (75) | $ 573 | $ 1,641 | $ 2,890 |
Less: Net income (loss) attributable to noncontrolling interests | 6 | (4) | 12 | 2 |
Less: Preferred stock dividends | 6 | 6 | 58 | 58 |
Net income (loss) available to MetLife, Inc.’s common shareholders | $ (87) | $ 571 | $ 1,571 | $ 2,830 |
Net income (loss) available to MetLife, Inc.’s common shareholders per common share: | $ (0.08) | $ 0.52 | $ 1.46 | $ 2.57 |
Basic | $ (0.08) | $ 0.51 | $ 1.45 | $ 2.55 |
Contingencies, Commitments a122
Contingencies, Commitments and Guarantees (Contingencies - Narrative) (Details) $ in Thousands | May 02, 2017USD ($) | Nov. 30, 2016USD ($) | Aug. 31, 2016USD ($) | Sep. 30, 2017USD ($)Claims | Sep. 30, 2016Claims | Dec. 31, 2016Claims |
Minimum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 0 | |||||
Maximum | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 450,000 | |||||
Asbestos Related Claims | ||||||
Loss Contingencies | ||||||
Asbestos-Related Claims | Claims | 2,742 | 3,267 | 4,146 | |||
Superfund Site Settlement Agreements | ||||||
Loss Contingencies | ||||||
Number of regulatory matters and other claims | Claims | 2 | |||||
Superfund Site Settlement Agreements | Maximum | ||||||
Loss Contingencies | ||||||
Maximum estimate of aggregate costs to resolve matter | $ 300 | |||||
Hartshorne V. MetLife Inc., et al. | Compensatory Damages | ||||||
Loss Contingencies | ||||||
Damages Sought | $ 200 | |||||
Hartshorne V. MetLife Inc., et al. | Punitive Damages | ||||||
Loss Contingencies | ||||||
Damages Sought | $ 7,000 | $ 15,000 | ||||
Hartshorne V. MetLife Inc., et al. | Attorney's fees and costs | ||||||
Loss Contingencies | ||||||
Damages Sought | $ 6,500 |
Contingencies, Commitments a123
Contingencies, Commitments and Guarantees (Commitments and Guarantees - Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Liabilities for indemnities, guarantees and commitments | $ 6 | $ 8 |
Cumulative maximum indemnities and guarantees contractual limitation | 709 | |
Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Indemnities and guarantees contractual limitation range | 1 | |
Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Indemnities and guarantees contractual limitation range | 329 | |
Mortgage Loan Commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 3,400 | 4,000 |
Commitments to Fund Partnership Investments, Bank Credit Facilities, Bridge Loans and Private Corporate Bond Investments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 7,500 | $ 6,900 |
Subsequent Event (Details)
Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 01, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 44,737,625 | 1,445,864 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,305 | $ 70 | |||||
Secured Debt | $ 1,220 | 1,220 | $ 1,274 | ||||
Other | $ 352 | $ 336 | $ 1,215 | $ 1,090 | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 2,301,205 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 121 | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000 | ||||||
Approved dividend, amount per share | $ 0.40 | ||||||
Estimated aggregate dividend payment | $ 422 |